Do you use Bitcoin as a currency or just as an investment?

[Rubel007]

Actually i would have loved to use Bitcoin but in my country it is illegal. But I just think business merchants should start using Bitcoin for purchase of their goods especially those who buy in bulk from outside of their countries.

Still, most of the countries in the world do not allow the use of Bitcoin, which is why it is not possible for everyone to buy anything directly with Bitcoin. However, even if the governments don't allow it, slowly people are starting to use bitcoins without violating the government restrictions. What is difficult to do now will not be as difficult to do in the next few years if the government doesn't allow it Bitcoin usage will continue to grow. Bitcoin usage is also banned in my country but many people are secretly use it various purpose.

[libert19]

Well, I have made plenty purchases with BTC and I continue to do so. I use it as an investment — BTC is first choice to transfer profits made from alts, but if I find BTC expensive then I would purchase stablecoins first and then buy Bitcoin with it.

[Celph]

I see this as a nice thread since we can all share thoughts of bitcoin as a general method currency.
I personally have used bitcoin to pay for some services.Bitcoin as a method of payment is usually common in some parts of Nigeria.though i dont really know about outside.
Some people though still prefer to hold and sell which is more profitable and better off.

[Lucius]

If not for few country countries such as el salvador which mostly gives way to bitcoin, I don't think other country has done that so far.
~snip~

An illusion was created that you can pay anywhere and buy anything for BTC in El Salvador, but that is simply not true because regardless of the fact that BTC is legal tender in that country, USD has also been legal tender for more than 20 years and the majority of the population still uses it.

If you look at the map of Europe on the map that shows the places available for paying BTC, you will see that, for example, countries like the Czech Republic and Slovakia have almost twice as many such places as the whole of El Salvador, and that, for example, neighboring Guatemala has about 50% of such places compared to El Salvador regardless of the fact that Bitcoin is not legal tender in that country.

Simply put, Bitcoin does not need to be legal tender in order to be accepted and there is evidence for this all over the world.

[SmartGold01]

If not for few country countries such as el salvador which mostly gives way to bitcoin, I don't think other country has done that so far.
~snip~

Simply put, Bitcoin does not need to be legal tender in order to be accepted and there is evidence for this all over the world.

Yes you are right, even though it's not a legal tender the rate at which they are using for online transactions is higher and I doubt if they made it legal tender won't there be much monitoring over the transactions?
And won't Government asked every individual to register their address or maybe something that could be tied to our various bank account to show that a specific amount of bitcoin was moved from the wallet of Mr. A from Africa to the wallet of Mr. K in USA. Don't you think something like this could likely happened?

[armanda90]

Yes you are right, even though it's not a legal tender the rate at which they are using for online transactions is higher and I doubt if they made it legal tender won't there be much monitoring over the transactions?
And won't Government asked every individual to register their address or maybe something that could be tied to our various bank account to show that a specific amount of bitcoin was moved from the wallet of Mr. A from Africa to the wallet of Mr. K in USA. Don't you think something like this could likely happened?

Only fewest countries around the word have supported using bitcoin for digital currency transaction and still have many countries allow for digital investment assets only. In my country Indonesia bitcoin as digital investment assets only following and illegal for using as transaction payment.
Our local exchange have adopted with KYC and easily for tracking how many bitcoin assets hold in your wallet, but I doubt many people want to show to public about how much bitcoin amount hold in their wallet and most interested keep hidden their assets  in own wallet.

[Bobcrypto]

I have been using Bitcoin an investment, and it is yielding the desired results. As a Trader, I think that Bitcoin has open opportunity as an investment asset class than as a currency.

As a matter of facts, you may well understand that those who bought Bitcoin in 2019 are now reaping huge returns and it gives new investors a great boost to keep on holding or trading.
As a trader, I buy during the dip or correction, and sell when the market move up to certain levels. I have not bought anything with Bitcoin in my region, though places to buy items and pay with Bitcoin has not open yet.

[SmartGold01]

Yes you are right, even though it's not a legal tender the rate at which they are using for online transactions is higher and I doubt if they made it legal tender won't there be much monitoring over the transactions?
And won't Government asked every individual to register their address or maybe something that could be tied to our various bank account to show that a specific amount of bitcoin was moved from the wallet of Mr. A from Africa to the wallet of Mr. K in USA. Don't you think something like this could likely happened?

Only fewest countries around the word have supported using bitcoin for digital currency transaction and still have many countries allow for digital investment assets only. In my country Indonesia bitcoin as digital investment assets only following and illegal for using as transaction payment.
Our local exchange have adopted with KYC and easily for tracking how many bitcoin assets hold in your wallet, but I doubt many people want to show to public about how much bitcoin amount hold in their wallet and most interested keep hidden their assets  in own wallet.

Numbers of people who are using bitcoin for transaction are much higher and even though it is legalized or not the rate would still be higher, currently now almost about 50% of most countries are using bitcoin either openly or secretly for transaction. The reason most people uses a non-kyc exchange is because of their privacy and they wouldn't want it to be revealed by exchange site.

[Asiska02]

The main reason I have bitcoin is because I use it as an investment. I do not want to use it as a currency but there are sometimes that I see it as a means of payment and also when I want to send money to someone, I make use of it as a currency at that time. But my focus is still as investment.

The investment aspect of it is what many people might have had the intention to use it for, but some other people are using it as currency and some also as a means of receiving payments for jobs since it’s built on anonymity. I personally embrace it for its investable feature that you can depend on to grow overtime but sometimes use it as a currency which is actually the main reason for the invention of it. I now switch between the two of them whether as an investment or as a current and I really like the options of using them for those two purposes.

[robelneo]

I'm using both of the options as a currency and as an investment, I'm using it as payment for my webhost and for my domain, it is foremost as a currency and Satoshi wants us to use it as a currency and as for payment, this is why he created a peer-to-peer payment with no third party involved.
I learned a lot from using it as a currency because you are not only honoring Satoshi's works but also supporting the chain.

[bitterguy28]

I'm using both of the options as a currency and as an investment, I'm using it as payment for my webhost and for my domain, it is foremost as a currency and Satoshi wants us to use it as a currency and as for payment, this is why he created a peer-to-peer payment with no third party involved.
I learned a lot from using it as a currency because you are not only honoring Satoshi's works but also supporting the chain.

not only does it benefit the blockchain and the community but it is very beneficial to us as well there is a reason why bitcoin was very promoted to be used as a currency it is not only beneficial as an investment but can also serve as the more favorable currency to do transactions with in comparison with fiat

despite high transaction fees it is actually cheaper and faster to use bitcoin to send/receive payments compared to banks or other platforms using fiat

[armanda90]

Numbers of people who are using bitcoin for transaction are much higher and even though it is legalized or not the rate would still be higher, currently now almost about 50% of most countries are using bitcoin either openly or secretly for transaction. The reason most people uses a non-kyc exchange is because of their privacy and they wouldn't want it to be revealed by exchange site.

Talking about privacy I believe many people easily using bitcoin as digital currency transaction than using fiat or other digital payment have not privacy yet. I think bitcoin indeed not legal in one country they can adopt for payment currency when transaction with other people without get allowed from government firstly during both of them have reach agreement deal early.
Bitcoin have many function from payment transaction to make easily than fiat and have opportunity increasing our assets by investing in bitcoin.

[Lucius]

If not for few country countries such as el salvador which mostly gives way to bitcoin, I don't think other country has done that so far.
~snip~

Simply put, Bitcoin does not need to be legal tender in order to be accepted and there is evidence for this all over the world.

Yes you are right, even though it's not a legal tender the rate at which they are using for online transactions is higher and I doubt if they made it legal tender won't there be much monitoring over the transactions?
And won't Government asked every individual to register their address or maybe something that could be tied to our various bank account to show that a specific amount of bitcoin was moved from the wallet of Mr. A from Africa to the wallet of Mr. K in USA. Don't you think something like this could likely happened?

If I understood you correctly, your question is whether the authorities in El Salvador somehow monitor BTC transactions - and considering that the whole thing is quite centralized, considering that there is an official Chivo wallet, I think they have very good control over everything. Considering the mentality of politicians in that part of the world, I doubt that anyone would allow the financing of opposition politicians through cryptocurrencies - if they even exist in that country after all the "unfit" have ended up in prison anyway.

Can the authorities ask (require) that every transaction be linked to our identity? Of course, there are some ideas in this direction, especially in the EU - but an idea is one thing, and implementation is something completely different.

[MrSpasybo]

It's no secret that Bitcoin is increasingly moving away from the idea of ​​a cryptocurrency in the direction of an investment asset, especially since companies offering spot ETFs started trading with it. It seems to me that there is a similar attitude among small investors, so I am interested in whether the members of this forum use Bitcoin only as an investment in the sense of "buy cheap, sell high", or there are also those who from time to time pay for some digital services with BTC or buy physical things.

I will say that I use BTC as a currency whenever I have the opportunity to do so, and that over the years I have bought a lot of physical things such as televisions, mobile phones, computers and the like and paid for them with BTC - but I also regularly pay for some digital things with BTC.

Thanks to the Lightning Network, BTC payments are now totally doable and El Salvador has proven that. It means anyone can use BTC super easily, super fast, and for next to nothing in fees. But we still don't see widespread BTC payments for a bunch of reasons.

The main reason is legal. In many countries, including where I live, BTC payments are banned and seen as a threat to the national economy because it can mess with the value of their own currency. Personally, I've never been able to spend my sats on anything because no one dares accept BTC payments.

Another reason is related to the investment mindset. BTC holders always have this feeling that BTC price will keep going up, so spending BTC today might feel like a mistake. I haven't sold any of my BTC to buy a new laptop for the same reason. I think BTC will hit $150K-170K in the next few months, and I could buy multiple laptops then ^^

[UNIVERSE]

That is why the many countries already impose strict regulations on this currency which in fact decreases its use as a currency but the potential of this technology is really massive, which may be useful for the society. As of now, the only valid usage of Bitcoin is in the investment field, and for foreign exchange too, the rules are still rather stringent. This must be so for such a financial innovation to be experienced as a problem, particularly for those who wish to observe it grow in ordinary existence. Despite the fact, that it may seem that the regulation changes are quite remote, there is always the prospect that over time the realization of its benefits for increasing the number of people will gradually grow. Alone, we can only hope for the day when this is develop into a feed that people will notice and provide space in an attempt to improve the economy of society.

True. There are many countries who make strict regulation. This become the obstacle for Bitcoin to be the global currency in the world. Now, Bitcoin is only massive to use as the digital investment. This is mostly legal in each country in the world. I think this also can happen in Bitcoin as a currency if there will be more countries to use it as legal tender in the future. We just need to wait for the time, I think there should be the time when we are free to use Bitcoin as a global currency in the next few years.