I have to wonder just what percent of people with crypto currencies actually BUY anything with them?
I’m holding mine for investment purposes only.
Agree 100%.
I paid a ~$50 bill once because I had to send it overseas...
Today the crypto would be the equivalent of $300 if I’d held.
I HODL
The one exception... if necessary, I will comvert some or all overseas to buy gold.
I have to wonder just what percent of people with crypto currencies actually BUY anything with them?
I’m holding mine for investment purposes only.
Exactly the volatility of Crypto on the downside decreases your total buying purchase ability and the purchases decrease the future investment potential of the original total investment in Crypto.
I’ve used mine on occasion - dozens of Amazon purchases at Purse.io, paying for online services (generally crypto-related like lending bots), paying for plumbing advise, paying for a hotel on Expedia.
I got a Crypto.com debit card about six months ago and I’m using it for virtually all purchases now. I can literally be in the checkout line when I convert crypto to top up the debit card balance and then pay for groceries. So the amount of inflating fiat dollars I have to hold is rapidly dwindling to near nothing.
“They” keep wanting retail use of cryptos to be a thing.
I already have “digital” dollars in the form of a debit card. The last thing I want to do is calculate a capital gains tax every time I buy gas or groceries.
Every tool in the box has a different, specific use. You should not use a screw driver as a wrench.
I buy stuff with the cash I get when I sell them. I don’t trade them directly. But I have “bought” things with BTC directly, including gold bullion.
I used to pay some of my monthly bills using bitcoin. Then I’d buy the coin back, usually at a slightly better price, so the millions of dollars pizza scenario wasn’t a problem.
Then I had a visa debit drawn on a Coinbase account. Still did the buy back on those purchases.
On calculating taxes, there are web services for that so it’s taken care of at the end of the year.
Yup, I already have a paypal business account tied to my bank account. I’ll just hodl onto the crypto I have. My $250 investment is $399.98 as of this morning. Not bad for a month.