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This is not true if look at the long term implications of a deflationary currency with proponents who are bent on using it to subvert the unsound fiat currency of crony capitalism and inflationary socialism. If you think about it in terms of that then it most definitely should be used as a savings account. One just has to be aware that perceptions of value (daily change in price) are not the same as actual value which can only be deduced after long periods of time.
Going to agree with you on this one. It's certainly risky to hold any significant amount of savings in BTC over the long term, but if that risk is willing to be assumed, I think it's a decent option in the absence of other viable storage methods.
you can use it as both...buy some, spend some and save some. that's what I do...I buy a bitcoin and spend maybe 0.2 and save the rest. it's value will continue to rise over time as more and more people start using it.
Lots of debate on whether or not holding is good or bad for Bitcoin long term prospects. So I do both! Current pricing IMO is a gonga for savings, but adoption and more merchants won't increase if we don't SPEND. Just repurchase what you spend to keep your savings intact. Easy. You can time your repurchases depending on if the market is volatile. For instance right now, I'd repurchase my BTC before buying something at Amazon. Then spend later, chances are you might get an extra percent during the rise! Or reverse if makert is downtrending. One last very cool thing... spending is very fun when you get crazy cool discounts like 20% at Starbucks with Fold, or 30% for anything at Amazon with Purse.io.
I have about 0.5 BTC in my mobile phone wallet (Mycelium) that I use like cash in a normal wallet. It's easy, accessible and always on me.
I have about 1.5 BTC in a coinbase wallet that I use for online purchases. I'm not sure why I think I need Coinbase for a different purpose and might eventually move this into something else. I really like only using Coinbase for purchasing and not storing as the coins are out of my control when I keep them over there.
I have an undisclosed large amount in paper wallets that I use as savings. I have multiple paper wallets and keep 1 BTC in each, so that if I need to move it to an online wallet, I don't have to move all my savings over.
I used to do that... now I just have my Mycelium and Airbitz wallets for spending money, my Trezor & cold wallets for HODL coins, and instead of Coinbase, I have Circle with $500 avail instantly anytime I want, so I don't really have to hold middling amounts.
Both. I have ~1BTC always on my phone for everyday spending. If I see a bitcoin payment option on a web site, I always use it. Unfortunately, many web sites that previously included btc payment option, removed it recently :( I guess too much trouble for too few actual customers. Rest of it is in several well hidden "savings" wallets. And one small unencrypted wallet is on my PC - I check it regularly, and if I see it emptied, I would know I have a virus in my computer!
I do both with mine. I own x amount of bitcoin, and I spend from it freely. But any time I spend from it, I but the exact same amount I just spent on an exchange. Doing this, my total bitcoin will never go down.
I use it as a long term hedge. What you use it for is really up to you.
I tried using bitcoin as cash for a week 2 years ago and it was a little inconvenient outside of online purchase. I used gyft to spend it in retail stores but pulling out a credit card was faster plus I get "rewards".
If you were a business and you can supply your business and pay your employees with bitcoin then it can be convenient but thats not me.
Using it for investment isn't a bad idea, but it is definitely a risky idea. If you use it for investment, it should be as a small part of a larger diversified portfolio, you should be able to afford to lose it, and it should be a long-term plan. I use it as a investment with these rules, but I also buy goods with it through newegg and other places.
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[–] flope_de 1 point 6 points 7 points (+7|-1) ago
It's cash. It's way to volatile to be safely used for anything else.
[–] slightlycyborg 0 points 1 point 1 point (+1|-0) ago (edited ago)
This is not true if look at the long term implications of a deflationary currency with proponents who are bent on using it to subvert the unsound fiat currency of crony capitalism and inflationary socialism. If you think about it in terms of that then it most definitely should be used as a savings account. One just has to be aware that perceptions of value (daily change in price) are not the same as actual value which can only be deduced after long periods of time.
[–] HyTex 0 points 1 point 1 point (+1|-0) ago
Going to agree with you on this one. It's certainly risky to hold any significant amount of savings in BTC over the long term, but if that risk is willing to be assumed, I think it's a decent option in the absence of other viable storage methods.
[–] BingoButts ago
The real risk is in not saving substantial BTC in the long term.
[–] BitsenBytes 1 point 4 points 5 points (+5|-1) ago
you can use it as both...buy some, spend some and save some. that's what I do...I buy a bitcoin and spend maybe 0.2 and save the rest. it's value will continue to rise over time as more and more people start using it.
[–] Jorj_X_McKie ago
Lots of debate on whether or not holding is good or bad for Bitcoin long term prospects. So I do both! Current pricing IMO is a gonga for savings, but adoption and more merchants won't increase if we don't SPEND. Just repurchase what you spend to keep your savings intact. Easy. You can time your repurchases depending on if the market is volatile. For instance right now, I'd repurchase my BTC before buying something at Amazon. Then spend later, chances are you might get an extra percent during the rise! Or reverse if makert is downtrending. One last very cool thing... spending is very fun when you get crazy cool discounts like 20% at Starbucks with Fold, or 30% for anything at Amazon with Purse.io.
[–] NeverToday 0 points 2 points 2 points (+2|-0) ago
This is how I have it set up at the moment:
This set up works for me.
[–] Jorj_X_McKie 0 points 1 point 1 point (+1|-0) ago
I used to do that... now I just have my Mycelium and Airbitz wallets for spending money, my Trezor & cold wallets for HODL coins, and instead of Coinbase, I have Circle with $500 avail instantly anytime I want, so I don't really have to hold middling amounts.
[–] a345345 0 points 1 point 1 point (+1|-0) ago
Both. I have ~1BTC always on my phone for everyday spending. If I see a bitcoin payment option on a web site, I always use it. Unfortunately, many web sites that previously included btc payment option, removed it recently :( I guess too much trouble for too few actual customers. Rest of it is in several well hidden "savings" wallets. And one small unencrypted wallet is on my PC - I check it regularly, and if I see it emptied, I would know I have a virus in my computer!
[–] locke-ama-gi 0 points 1 point 1 point (+1|-0) ago
No reason you can't do both.
[–] liquidify 0 points 1 point 1 point (+1|-0) ago
I do both with mine. I own x amount of bitcoin, and I spend from it freely. But any time I spend from it, I but the exact same amount I just spent on an exchange. Doing this, my total bitcoin will never go down.
[–] neofatalist 0 points 1 point 1 point (+1|-0) ago
I use it as a long term hedge. What you use it for is really up to you.
I tried using bitcoin as cash for a week 2 years ago and it was a little inconvenient outside of online purchase. I used gyft to spend it in retail stores but pulling out a credit card was faster plus I get "rewards". If you were a business and you can supply your business and pay your employees with bitcoin then it can be convenient but thats not me.
[–] Joecuki ago
Using it for investment isn't a bad idea, but it is definitely a risky idea. If you use it for investment, it should be as a small part of a larger diversified portfolio, you should be able to afford to lose it, and it should be a long-term plan. I use it as a investment with these rules, but I also buy goods with it through newegg and other places.