Quote from: galkinn on March 24, 2018, 07:30:50 PM

Quote from: Canis Majoris on March 23, 2018, 12:06:34 PM

It seems like only a small fraction of bitcoins as well as other cryptocurrencies gets earned while the vast majority of the coins are bought. But when people buy coins, they obviously aim exclusively at selling them later at a higher price, which is what speculation basically consists in because it makes no economic sense to buy a cryptocurrency to spend it on goods when people can easily spend fiat instead. However, if the price goes down, people aren't going to spend their coins either. And whenever someone complains about prices going down, the only reply they receive is just to hold to their precious bitcoins, no matter what the price could or would be. I have yet to meet anyone telling these bag holders to spend their stashes on something useful.

Apparently, the HODL mentality kills the currency aspect of Bitcoin.

Currently, everyone wants to be paid in bitcoins only but does not to spend his bitcoins. This will never result in mass adoption.

It is hard to spend our bitcoin due to the high fee. No one wants to pay $20 fee for a $2 coffee. Bitcoin is good for us because it brings us new technology such as the blockchain. But it is hard to use bitcoin as a method of payment. Just like gold. YOu can not use it anywhere but you can still hold gold for a long term profit