Reasons why I prefer Bitcoin over any other assets and dips don't panic me.... - page 10.

Lucius

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Quote from: aysg76 on December 05, 2021, 06:18:51 AM

Bitcoin is not a new term to most of the investors or general public in whole and it's all over the news due to increase in prices,major companies making move to accept it as mode of payment or investing huge sums of money into it like Tesla with approximately 42k bitcoins and Microstrategy with 110k bitcoins in the balance sheet.We all know how much importance and recognition it has gained with time in the period of 13 years

What significant and large global companies are making moves to accept BTC as a means of payment? What MS and Mr.Mars are doing has nothing to do with the real idea behind Bitcoin, and if you need to remind yourself, read the whitepaper. If the idea is for big companies and wealthy individuals to buy most of the BTC and raise the price, and for the rest of us to profit by selling them what we have and thus ending the story of the first decentralized cryptocurrency, then we should say it publicly and not pretend that we care about anything but price.

Quote from: aysg76 on December 05, 2021, 06:18:51 AM

Have any other assest given you this much profits with holding them over all these years?

If you mean some altcoin, then I can say that I know some of them were completely worthless when I became interested in cryptocurrencies. So worthless that their value was displayed in 1000 units for say $0.10, and today one unit is worth twice that. These are exceptions, of course, but people haven’t gotten rich by investing only in Bitcoin.

Quote from: aysg76 on December 05, 2021, 06:18:51 AM

So if you understand the market and want to safeguard yourself from all of these problems then BTC is the best option for you.Few understand it fast rest late but soon you understand the better it will be for you.

Who understands the crypto market to even understand why the price of BTC drop 20% a few days ago? I am active on the forum every day, and maybe 20% of the members understand to some extent, the rest are completely lost and have no idea what is happening.

Victorik

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That's because Bitcoin has a lot of use case and also, even when it dips, you can be rest assured that the price will come up again. But for some altcoin, they never reach their previous ATH after a major dip. That's why Bitcoin is preferred to be held as a long term asset.

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Quote from: Pop3 on December 06, 2021, 01:22:16 AM

My reason is very simple the why I prefer bitcoin than other is bitcoin does not depreciate instead it appreciate so when ever the market is going upside down you don't have to panic because it will surely normalize to it nature that my reason why I prefer bitcoin than other assets.

I think its always the nature of bitcoin to move upward rather than to stay in a low value and then eventually drop even more, its more on shitcoins. So for us long term hodlers, any price dumps brought by price correction or bear season, won't be a big deal as we know exactly that bitcoin will always recover and eventually reach new all time highs. And i guess everyday is a perfect time to buy bitcoin regardless of its price as it will never depreciate its value in the long run.

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My reason is very simple the why I prefer bitcoin than other is bitcoin does not depreciate instead it appreciate so when ever the market is going upside down you don't have to panic because it will surely normalize to it nature that my reason why I prefer bitcoin than other assets.

nullama

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With Bitcoin it's always a good idea to zoom out.

Here's a handy graph that shows how many sats you can buy with $1 over time

You can clearly see the purchasing power of the USD going down over the years. You can buy less and less Bitcoin with your USD over time.

In terms of hodling Bitcoin, again having a long term mindset helps a lot. This site shows the current hodl line, which is at 3 years, 4 months and 4 days

In the entire history of Bitcoin, if you hodled for at least that amount of time, it doesn't matter when you bought Bitcoin, you did not lose purchasing power. That's incredible, really.

So, at the bare minimum, people should have a minimum hodl mentality of about 3.5 years, which almost matches perfectly with the roughly 4 years for the next halvening.

Looking at all this information, reading how Bitcoin was created, etc, I really don't care about the short term price fluctuations. I can confidently keep stacking sats, for decades.

muratsink

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buying bitcoin means that we have invested the same as we buy assets or other shaped things.so with all the risks that exist it is not an obstacle because every investment certainly has its own risks such as bitcoin, for example, of course also has a low price when the price of bitcoin drastic decline maybe this is what is called an investment where we can not always get profits.but bitcoin investments are long-term and and experience a phase of ups and downs in bitcoin prices.panic itself usually occurs among beginners who do not know what if bitcoin goes down and also when bitcoin

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Quote from: dkbit98 on December 05, 2021, 06:41:08 PM

Quote from: DaveF on December 05, 2021, 06:33:39 PM

Gold has NEVER been a good investment.

This is not really the case if we look at whole human history.
Gold is holding it's value for ages and every country still have big gold reserves, some even forced took gold from their own citizens like United States, and made it illegal for people to hold gold (same could happen with BTC).
I think that gold price in recent times is held down artificially and gold has many use cases in real world, but I think that Bitcoin has other advantages compared to gold.

How about gold has not been a good investment for a really long time.
Yes you can pick 2 specific points in time and say look gold was a good deal if you bought here and sold here.
However, overall there are many investment products that have had consistent better returns.
There are also many investments that are worse.

-Dave

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I partially agree with you op. There are pros and cons associated with all the assets that you listed.

The truth is that FIAT currencies like USD, EUR etc will always be more reliable in the short-term and long-term when compared to cryptocurrencies like BTC, ETH, LTC etc due to reasons like volatility, historical advantage etc.

Personally, I prefer BTC and other popular cryptocurrencies over other assets even though they are less reliable. Why? Because of the ability to conduct financial transactions online without any sort of government interference in a decentralised manner.

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Quote from: romero121 on December 05, 2021, 06:55:10 PM

One who've made good profit out of bitcoin will never think of any other assets for investment. It is all because of the trust it gained over the short term. In ten years time, the market have progressed and has reached a new position. This won't happen with any traditional way of investment. Another thing, the adoption level and acceptance on real life needs have been constantly increasing with time. This is more important for real growth than a push or some form of manipulated growth.

Alts come and go but we have seen how btc survive and achieve new ATHs throughout the years.
This is why it is understandable if some crypto users are all in with bitcoin.
And up until now, the first crypto that anyone will recognize is bitcoin, and so with noncrypto users.
So if someone has gone all the ups and downs with btc, he pretty sure knows how to handle his satoshis.

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One who've made good profit out of bitcoin will never think of any other assets for investment. It is all because of the trust it gained over the short term. In ten years time, the market have progressed and has reached a new position. This won't happen with any traditional way of investment. Another thing, the adoption level and acceptance on real life needs have been constantly increasing with time. This is more important for real growth than a push or some form of manipulated growth.

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Quote from: DaveF on December 05, 2021, 06:33:39 PM

Gold has NEVER been a good investment.

This is not really the case if we look at whole human history.
Gold is holding it's value for ages and every country still have big gold reserves, some even forced took gold from their own citizens like United States, and made it illegal for people to hold gold (same could happen with BTC).
I think that gold price in recent times is held down artificially and gold has many use cases in real world, but I think that Bitcoin has other advantages compared to gold.

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Quote from: dkbit98 on December 05, 2021, 05:41:30 PM

It's interesting to see that people who invested in gold ten years ago lost most money compared to all other assets, and that is even worse if we know that dollar lost it's value.
Bitcoin is probably the best thing you can have in times of hyperinflation and I am expecting to see even bigger price changes in future.
I am not worried about any drops in price and I think that I become fairly resistant to pain related with Bitcoin dips

Gold has NEVER been a good investment. If you are looking at commodities in general or even just for holding something at home to "trade in case of the end of the world"
But, people know what it is and you have the hucksters on TV pushing it to a certain segment of the population so it keeps moving sideways.

As for BTC ups and downs. Yeah, it does that. If you can't take the dips get off the rollercoaster.
If you stay on, it's going to be a fun ride.

-Dave

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It's not fair to compare Bitcoin with stocks, since Bitcoin started from $0 while stocks had some initial value, and also using single timeframe for all assets. Because you can just as easily take a shitcoin that pumped like crazy a month ago and say that it outperformed Bitcoin by x100 times, so it's a better asset.

Bitcoin is a good investment because it has strong fundamentals - its network, its community, the codebase, innovation; not because it showed great performance in the past.

dkbit98

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It's interesting to see that people who invested in gold ten years ago lost most money compared to all other assets, and that is even worse if we know that dollar lost it's value.
Bitcoin is probably the best thing you can have in times of hyperinflation and I am expecting to see even bigger price changes in future.
I am not worried about any drops in price and I think that I become fairly resistant to pain related with Bitcoin dips

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holding BTC is the most appropriate choice for the long term. BTC remains the king of coins, even though many altcoins have sprung up and are starting to give their portfolios that they can rival bitcoin. But bitcoin is still Bitcoin, nothing compares to it. Altcoins have a lot of scam coins and don't last long. Altcoins are just a pump and dump tool.
I have also been a Bitcoin holder for the last few years and it has been very satisfying.
Bitcoin is still a new digital asset that can shake the world with a very drastic increase.

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-snip-

I don't necessarily think you are wrong, but we simply don't have the data or statistics to say one way or another if bitcoin is predominantly being used for speculation, spending, or whatever. I'm certainly not disagreeing that large numbers of people have never used bitcoin as a currency and only use it as an asset, speculation, store of value, trading, whatever, but I am disagreeing when you say you that you would not recommend using it as a currency. If nobody used bitcoin as a currency, then it would have no inherent value and we would be nowhere near the price point in fiat that we are today. Using it as a currency is the only thing which encourages it adoption, spread, and growth. Without its use as a currency, then all you have are people trading a useless asset back and forth, which cannot be used for anything other than being traded back and forth, not dissimilar to 99% of the shitcoins currently in existence.

Yes, many large companies buy and hold bitcoin solely as an asset, but at the end of the day it is people using bitcoin to buy goods and services which gives it real value.

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Perhaps, in the early stages, bitcoin grew and was popularized due to the fact that people used it as a currency, and not as a speculative instrument, I will not argue.

I would actually say the opposite; there are more ways to spend bitcoin now as a currency now than there was ten or so years ago due to emergence of more merchants and projects such as lightening network.

Quote from: ?? on ??

But now the value of bitcoin is growing due to the fact that more and more various IRL spheres and companies support bitcoin. But this does not mean that the more companies support it, the more often Bitcoin is used as a means of payment, otherwise we would not see a constant outflow from the circulating supply, and, consequently, the price increase.

So many factors affect the volatility of bitcoin, that it would be impossible to pinpoint just one, but the most salient imo, should be the features it was built with, which attracts companies and individuals.

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Therefore, I would not recommend using it even as a means of payment, for example, paying them for food or some goods, such as a computer or a VPN-subscription, otherwise FOMO will overtake you. When another 10 years have passed and you will calculate how much your payment for the same computer or VPN-subscription now cost. It will be like that story about pizza. Bitcoin is about accumulation, the more you accumulate, the more profit you get.

I have to disagree with you here. Bitcoin is about being a currency. Yes, everyone wants the price gains and everyone wants to accumulate more, but bitcoin is first and foremost a currency. If no one ever used it as a currency, then we wouldn't be where we are today. Sure, if I had never spent a single satoshi then my bitcoin stack would be bigger than it is now, but I'm happy that every satoshi I've spent has helped to grow the bitcoin ecosystem and lead to further adoption, and I'm happy that I've had several years of financial autonomy, holding my own money securely, and not requiring any approval from any third party to spend my own money where I want and when I want. Even Laszlo Hanyecz has said he has no regrets spending 10,000 bitcoin on two pizzas.

Quote from: Upgrade00 on December 05, 2021, 07:50:02 AM

And storing all your funds in bitcoin is not feasible as it is not universally accepted and transactions are not instant.

The only transaction which is instant is physical cash traded face to face. Every other fiat method is slower than bitcoin.

Quote from: pawanjain on December 05, 2021, 09:43:40 AM

But as they say we should not put all our eggs in one basket. While bitcoin is the best coin we should also explore other projects and hold some potential altcoins.
Diversification is a good strategy and we cannot really be sure if bitcoin can keep growing like this forever.

Diversification means putting money in to different sectors, such as stocks, bonds, commodities, property, etc., that aren't intrinsically linked to one another. It does not mean buying a bunch of shitcoins which if bitcoin dumps, they all dump even harder. That does absolutely nothing to reduce the risk of your portfolio.

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Purchasing power of the US. dollar (more details to read)
If you look at price in Yearly Lowest price, that will eliminate ups & downs and gives you better overview on what happen over years. Tell me, what do you see? Bullish or bearish?
40% of US. dollar in circulation was printed in last 2 years. It is good evidence to wipe out all belief in fiat system?

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Quote from: Upgrade00 on December 05, 2021, 07:50:02 AM

However, regardless of how promising bitcoin is and how high its value can get, we should also consider the risks involved and how bitcoin as a currency cannot survive alone without alternative currencies (fiat). And storing all your funds in bitcoin is not feasible as it is not universally accepted and transactions are not instant.

That's very unfortunate but true. Btc still need fiat i.e. usd for measuring its value. We still say 1 btc is 50k usd. Btc is very much popular in its community but its adoption at mass level is still very slow. Gold is old and matured market as compared to crypto or any other trading market, thats why it has more investment. Crypto is progressing but its a long journey.

Topic: Reasons why I prefer Bitcoin over any other assets and dips don't panic me.... - page 10. (Read 1624 times)