I see a lot of people that are hoarding 100% of their bitcoins, because they believe cutting off the supply, would be enough to increase the price.
Would it not be better, if we increased the demand by increasing Bitcoin awareness and convincing more merchants to offer Bitcoin payments?
A 100% hoarding strategy is more harmful, because it cancels all the good work that was done to get merchants to accept Bitcoin as a payment option. A merchant will stop accepting Bitcoin, if their is no demand or transactions being generated for their business from the Bitcoin payment side.
We should actively encourage local merchants to start accepting bitcoins and then we should start supporting them.
Just buy back the bitcoins that you spend and you will be fine or use money that you would not have hoarded and buy the goods or service with bitcoins.
Adopt a 80% hoarding and 20% spending strategy and we will see a massive increase in Bitcoin adoption
Would it not be better, if we increased the demand by increasing Bitcoin awareness and convincing more merchants to offer Bitcoin payments?
A 100% hoarding strategy is more harmful, because it cancels all the good work that was done to get merchants to accept Bitcoin as a payment option. A merchant will stop accepting Bitcoin, if their is no demand or transactions being generated for their business from the Bitcoin payment side.
We should actively encourage local merchants to start accepting bitcoins and then we should start supporting them.
Just buy back the bitcoins that you spend and you will be fine or use money that you would not have hoarded and buy the goods or service with bitcoins.
Adopt a 80% hoarding and 20% spending strategy and we will see a massive increase in Bitcoin adoption
The game has to be played wisely. Economics has to be applied at full potential. Bitcoin is at the fore front of the new generational currencies know as cryptocurrency, not yet fully accepted generally, but the acceptance rate is still massively encouraging. Demand and Supply, as it applies to Fiat currencies like Dollars and Pounds, so also is it with Crypto - Currencies. Just that the whole world is already used to the FIAT currencies and they are generally accepted.
Bitcoin now has to be handled with all principles of economics backing Demand and Supply so as to control its market volume and price. This should be so, so that the coin will be acceptable to all like Fiat Currencies and at the same time, the value of the coin will be retained.