Have you started spending rather than hoarding your bitcoins?

[TheGull]

Seems to me that the next key step for bitcoin is true mass adoption. The day my dad uses it to buy something is the day I know we've made it.

Problem is if everyone is holding rather than spending, I am not sure how we ever get there. I know that there are many people spending, but the main game is still buy and hold expecting profits through price appreciation. My question is is this changing now that the price feels like it is settling down a bit? Does anyone have the stats?

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[omgbossis21]

I tend to spend a lot of mine at TigerDirect.  I always keep a reserve though.

[Yakamoto]

I'm hoarding TO spend, unless I think there's a really good deal somewhere. Then I'll buy.

But I am holding my BTC to spend on items that cost more, not trinkets or anything, but things that require big investments.

Now, I am also holding in hopes the value will increase, as this would allow for less BTC to purchase said items.

I'll start circulating coins soon, however.

[chennan]

This has been talked many times. Many people tend to hoard due to the deflation character.

[TheButterZone]

Meanwhile, every time I turn around, some douchefuck does a market sell of thousands of BTC on Bitstamp with massive slippage, which triggers bots to sell, and BTC is never able to deflate, only tank. Who in their right mind would spend BTC when it's worth less than when they acquired it?

[TheGull]

This has been talked many times. Many people tend to hoard due to the deflation character.

I think the deflationary characteristics are an effect of hoarding rather than a cause (or worse still it's a loop). the other question is do any retailers price their stuff in bitcoin (as in truly price, not adjust each day as the BTC price changes)? This would potentially change things.

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[williamj2543]

I would only start to spend when bitcoin reaches over $1000. I feel like if I spent it now it would just be a waste of money.

[Connor936]

I just bough a new laptop from dell yesterday

[knircky]

Seems to me that the next key step for bitcoin is true mass adoption. The day my dad uses it to buy something is the day I know we've made it.

Problem is if everyone is holding rather than spending, I am not sure how we ever get there. I know that there are many people spending, but the main game is still buy and hold expecting profits through price appreciation. My question is is this changing now that the price feels like it is settling down a bit? Does anyone have the stats?

Posted From bitcointalk.org Android App

Spending bitcoin will not help with adoption.

In order for bitcoin to go mainstream two things need to happen:

1. Bitcoin price needs to be higher, i.e. above 100k per coin

2. bitcoin needs to bring value to society. there needs to be some kind of killer app.

These two will be interrelated, the price will not go up without value of the technology and the killer app will automatically increase the price.

The worst thing you can do for bitcoin is spend it, because spending BTC increases velocity or even worse leads to immediately selling of BTC on the market. I.e. if you buy your dell pc with BTC you are effectively selling BTC.

In order for bitcoin to be a real currency it would have to have a massive size, I.e. a few trillion then it would be also able to replace other currencies, however to get there people need a reason to move out of existing money and into bitcoin. that will only happen with a true killer application.

[Ron~Popeil]

You can do both. When you spend it purchase an equal amount to maintain your reserve. I have been doing it pretty frequently through gyft and a few other merchants.

[CoinsCoinsEverywhere]

Seems to me that the next key step for bitcoin is true mass adoption. The day my dad uses it to buy something is the day I know we've made it.

Problem is if everyone is holding rather than spending, I am not sure how we ever get there. I know that there are many people spending, but the main game is still buy and hold expecting profits through price appreciation. My question is is this changing now that the price feels like it is settling down a bit? Does anyone have the stats?

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The stats in this article only go through 2013, but I think this is the kind of thing you're looking for:

http://www.coindesk.com/mit-report-bitcoin-more-likely-spent-hoarded/

In 2013, the vast majority of bitcoins were spent within 24 hours of being bought.  If the pattern in that article has held, then there isn't much hoarding of purchased bitcoins going on.  Of course there are also mined coins...

[scribbles]

You can do both. When you spend it purchase an equal amount to maintain your reserve. I have been doing it pretty frequently through gyft and a few other merchants.

I agree. I do pretty much the same except I tend to focus on merchants that accept bitcoin directly. Haven't used gyft a lot.

[lyth0s]

I'm mainly hoarding for now, won't start buying stuff with them again until BTC price > $900.

[bitbaby]

I bought it when it was $430 so I would spend it when it actually doubles in value and then I would look for stuff I can actually buy using btc, which is always a bit hard to find. I was looking for the dell laptops, coz I had a friend who was looking to buy it but as far as my research reveals it is only available for dell usa.

[kerafym]

Still in hoarding mode as I see more alt coins will go down the sink not long from now.

[InwardContour]

The value in those years is growing exponentially, in my opinion buying things with bitcoins isn't a nice move,
you should use FIAT instead.
If today you can buy a car with btc, probably the next year you can buy 2 or 4 cars.

[Daniel91]

Seems to me that the next key step for bitcoin is true mass adoption. The day my dad uses it to buy something is the day I know we've made it.

Problem is if everyone is holding rather than spending, I am not sure how we ever get there. I know that there are many people spending, but the main game is still buy and hold expecting profits through price appreciation. My question is is this changing now that the price feels like it is settling down a bit? Does anyone have the stats?

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At the moment I mostly spending Bitcoin, not holding.
First, because I need money right now and can't wait
and second, in my opinion, nobody really knows what will happen with the price of Bitcoin in next period, if this price will rise or not.

[InwardContour]

Seems to me that the next key step for bitcoin is true mass adoption. The day my dad uses it to buy something is the day I know we've made it.

Problem is if everyone is holding rather than spending, I am not sure how we ever get there. I know that there are many people spending, but the main game is still buy and hold expecting profits through price appreciation. My question is is this changing now that the price feels like it is settling down a bit? Does anyone have the stats?

Posted From bitcointalk.org Android App

At the moment I mostly spending Bitcoin, not holding.
First, because I need money right now and can't wait
and second, in my opinion, nobody really knows what will happen with the price of Bitcoin in next period, if this price will rise or not.

Short term bitcoin price is unpredictable, but long term is much more likely to go upward because the adoption is still at its early stage.

[bucktotal]

been accumulating since 2011 - been spending since 2011

i probably buy ~10% of things with bitcoin now.

[Malin Keshar]

1 - Attract people saying bitcoin price increased by 1 million percent in the fast 4 years, and they can get millionaires if they have some bitcoins.

2 - Complain they don't spend bitcoin, and for this the price is not rising.


Seems some people are doing the wrong propaganda of bitcoin.