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Are you spending your Bitcoin?

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jeromanomic:
I just read this:
http://www.finance-guy.net/finblog/how-will-you-spend-your-bitcoin/10/8/2014

Makes an interesting point.  If we buy stuff with BTC and the company just sells it for cash right away, it's probably not good for the BTC price.

What do you think?  Will shopping with BTC be good or bad for BTC?

Bitmann:
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avawonder:
Other than initial years of bitcoin, after getting the hype in world, Mostly masses were reluctant to spend it on random things. Yeah investment initiated by bitcoin got hike like Mining and Trading of bitcoin.

emcd.:
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Francksoleil:

--- Quote from: jeromanomic on August 10, 2014, 11:32:03 AM ---I just read this:

Makes an interesting point.  If we buy stuff with BTC and the company just sells it for cash right away, it's probably not good for the BTC price.

What do you think?  Will shopping with BTC be good or bad for BTC?

--- End quote ---

Hey there,

Great point you've brought up, and the article is definitely an interesting read. When it comes to spending Bitcoin, it's a bit of a double-edged sword.

On one hand, using BTC for everyday purchases can help normalize and legitimize it as a currency. The more it's used, the more accepted it becomes, and that can only be good for its value in the long run.

On the other hand, you're right that if companies just convert it back to fiat currency immediately, it doesn't do much to support the BTC ecosystem or its price stability. It could even be a downward pressure on the price if the exchange volume skews heavily towards selling.

Honestly, I think what we need are more businesses that are willing to keep at least a portion of their BTC transactions in Bitcoin, rather than converting all of it to fiat. This would not only support the price but also reinforce the utility of Bitcoin as an actual currency rather than just an investment vehicle.

So, in short, shopping with BTC could be either good or bad, depending on how businesses and consumers treat it. If all we do is use it as a quick conversion tool, then it's not really serving its intended purpose as a 'currency,' and that might be detrimental to its value. But if it becomes a standard method of payment that people are holding onto and using, then that should be a net positive.

Just my two satoshis! What does everyone else think?

EthLite:
The article is old, unfortunately. But it raises a valid concern - spending bitcoin at merchants that immediately convert to fiat could negatively impact price. But wider adoption may offset this. Moderation could be wise early on.

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