As a cryptocurrency investor, you probably wonder if it’s really worth spending your Bitcoin. Of course, in the future we all dream that Bitcoin will be a mainstream currency, one that is accepted in major stores across the world and one that allows us to carry out day to day transactions. But, you may ask yourself if at the moment, in the current economic climate, is it really worth spending your Bitcoin now?
If you are an investor, and have Bitcoin stashed away, you might feel a sense of FOMO by just sitting on it. Even today, without a real sense of mainstream adoption, there are hundreds of ways to spend your Bitcoin, but just because these methods exist, it doesn’t mean you actually have to spend it, or does it?
This debate is two tailed, in one instance, by spending our Bitcoin, we will start to move the currency around, helping to nurture a positive push towards mainstream cryptocurrency adoption and, potential further investment from new investors. On the flip side however, if we spend a bunch of Bitcoin on a product we could have bought with FIAT currency, then Bitcoin embarks on a surge, is it really a wise move? By spending Bitcoin now, could we be making things hard for ourselves in the future? Quite possibly.
There’s no true answer to this question, it depends on a range of circumstances. If for example you’re a whale, holding a vast amount of Bitcoin, you’ve got nothing to lose by spending it and actually, shifting some of your Bitcoin could in turn help the economy a little (that’s worth thinking about at least). If however like most of us, you’re a local investor with a small Bitcoin holding, you may want to keep hold of it, just because spending Bitcoin doesn’t really have any intrinsic advantages as a part of it, at the moment at least.
When the world is more adoptive and accepting of cryptocurrency, spending Bitcoin will present a tonne of cool advantages, from cost saving, to faster transactions and even loyalty schemes (thanks to blockchain technology), at the moment however, Bitcoin simply remains a cult figure and a part of something stuck in the underground. You can spend it if you want, but don’t miss out on the surge when it comes!