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In the communities that use bitcoin for day-to-day transactions they send bitcoin over lightning network and so the fees are much smaller and transactions happe

by nout 1y ago

In the communities that use bitcoin for day-to-day transactions they send bitcoin over lightning network and so the fees are much smaller and transactions happen in seconds. The issue is that not many people know about it and also not many people want to spend. I wrote an article on this topic here https://stacker.news/items/887222/r/nout https://stacker.news/items/887222/r/nout

Saris 1y ago
Ahh that makes sense, there's often not a lot of clear info out there on the variants.
- nout 1y ago
  And when there is some info, it's often trying to trick you into buying some "get rich quick altcoins" that fizzle out and go to 0 in 2-3 years. It's annoying that that's the case.
chistev 1y ago
Why spend when you want to accumulate your bag and sell higher?
- nout 1y ago
  Because by spending bitcoin you are actually fueling the bitcoin economy, you are showing interest to the sellers and so the price of bitcoin will go even higher (companies see the interest -> start supporting it -> start buying it -> start marketing it -> more people using it -> price goes up). Further, if you believe that bitcoin is going to be used as a currency at some point, you may as well start using it already. And finally, since bitcoin is so liquid (you can literally buy or sell in seconds with custodial wallets/accounts like Strike, or in minutes with self-custodial/private solutions), it doesn't really make sense to "sell the worse currencty (fiat) first" you can just buy whatever is your target amount of bitcoin today. You don't need to wait. This is not physical gold that takes hours up to days to buy or sell (you have to go to a special place, etc...). Some people do "spend-and-replace", where they spend bitcoin for products/services and immediately buy the same amount of bitcoin for fiat. That's a nice way to start, but it's sort of unnecessary.
  - merillecuz56 1y ago
    [dead]

by nout 1y ago

Saris 1y ago

Ahh that makes sense, there's often not a lot of clear info out there on the variants.

nout 1y ago
And when there is some info, it's often trying to trick you into buying some "get rich quick altcoins" that fizzle out and go to 0 in 2-3 years. It's annoying that that's the case.

chistev 1y ago

Why spend when you want to accumulate your bag and sell higher?

nout 1y ago
Because by spending bitcoin you are actually fueling the bitcoin economy, you are showing interest to the sellers and so the price of bitcoin will go even higher (companies see the interest -> start supporting it -> start buying it -> start marketing it -> more people using it -> price goes up). Further, if you believe that bitcoin is going to be used as a currency at some point, you may as well start using it already. And finally, since bitcoin is so liquid (you can literally buy or sell in seconds with custodial wallets/accounts like Strike, or in minutes with self-custodial/private solutions), it doesn't really make sense to "sell the worse currencty (fiat) first" you can just buy whatever is your target amount of bitcoin today. You don't need to wait. This is not physical gold that takes hours up to days to buy or sell (you have to go to a special place, etc...). Some people do "spend-and-replace", where they spend bitcoin for products/services and immediately buy the same amount of bitcoin for fiat. That's a nice way to start, but it's sort of unnecessary.
- merillecuz56 1y ago
  [dead]