5 ms·
What useful thing can I do with Bitcoin other than using it as a speculative asset?
by war1025 6y ago
What useful thing can I do with Bitcoin other than using it as a speculative asset?
- xiphias2 6y agoUse it as a savings account. Everybody who speculates with it loses lots of money. I just bought and hold money there that I don't need to use right now. All I want from it is to not inflate my money (that's why the 21M cap is great for me...tulips would be great as well if you could guarantee that they don't age and are limited to 21M).
- companyhen 6y agoEarn interest on it or take out a loan with it through BlockFi.com and other lending services.
- xiphias2 6y agoI was thinking about it for tax savings purposes (loan), but Bitcoin is getting so much valuable over time that it's not worth the custodial risk for me.
- companyhen 6y agoI personally haven't done it either, but am considering a $5-10k loan just to try it out. The 6-8%~ isn't worth it for the custodial risk to me as well.
- xiphias2 6y agoIt sounds fun, but when Bitcoin's price drops, you have to add more BTC to keep the margin safety on Blockfy. You need to pay 10% interest for loaning against 50% of your BTC. Of course BTC's price probably won't go under $20k ever again, but in March when it went from $8k to $4k for half an hour, a lot of us were surprised.
- eyeball 6y agoSmuggle money out of a totalitarian state by memorizing a few words.