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Author Topic: Are You Spending Bitcoin?  (Read 8195 times)
ensurance982
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August 10, 2014, 01:58:24 PM
 #21

I've spent way more than I should of.

If you only hold your coins that real bad imo.

Well, why would it be necessarily bad? I can only think of maybe one reason: If you only hold your coins and never spend them, it doesn't even matter how high the BTC price gets, you'll never realize your gains and never profit from the increased price. It doesn't even matter whether you buy something with your coins or just plain and simple sell them, but you need to use them in order to profit from the increased value!

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August 10, 2014, 02:20:02 PM
 #22

I use it mostly for day trading, other than that it has no use to me  Undecided

No use to you? It seems you don't even believe in it and your only here to try to get rich and then never looking back if you do manage to.  If you were here to try benefit the ecosystem, you would be invested in it, Using it for purchases when you can, the occasional trading is ok.

Trying to help the ecosystem is a good thing if you believe in something. But to say it has no use to you other than trading, doesn't sound like your even interested in the concept.

I really hope there aren't many people like this here for the sake of bitcoin

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MakeBelieve
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August 10, 2014, 02:22:45 PM
 #23

I've spent way more than I should of.

If you only hold your coins that real bad imo.

Well, why would it be necessarily bad? I can only think of maybe one reason: If you only hold your coins and never spend them, it doesn't even matter how high the BTC price gets, you'll never realize your gains and never profit from the increased price. It doesn't even matter whether you buy something with your coins or just plain and simple sell them, but you need to use them in order to profit from the increased value!

It's the law of economics if there is no use for them ie no one is trading with Bitcoin then there is no use for Bitcoin other than collecting so the price would go down because supply and demand would go down. so just holding is bad the more people who trade with bitcoin are making it successful because they are creating supply and demand the people who are being selfish and are only holding are not really contributing to this unique and revolutionary idea.

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August 10, 2014, 02:26:12 PM
 #24

I just read this:
http://www.finance-guy.net/finblog/how-will-you-spend-your-bitcoin/10/8/2014

It raises an interesting point that if we spend Bitcoin to buy stuff, the companies will most likely sell the BTC pretty quickly.

What do you think?

Will shopping with Bitcoin be good or bad for the price of BTC?

Nah, I just hold them. The price is too low at the moment. If I sell them now or use them to buy stuff, I guess I would be off at a loss. But I'm looking forward to use my BTC to buy something in the future when the price goes back up again! Maybe even into a new bubble!

bitcoinminer007
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August 10, 2014, 04:35:22 PM
 #25

Now i am trying to earn some Bitcoin. If i can able to earn some Bitcoin then i will think about spending it.
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August 10, 2014, 04:43:07 PM
 #26

I use it mostly for day trading, other than that it has no use to me  Undecided

How does it not have any use to you? are you using Bitcoin just to profit in fiat? if so you are doing it wrong and will probably lose out in the long run even if you do profit for a short while.

Well if I'm going to buy something I'll do it in person for cash or in the shops with my cc, online with my cc also, and there's not that many things you can buy with btc, I can't pay my rent with it, can't buy my food with it and certainly can't pay my taxes with it! what else could I do other than gamble or day trade?

Gambling I lose most of the time so I tend to stick to day trading as I have more control and tend to profit most of the time.

So until btc becomes more widely accepted I really have no other use for it.

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August 10, 2014, 04:50:22 PM
 #27

I actually have no bitcoins yet but after getting one i won't spend it.
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August 10, 2014, 05:25:12 PM
 #28

I just read this:
http://www.finance-guy.net/finblog/how-will-you-spend-your-bitcoin/10/8/2014

It raises an interesting point that if we spend Bitcoin to buy stuff, the companies will most likely sell the BTC pretty quickly.

What do you think?

Will shopping with Bitcoin be good or bad for the price of BTC?

Nah, I just hold them. The price is too low at the moment. If I sell them now or use them to buy stuff, I guess I would be off at a loss. But I'm looking forward to use my BTC to buy something in the future when the price goes back up again! Maybe even into a new bubble!
Why wouldn't you spend your BTC, then buy an equal amount of BTC on an exchange and/or on a trade? This would increase the amount of BTC adoption, will likely allow you to buy goods at a discount and increase the size of the bitcoin economy.
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August 10, 2014, 11:35:45 PM
 #29

At the moment I am holding bitcoins but I would not ever rule out the chance of spending bitcoins and keeping some in storage when the time came. So far I have not felt the need to want to use bitcoin but sooner or later that time will come when more companies start accepting.
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August 10, 2014, 11:45:23 PM
 #30

People that don't get paid in bitcoins or just don't have much, tend to hoard.
Personally i would spend more if i had access to a bitcoin atm so i can turn my fiat to bitcoins with ease..
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August 10, 2014, 11:54:51 PM
 #31

i haven't spent any yet so far. i think retailers need to offer discounts that would offset the exchange fees.. in that case, i'd buy bitcoins off the exchange and then make my purchase since it wouldn't cost anything and would help bitcoin.
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August 11, 2014, 12:40:30 AM
 #32

I'm not really spending much BTC.   I am adding more here and there.   I did just spend some recently on a new Trezor, but I immediately put that amount of BTC back into one of my wallets.

I would have bought it with credit card or debit card if they would have accepted it.   It was actually the first time that I have actually spent BTC.   I was pleasantly surprised with how easy it was. 
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August 11, 2014, 01:54:07 AM
 #33

I spend as much as I can. If I drain my btc wallet, which happens a lot, a couple mouse clicks on Coinbase can top it up $1,000 worth of Bitcoin instantly.
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August 11, 2014, 02:17:58 AM
 #34

I invest to get more Bitcoin, and only buy things to multiply my Bitcoins.

Why buy things with my most valuable stuff, when I can give worthless fiat?

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August 11, 2014, 02:26:03 AM
 #35

I invest to get more Bitcoin, and only buy things to multiply my Bitcoins.

Why buy things with my most valuable stuff, when I can give worthless fiat?

Because it increases the usage and acceptance of Bitcoin. Pay with Bitcoin, then use the fiat you would have used for the purchase to instead buy more Bitcoin. Voila.
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August 11, 2014, 02:28:25 AM
 #36

no.

http://nakamotoinstitute.org/mempool/im-hoarding-bitcoins-and-no-you-cant-have-any/
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August 11, 2014, 02:28:29 AM
 #37

Yes, I love spending bitcoin. One thing I do feel bad for is using things like snapcard. Because yes, I can purchase almost anything with bitcoin. However, the vendor does NOT know I used bitcoin so it doesn't really do any good. :/
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August 11, 2014, 02:50:29 AM
 #38

I invest to get more Bitcoin, and only buy things to multiply my Bitcoins.

Why buy things with my most valuable stuff, when I can give worthless fiat?

Because it increases the usage and acceptance of Bitcoin. Pay with Bitcoin, then use the fiat you would have used for the purchase to instead buy more Bitcoin. Voila.

Fees to convert Fiat to Bitcoin are high. Also lack of acceptance from the stores I most use.
But I spend on investing, so I do my part.

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August 11, 2014, 04:24:42 AM
 #39

i haven't spent any yet so far. i think retailers need to offer discounts that would offset the exchange fees.. in that case, i'd buy bitcoins off the exchange and then make my purchase since it wouldn't cost anything and would help bitcoin.
The exchange fees are generally very low and would be much lower then if you were to pay via a credit card. For a merchant to offer a small discount for consumers accepting bitcoin they would still end up on top because the cost for credit cards is usually in excess of 3%.
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August 11, 2014, 05:04:14 AM
 #40

Hope one day I could mortgage it and get a loan to spend

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