Topic: Reason for acquiring bitcoins. - page 6. (Read 1019 times)

People have several reasons for acquiring bitcoins, but the most common is to get profit from investing. Buy and hold your bitcoins, but how long you are going to hold strictly depends on you. It is possible that there are investors who are willing and capable to see the amount in value bitcoins can get to before they decide whats next, there are investors who hope that their investment in bitcoins will be okay to help them secure their financial stability by creating the means for them to have the money to establish other sources of income, so they sell as soon as their investments in bitcoins gets to a target value for them then there are others who see investment in bitcoins as something to get rich quickly from, and will not wait, but will take profit as soon as they see it no matter how little. The most reason is to make profit, but not everyone can wait to see the max possible profit that can be made.

Bitcoin, like regular money, can be used in many ways and it's just a matter of how you earn additional BTC by trading it properly. The only thing you need to know is that price movements are as frequent and changeable as they are today and the popularity BTC has skyrocketed of course.

Money and freedom are the main reasons why I am into the Bitcoin ecosystem. Bitcoin is one of the most reliable investments that is predictable. Even a novice could easily understand and predict how the Bitcoin four-year cycle runs. One can easily buy the coin, keep it until the price appreciates and sell it profitably.

I live in a country where law enforcement agencies could direct banks to freeze your account without any genuine reason. They will claim that they suspect that your account has been used for illegal activities. It will take a very hectic bureaucratic process to unfreeze the account. I am fascinated by the ability of Bitcoin that give us the chance to be our own bank and keep how much we own secret. I don't want people to know how much I own to avoid criminal attacks. Bitcoin is a lifelong Investment for me because it is reliable.

For me, it is the fact that bitcoin's supply is limited and only 21 million bitcoins are available.
So if a person holds just 1 bitcoin then he is holding a huge portion of one of the largest assets in the world.
That feeling is amazing and that is reason why I hold BTc and trying to accumulate as much as possible.

The reason why people belive in bitcoin is because they feel it can give them good profit if it is invested and this is true, no doubt about it.  Bitcoin is the first cryptocurrency that is more reliable to invest , with this it gives people good interest to invest in bitcoin.  From the history of bitcoin in the past their is nothing Terrible that will make people not to acquire bitcoin. Bitcoin is the best cryptocurrency to invest without any panic of lose.

I learnt that Bitcoin is primarily invented for alternative means of payments which it has a a high response capacity faster than our Local banks services. So with its volatiles flexibilities which fluctuates the values, the holders tensed to hodl while stressing not to stay lost as the currency depreciates and appreciates at no predictable times. So, they hodl strongly with the aim of making profits otherwise taking advantage over the system as a means of incomes.
So, nomatter how much we may accumulate our Bitcoins, it will remain as currency for payments and nothing else. Bitcoin is not a fashionable material for decoration. So however, we would still have to sell and make good use of it either at the Dip, ATH or and ETF levels. We only accumulates and hodl either because we do not have a budget on what to do with it in the main time or we are accumulating and hodling while aiming at to reach the ATH and of course the ETF approval to make profitable huge interests.

I personally acquire Bitcoin as it's the best Investment I have found with great returns are compared to other investing methods like Stocks. Bitcoin is decentralized, cannot be controlled, and I can surely say the chances of me making money on my savings with Bitcoin is way more as compared to them keeping it in a Bank. So the biggest reason for me is, passive income on my savings.

Our primary aim of leaving is to have a good life and have freedom. Bitcoin investment have different approaches depending on how you want it or the main aim of you buying it.
Just as others have said, all of us wants to make money, that is why we buy Bitcoin when the price is dip and sell when the price is high. If you have excess money you can invest your life savings in Bitcoin and hold for very long term until the time you will need it because it will keep its value against inflation and you will gain more profit for doing that.

Acquiring Bitcoin gives you more wealth ,is a decentralized assets which does not change nor have limited supply which can be used as means of exchange,and can help keep limit against inflation.
   It's long-term stored value reliability gives interest to acquire it alo it's high liquidity comparing to other cryptocurrency which one can easily buy and sell Bitcoin,also it's permissionless nature .

I wonder if these are the same people who buy Bitcoin and then store it on centralized crypto exchanges? What is the difference between having fiat in the bank and BTC on CEX? The difference is that in case of CEX hacking, you can lose everything you store there and you are under constant risk of phishing and clipboard malware - but you have a chance to profit from every positive price change.

When you keep fiat in your bank account, you are still insured (at least in most western countries), so hacking is not a danger, but given the low interest rates, inflation erodes the value of that money.

In addition, although we are talking about the fact that Bitcoin is decentralized and no one can do anything to it in terms of destroying it or banning it, Bitcoin would not be even close to what it is today if it did not have the approval of the system it is supposedly fighting against. Imagine what would happen if an announcement came out today that the US, EU, UK, Japan, Canada and some other countries passed a law declaring Bitcoin illegal and that trading and mining in these countries is banned?

If it's you real plan, you should change it asap because nobody currently living on Earth is likely to be alive when the last BTC will be mined. It's currently scheduled for the year 2140, in 116 years. So maybe our next children will see it but even baby born today won't see it unless few of them will be able to break the longevity record on Earth, if Bitcoin still exist though. It's not a matter concerning our generation anyway.

You have a point but don't you think that due to the high transactions charges now and congestion in mempool that makes transactions to take much longer than expected, the relative idea of Bitcoin have been defeated because not too many people can be patient enough to wait that long for transactions to be confirmed and also pay high transactions charges.


Oh yeah, Bitcoin being a decentralized digital currency yet have gained government involvement through approval of spot Bitcoin ETFs making it possible for Bitcoin assets to gain security through centralized authorities, don't you also think that the decentralized nature of Bitcoin has been conquered due to the involvement of USA SEC in approving spot Bitcoin ETFs?.

First and foremost, to build financial stability and become rich in the process. Even if we don’t say that our sole objective is to become rich, but we all know deep inside that we want to live a convenient and comfortable life and that will only be possible if we are rich and have good amount of finances and wealth.

In addition to that, we also acquire bitcoin for our future retirement. Hence, working hard these days and having sleepless nights are part of the process so that we can build a brighter retirement with our family in the future.

There are several reasons why people are drawn to purchasing Bitcoin, but in the cryptocurrency space, profit is the primary driver. Bitcoin, which is frequently seen as a profitable investment, has proven over time to have the ability to yield substantial profits. Early adopters who made Bitcoin investments in its early phases have had impressive financial returns, supporting the idea that Bitcoin may be a strong asset in a portfolio of investments.

Apart from the investment aspect, the use of Bitcoin as a means of trade provides another important incentive to acquire it. Because Bitcoin can transmit funds quickly and has relatively cheap transaction fees compared to bank charges, it is a popular choice for transactions, especially when large amounts are involved.

Moreover, some individuals perceive Bitcoin as a safeguard against inflation, positioning it as a store of value. As traditional fiat currencies face the risk of devaluation due to inflationary pressures, Bitcoin's limited supply and decentralized nature make it an attractive alternative for preserving wealth over time. In essence, the multifaceted appeal of Bitcoin as an investment, a medium of exchange, and a store of value contributes to its widespread acquisition by diverse participants in the crypto landscape.

I think a lot of new people came to Bitcoin in 2017 after the 2016 halving and after
the 2017 ATH some people got burned, people who were hoping to get rich but there
has been a big learning curve since then, Bitcoin offers so much more than Lambo's, its
freedom, its self custody, its inflation busting...

I would hazard a guess that a lot of the impatient people have moved over to $hitcoins.

There are those who will take their opportunities when the market presents, that can
be seen as smart moves but I dont think the main goal is to "get rich".

People acquire Bitcoins for various reasons,  but i am one of those people that appreciate Bitcoin as a store of value. Before now, some wealthy people buy lands, gold and other items of value where they store their wealth and watch the value appreciate. Many too still store their wealth in fiat but that is not ideal as the value of your wealth might be tampered with as a result of inflation. Now we are in a digital era and the people are becoming wiser. A lot of people invest in Bitcoin to store their wealth and still get high returns on their investments. Due to the Bitcoin price volatility, the investments over the years appreciates as against the amount they invested initially.  Most times, they do not make huge investments at a time, they do it bit by bit using the DCA method to reduce their risks. Storing your wealth in bitcoins is very effective if you can hold your coins over a long period of time.

  I guess there is no better word that suits what I was trying to say. I can't say everyone is tired because some people are not even enlighten on what the banks are doing to them, while some are part of the beneficiaries so can't really quit their involvements.

I can't say few or more so I guess most was my alternative lol 

Well for starters, BTC has a significant value converted to cash. Due to its value on the market, people view mainly as an investment mechanism that can be taken advantage of due to its high volatility.

If you have the opportunity to receive an asset that has the potential to quadruple or even increase its value for more than 1000%, would you take that opportunity? I mean, who does not want to be rich and experience this kind of success?

If you are going to base it purely on the price history of BTC ever since it started way back in 2009, check its price on that date and compare it to its current price. Also, if you understand its fundamentals, you would also see that it definitely has the potential to increase its value even more in the future due to forks.

In conclusion, people buy BTC to get rich and it is as simple as that.

The main goal of acquiring bitcoin remains to become wealthy through investment in it. Others may have different reasons for owning bitcoins, but the majority of people hoard them in the hopes of making a profit on their investment after a certain period of time. Many people have become wealthy as a result of their investment in bitcoin; without a doubt, the increase in the number of bitcoin holders, including big investors, is motivated by the desire to make good money and become wealthier. Bitcoin was originally invented to serve as an alternative to local banks, but in today's ideology, it is now used as a means of getting richer, with the primary goal of it now becoming a secondary reason why people use it today.

Neah bruh, it's about freedom!
Death to banks, death to wall street, fuck the bankers, screw the central banks, freedom...
It's not about money, despite the fact that sarcasm nowadays it so cheap you can get two tons for a penny!  

I sometimes wished that the whole halving stuff would be done tomorrow that all the coins would be mined, that all legal aspects would be done in all country, EFT allowed everywhere so not a single thing to hype anymore, I wonder when that's over how many will keep holding as the possibilities of even a 20% gain will be slim to none.


Most?

400k tx a day, 40 million total addresses with a  balance over 1
vs
100 mils CC payments alone in just US, 62% of the world population having a bank account

More like 0.1%!