Having trouble to spend bitcoin \ stacker news ~bitcoin

263 sats \ 22 comments \ @PRA3S3NT1A 23 Aug 2023 bitcoin

Why would I spend my valuable bitcoins to buy things if I can spend the useless cash? I spend the worthless fiat money because I do not want to save it. Why would I spend something that is probably the most valuable asset in human history?

Let me know your thoughts.

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119 sats \ 0 replies \ @Longtermwizard 23 Aug 2023

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64 sats \ 0 replies \ @ek 23 Aug 2023

It doesn't matter if you spend cash or bitcoin. You could have bought bitcoin with the cash if you used cash and you can still buy bitcoin with the cash if you used bitcoin.

The essence of Spend & Replace

101 sats \ 2 replies \ @kristapsk 23 Aug 2023

Your behaviour changes when your income is in Bitcoin. Then it's simpler to just spend Bitcoin for your needs instead of exchanging Bitcoin to fiat and then spending fiat.

0 sats \ 0 replies \ @PRA3S3NT1A OP 23 Aug 2023

I can imagine. I hope in the coming future I will be rewarded in bitcoin.

0 sats \ 0 replies \ @jonatack 23 Aug 2023

Exactly.

55 sats \ 1 reply \ @Eljay 23 Aug 2023

The goal is not to make people spend their bitcoin but to bring more value producers into accepting bitcoin as a payment.

50 sats \ 0 replies \ @PRA3S3NT1A OP 23 Aug 2023

Agree. When I see a quality work then I am willing to spend my precious sats.

11 sats \ 1 reply \ @wikparclones 23 Aug 2023

Buy #Bitcoin and spread the love with #zap ⚡ is the key for making others / followers Happy 💯

Try it! 💯

0 sats \ 0 replies \ @PRA3S3NT1A OP 23 Aug 2023

Completely agree 😃 I will be honest. I do not spend my bitcoin for buy thing or pay utilities. However I spend my bitcoin differently. What I do is that when one of my loved ones have birthday then I buy for them some sats and give it to them with the private keys. Firstly they do not understand it but when the value increases over time then they become interested about it. That's my way of spreading freedom. 😉

1 sat \ 0 replies \ @birdeye21 23 Aug 2023

Spending Bitcoin should not be a big deal. Yeah you may be easy to spend "X thousands of satoshis" on small items, but replacing those "thousands" of sats with fiat is also easy too right now

1 sat \ 0 replies \ @btcs 23 Aug 2023

pay bitcoin, but then you convert fiat money in the same amount back to bitcoin

0 sats \ 0 replies \ @realtrader 23 Aug 2023

just visit my business and spend your bitcoin with us haha :)

0 sats \ 1 reply \ @SatsCats 23 Aug 2023

I'm in the process of building a spending fund (like a 6-month emergency fund). Then with my future fiat slavery, I mean salary, I'll convert it all to BTC and then sell whatever BTC I need to pay the bills (initially from my 6-month spending fund).

I plan to document and track this process and review how much I've spent in BTC vs fiat.

20 sats \ 0 replies \ @PRA3S3NT1A OP 23 Aug 2023

Ohh nice, I can see your vision. Let me know how your process going. I am curious. Don't be upset about this fiat slavery. I don't say you should happy about it but we are all facing with the same problem. Now we have an asset that gives us hope and freedom.

0 sats \ 1 reply \ @tomlaies 23 Aug 2023

You're implying Bitcoin wasn't better at everything including for transactions. Bitcoin is the best money for the world for ALL usecases of money.

You're spreading FUD.

0 sats \ 0 replies \ @PRA3S3NT1A OP 23 Aug 2023

I do not spreading FUD. I agree that bitcoin is the best form of money ever invented. I only searching for the reason why should I spend bitcoin if it is so valuable. I would rather spend something that is not valuable and its purchasing power decreasing over time such as the american dollar and all fiat currency.

0 sats \ 2 replies \ @Athena_Alpha 23 Aug 2023

Congratulations, you've just described/proven Gresham’s Law

We aim to explain things simply here so let’s give an example where you have two monies:

1 bitcoin (valued at $25,000 USD)
$25,000 USD in cash

You notice that the 1 bitcoin buys more and more each year while the USD keeps being inflated away and buys less and less. When you go to the store to buy your food for the week which money should you use?

If you said the USD cash then congratulations, you’re a person doing the rational economical thing!

As the purchasing power of the USD is falling, it makes sense to spend it as fast as possible. It also make sense to hold onto the bitcoin for as long as it’s going up in price as that’s essentially free money.

This pretty straight forward logic of not wanting to spend a “good” money (bitcoins) that is increasing in value is what’s called Gresham’s Law. Officially it states that “bad money drives out good” meaning that in an economy with two monies, the good one will be held as savings (bitcoins) while the bad one will be spent day to day (USD).

We dive into a lot more details in our piece: Is Bitcoin A Medium Of Exchange And Why No One Buys Things With It… Yet :)

0 sats \ 1 reply \ @PRA3S3NT1A OP 23 Aug 2023

Wow that was amazingly helpful. Thank you so much for this explanation. I see your point. After all, I think for many years bitcoin will be a perfect saving asset however it will not be a medium of exchange. It will surly become a medium of exchange but maybe just many many years later.

0 sats \ 0 replies \ @Athena_Alpha 24 Aug 2023

Bingo. (and you're very welcome 🙂)

0 sats \ 1 reply \ @nikotsla 23 Aug 2023

It's about signal for me, I see a future where bitcoin is money... so I try to take action an incentive the future I want. I try to use bitcoin when I can to pay for thinks. Maybe the question is "How I could be pay in Bitcoin for my work/service?" Don't look only the spending part of the wheel, you can earn bitcoin and focus in how you could accomplish that.

0 sats \ 0 replies \ @PRA3S3NT1A OP 23 Aug 2023

I see. Earning money in bitcoin is not really an opportunity for me because adaption is still low and many people don't understand it. Hopefully, in the coming future.

0 sats \ 0 replies \ @2bithits 23 Aug 2023

Its good to support businesses that accept bitcoin. It will eventually need to be spent even if that's 50 years down the track.

Make sure you have enough first though