Spend your Bitcoin, don’t just hoard it

The Bitcoin community often champions the ‘hodl’ mentality, advocating for the storage of Bitcoin as an appreciating asset while resisting the temptation to spend it. This mindset is particularly problematic in countries with unstable fiat currencies, such as South Africa, as it frames Bitcoin as merely a savings instrument rather than a currency for everyday transactions. Spending Bitcoin, however, cultivates market demand, urging merchants to adopt it as a payment option, which can drive broader adoption. Individuals are encouraged to maintain two wallets: one for savings and another for spending, facilitating both personal use and tax tracking. Regulatory challenges persist, with Bitcoin often seen as a financial instrument rather than currency, complicating its integration into everyday financial transactions. Ultimately, the article posits that true adoption cannot occur through hoarding but requires real use in daily transactions, emphasizing Bitcoin’s original vision as a functional currency. Through active engagement, Bitcoin can reclaim its intended purpose as a decentralized form of money while prompting regulatory frameworks to adapt accordingly.

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