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Author Topic: Are You Spending Bitcoin?  (Read 8443 times)
jeromanomic (OP)
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August 10, 2014, 11:29:17 AM
 #1

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?
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LiteCoinGuy
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August 10, 2014, 11:48:45 AM
 #2

    
Are You Spending Bitcoin?


Yes.

Gervais
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August 10, 2014, 11:55:14 AM
 #3

Some people spend, some hodl. What does it matter if they sell it? The money goes back into the system and round and round.
Meuh6879
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August 10, 2014, 11:56:26 AM
 #4

I always pay (now) with fiat currency ... so no, i transform in BTC to hold ... but not use (perhaps when my car will fail, i search a car bitcoin seller  Grin they always accept many particulate money when they WANT sell without the old car)
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August 10, 2014, 11:58:00 AM
 #5

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

How could it possibly be bad. Merchants are what drives adoption. We need people constantly spending their coins to higher the demmand and thus with a limited supply the price will rise.
TrailingComet
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August 10, 2014, 11:58:40 AM
 #6

Yes absolutely
I hold 50%, spend the rest and trade stuff to replenish

Cranky4u
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August 10, 2014, 12:01:58 PM
 #7

People must use BTC as a transaction (spend) or the entire system freezes up with everyone holding. This would leave bugger all currency floating around, pushing the coins through the roof in price until nobody will swap them for goods because transactions are limited.

Moral of the situation, in order for the BTC economy to grow then a reasonable percentage of the BTC economy must be transacted.

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August 10, 2014, 12:15:49 PM
 #8

When ever I spend I buy the exact amount back.

Also It does not matter if they sell right away, someone will always buy it. Eventually when the price is more stable these companies will start to figure that they may as well hold some eventually they may end up holding all, Overstock already holds 10% possibly even more now.

And If MANY shops start to accept it. Food, Electronics, Auto industry, Bills (Water, Gas, electricity), Fuel , telephone etc...

Eventually they will realise well the price is stable, Millions of merchants are now accepting it & price is slowly on the creep up... this currency is Finite and deflationary.. it will make sense to start keeping 20/30/40/50% or maybe even more... At the end of the day since so many merchants are accepting we can even use it like normal dollars and pay our bills with it or buy stock with it ETC

I think we should stop worrying about what companies do with the BTC after we purchase in the long term this is helping this industry and Bitcoin, you can believe that!
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August 10, 2014, 12:24:23 PM
 #9

I'm forever doing little trades with Bitcoin because I know without trading Bitcoin this revolutionary idea will eventually die people need to trade to make it worth as much as it is.

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August 10, 2014, 12:27:15 PM
 #10

I use it mostly for day trading, other than that it has no use to me  Undecided
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August 10, 2014, 12:30:14 PM
 #11

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.

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August 10, 2014, 12:32:06 PM
 #12

I mostly purchase small items which are easier to purchase with Bitcoin but because not every place accepts Bitcoin I don't use it for the majority of my purchases.

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August 10, 2014, 12:33:14 PM
 #13

Can you explain your opinion on why they would lose out in the long run ?

I bought something with BTC the other day.. Hadn't spent any in a while. Was a tiny amount, like 0.03 but easier than using paypal so I was happy to use it.. this time Smiley

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.

sandykho47
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August 10, 2014, 12:47:23 PM
 #14

Yes, i just some buy some original games with bitcoin  Grin
and i think bitcoin price might down if they as fast as they can / might went up if they believe BTC price will raise up  Grin

Can you explain your opinion on why they would lose out in the long run ?

I bought something with BTC the other day.. Hadn't spent any in a while. Was a tiny amount, like 0.03 but easier than using paypal so I was happy to use it.. this time Smiley

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.

Yeah, i use BTC to buy items. because the low fee  Grin than paypal

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August 10, 2014, 12:53:48 PM
 #15

I can't wait for the day where I'll be able to pay with Bitcoin for my utility bills and grocery bills.

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Daniel91
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August 10, 2014, 01:08:20 PM
 #16

Yes I spending Bitcoin and don't see what is the problem with this.
If nobody spend Bitcoin, for buying digital services and products, merchants will not be interesting to accept bitcopin as additional currency.
Trade can just help global popularity of Bitcoin, so it's not wrong to spend it Smiley

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August 10, 2014, 01:50:45 PM
 #17

I've spent a tiny bit and gambled a little bit, but I'd rather save it for a little while as an investment.
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August 10, 2014, 01:54:45 PM
 #18

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?

Yes of course I spend my Bitcoin. I like the idea of this wonderful currency a lot and I want to spread it even further! I think it is very important to do this! It is true that most companies may sell the BTC directly via BitPay or some other payment processor, yet, there are most likely big whales who buy those BTC instantly, because they're supposed to have contracts with those payment processors, as far as I know. So there's not much pressure on the markets (maybe only a slightly more limited demand)

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August 10, 2014, 01:55:09 PM
 #19

I've spent way more than I should of.

If you only hold your coins that real bad imo.
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August 10, 2014, 01:56:13 PM
 #20

I use it all the time. Whatever I spend I replace immediately. I take a hit on exchange fees but it is my way of supporting the bit coin economy.

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