Post
Topic
Board Economics
Re: Don't spend bitcoin. Not now.
by
Visbay
on 26/10/2019, 08:25:03 UTC
To help increase bitcoin adoption, spend your bitcoin and then rebuy what you spent. Hoarding doesn't necessarily mean they sit on their bitcoins and never spend them. maybe its just me but I make purchases in bitcoin and then simply go to an exchange immediately after and buy whatever quantity in bitcoin I just spent at the same evaluation.

Bitcoin only goes to the moon, because people speculate on it's future value. If it is not used for real market transactions, it's value can be zero and probably will be. we want to spend it to spread awareness and promote adoption, but you're right, deflationary currencies promote saving. Because we are in the adoption phase of new deflationary currency, you'll be rewarded for saving.
No doubt spending bitcoin somewhere or even for the purpose of trade will make it more famous but if you ask me, the current time is not the right time to utilize bitcoin in any way. Everyone will suggest to not take such actions during dips. Moreover, nothing can make bitcoin’s value zero. I believe it is just a matter of time before bitcoin goes mainstream. Bitcoin is indeed a good coin.
People do trade with bitcoin on famous exchanges but this is rare since the coin if hard to collect and not easily possible for consumers to buy it with money. Instead of using it in trading, the best thing you can do with bitcoin is to simply hold it until and unless enters the pump phase and is generating amazing profits. Demand and supply law will never bring bitcoin to zero.
Agree with you when you have a chance to hold and get profit than taking risk of trading is not good so better keep buying right now as the price is low but wait and hold for making a profit right now as its not a suitable time for trading and selling. It’s only time to hold and wait otherwise you only can buy at a low price.