Do you put your butter in the refrigerator?

I had an arguement with my roommate about this. I always put mine in the fridge and if I want to spread it on bread or something, I set it out until the toast is done and then by that time, it should have gotten a tad soft--that way I can spread it. He keeps it out and keeps going on about how it should be left out, that way it can be spread easily on toast.

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