What percentage of bitcoin users actually use it often for its practical value, as opposed to hoarding and speculating? How to estimate this?
Additionally, there is a floor to the fractionality of Bitcoin, of 100 000 000 Satoshi. If Bitcoin ever reaches $1,000,000, then it could only be divided into $0.01 denominations, and not further. If it reaches $2,000,000, then 1 Satoshi would be worth 2 cents.
There is no such thing unless you are in a hurry.
Even using his previous examples, withdrawing $20 or buying lunch, you can't wait hours or days- you usually want them immediately.
I think this is easy to say because we don't have to wait hours every time we use cash or our debit or credit cards.
It's reminiscent of using checks for everything. Businesses would have to factor in the possibility of checks bouncing or Bitcoin transactions being rejected after the POS transaction.
Regarding use, one of the interesting metrics is "Bitcoin-days destroyed", which gives insight into how often the coins change hands.
The word hoarding is often used to cast ordinary and prudent saving of stable, non-speculative currencies like US Dollars and Euros in a negative light. Economists and central bankers often want the inflation rate to be higher - to reduce debt loads, among other reasons - so they want people (other people, of course) to stop saving so much and start spending more.
[0] https://www.bloomberg.com/news/articles/2017-05-16/rich-reti...
edit: grammar
So, I'd argue that holding onto large quantities of money in lieu of allowing it to circulate due to fears does qualify as "hoarding", insofar as the money could be put to better, more productive use while the person holding onto the cash may be losing out on potential upside.
The term is particularly apt when there are concerns of a deflationary spiral, as cash hoarding truly does become a problem in that circumstance.
Saving is setting aside money for future use.
Hoarding is setting aside money expecting the value of money to increase, thus treating it like an investment instrument, which is not the purpose of money.
If Bitcoin is a commodity then "hoarding" is normal.
If Bitcoin is money, it's not.
Ratio of actual purchases on sites compared to the number of "please let people pay with bitcoin" requests they got before adding it?
I've seen varying reports ranging from low to super low.
Old but e.g. https://fundraising.mozilla.org/bitcoin-donations-to-mozilla...
Strange separate standard to create for bitcoin since it is functioning as intended, under that standard. So congratulations bitcoin is full of speculators? How do people come to the opposite conclusion with the same information.