Forget About Cashing Out In A Blaze Of Glory - Spend Your Bitcoin!!
Hi everyone :)
I just wanted to put a little idea out into the world today..
When i first got into bitcoin about 3 years ago, my plan was to save up all this cryptocurrency and wait for it go up to a really high price.. at this point in time i was going to cash out in a blaze of glory and retire to the Bahamas or something along those lines.
Although after spending the last few years researching bitcoin and crypto currency my thought patterns have changed a little.
Lets say.. tomorrow the bitcoin price goes to 1 MILLION.
We are all rich right? Time to cash out to fiat?
I for one, say no.
If tomorrow the price of bitcoin was indeed, 1 million - Everyone is going to cash out.
That means there needs to be enough buyers.. to pay 1 million for each bitcoin, and well that just isn't going to happen, not today anyhow.
What will happen is the price will continue to go down as more people sell off.
I would be willing to sell my bitcoin for 900k instead of a cool million.. if i had too. The price would plummet.. and the market would crash.
This is where i would like to propose a new way of thinking.
We don't need to cash out to fiat.
Why?
Why would you need stinky old cash money.. when you have beautiful bitcoin to spend! The only problem is.. right now not enough people are willing to accept bitcoin.
BUT.. lets say for example.. if you could buy a house in bitcoin? What if you had an ATM card.. that works just like your bank card.. why would you need fiat?
Now lets imagine.. people start buying houses in bitcoin.
Here in Sydney, Australia where i live.. the average price of a house is around 1 million.
How many houses are sold each day? A few i would presume.
Now what if just ONE house is sold per day, via BTC.
That's 1 million per day put into the BTC economy, only a small boost i can imagine.. but it would definitely affect the markets.
Now lets imagine.. 100 houses are bought per day using bitcoin. How about 1000?
Do you think that would affect the price of bitcoin.. and create a large demand of buyers?
My answer - Yes.
So all i wanted to say today was.. forget about cashing out to fiat. You won't need to, just get ready to buy your mansions with bitcoin.. it will make the market MASSIVE.
I have been meaning to write this article for weeks.. and just now i came across this link which got me motivated enough to get this article done!!
https://steemit.com/bitcoin/@jrcornel/you-can-now-buy-an-apartment-in-dubai-for-bitcoins
What do you guys think?
you are right...I think so.
Good call! and it seems to be happening:
http://www.telegraph.co.uk/property/buy/bra-tycoon-michelle-mone-selling-192m-dubai-apartments-bitcoin/
I've ordered my tenx paycard and intend to use it!
Yeah me too!! I put some money into TenX also.. they should be paying out percentage of transaction fees and i wouldn't mind a slice of that action.
I might add.. i have noticed there are already a few other ATM cards available from different companies too.
Spectro
Crypto Pay
Loadoo
I am sure many more will follow!
Either way, I always have more than one source of income. good advice
A wise man once told me.. you should have 3 or 4 income streams.
If one dries up.. you have time to setup another.
You never want all your income to dry up.. because it sucks having no money :P
Just found this meme.. it sums up my whole article in one picture :)
love ur way of thinking. I have been using my shift card a lot latelly and to be onenest i dont want to cash out. There if no need to when u have an atm card
Oh wow i googled shift card.. they let you make virtual or physical visa cards that work with bitcoin deposits it seems.. very interesting.
You can already spend your bitcoins on Deepweb markets. :)
Yeah but what do i want on there.. nothing.
I want to buy a pizza, pay for a hotel, buy a car.. buy a TV.. and buy a house.
You can certainly spend bitcoin in many places.
But its not 100% mainstream yet. Once you can spend it anywhere.. and everyone has it.. then we know bitcoin has truly made it :)
If BTC would go up to a million, there sure as hell will be buyers, don't worry about that!
The way the markets work tho, is supply and demand.
If tomorrow the price went to 1 million.. everyone will try to cash out.
The price will drop suddenly.
Slow gradual increase in price will give stability.
Yeah ok, but the price won't to a million in one day... that's just crazy thinking
Haha.. you are right.. it won't go to 1 million overnight.
Let me give a more realistic example:
If on the markets.. there are 10BTC worth of orders for a coin.
If someone came and tried to sell 10 or 20BTC on that market, the price would plummet instantly to 0.
There needs to be enough people ready to buy up all that bitcoin.. or otherwise the market crashes.
Very cool I agree as more places accept bitcoin I think this is what will happen
i guess that's where we going. all we need is a little bit of trust in bitcoin. trust is what backed the fiat currency nothing else
And men with guns :P
Yes.