The debate continues as to whether Bitcoin is widely treated as a currency or as an asset.
Many people are involved in such a hot discussion--both influential ones and ordinary Bitcoin supporters and users. The debate has been going on for a considerable while already. And yet until now it remains to be a well discussed topic.
I am bringing such discussion to the level of my own personal experiences regarding Bitcoin.
When I got my first set of Satoshis, the questions that came to my mind were: What Am I gonna do with it? Am I just gonna hodl it indefinitely? Am I just gonna watch its price rise and fall and react accordingly to it?
And so I asked some pieces of advice from friends who have been in Bitcoin for some time. They told me to study trading because aside from Bitcoin, there are several hundreds of other cryptocurrencies out there who are also good investments and whose values are also good to monitor.
I studied and learned trading but I had a very hard time setting target prices, and determine when to enter and let go or cut loss or take profit. Trading is not an easy thing to do. It needs lots of crypto trading skills that should be honed. I then prefer to use my Bitcoins to buy some cryptos, wait for them to increase in value and then go back to Bitcoins, and then buy again when it is a good time to buy a certain coin.
Later on, I began taking some of them, especially my little gains to a local wallet. There I could easily convert my Bitcoins to my local fiat currency and vice versa. But it is not just that, the wallet also offers payments for bills and other stuff using Bitcoin. Aside from Electric, water, credit card, and other bills, there are also online shopping sites as well as travel sites and ticketing sites that accept Bitcoin as a form of payment.
So I began paying my bills with bitcoins. I also use my local wallet to purchase cellphone loads because they offer rebates there.
Therefore, as for me, I consider Bitcoin as both a digital currency or online money and an asset. I hodl Bitcoin until now. I am keeping this for its value to grow and multiply in the future. But I also use it to buy some stuff that I need, that means as an online cash.
How about you? How do you use your Bitcoins?