A group of popular Bitcoin influencers, namely Jimmy Song and Tone Vays took to Twitter to share their opinions on using Bitcoin as a method of payment. Earlier this week, Song, a BTC Core developer tweeted strategies on using BTC as a payment method. According to him, one can spend via credit card without creating debts and sell Bitcoin to pay the bill when it arrives. The tweet read:
“If you want to use Bitcoin as a method of payment, this strategy is more rational and convenient than doing lots of on-chain tx’s:
1. Spend with your credit card with no debt on it.
2. When your credit card bill comes, sell just enough bitcoin to pay the bill.”
The post received a fair amount of attention wherein the Founder of Dogecoin, Jackson Palmer also commented on the thread. He added a third step to the already established two steps by Song. He said that one may calculate the capital gain/loss tax on the sale of Bitcoin to USD to pay off the credit card. Palmer also expressed that this system is efficient enough to make the traditional banks think.
The post by Jimmy Song stirred up a buzz on social media where many members from the cryptocurrency space began to oppose the strategy put forth by the developer.
A cryptocurrency enthusiast, Elliot, an apparent Bitcoin Cash follower also commented on Song’s tweet, stating:
“Thats right folks. BTC supporters tell you to sell your Bitcoin back to fiat. BCH supporters say you must use bitcoin as CASH. It is peer to peer electronic cash. 1 bit @tipprbot”
Jan Klosowski, another Twitter user, and a blockchain space enthusiast took to the thread to reply to Elliot. The user wrote:
“People will use Bitcoin because it’s profitable. Not for ideological reasons.”
Tone Vays, the Bitcoin maximalist, and a former Wallstreet worker also spared his opinion on the issue. According to him, the strategy discussed in Jimmy Song’s Twitter post makes sense as a consumer. He also revealed that he took a similar stand in 2014 where he spoke about why spending Bitcoin the wrong way can hurt the entire ecosystem.
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