Topic: HODLers, Trader's & miner's (Read 155 times)

I don’t really know the one with a higher rate, but based on my own understanding and the statistics that I can give here, I will say trading attracts many people to bitcoin. World today, and this is because many people have seen people who made a lot of millions from trading, especially in our country. Many people are not ready to hold bitcoin for a long period of time, but rather they should trade and cash out in a short period of time.

They don’t mind the risk involved; all they want is the money, and I’m taking about Naija. Seriously, in this country, not all of us are ready to keep bitcoin for years before we can get profit, but rather we want to be traders. I see many youths that have been into all this trading academics, and all of them are because of trading. 

As you don speak your english finish make I answer you for pidgin. And I no go give response base on the foreign environment but bade on our own background setting.

If we talk about mining we gat know say na only countries wey weather no too hot like our own and wey nepa light dey uninterrupted and affordable naim wey miners dey like dey because mining need constant power supply for operation. Place like Nigeria our pattern of electricity distribution no fit encourage miners to exist.

Secondly, for Holder's, truth be say e no dey easy to hodl oh. Leave some people way the talk about this hodling no be all dey practice am due to the way country hard , so me no sure say the rate of involvement for holders plenty but the involvement rate pass miners own.

Lastly for the traders, na there crowd full despite how risky the tin be. Because anybody way just wan start cryptocurrency na how him wan take make profit and na trading them the rush to learn because them feel say trading money na sharp pass hodling. So for me the highest rate of involvement na for trading.
If you look sef you go see say even hodler dey still trading. Oya see p2p na abi that one no be trading?

E get so many factors wey dey for mining, it is a capital-intensive "business", and if you dey for area wey electricity no dey cheap, you no go fit mine, that one na why e dey very hard to become a miner in Nigeria or even to consider it.

That being said, to answer your question, you have to be specific about the particular location you are talking about, for Naija we never get plenty merchants wey dey accept bitcoin, so for now we dey either hodl am or use am for trading. We get many youths wey dey into bitcoin trading, but na Forex wey Nigerians dey trade pass, so IMO most Nigerians dey prefer to hodl bitcoin and wait to see how the price go take move.

Every one have freedom of choice and of such you can decide to do whatever you want to do with your money but even as that I don't think it is a good idea to introduce trading to a total newbie or beginner because most newbies are always moved by what they are told because they are still inexperienced and whatever someone tells them and shows them proof they assume it doesn't have it's own risks and challenges and you know the beliefs of beginners is always to make quick money instead of investing on what will take a lot of time before they can see results.

Just like you said, it is true that majority of people in the country are after quick money and the reason for that is clear because of the cost of living here and every one wants a platform where they can at least get their daily bread so actually most people will prefer trading without minding the high risks that is involved but for someone who is financially stable, they can't see trading as an option because they will prefer to invest on something that will give them a larger profit in the long run.

We know how emotional newbies can become when they lose their money and even though you prefer trading more than making investments in Bitcoin but you can agree with me that sometimes you also undergo severe losses in your trading so now because of the fact that you are old in the system of trading, you can bear any loss you encounter in the course of trading but it can't be the same for a beginner when they lose money to trading.

I know that both investments and trading have it's own risks but the risks involved when making investments is lower than the risks in trading because trading is almost same as gambling in the sense that when a trader is experiencing losses they become more aggressive trying to recover their losses and in most cases they still lose more of their money but an investor just make investments and watch it grow with time and can even be making investments at regular intervals just like you talked about the DCA method of investing so an investor is more at ease than a trader so I'm saying this in respect to someone who is new (beginner).

My brother, wetin you explain here na true, you dy very much correct, but concerning the question you ask about which one dy much attractive to the common man, to be frank with you, na trading, I say so because we know the country wey we dy, people wey get patience when it comes to investment no dy too plenty, people like quick money, them prefer something wey go dy give them their daily 2k, and even me self, even though I know say investment they more rewarding, i still like to dy make the daily money from trading, just that, e dy too risky, and to tell you the truth, if to say trading dy easy, people for hardly invest, especially for we country naija, now wey the cost of living dy rough handle us, but na due to say to make money from trading no easy, that's why people now dy invest, because as it stands now, na him be the best among the three you listed down.

Lastly, why Bitcoin investment good is that, you fit use am build generational wealth, by accumulating it through the DCA accumulating strategy, and you also fit use am fight inflation, by holding ur hard earned money in Bitcoin, so that inflation no go shrink the value of ur money on the longer run, so in essence is that, Bitcoin investment dy more rewarding, but na trading dy attractive pass to we wey be Nigerians.

You can also earn bitcoin by receiving it for free from any other person or institution, you can as well earn bitcoin by being paid for a service rendered, all this are the legitimate means one can earn bitcoin while having bitcoin in our possession can be achieved by exchanging through the use of fiat currency for bitcoin, but all all, earning it is the most lucrative process to have bitcoin.

I no fit talk of which of these method get the highest number of people wey e attract to bitcoin because no record to show and we get our different reasons why we involve for bitcoin. From wetin I understand based on wetin dey happen now be say na trading make a lot of people involve for bitcoin because most of them think say bitcoin na get rich quick scheme base on wetin them dey hear from influencers on social media. Because most youths like sharp sharp money. Mining wahala too much and majority of newbies wey dey enter bitcoin now no dey reason of mining.

I still no fit talk which of these categories get high involvement pass the other because no record or statistics dey out to prove am. Initially those investors wey enter bitcoin because them Wan trade, after many losses, most of them come understand say trading na waste of money and the market no easy to understand which make them come switch over to investing and hodli.

Di three methods to earn money for Bitcoin wey you mention depends on di one wey person put for mind. I agree say because of di hype of crypto trading for social media, many people de enter Bitcoin trading. Aldo many of dem no understand say trading de hard and risk of loses plenty for inside. Bitcoin mining de profitable but competition plenty for inside. This two methods of earning or making profits for Bitcoin require person to learn dem skills odawise dem no fit to make am for inside di two. Di third one wey be hodling, na to invest in Bitcoin on di long term, dis method no de too give profit on di short term, dat na why investors de hodl am for long term. Among di three na hodling no require any special skills so na im di easiest.

Recently, we've heard a lot of discussion on the local board regarding these three concepts of Holding, trading, and maybe less of mining Bitcoin. I don't think overemphasizing this basic concept should be a big deal but even if it's necessary to still talk more about it, it would have been a better option to continue and or share our experience in some of the already existing threads like these most recent ones;
https://bitcointalksearch.org/topic/how-to-hodl-for-long-5496383
https://bitcointalksearch.org/topic/long-term-holding-vs-active-trading-the-choice-5501966

The decision to trade, hold, or mine Bitcoin is totally dependent on what's okay with you as well as which is convenient for you. For an average Nigerian, I don't think we have the sophisticated computers and power that will enable us to mine Bitcoin effectively and for that reason, mining of Bitcoin has never been a serious issue to be looked at. We know trading is what's more popular with the majority of people since they most times prefer quick profit over long-term investment and if after putting every factor into consideration you decide that you're comfortable being a full-time trader, it's just best to stick with it. Holders might not be much in their numbers because it's mostly for people who are futuristic and who are willing to sacrifice the gains of today for the benefit of tomorrow and if you're that kind of person, you can stick to buying Bitcoin and  holding and never  have an issue doing so. It's not about emphasizing which is better than another or stuff of that nature, it's about identifying which is okay with you and going into it the right way.

For the sake of your sanity, concentrate on holding. No allow anybody whine you into trading make you no go make some of the mistake some of us made and lost big money wey we suppose use buy Bitcoin just keep and enjoy good profits. I don even do feature trades for exchanges but na just win today, lose tomorrow and person go just dey turn round the same cycle until money go disappear. Mining na another no go area because that side require plenty things to be profitable. Due to technology advancement, you need latest equipment that are very expensive so not everyone can afford them. There also the cost of electricity wey be major challenge for Naija as e be say them do increase electricity tariff by 345%. If your mind no reach, you better think twice before you reason mining. Therefore, na holding be the best and way forward. You no need plenty knowledge or capital, you fit start small and improve on that.

Trading go attract more pipo to bitcoin world because of the plenty trading advertisements and quick gains wey dey  lure pipo to involve,  u no say for de world pipo dey like to get money sharp sharp and de quicker gains dey sweet well well for ear but nah when u go u go know say ee no easy as e dey sweet to hear.

HODLers for my opinion get higher involvement rate pass pipo wey dey trade bitcoin because the risk dey lesser pass trading and u go fit dey buy bitcoin from your income with amount wey u like small small with time ur accumulation go pile up and ur investment go add  value wey go bring profit for the future because bitcoin get potential.

For person to answer this question Wella, you need to get better statistics wey pass reliability and validity test. However based on my little experience, I fit just speculate about the data and give my suggestion.

For Nigeria, Bitcoin mining is rare due to certain conditions such as unstable power supply. So we can generalize that mining doesn't attract people to the Bitcoin industry, so involvement dey low or non-existent.

The economic condition of the country might affect the number of Bitcoin holders. Country wey most people never chop belle full how many people go consider to keep Bitcoin for a long time. So let me also assume say hodling go attract people pass mining but involvement still dey low.

You no say trading dey bring sharp profit and people fit use trading survive for our country. So I fit also predict say trading na him people go carry for head pass because you fit use small money start the business. I dey hear plenty people talk about trading Wella pass holding or mining.

But eh get another wey you fit get Bitcoin too and na by earning. People dey do work and receive Bitcoin as payments for their services. A good example na the side hustle wey men dey do for this place wey bi bitcointalk.

HODLing, Trading and mining, These are three major ways one can earn from in the world of Bitcoin.  Each field is approached in different way with different knowledge and understanding and individual can have their choice of preference in any of them, that aligns best to your aims.

HODLers : buy bitcoin with intentions to hold for a longer period of time to earn profits. This process have proven to be successful and profitable to investors,  and have attracted so many in the world of Bitcoin.

Trading : buying and selling bitcoin in shorter period, to make quick gains from bitcoin. There have been record of success in trading while its also associated with losses due to vitality. People always lured with the quick gains or profit to trade.

Miners: using hardware in solving complex mathematical problem for secured transactions in the blockchain and maintain smooth network. This process is very competitive among individuals who involve in it,  to earn bitcoin.

Each have their advantages and disadvantages!  But my question, which of these method attracts so many person to Bitcoin world, and which of these have higher rate of involment?
What are thoughts?