Topic: Reason for acquiring bitcoins. - page 5. (Read 1115 times)

People buy bitcoin for different reasons but the majority do it to gain profit and the common one is buy dip and sell the news, mostly not when there is ATH but when they have had enough profit. That's what they do continuesly. The reason why this is also common is that Bitcoin is highly volatile and in every of his cycle, it will go up and down, these continues waves is what traders utilize to make their profits.

We have some countries that has excepted Bitcoin as a legal tender, El Salvador is one of them and as I'm writing this, he is been re-elected for second time president of the country where Bitcoin is free to use for all, you are free to use bitcoin to buy what you want over there. We also have some companies that accept Bitcoin too. As for the 21 millions, the rest of the supply will not be fully mine until the next 100 years, so that's not a problem.

Every person in this world wants to be rich. From birth to birth we have the main goal of being rich. Bitcoin is considered to be the most profitable asset since its inception. People hold and buy it in order to increase its wealth. Moreover, since it is decentralized, having Bitcoin means having our own bank in our own hands. So use the DCA method and wait for the price to rise.

Well, people have varied reasons for acquiring bitcoin. Some may just want to take advantage of its technology, others may have future plans to use it as a payment option, and majority share the same reason which is to invest and hold and make good amount of profits. For me, I certainly fall on the last. But now that I also realized about having financial freedom, I started seeing it as a good currency as well in the future, and definitely a good retirement for us.

However, despite having bitcoin as the talk of the internet, I still believe that a lot of people are not aware about bitcoin, or they heard about it but they didn’t care since they don’t actually understand bitcoin in the first place.

Bitcoin, to me, is where money and ownership works, and it is an investment opportunity of the 21century or our lifetime. I invested in Bitcoin because it acts as a catalyst to my investment dream because when I was growing up I only used to hear about investment in Real estate, the stock market, and Gold but never had the kind of funds required to start my investment journey but Bitcoin existential made my dream happen too fast and become a reality today.

Reasons for acquiring Bitcoins are for funding illegal companies, money laundering, evading from paying tax, buying drugs, and other illegal things. Just trying to give other answer.

I never thought I could make this silly mistake , just realized it now, thank you.

OP sees the main "reason for acquiring bitcoins" in speculation on the difference between purchase and sale prices due to the increasing deficit in the production of bitcoin Has the right to do so.

But everyone has their own reason for acquiring and accumulating bitcoin, which means that not everyone will agree with OP. This financial instrument can be used to achieve various goals.

For most, this reason is the main incentive.

But this doesn't mean that there are no other reasons or that several reasons can be combined at once (financial independence and freedom).

Your question is actually good, I mean it's nice but the reason why most people joined this stuff is for profit making. Though some people have different mindset on how to go about it i.e to say that some people wants to buy and sell instantly why some wants to buy and accumulate enough of it before they can think of exchanging or selling.
However, what will work for you will/may not work for another person so if you want to buy and sell is left for you and if you also want to accumulate it, it's also left for you because everyone needs to have their strategy. I don't think you should be asking for advice on what to do with your Bitcoin.

The major reason why people is deeply attached to bitcoin is nothing but profits. In fact, we dare to accept losses and mistakes in the process as long as at the end of the day, our bitcoin investment will come into success and that make us eligible to gain profits. We even sacrificed our comfort just to achieve our desired goals for Bitcoin accumulation, that is doing DCA consistently, and everything is fine for us as long as in the end, we will live our success with bitcoin.

The essence of buying and hodling Bitcoin is a fascinating journey that varies from person to person, and there isn't a one-size-fits-all answer. Here are a few perspectives:

1.Long-Term Investment: Some see Bitcoin as a store of value and a long-term investment. They accumulate with the expectation that its value will increase over time, possibly selling at an all-time high and reinvesting during dips.

2.Digital Gold: Bitcoin is often referred to as "digital gold," implying that it serves as a hedge against inflation and economic uncertainties. Holding it is a way to preserve wealth similar to holding precious metals.

3.Medium of Exchange: Others view Bitcoin as a digital currency, emphasizing its use in transactions and as an alternative to traditional fiat currencies. They see it as a means of exchange and a revolution in the financial system.

4.Limited Supply: The fixed supply of 21 million Bitcoins adds scarcity to the equation. Some hodlers aim to be part of the journey until the last Bitcoin is mined, believing that scarcity will drive up its value.

5.Philosophical Beliefs: Bitcoin has attracted a community with strong philosophical beliefs in decentralization, financial sovereignty, and individual empowerment. For some, hodling is a way to support and participate in this movement.

Ultimately, the objective of acquiring Bitcoin depends on your personal financial goals, beliefs, and risk tolerance. It's a dynamic space where individuals find their own unique reasons to be part of the crypto revolution.

I think everyone who buys Bitcoin wants to profit from that purchase. What makes the difference is when they sell it. There are those who use Bitcoin as payment, there are those who buy Bitcoin today and sell it tomorrow, there are those who buy it today and then sell it 10 years later, and there are those who bought it in 2009 and haven't sold it yet. so everyone has different strategies and the same goals. Yes, so it's up to them what they want to use Bitcoin for.

Currently Most people, long-term holding Bitcoin for good profit, some may hold to benefit from Bitcoins up coming ATH, and some while others hold with the thought of holding for longer than that. Or everyone is holding for their own personal reasons, but it is true that most people are holding to get rich. I myself hold using the DCA method, and I hold to grow my wealth to a much larger level.

OP you talk as if you don't know why Bitcoin existed in the first place, even newbies knew that Bitcoin is very costly, and it's also very valuable, the excuses I get from newbies the most time is that Bitcoin is too pricey, this are newbies that don't know anything about Bitcoin but they know it's very valuable, so judging your own approach, I think you just created this thread for fun, I bet you already know why people are buying and holding Bitcoin, and if you don't, it's fine, just do your own diligent research on Bitcoin to know why it's the most talked about, mind you, Bitcoin is still a risky investment, make your you invest only what you can afford to lose, that's if you are confused enough about buying Bitcoin for the long term.

The reasons for acquiring Bitcoin are because it’s the greatest innovation of the last couple of hundred years. It’s a financial behemoth, an inflation killer & the future of finance. It’s financial suicide to not hold even 5% of your wealth in Bitcoin. I’m struggling to think of legitimate reasons for people not to hold a small amount of Bitcoin. The idea is to protect yourself against forever devaluing fiat currencies. Bitcoin is the best tool to help you with that.

When people ask questions like this it makes me feels they don't really know the reason for bitcoin extence maybe you need to go read more information about bitcoin to know why people keeps buying bitcoin, and yes people to utilizes the profitability of bitcoin where people trade over with it.

Let's say you can decides to buy some percentage or fraction of bitcoin depending on your financial capacity, if you do and the price changes you may decides to take profits whereby selling what you bought and wait for another good entry point to buy again.

But there are people who are buying to holds for decades knowing too well that as bitcoin total supply keeps decreasing that is how the price of bitcoin could keeps increasing at then only those who owns bitcoin may decides to sell or not even as that the price could worth 10x, 20x or even 50x from now, that is why most people are buying bitcoin, just imagine those who at 2009/2010.

And again most people engages in bitcoin to utilize the peer to peer nature by using it for transaction, so if they have enough volume of bitcoin they could transacts without the need of going to bank to make an outrageous payment to some company's or workers where government would start to suspects your payment.

Buying coin and hold for long or accumulate to attain ATH or buying on Lum sum. Are 3 different thing in 1.
The essens of buying and accumulation is for the purpose of saving your money for future use or as a form of retirement savings

I believe this has to be a personal reason aside from the general reason which is to make profits from acquiring Bitcoin. People are acquiring Bitcoin as a collection, they're acquiring Bitcoin to pass it to their heirs. Bitcoin is the new breakout technique and it still has a lot of years ahead to give profits to those that are acquired Bitcoin. The more Bitcoin gets popular the more the value will increase and adoption also increase. Acquiring Bitcoin puts you in a position to benefits form all the attention Bitcoin will be getting as the currency gains more acceptance.

Bitcoin increases in value as the years goes by and the more Bitcoin you have the higher your ROI (return of investment) will be. Bitcoin is a scarce assets, there's only going to be 21 millions so people who understand the power of scarcity knows the role that can play in the price of Bitcoin in the future when it gets more adoption. Reasons for acquiring Bitcoin would vary for each person but the underlying reason is because they all want to make profits from the future Bitcoin price increase.

You don't need to tell us all this because that has always been the pattern the market moves.
The market has been moving in this pattern form long and all we'll have to be doing is buying and selling to make bigger profits.
If you don't trade like this, how do you intend to make money from the market. Cryptocurrency is very easy to comprehend if we know how to keep buying good projects and holding it for as long as we want.

There is no "sole objective" that suits everyone, it is down to the individual's personal choice and decision, many people want to buy Bitcoin in order to get rich through it, some buy Bitcoin because they want to make cross-border payments faster and cheaper, whilst others want to have some form of control over their financial life.

The word "freedom" is so important in the network because that is what it stands for, do what suits you, and others would do the same too, if you are asking this question because you want to copy someone else's process of doing things, then you are in the wrong.

The essence why people buy Bitcoin is for profit maximization, that is the primary reason of every Bitcoin investor. Even if they are not investing to enjoy the profit themselves, they may invest so that their children can harvest the investment in the future. Every Bitcoin investor have different decision that they have made towards their investment. It could be that they have make a decision to sell their Bitcoin when the price have reach all time high so that they can invest in another project.

but all in all , it is the profiteering that they are investing here .

I must admit because this is also my way of acquiring and others have this as well , the volatility is also the main reason why we are all here , so making money is what we need here.

exactly , I don't really understand what is the other reason of people aside from making money or just to use decentralized option of paying .