I don't really think security should be included in the list, if people want to secure their asset then they should hold gold rather than bitcoin because its an anti inflation investment and already proven while bitcoin hasn't proven yet as something that has high security since it can be hacked and it also has high volatility which is why it was categorize as a high risk investment.
While i do agreed with the term "forced" but to make it simple, i do agree people hold it because of fear of losing money now and also because its a high risk investment which can give high return that makes people become greedy and being forced to buy them whenever the price dropped.
Topic: Five Reasons People HODL Bitcoin - page 2. (Read 291 times)
I have different opinions for points 2 & 4. Hodling Bitcoin instead of fiat is risky and the value of your coins may depreciate in the matter of hours. And if I loved Bitcoin so much I would use it everyday rather than watch it rot in a dusty wallet stashed somewhere.
The fear of Bitcoin depreciating in a matter of hours has always been there but with the historical records of Bitcoin, they believe it is more valuable to Hodl Bitcoin than their local currency.
What about Smart? Sellable Marketable Art Robust Technology this is one of the reason I think people hodl onto bitcoins.
Bitcoins is the future and those that are opposing it shall fall down very soon, look at Japan always thinking ahead in the future and they shall benefit it a lot.
Returns that no other asset class can ever match it's just unbeatable and people know what's good for them.
Being hidden and no taxes from the government was always the best reason.
Bitcoins is the future and those that are opposing it shall fall down very soon, look at Japan always thinking ahead in the future and they shall benefit it a lot.
Returns that no other asset class can ever match it's just unbeatable and people know what's good for them.
Being hidden and no taxes from the government was always the best reason.
I am holding Bitcoin because it is a proven good investment option for me. I remember the time when I receive a $30usd worth of Bitcoin in exchange of my freelance design service at the price of $700usd. I forgot it, and noticed that my $30 grew into $90usd. Thats why I start getting serious in Bitcoin.
Well, why not just hold because you believe in the concept and in it's potencial, and you are just holding until you can actually use them?
I can't say I don't agree with your reasons, because they all have a degree of truth in them, but you connect all of them to the fact that people want to be rich, but if you think about, there are a lot of bitcoin pioneers that are already rich, and you still see them holding. So dreaming of becoming rich can't really be a reason behind all of the others.
They belong to number 4, they loved everything about Bitcoin especially the decentralized system. I can't say I don't agree with your reasons, because they all have a degree of truth in them, but you connect all of them to the fact that people want to be rich, but if you think about, there are a lot of bitcoin pioneers that are already rich, and you still see them holding. So dreaming of becoming rich can't really be a reason behind all of the others.
Well, why not just hold because you believe in the concept and in it's potencial, and you are just holding until you can actually use them?
I can't say I don't agree with your reasons, because they all have a degree of truth in them, but you connect all of them to the fact that people want to be rich, but if you think about, there are a lot of bitcoin pioneers that are already rich, and you still see them holding. So dreaming of becoming rich can't really be a reason behind all of the others.
I can't say I don't agree with your reasons, because they all have a degree of truth in them, but you connect all of them to the fact that people want to be rich, but if you think about, there are a lot of bitcoin pioneers that are already rich, and you still see them holding. So dreaming of becoming rich can't really be a reason behind all of the others.
I have different opinions for points 2 & 4. Hodling Bitcoin instead of fiat is risky and the value of your coins may depreciate in the matter of hours. And if I loved Bitcoin so much I would use it everyday rather than watch it rot in a dusty wallet stashed somewhere.
Reasons people Hodl:
1. Speculative purpose - due to the spike in the fiat value of Bitcoin over the years, some believes the best way to make money is just to buy and Hodl Bitcoin.
2. Security - Some see Bitcoin as a means of securing their hard earned money not necessarily to make more money; this is especially the case in developing countries especially Nigeria where the value of the Naira usually depreciates overtime.
So rather than leave your money in the bank and see the value depreciate, why not buy some Bitcoins ☺
3. Trend - In some cliques Hodling is the trending thing; if you're not Hodling you don't belong. It's driven by a sense of being part of the next big thing.
4. Love - Some love everything about Bitcoin and the technology behind it (Blockchain). You can't blame them they're rich!
5. Forced - This is my last point, they bought Bitcoin at a high Fiat price and can't afford to let go at a loss so what choice do they have? Hold On to Dear Life 😕
What other reasons do you know?
1. Speculative purpose - due to the spike in the fiat value of Bitcoin over the years, some believes the best way to make money is just to buy and Hodl Bitcoin.
2. Security - Some see Bitcoin as a means of securing their hard earned money not necessarily to make more money; this is especially the case in developing countries especially Nigeria where the value of the Naira usually depreciates overtime.
So rather than leave your money in the bank and see the value depreciate, why not buy some Bitcoins ☺
3. Trend - In some cliques Hodling is the trending thing; if you're not Hodling you don't belong. It's driven by a sense of being part of the next big thing.
4. Love - Some love everything about Bitcoin and the technology behind it (Blockchain). You can't blame them they're rich!
5. Forced - This is my last point, they bought Bitcoin at a high Fiat price and can't afford to let go at a loss so what choice do they have? Hold On to Dear Life 😕
What other reasons do you know?
I have read your list and I also agree to those statements. My favorite part was number five, and this year there are many of those people who have bought bitcoin at the height of 20k$ and now bitcoin falls down to 6700$. For those who have patiently wait for the bitcoin to increase in value then there is a ray of light for them. But for those who panicked and sold their btc in a lower value they surely lost a big deal of money.
Reasons people Hodl:
1. Speculative purpose - due to the spike in the fiat value of Bitcoin over the years, some believes the best way to make money is just to buy and Hodl Bitcoin.
2. Security - Some see Bitcoin as a means of securing their hard earned money not necessarily to make more money; this is especially the case in developing countries especially Nigeria where the value of the Naira usually depreciates overtime.
So rather than leave your money in the bank and see the value depreciate, why not buy some Bitcoins ☺
3. Trend - In some cliques Hodling is the trending thing; if you're not Hodling you don't belong. It's driven by a sense of being part of the next big thing.
4. Love - Some love everything about Bitcoin and the technology behind it (Blockchain). You can't blame them they're rich!
5. Forced - This is my last point, they bought Bitcoin at a high Fiat price and can't afford to let go at a loss so what choice do they have? Hold On to Dear Life 😕
What other reasons do you know?
1. Speculative purpose - due to the spike in the fiat value of Bitcoin over the years, some believes the best way to make money is just to buy and Hodl Bitcoin.
2. Security - Some see Bitcoin as a means of securing their hard earned money not necessarily to make more money; this is especially the case in developing countries especially Nigeria where the value of the Naira usually depreciates overtime.
So rather than leave your money in the bank and see the value depreciate, why not buy some Bitcoins ☺
3. Trend - In some cliques Hodling is the trending thing; if you're not Hodling you don't belong. It's driven by a sense of being part of the next big thing.
4. Love - Some love everything about Bitcoin and the technology behind it (Blockchain). You can't blame them they're rich!
5. Forced - This is my last point, they bought Bitcoin at a high Fiat price and can't afford to let go at a loss so what choice do they have? Hold On to Dear Life 😕
What other reasons do you know?
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