To the people who only see the downsides of HODLing Bitcoin

Dailyscript

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Quote from: dezoel on August 26, 2024, 11:44:04 AM

Quote from: Dailyscript on August 26, 2024, 07:17:16 AM

I can use BTC for payment and investment too. The reason why it is possible to create different addresses is so that we can have as many BTC addresses for different purposes. When I want to purchase something or make a payment online, I use a different address from the one I am using to store my Bitcoin investment. Our investment has nothing to do with how we spend our money. If we can use Bitcoin for several purchases then it is not a bad idea that we turn all our fiat currency into BTC. So when we go to the shopping mall we pay via Bitcoin, If we want to purchase online we can still pay with it.

I do like that it is like that, it's something that we can do and it would definitely help with everyone who has any type of connection to it. If you know bitcoin and how it can be used, like if you have all the information, then what's remaining is you making an informed decision how you want to use it. Some people use it to trade and get rich as quickly as they want, some people use it for store of value, something like gold, and invest for long term, some people use it for just payments because it's the easiest global payment option if both sides agreed to that payment.

There are many ways to use it, and if you are aware of all the options and pick one then it's your own choice and you are free to make any choice you want, there isn't really anything that goes that badly about it. I know that it is going to be hard to handle it all, but we are going to end up with a good result if we keep on getting more informed about bitcoin and what it is capable of doing.

Thats how its supposed to be in the first place. The idea Satoshi had was to let us make our choices what we want to use Bitcoin for as all the features are unique and serves its own purposes. Thats why i feel sorry when people let the so called crypto influencers, friends, relative or people who call themselves coach in the crypto sphere make decisions for them on how they want to go about their Bitcoin holdings. When we do with Bitcoin how we want we are fully responsible for any result we get. If we investing then its fine, once we understand the nature of Bitcoin and the best possible way tp invest successfully we are god to go. If the choice is for trading it is also good, because most persons are successful with Bitcoin trading although not all of them because trading has higher risk in terms of risk management compared investing. And lastly if it is for payment thats super cool, cos its faster and safer. Funny enough some persons perform all three in Bitcoin.

Wind_FURY

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Quote from: betswift on August 27, 2024, 02:34:36 AM

Quote from: The Sceptical Chymist on August 26, 2024, 03:30:42 PM

Quote from: shield132 on August 07, 2024, 04:08:45 AM

If we hodl and do nothing, no good or service will be created and it will kill Bitcoin, hodling won't magically make it go to the moon.

I disagree, because I don't think most people actually use bitcoin to buy things, i.e., treat it like money--and yet here we are 15 years after its creation and it's value has skyrocketed and it's become about as mainstream as it's going to get. So even if nobody spends it, it can still function as an asset like gold, a stock, or whatever. And if I was back in 2010 looking at bitcoin's price today, I'd say it's already arrived at the moon.

And it won't stop there, the cycle would repeat itself, in my opinion. With BTC becoming even more mainstream and going to the Moon for us, people who are reading this at the moment Grin

But if an asset can be used as a currency/medium of exchange, then it will absolutely be used as a currency/medium of exchange. Although, with Bitcoin, it will be used as a currency more under those situations where its censorship-resistant properties will be more valued and useful. Those services like the Dark Markets, or the hacker Ransomware "market", or Russia's way to circumvent economic sanctions?

The dick pics and fart sounds market could come back again, but they will leave again. That "market" will never be as important as the functions that Bitcoin actually activates.

P3Key

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Quote from: Yucky on August 26, 2024, 05:18:44 AM

Quote from: P3Key on August 26, 2024, 04:19:00 AM

Quote from: Z-tight on August 25, 2024, 11:10:36 AM

Quote from: P3Key on August 25, 2024, 10:55:31 AM

Looking at the growing trend of Bitcoin over the years and various countries starting to accept and adopt it, it is all about time and a waiting game until all countries will fully adopt Bitcoin globally. I believe, if the hype is keep growing bigger, the demand from people of each country will keep growing also a, eventually the government and politicians will listen to us.

When you say adopt BTC globally, what do you mean? BTC is legal in so many countries, and what most of them want to do now is find a way to regulate it, attack people's privacy when using BTC and attack no-kyc services. If you ask me, that isn't something to celebrate, BTC is a decentralized network and bitcoiners should stop seeking validation from politicians, because they are always after their own interest only.

I understand your point, what I meant with "full adoption' of Bitcoin is to accept it as legal payment like FIAT within a country, when you can buy things in real life by using it, like property and vehicles under the protection of law. Not all country accept BTC as one of their legal payments.

all countries will definitely not accept Bitcoin as a legal tender because it's not all of them that will eventually see the good side of Bitcoin. Bitcoin is on the opposite side of what the government likes. Bitcoin preaches freedom and total control of ones wealth while the government wants to have control over people's wealth. As long as they see Bitcoin from that angle, they will continue to look at it as a major threat that should be wiped out or at the least regulated.

Quote from: P3Key on August 26, 2024, 04:19:00 AM

But, on second thought. I realized what you said is correct, that when a country already accept BTC as a legal payment, which means the regulation already there, government could also legally peek into our data and that will erase the concept of privacy in cryptocurrency.

Bitcoin is decentralized and even if the government manage to regulate some exchange and crub thier activities, they can't regulate Bitcoin because of its decentralized nature.

I was just hoping for major countries to finally stating to accept and adopt bitcoin, what I meant by "major countries" is countries which has big influence to their country in multinational level or possibly global level. Although I do agree that not all country will accept Bitcoin because of their skepticism, eventually most country will follow major countries' moves because how they could affect other countries' economy even at the cost of these major countries will try to control the ownership itself, it will give a big impact on the rise of Bitcoin price and would be beneficial for people who already invest their money in Bitcoin.

justdimin

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Quote from: betswift on August 27, 2024, 02:34:36 AM

Quote from: The Sceptical Chymist on August 26, 2024, 03:30:42 PM

Quote from: shield132 on August 07, 2024, 04:08:45 AM

If we hodl and do nothing, no good or service will be created and it will kill Bitcoin, hodling won't magically make it go to the moon.

I disagree, because I don't think most people actually use bitcoin to buy things, i.e., treat it like money--and yet here we are 15 years after its creation and it's value has skyrocketed and it's become about as mainstream as it's going to get. So even if nobody spends it, it can still function as an asset like gold, a stock, or whatever. And if I was back in 2010 looking at bitcoin's price today, I'd say it's already arrived at the moon.

And it won't stop there, the cycle would repeat itself, in my opinion. With BTC becoming even more mainstream and going to the Moon for us, people who are reading this at the moment Grin

I do agree that bitcoin has a chance to become more and more mainstream because it seems like it is not leaving anywhere. For the first year, the question was if people would even accept it, nowadays it's clear that people do and the real question is if we are going to end up with a good progress for a further time, that's what we need to know and I believe that we are going to end up with a period where it is going to be growing further and further. This is why I suggest that we should look at this as something that will stay, at least in our life time, so investing for long term is great.

Anyone who doubts that much, doesn't know what bitcoin is capable of doing and hasn't check it's history. Considering something got this high this quickly, trillions of dollars worth of market cap in about 15 years, is something that needs to be taken seriously and it is doing fine, I think it has to be something that we can all agree on and could consider as good.

betswift

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Quote from: The Sceptical Chymist on August 26, 2024, 03:30:42 PM

Quote from: shield132 on August 07, 2024, 04:08:45 AM

If we hodl and do nothing, no good or service will be created and it will kill Bitcoin, hodling won't magically make it go to the moon.

I disagree, because I don't think most people actually use bitcoin to buy things, i.e., treat it like money--and yet here we are 15 years after its creation and it's value has skyrocketed and it's become about as mainstream as it's going to get. So even if nobody spends it, it can still function as an asset like gold, a stock, or whatever. And if I was back in 2010 looking at bitcoin's price today, I'd say it's already arrived at the moon.

And it won't stop there, the cycle would repeat itself, in my opinion. With BTC becoming even more mainstream and going to the Moon for us, people who are reading this at the moment Grin

Wind_FURY

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Quote from: The Sceptical Chymist on August 26, 2024, 03:30:42 PM

Quote from: shield132 on August 07, 2024, 04:08:45 AM

If we hodl and do nothing, no good or service will be created and it will kill Bitcoin, hodling won't magically make it go to the moon.

I disagree, because I don't think most people actually use bitcoin to buy things, i.e., treat it like money--and yet here we are 15 years after its creation and it's value has skyrocketed and it's become about as mainstream as it's going to get. So even if nobody spends it, it can still function as an asset like gold, a stock, or whatever. And if I was back in 2010 looking at bitcoin's price today, I'd say it's already arrived at the moon.

He doesn't get the point of the value that HODLers/savers bring to the currency. Because the currency is valued and saved, then that's when developers build services around the currency.

Plus IF there were no willing HODLers during the very early days, then Bitcoin will not be where it is today in my opinion. Why would it have value if there was no loyal community willing to HODL the coin?

red4slash

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Quote from: Cryptohygenic on August 26, 2024, 06:06:26 AM

Quote from: Wind_FURY on August 07, 2024, 03:41:09 AM

Ten years ago suggesting that that would happen would be laughable.

That was just how doubting it was to most of us when bitcoin was newly introduced which caused us to miss out in adopting it earlier.
99% of adoptors today never believed bitcoin would be so valuable with such amount of its dominance today simply because we believed it was a scam.
That was really inevitable. However, the reliability to believe in digital finances has not been this convinceable then due to conciousness of being fraudulent victims but perhaps, bitcoin has become an open door for more digital financial inventories to be attracted by the public due to its legitimacy.

Im not sure about that percentage because even though i didn't really believe in bitcoin in the beginning and i was part of the hype and fomo in the past but I didn't think that it was a scam. So, im not sure where that statistic came from because no one has ever done a study like this .

In addition although there are still people who think that bitcoin is a scam, believe me that some of them are people who have been in bitcoin and they are disappointed because they don't get the wishes they expect because of several things such as expectations that are too big and cannot accept that bitcoin risks exist so they are trapped in wishful thinking that bitcoin can be profitable for them but because of lack of knowledge and do not want to learn properly what bitcoin is like so they lose their own game .

The Sceptical Chymist

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Quote from: shield132 on August 07, 2024, 04:08:45 AM

If we hodl and do nothing, no good or service will be created and it will kill Bitcoin, hodling won't magically make it go to the moon.

I disagree, because I don't think most people actually use bitcoin to buy things, i.e., treat it like money--and yet here we are 15 years after its creation and it's value has skyrocketed and it's become about as mainstream as it's going to get. So even if nobody spends it, it can still function as an asset like gold, a stock, or whatever. And if I was back in 2010 looking at bitcoin's price today, I'd say it's already arrived at the moon.

Quote from: shield132 on August 07, 2024, 04:08:45 AM

At the same time, I want to admit that it's good that some people hodl because the majority of bitcoins shouldn't end up in the hands of corporations like BlackRock and in the hands of centralized exchanges like Binance.

I guess it was inevitable that BlackRock was going to end up owning some bitcoin, just like they own everything else under the sun. Not that I'm a fan of them, but they're not stupid enough to paint themselves in a corner by buying too much of it (admittedly, I don't know how much they hold at the moment). There's enough to go around without one entity owning so much that liquidity plummets or some such thing; I'd be far more worried if BlackRock started buying mining facilities. Hope that doesn't happen anytime soon.

dezoel

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Quote from: Dailyscript on August 26, 2024, 07:17:16 AM

I can use BTC for payment and investment too. The reason why it is possible to create different addresses is so that we can have as many BTC addresses for different purposes. When I want to purchase something or make a payment online, I use a different address from the one I am using to store my Bitcoin investment. Our investment has nothing to do with how we spend our money. If we can use Bitcoin for several purchases then it is not a bad idea that we turn all our fiat currency into BTC. So when we go to the shopping mall we pay via Bitcoin, If we want to purchase online we can still pay with it.

I do like that it is like that, it's something that we can do and it would definitely help with everyone who has any type of connection to it. If you know bitcoin and how it can be used, like if you have all the information, then what's remaining is you making an informed decision how you want to use it. Some people use it to trade and get rich as quickly as they want, some people use it for store of value, something like gold, and invest for long term, some people use it for just payments because it's the easiest global payment option if both sides agreed to that payment.

There are many ways to use it, and if you are aware of all the options and pick one then it's your own choice and you are free to make any choice you want, there isn't really anything that goes that badly about it. I know that it is going to be hard to handle it all, but we are going to end up with a good result if we keep on getting more informed about bitcoin and what it is capable of doing.

Wind_FURY

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Quote from: Cryptohygenic on August 26, 2024, 06:06:26 AM

Quote from: Wind_FURY on August 07, 2024, 03:41:09 AM

Ten years ago suggesting that that would happen would be laughable.

That was just how doubting it was to most of us when bitcoin was newly introduced which caused us to miss out in adopting it earlier.

That should be lesson that was learned the hard way by the others, and for us not to follow. Cool

Quote

99% of adoptors today never believed bitcoin would be so valuable with such amount of its dominance today simply because we believed it was a scam.

A scam? The Core Developers were people who are serious in building decentralized systems and cryptography. They are not the same as those Solidity shitcoin "developers" in Ethereum.

Quote

That was really inevitable. However, the reliability to believe in digital finances has not been this convinceable then due to conciousness of being fraudulent victims but perhaps, bitcoin has become an open door for more digital financial inventories to be attracted by the public due to its legitimacy.

Everyone should truly understand that the shitcoins did that, not Bitcoin.

Dailyscript

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Quote from: Z-tight on August 13, 2024, 09:06:05 AM

Quote from: pawanjain on August 12, 2024, 12:51:25 PM

I know that we should be usin bitcoin for making payments and that's the purpose of bitcoin since inception but it's more of a store of value now.

You can use BTC both for making payments and also storing it for returns, it is great to spend BTC if you have the opportunity to, you may not want to spend it on something expensive, so you can use it for micropayments if tx fees is low at that time. It is also great that BTC has become a popular means of cross-border payments, especially for people who work online, it makes it easy for employers to pay people who work for them over the internet, and also for people to offer their services in return for BTC.

However, whatever one decides to do with their coins is their choice, that is what the network is about, freedom and censorship resistant, but it is also good to remind people of the original reason why BTC was created.

Why not? I can use BTC for payment and investment too. The reason why it is possible to create different addresses is so that we can have as many BTC addresses for different purposes. When I want to purchase something or make a payment online, I use a different address from the one I am using to store my Bitcoin investment. Our investment has nothing to do with how we spend our money. If we can use Bitcoin for several purchases then it is not a bad idea that we turn all our fiat currency into BTC. So when we go to the shopping mall we pay via Bitcoin, If we want to purchase online we can still pay with it.

Cryptohygenic

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Quote from: Wind_FURY on August 07, 2024, 03:41:09 AM

Ten years ago suggesting that that would happen would be laughable.

That was just how doubting it was to most of us when bitcoin was newly introduced which caused us to miss out in adopting it earlier.
99% of adoptors today never believed bitcoin would be so valuable with such amount of its dominance today simply because we believed it was a scam.
That was really inevitable. However, the reliability to believe in digital finances has not been this convinceable then due to conciousness of being fraudulent victims but perhaps, bitcoin has become an open door for more digital financial inventories to be attracted by the public due to its legitimacy.

hd49728

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Quote from: The Cryptovator on August 26, 2024, 05:42:21 AM

Don't take them seriously, those are negatives about Bitcoin and downsides to holding Bitcoin. Because everything is happening in practical, we don't need to imagine it. We just need to look back and read Bitcoin history. So that we can realise what Bitcoin is and ignore such downsides people.

Before doing our investment, we must do a prerequisite, do our due diligent research first. With such research, we can easily ignore negative talks about Bitcoin because we're knowledgeable enough to know it's untrue.

By looking at Bitcoin history and its price, we can increase our confidence.

Bitcoin history book
Yearly candles show that hodlers have kind of simple jobs.
Hodl Camp shows if you can hold your bitcoin more than 5 years, you get profit.

Quote

But for sure, there should be some stage of holding.

Beginners start with holding in fear, uncertain and with time, after one or two market cycles, they will hold with confidence.

Reading about the bullish case for Bitcoin can help increasing their confidence too.

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Quote from: P3Key on August 25, 2024, 10:55:31 AM

Looking at the growing trend of Bitcoin over the years and various countries starting to accept and adopt it, it is all about time and a waiting game until all countries will fully adopt Bitcoin globally.

While I am optimistic about Bitcoin's adoption, being accepted for "all" countries won't probably happen. We know how some of the countries don't like Bitcoin into their country and jurisdictions. But even if they say that they don't like Bitcoin, it is for sure that many of their people are into Bitcoin and are holding secretly.

Quote from: P3Key on August 25, 2024, 10:55:31 AM

I believe, if the hype is keep growing bigger, the demand from people of each country will keep growing also a, eventually the government and politicians will listen to us.

Bitcoin doesn't need any hype just as what we see with the altcoins and the meme coins. Its hype is going to last long and it will remain to be the top crypto in the market and that's why we only have to hold, buy, sell and send as much as we can and we're already contributing to its ecosystem. Bitcoin is unstoppable and no matter what FUD we see in the community done by known financial institutions and politicians, it will continue to rise.

The Cryptovator

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Don't take them seriously, those are negatives about Bitcoin and downsides to holding Bitcoin. Because everything is happening in practical, we don't need to imagine it. We just need to look back and read Bitcoin history. So that we can realise what Bitcoin is and ignore such downsides people. But for sure, there should be some stage of holding. We just can't hold it for a lifetime; otherwise, we can't use Bitcoin in real life. Each of us should have a real target, so until we reach that point, we will hold. And if it goes down again, we can buy it back for sure. It's not trade, actually, because holding long and taking advantage of the volatile.

However, we have to use our brains regarding holding, we shouldn't follow negative people. Shame for them still who thinks downsides for Bitcoin holding. They are just afraid; they didn't study Bitcoin deeply.

Mpamaegbu

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Quote from: Wind_FURY on August 07, 2024, 03:41:09 AM

Bitcoin is a movement that attracts "The Cabal" to where the people are.

Just like ants get to sugar, capitalists also get attracted to whatever that makes them money. Don't begrudge the rich/cabal when you see them behave likewise. It's business sense. No one likes to lose money or invest in something unprofitable.

Quote

Currently, we now have Black Rock and the largest asset managers having investments in Bitcoin, and Trump and other politicians talking seriously about Bitcoin. Ten years ago suggesting that that would happen would be laughable.

Well, what makes your submission unbalanced is the fact that it's suggestive that those who hedl made Bitcoin what it's today. Nah, that's not true. In actual fact, the activities of those who bought and sold (sellers) are what gave (and is giving) Bitcoin its value. The true value of any goods isn't known until it's exposed to the activities of sellers and buyers.

Yucky

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Quote from: P3Key on August 26, 2024, 04:19:00 AM

Quote from: Z-tight on August 25, 2024, 11:10:36 AM

Quote from: P3Key on August 25, 2024, 10:55:31 AM

Looking at the growing trend of Bitcoin over the years and various countries starting to accept and adopt it, it is all about time and a waiting game until all countries will fully adopt Bitcoin globally. I believe, if the hype is keep growing bigger, the demand from people of each country will keep growing also a, eventually the government and politicians will listen to us.

When you say adopt BTC globally, what do you mean? BTC is legal in so many countries, and what most of them want to do now is find a way to regulate it, attack people's privacy when using BTC and attack no-kyc services. If you ask me, that isn't something to celebrate, BTC is a decentralized network and bitcoiners should stop seeking validation from politicians, because they are always after their own interest only.

I understand your point, what I meant with "full adoption' of Bitcoin is to accept it as legal payment like FIAT within a country, when you can buy things in real life by using it, like property and vehicles under the protection of law. Not all country accept BTC as one of their legal payments.

all countries will definitely not accept Bitcoin as a legal tender because it's not all of them that will eventually see the good side of Bitcoin. Bitcoin is on the opposite side of what the government likes. Bitcoin preaches freedom and total control of ones wealth while the government wants to have control over people's wealth. As long as they see Bitcoin from that angle, they will continue to look at it as a major threat that should be wiped out or at the least regulated.

Quote from: P3Key on August 26, 2024, 04:19:00 AM

But, on second thought. I realized what you said is correct, that when a country already accept BTC as a legal payment, which means the regulation already there, government could also legally peek into our data and that will erase the concept of privacy in cryptocurrency.

Bitcoin is decentralized and even if the government manage to regulate some exchange and crub thier activities, they can't regulate Bitcoin because of its decentralized nature.

EarnOnVictor

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Quote from: Don Pedro Dinero on August 07, 2024, 04:01:08 AM

People who only see downsides of HODling bitcoin don't only exist now. They already existed fifteen years ago and have existed all the way through.

I suppose you are one of those you referred to 15 years ago just like me because if you are being sincere, you can't oblige anyone if Bitcoin was preached to you 15 years ago. I assume you are a true Bitcoin adopter now (just like). This can only mean that those who did not believe in Bitcoin are now lower in percentage than then.

You should also know that adopting Bitcoin is not all about HODLing, many are still not HODLing but may earn more than the HODLer with this current market reality if are good with its speculation and do the arithmetic based on its history.

Quote

You only have to compare between those who had that vision and those who had the opposite vision to see which is the better way.

This is not about any vision but how much you can make from Bitcoin, bro. Any which way, just keep earning with the coin, HODLing is not the only approach to achieve this.

P3Key

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Quote from: Z-tight on August 25, 2024, 11:10:36 AM

Quote from: P3Key on August 25, 2024, 10:55:31 AM

Looking at the growing trend of Bitcoin over the years and various countries starting to accept and adopt it, it is all about time and a waiting game until all countries will fully adopt Bitcoin globally. I believe, if the hype is keep growing bigger, the demand from people of each country will keep growing also a, eventually the government and politicians will listen to us.

When you say adopt BTC globally, what do you mean? BTC is legal in so many countries, and what most of them want to do now is find a way to regulate it, attack people's privacy when using BTC and attack no-kyc services. If you ask me, that isn't something to celebrate, BTC is a decentralized network and bitcoiners should stop seeking validation from politicians, because they are always after their own interest only.

I understand your point, what I meant with "full adoption' of Bitcoin is to accept it as legal payment like FIAT within a country, when you can buy things in real life by using it, like property and vehicles under the protection of law. Not all country accept BTC as one of their legal payments.

But, on second thought. I realized what you said is correct, that when a country already accept BTC as a legal payment, which means the regulation already there, government could also legally peek into our data and that will erase the concept of privacy in cryptocurrency.

Z-tight

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Quote from: P3Key on August 25, 2024, 10:55:31 AM

Looking at the growing trend of Bitcoin over the years and various countries starting to accept and adopt it, it is all about time and a waiting game until all countries will fully adopt Bitcoin globally. I believe, if the hype is keep growing bigger, the demand from people of each country will keep growing also a, eventually the government and politicians will listen to us.

When you say adopt BTC globally, what do you mean? BTC is legal in so many countries, and what most of them want to do now is find a way to regulate it, attack people's privacy when using BTC and attack no-kyc services. If you ask me, that isn't something to celebrate, BTC is a decentralized network and bitcoiners should stop seeking validation from politicians, because they are always after their own interest only.

Topic: To the people who only see the downsides of HODLing Bitcoin (Read 1255 times)