I first got bitcoin from withdrawing from gambling sites. I deposited with another method but could withdraw bitcoin so i did it. Around that time bitcoin was around $220 usd or so and when i got it, i would then trade it for poker funds from other person etc because I didn't want to hold the bitcoins due to reading about price fluctuations. However, isn't the value of bitcoin almost always going to go up so its best to hold it? I know last year it was $600 and the highest was when it was more than $1000 per bitcoin. But since it is all the way down to $200-$300, isn't having bitcoin always good? Could bitcoin go all the way to 0 soon? I had thought hey if you get bitcoin when its $230 when the price stayed like that for a long time, thats great b/c very hard for it to go below $200 because i haven't seen that. But even if it does, isn't it almost always going to rebound and go back up? Last time i had btc and it was $230 or so and now it went up to $260. So if you have say 100 bitcoins... well... thats a nice $3000 profit or so.
I'm sure there are ppl that have thousands or bitcoins right and just hold on to it? And many that would sell btc immediately if prices go all the way up? If someone had say 500 bitcoin... then btc price went up $20 in say a week or so... selling it would net them $10000 minus fees right? However if they sell it via localbitcoins or other method, they are going to get a higher profit right? However if they do this, say sold all their 500 btc... then once bitcoin later in the year go up another $50... well that would be $25000 less they would have earned.
In general, isn't holding BTC always a good thing since the price of it is pretty low now? Obviously if you bought btc at $600 or $1000 and thought it would went up and held on to your btc, that would been a disaster. But since its in the $200-$300 range, isn't having BTC always good?
There is a saying that warns people "to only invest money that they can afford to lost" and this is also applicable in bitcoin. With its volatile nature, nobody can say how high or low it can reach. Many people invest in bitcoin only for the sake of earnings they can get when its value pump high just like what happened last year but there are also some people who invest in bitcoin because they believe it its features and its vital role in the future. Those people who engage in bitcoins are players who engage in bitcoin for short time investment purpose. Meaning, if the bitcoin value is low, they start buying then, when the bitcoin pump up, they start withdrawing while some people under this category also withdraw their bitcoin possessions when the crypto currency start to fluctuate in the market.
On the other hand, those bitcoiner who falls on the second category just keep buying bitcoin for long time investment. Those are the bitcoiners who do not care about the bitcoin price in the market today because what matter most for them is the bitcoin price in the future. With the presence of this kind of bitcoiners, it is impossible to turn the price of bitcoin into zero. Maybe, bitcoin price will depreciate but not to extent that it will turn into zero.