Topic: Reason for acquiring bitcoins. - page 7. (Read 1115 times)

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%!

Bitcoin gives you freedom, so the choice of what to do with your satoshis is up to you.

• You can use it as an investment, it has proven to have lots of potential ROI.
• There are stores that accept Bitcoin, giving you the option to use it as a currency in exchange for goods and services,
• You can use it as a hedge fund against rising inflation,
• You can use it as a method of storing digital information on the blockchain.

It is majorly used now as an investment.100 years from now that utility would have changed as it evolves to changing times and new possibilities would have been explored.

I don't think we last that long.

Different people with their different reason why they bought bitcoin, but the fact remains that bitcoin serves as a currency which gives you the access to be your own bank and stay financially free from third party when you are carrying out a transaction. Before the ordinance attack on bitcoin network, some people use bitcoin due to its low transaction fee, but currently that now that purpose has been defeated.

Buying bitcoin at the dip and hodli, is referring to investors who want to use bitcoin as their investment. This is because when you buy bitcoin at the dip, there will be discount in the price compared to when you buy when it is not in the dip. As an investor, if you buy bitcoin and hodli for a very long period of time, you will benefit from the compounding profit of bitcoin, because as time passes by, bitcoin value increases with timeline. It is better that if you are investing in bitcoin, you invest within 4-10yrs and above and at the same time, you should increase your portfolio gradually with DCA strategy that gives you the opportunity to buy bitcoin with ease.

Don Pedro Dinero has given the honest answer so far. One major reason why we accumulate Bitcoin is because we seek financial freedom and that is one of the reasons Satoshi Nakamoto created Bitcoin for.

Bitcoin gives absolutely freedom to your financial life carrying out transactions with out any third which works under the control system of the government. most people are tired of the financial services the banks offer so they make bitcoin they're last option.

If your are to accumulate Bitcoin. just keep holding and when you hit a peak that suits you then you can sell and enjoy your profit because there is no need to make money if you are not going to spend the money.

The choice is yours, but you can actually invest in Bitcoin and keep it until the moment you can sell it and make a profit, and at the same time use it as a cryptocurrency. Both ways make sense and I don't see why one would exclude the other.

Of course, many people think that BTC transactions are sometimes too expensive, or that paying with BTC is not really possible because no one accepts it - although we can say that the first one is sometimes true, even if there is no local seller that accepts BTC, you can find thousands of online merchants that accept BTC.

As for mined Bitcoins, the number is currently more than 19.6 million, so that leaves a little less than 2 million coins which are not yet in circulation, although that is not too important for your question.

The main reason depends on you. Just as you've said, it's for every possible reason that you've mentioned. You can have it as an investment or asset and sell it during the ATHs or whenever you feel that you want to and you're in profit. That's all that matters for someone who's acquiring Bitcoins. But the majority of us are accumulating because of the hopes that we'll sell in profit and that's going to help us do the things we're planning ever since we've invested on it. No one will stop you if your reason is for profit or if you're going to use it for exchanging and buying things online and using it as a payment method or currency.

I guess you replied to the wrong thread mate.

The truth is there is no main objective of Acquiring bitcoin, everyone has their reason for getting bitcoin since people have different views of Bitcoin while the most common : as a store of value and a means of financial freedom.

HODLing bitcoin, doesn't means we have to buy and wait for the next ATH before we sell, it's the HODLing plans that matters, some bitcoin investors have been Hodling bitcoin even before the previous ATH and didn't sell some or or of their bitcoin after the ATH because they have a objectives which they set when acquiring and HODLing bitcoin.
Others don't also buy bitcoin only during dip period, they buy anytime through using DCA strategy, though this is not profitable as buying during the dip but is a way they can accumulate the amount of bitcoin they aim to have because in the it will be profitable for them.

After the 21 million bitcoins has been mined, we can still Hodl bitcoin since bitcoin is not a stable coin, its price will continue to fluctuate.

I believe this was done by a mistake?

Maybe you should take your time and find more reasons to why bitcoin was created, this is a digital currency and you can make use of it in making payments, store of value or as a medium of exchange, you can have this same digital currency as your investment asset you could hodl over time and turns profitable for you, trade it and make use of bitcoin for other economical purpose fiat currency cannot provides, these and many more reasons are what leads to continuous adoption of bitcoin everywhere, if you see the needs to, you can also join in adoption for your own change to begin.

This is just a clear explanation because Bitcoin being a decentralized currency ought to be possessed by Bitcoiners in their own custody rather than being in the custody of centralized authorities like the government, banks and other third parties that are untrustworthy and with bitcoins one doesn't have any limit to your funds as you can transact as many bitcoins as you wish unlike third parties that set out transactions limits to their customers.

The sole aim is to acquire as many Bitcoins in our individual portfolio with the assistance of the Dollar cost average which helps bitcoin investors to buy certain amount of Bitcoins at regular intervals without minding the price of Bitcoin at that material time. The aim of acquiring bitcoins is also to put an end to the use of fiat which have been a controversial currency to many all over the world because with fiat, you don't have control over your money and the government or other establishment will be the ones to guide you on the limit you can go with your own personal funds. So having and acquiring more Bitcoins for a longer period of time is the best way to experience immense profits from your Bitcoin investments so keep on buying and holdling.

The main objective of most people is to get rich. Bitcoin has been the most profitable established asset to date since its inception.

But apart from this, those of us who have been at it for a long time and know how it works also acquire it because we like to be our own bank, that is, to have part of our wealth in our own hands and not in those of an intermediary who can easily confiscate and censor it.

The aim is usually to accumulate until you have a good amount, but as the accumulation process that most people use is slow and long, doing what is known as DCA (regular purchases), we sometimes take advantage when the price has risen to sell or spend and thus enjoy the profits.

But the long-term goal is to have more and more bitcoin.

What is the essence of buying and hodling Bitcoin like is it to accumulate it till it attains ATH then we sell it off and wait for a dip and start buying and holdling again or just accumulate it and start using it as a digital means of exchange or are we going to continue till the 21 million Bitcoins have be mined, already 19 millions have been mined remaining 2 million because overtime, i have come across several topics about buy and hodl bitcoin so i actually wish to know the sole objective of acquiring bitcoins.