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I’m sorry but IMO I would HOLD my crypto and not use it for payments for any kind for a long time. I feel like you’re ripping yourself off if you pay for goods with crypto right now. Am I wrong? Or is there a benefit to paying for goods right now?

I’m sorry but IMO I would HOLD my crypto and not use it for payments for any kind for a long time. I feel like you’re ripping yourself off if you pay for goods with crypto right now. Am I wrong? Or is there a benefit to paying for goods right now?



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21 Comments

  1. Bitcoin and crypto in general will never gain adoption if everyone just hodled. Use it for what its intended for so that the broader world can see that cryptocurrencies work. With broader adoption will come even more gains and since we’re one of the early ones, we will reap the benefits anyways.

  2. I’m all for spending, it is a currency after all. I see that it might be seen as a “Bitcoin Pizza” type fiasco but without the spenders there’s no point for crypto

  3. If fiat stops being used in favor of crypto, you will buy stuff using crypto. You won’t be ripping yourself off more then that you would now, since the USD that you didn’t use to buy goods today could be used to buy more crypto.

    It depends what you do with your remaining fiat. But buying goods with crypto is important for mass adoption

  4. Yeah I agree. News of all these companies accepting BTC as payments or helping facilitate BTC transactions is great, but I don’t think it’ll be widely used.

    Why pay in BTC (an asset I think will gain value and will trigger a taxable event), when I could just pay in regular fiat (which loses value over time and is not a taxable event)?

  5. but the act of transitioning that fiat into BTC or another asset that youre investing in, is an investment in the existing assets youre hodling.

    youre locking in that amount of money to the market cap, then immediately using it. but it wouldn’t exist within the space at all if you transacted with fiat.

  6. If I can buy something with crypto I always try to buy that amount of crypto first and then pay with the crypto. That way I’m not paying with my HODL but I’m supporting crypto adoption. Usually I buy a little extra and save the difference.

  7. Paying in crypto means you don’t need to go through an exchange and wait a week if you want to spend it.

    You can keep more of your money on-chain earning yield. Imagine keeping your rent money/mortgage payment/etc on chain in a stable coin yield protocol and getting a 5-10% discount on your yearly housing costs.

    The true dream (and hopefully, the endgame here) would be being able to pay with a yield bearing stablecoin like aDAI or aUSDC so you don’t even need to stake/unstake from a contract you would just earn a constant % on everything in your bank account and could spend it like cash.

    Yes, the tax implications still suck, but there is software that can do this automatically for you and hopefully people will start building automatic on/off ramps to the point where you don’t even need to think about it.

  8. tldr; Credit card giant Visa has announced it will allow the use of USD Coin to settle transactions on its payment network. Visa is already partnering with 35 digital currency platforms, including Crypto.com, BlockFi and Bitpanda, which collectively have more than 50 million active users. The move comes as major finance institutions including BNY Mellon, BlackRock and Mastercard have embraced some digital coins.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

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