Topic: Hodling Bitcoin - page 7. (Read 918 times)

     If I had a lot of money I wouldn't just buy Bitcoin to hold for a long time actually, because right now I see a lot of cryptocurrencies that have a real possibility to give us a good profit in the future. So the winner here is the one who has extra capital that they can bring to invest here.

That's why I'm working hard to somehow accumulate at least some cryptocurrencies for the future.

We all have freedom of choice, if you decide to hold or sell Bitcoin it's up to you but you have to be responsible and don't blame others for what the result. We all know that holding is better than selling, there's just an unexpected things to happen in our lives that we have no choice but to sell our Bitcoins. But if you have an alternative way to cover up the needs or emergencies, you have to do just to make sure you didn't use your Bitcoin holdings. Because that is the most reason of people that sold their Bitcoins.

Engaging in Bitcoin transactions among forum users is a common practice. Such transactions do not necessarily imply that these users are not holding Bitcoin. They could be selling or transferring their holdings to other wallets. The exact nature of their actions remains unknown. Furthermore, it is important to note that only a limited number of wallets can be monitored. This is because the wallet addresses of forum users who haven't shared their information here are unknown. Nevertheless, individuals have the right to manage their Bitcoin in their preferred manner. Consequently, everyone will make decisions that align with their specific circumstances.

Making transaction or seeing on whats the community been doing in regarding transfers then you cant really be able to pertain that they've been spending their Bitcoins on something like purchasing or buying because making up transfers doesnt mean spending. What if they do just really simply trying out to transfer into other new wallet or simply trading?  This is why we cant really be able to generalize such situation because this isnt how things
do works just because we are seeing transactions doesnt mean its spending. Also, each person does have their own decisions on whatever things they would really be doing on their coins and its none of our business
whether they would really be actively be converting it to fiat or not or simply making out those trading which there's no way that we could really be able to tell on whats happening behind.
So better stop on making yourself get stressed on what they do into their coins because we do have different takings on our investment.

By transactions you mean converting your Bitcoin into fiat currency and if that be the case, it means another fundamental feature of bitcoin that is being used for daily transactions because at that point the user must first own the Bitcoin before being able to spend it.
So both the holder and those who spend Bitcoin daily are all the same and for that there all make a significant impact on the general market, but it is best to hold Bitcoin than exchange it frequently.

I have a stable source of income and other investments that give me cash flow so I don’t feel the need to worry about bitcoin crashing or selling my bitcoins to sort a need. However bitcoin is meant to be spent and used as money. How will we achieve bitcoin dominance over fiat if we all hodl and never use bitcoins to pay for goods and services. I think spending one’s bitcoins is not a bad thing, rather the culture of hodl has become so religious that spending one’s bitcoin stash is now looked at as an abominable act or something done out of duress.

It’s interesting that we congratulate ourselves when we introduce bitcoin payments to our businesses, we expect customers ( bitcoin holders) to patronize us but we do not want to use our own bitcoins to pay for stuff.

The people on the forum are actually a small percentage of those who have bitcoin so the research you do for the people on the forum will not answer anything I think because the fact is that there are still many people out there who have bitcoin even much bigger than we think.
And even if there is a wallet used on the forum it is only one of the ones owned so we also won't know how many wallets everyone has because again, this is confidential and everyone will certainly not reveal their secrets.

Everyone has their own plans and certainly wouldn't say we're hoarders with the amount of bitcoin included which there are definitely a lot of hodlers that are here and that you wouldn't be able to research and which wallets are being used.

Those who hold on for longer in their wallet I think are the ones that don't gamble the most. Those who do gamble often just send their coins to the casino they like and just like that either lose them or won more. Seem logical to gamble since you can see all the adverts here are casinos. Or they could have sent those BTC in the exchange who knows what they'd do to their coins. Those who hold on to their coins really are determined to make a good profit in the bull run.

The majority I think have a separate wallet though. Even if you check the wallets of every user, you can't possibly find which wallet they hid.

Maybe you're seeing their other wallet address doing transactions and that's also a common thing for everyone to do. We do transactions as that's really what bitcoin is made for.

It is for everyone to do transactions.

If you're in need and you've got no choice but to transact or sell, you have to do it.

I'm not asking how you made research about how many forum members transact Bitcoin and hold until you come to a conclusion.

It's simple that not all members store Bitcoin in one wallet. This is more of a personal choice because matters relating to transactions are also not all carried out using Bitcoin as a means of payment.
An overview of minimizing transactions and hodling can be done as stated by Z-tight if you live in a country that does not prohibit Bitcoin being used as a means of payment such as El Salvador.

As you said, hodling bitcoin is a personal decision and not compulsory. So when someone decides to store bitcoin for a long period of time, he can do it but he should use money that is not meant for instant use. Not everyone in the forum is hodling bitcoin in their wallets some of them are spending every week so there is no bitcoin in their wallets to hodle.

While many of them have hodle a good number of bitcoin in their wallets for the time they have spent in forum. And as for me, I am good in hodling bitcoin though I buy bitcoin, and also sell bitcoin once a while and not every time.

How did you go about this research, looking at the number of active profiles on bpip.org, it’s impossible for one person to carry out such a study. It would be more believable if you had focused on a local board with less than a hundred active profiles. Even at that, how many people here have their bitcoin address public?? Not many. Which leads me to believe you sampled bitcoin addresses used for signature campaigns. If that’s the case, then your whole hypothesis is incorrect because it’s possible they simply move the bitcoins to another wallet they own.

It's actually not that possible for one to determine which wallet belongs to which member here on this forum because a lot of us have different wallets. Let me take myself for instance. I have only one wallet that I have used on this forum, but that does not mean that's my only Bitcoin wallet. Here in this forum, we all value our privacy and security, and as such, we won't want to link our outside holdings to the wallet that we are known for here on the forum. Most people make use of Bitcoin mixers to stay anonymous, and others have other means of protecting themselves from a wallet being attached to their name. So like BIT-BENDER has said, the possibility of your statistics being correct is just about 1%, if it's even up to that, as you have used the wrong method of data collection and analysis.
 
Personally, I hold what I want to hold and send what I want to spend. In an instance, almost all of my signature earnings from here on the forum are being spent immediately after they are paid. This is because I have mapped out my budgets to suit whatever I earn and even less, and most times when I don't even have much to use the fund for, I still have to send them out of the wallet, which is public, maybe to an exchange account, then withdraw through USDT what I could possibly spend, and then the others to a wallet where I don't want to spend immediately.

Lot of us here have what we call spending wallet and the other holding wallet which could be hardware and cold wallet or which ever one chooses, for me my spending wallet I uses that of cold storage and its easier for me. 
 

In my personal opinion, this is the best advice that OP can implement. Create two distinct wallets with different purposes. One wallet is for daily expenses, while the other is solely for savings and should not be touched except in emergencies.

Additionally, it's beneficial to maintain control over your spending by meticulously recording all financial transactions. By eliminating unnecessary expenses, you can increase the amount of money stored in your cold storage, which means OP will be able to save or hodl more Bitcoin.

By applying these strategies, OP can effectively manage their finances and make informed decisions about their spending habits.

How did you manage to do this type of research, going by the number of members on the forum it would be extremely hard for you to carry out this research and then give your statistics on it, regardless your can never have an accurate results because an individual can have as many Bitcoin wallet as possible and then might only leave the address to one here and never make a transaction from that wallet to the rest of their wallet.

It's a fruitless research and one I think should not even be your business in the first place. People can hold Bitcoin and use it anytime the have a need to it's about the individuals choice. I am a holder doesn't mean if I am in difficult time or want something I can't make use of my Bitcoin.

Separate your funds into two wallets.

Cold storage for holding BTC's that you don't want to spend anytime soon, this wallet should either be a hardware wallet or an Electrum wallet on an air-gapped device.

Hot wallet for holding BTC's for spending, funds in this wallet should be at least < or = $100, funds in this wallet would be for spending or for daily expenses. Dca is a great way to accumulate BTC's in your cold storage and whenever funds in your hot wallet goes down, you can 'refill' it for spending. This will help you to get the optimal balance between spending and holding.

Bitcoin hodling is something almost everyone on this forum is eager to partake in or already partaking in.
However I did some research and discovered most forum members do a lot of Bitcoin transaction, and sometimes leaves them with little or no hodlings in their wallets. Of course Some on the other hand have most of their Bitcoins as hodlings in their wallets  although they still transact with Bitcoins . Holding Bitcoin is a choice however for those that have Bitcoin holdings how do you manage to minimize Bitcoin transactions to increase your hodlings.

Though hodling Bitcoins can be tempting to transact with sometimes