You do realize that calling something "savings" implies that you are planning on spending it, at a later date?
Otherwise, it's a reserve asset.
Discussion
There’s probably not a better term for it that most people will understand. We can save indefinitely for now. At some point we’ll all be probably need to spend some of it. That’s the thing that’s hardest to communicate. “How do I spend this internet money I just acquired?” is a common and uninformed take. Try waiting a full cycle and see how you feel about what you spent it on.
There will be no span of time when Bitcoin's value does not increase substantially over a cycle. It will go up, forever, unless we abandon it for a better money.
I am saying that if we hoard the currency, people will look for a better money. Money that should never be spent because it goes up forever is bad currency.
Either we learn to spend it, regardless, or the populace will move on.
I've unfortunately never had trouble spending. love how disciplined people are here. I'm going to spend like nobody's business next year. my time preference is 1 year
Spending will also increase when it becomes easier and more universal to spend it. Bitcoin being recognised as legal tender/currency on a global scale is its biggest hurdle. If that doesn’t happen then it is destined to remain a store of value like gold.
that is, something you can liquidate if a loan repayment fails
Yes.
it is also there for if you suddenly need to spend a lot of money, like if a hurricane blows your house down
Yes. Don't need 500 Bitcoin to do that.
but 500 bitcoin you can help your whole village rebuild
i know you and me both veer towards vanity but this in one area i find it easy to understand, probably because i'm a man