Quote from: Sanugarid on September 16, 2021, 10:16:17 AM

Quote from: Arvin01 on August 10, 2021, 07:20:33 AM

Because of the value of Bitcoin, people will hoard it,
Take me as an example. I will invest 20% of my salary in Bitcoin because I think Bitcoin is very valuable and I believe in Bitcoin, so I think Bitcoin is worth investing in.
But if you let me buy something with bitcoin, I will hesitate and pay with fiat currency first.
Although people can pay in any way, will Bitcoin be your first choice?
Now the difference between fiat currency and Bitcoin is that one is inflation currency and contraction currency. Inflated currency (fiat currency) means that if it inflates, you want to get rid of it as soon as possible. For example, we use fiat currency to buy things, invest in real estate, cryptocurrency, stocks. And to shrink the currency (Bitcoin) you buy goods or services, or hoard it. This has no effect on the economy, except to reduce the monetary base and make the currency more scarce, so deflation is faster.
In my opinion, Bitcoin is a store of value, not a currency. There may be cryptocurrencies becoming legal tender, but not now, volatility and supply and demand need to be considered.

Most people choose to invest in BTC because of its big-earning potential not as something to use in buying goods/services since only a few countries legalized BTC as its legal tender. So in the end, we'll still convert it into fiat which is why most people choose to hold/hoard BTC with the hope of high return in the future.

Right. I agree with your opinion. The majority of people invest and hold Bitcoin for the long term because of its value. In the future, the value of Bitcoin can go up very high, so they can have huge profits. As you said, eventually, people will still exchange it for fiat, only a few people will continue to hold it for the value of buying and selling goods and services.