As so often happens when Bitcoin has a rally, I'm torn between spending it now while it's high, or using it as my "retirement account" and counting on it to just keep going up over the long term.
Of course, it may have dropped precipitously since I wrote the above paragraph, so this may be moot. You never know.
Those of you who have/use Bitcoin, what do you do?
When I first started dabbling in Bitcoin, I generally spent about half of what I had when it had gone up a lot. I thought that if it became worthless tomorrow, I was still ahead. I don't regret doing that, since I couldn't have known the future. Although I occasionally think of what might have been... Now, I'm much more sparing when spending it.
I would be a little sad if it went to zero now and I hadn't taken advantage of it before that happened. I would still be far ahead, though.
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"Those of you who have/use Bitcoin, what do you do?"
ReplyDeleteIf I had all the Bitcoin I'd ever had, I'd probably be nearly a millionaire right now.
But it's money, and I use it like money. I save when that seems smartest (e.g. it's down in USD price and I expect it to go up), and I spend some when that seems smartest (there are things I need, the USD price looks pretty good, etc.).
So I am FAR away from being a millionaire ... but I've used Bitcoin to do everything from put groceries on the table to buy a motorcycle to finally (a long time ago, when, IIRC, it was at $2,500 or so) get myself one of those big flat-screen TVs to replace the heavy-ass thrift-store 29" CRT I'd been using for a long time.
I use money to make my life better. Bitcoin is money. So I'm not complaining that I didn't just HODL every Satoshi.
That sounds like what I've been doing. Except I do regret (a little) spending it back when it was really cheap. But, if no one had spent it then, it wouldn't be worth anything now. So it was necessary.
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