I think its better if youll just invest your bitcoin rather than using it for buying items. Itll be more productive youll gain more money in investing.
That is what people had misconception about bitcoin. I think we need to use bitcoin more often so that bitcoin become more adoptable to more people. Bitcoin was designed to be currency and not store of value. If all people just hodl bitcoin then how can it develop as currency. I don't mean to spend all your bitcoins but at least a portion of your profit to buy things so that more merchants are encouraged to receive bitcoins as payment. That way it can grow and become a universal currency.
I would agree up to some extent.
My opinion is also the same - that BTC should be used more like a currency and not like an investment tool. However, look at what gold used to be - it was storing value that was held for investing purposes and at the same time you could trade with it. All resources and even fiat currencies are the same. The issue with Bitcoin (and all other cryptos) is that they are just too volatile and enable people to make quick money. On top of that if you are large investor, you can manipulate the market for your benefit. Theses huge spikes in prices make people greedy so most of them are looking to invest and make a profit rather than buy BTC and start trading with it. On top of that, if you buy BTC with the idea of just pay for stuff, you are taking some considerable risk that this currency will actually decrease in price and you would be able to buy less than initially anticipated. Such people look for stability that the fiat currencies offer. For example, if something bad happens with a currency on the forex market, it does not crash 20-30% like crypto for a day, it simply declines by 2-3% at most, which makes the whole idea look more stable. There is no institution or anything that can really force a fiat currency to surge 20-30 or more percent a day or decline by that ammout.
What you all are telling is correct but their should be places to use bitcoin as fiat currency, their are very less places where you can use bitcoin like fiat currency. In my country cryptocurrency is not recommended to use and cryptocurrency exchanges are closed down. So now the only way to use bitcoin is to convert to fiat currency and use it or just use like investment tool so that in future if it gets legal can be used as fiat currency or get profit from longterm price increase and convert it to fiat currency.