In this video, I discuss the value of actually using cryptocurrency as opposed to just holding onto it. While holding (or HODL'ing as some have said) is a very powerful meme to keep the cryptocurrency community on track to not giving up, actual use is necessary for a variety of reasons and I believe is a critical meme to push crypto forward.
Here's a link to Rick Falkvinge's video that I mentioned:
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Agree with you and Rick, but the issue here is people are not willing to spend their cryptos that often and this is not because of Bitcoin core. No one wants to be the next pizza guy all are hoping to get Lambos finally out of the appreciation. Not sure how all this will end
That's where the meme of #useandreplace comes in. It's the same net result, but helps to build the network!
Its a bit easy in the western world to apply this as there is atleast some adoption(atm, businesses accepting). But the majority of the world dont have the option to use cryptos. The only option is to sell and use the cash, but this creates tax overheads.
Thats a good point, hodlers kept crypto alive over 200 deaths by continuing to believing and holding on. So we do need folks holding it, but as you point out mainstream adoption happens when folks really use it . However these crazy price swings do put people off, we are in a long price discovery phase, I do believe and hope that at some point the prices will swing much lesser. Perhaps it will be after most of bitcoin is mined and more mainstream money comes in chasing this. Come to think of it 10,000 bitcoins was needed for 2 pizzas in 2010 and now it is worth around 100 million! Lot of folks used Bitcoin to pay for stuff from 2010 to 2016 when the price was much lower and if you look from holding perspective the $40 t-shirt they bought with bitcoin is actually now a t-shirt for whcih they paid $4000. But by using bitcoin as payment they contributed to the price we see now. If they just kept holding corn then this price appreciation and adoption would not have happened. I think holders are well aware of the need for using this as well to get more value from the bag they hold. Good video!
Yes! Although we can have the best of all worlds with #useandreplace. When you spend $100 in crypto, just buy it back with fiat. Win win!