Topic: Why hoard Bitcoin? - page 6. (Read 1123 times)
im not sure if people want to pay something with bitcoin, people will do it if two people agree with all consequence. and what you say is right, this thing is too valuable to trade with something. and the best option is hold for a moment, because 'profit' is the main reason why people store as much as they can.
I actually prefer you say it's best used as a Store of Value than a Currency. It's actually created for both (both as a currency and a SoV). And you can always use it as Medium of Exchange if you don't want to invest atall by for example quickly converting stablecoin/fiat to Bitcoin to send to anyone in the world.
Because of the value of Bitcoin, people will hoard it,
On the contrary, people will choose other cryptocurrencies because it's cheaper than BTC in the hopes that it will also rise in value.While the newer people will look into other opportunities beyond Bitcoin the risks I think are higher because unless you select very carefully you. might end up losing money more. This is because unless there's a clear bull market (this yet to be confirmed by current market) not all alts will show an increase in their token prices, mainly because of the lack of utility and value they provide.
Sometimes people forget that you don't have to own 1 whole BTC to still make a profit from the BTC price surge (which is definite to occur at least in the long-term) and instead opt for different alts like meme coins etc.
Fundamentally, if you spend enough time researching the best projects you can still make a decent profit, and yes, BTC investment is probably the most passive earning.
Because Bitcoin is the most advantageous cryptocurrency in the market in terms of making a long term investment. We have seen so many times that Bitcoin has made people a lot of profit and even made them rich. So why wouldn't Bitcoin be my first choice when it comes to such type of investment?
Because of the value of Bitcoin, people will hoard it,
Take me as an example. I will invest 20% of my salary in Bitcoin because I think Bitcoin is very valuable and I believe in Bitcoin, so I think Bitcoin is worth investing in.
But if you let me buy something with bitcoin, I will hesitate and pay with fiat currency first.
Although people can pay in any way, will Bitcoin be your first choice?
Now the difference between fiat currency and Bitcoin is that one is inflation currency and contraction currency. Inflated currency (fiat currency) means that if it inflates, you want to get rid of it as soon as possible. For example, we use fiat currency to buy things, invest in real estate, cryptocurrency, stocks. And to shrink the currency (Bitcoin) you buy goods or services, or hoard it. This has no effect on the economy, except to reduce the monetary base and make the currency more scarce, so deflation is faster.
In my opinion, Bitcoin is a store of value, not a currency. There may be cryptocurrencies becoming legal tender, but not now, volatility and supply and demand need to be considered.
See that is the idea that has become the norm for bitcoin, back in 2009 when bitcoin was created no one thought of it as an investment it was created and used as a currency on the internet, but because of its nature and how volatile the price has become people no longer think of it as a currency rather see it as an investment and a way for profit, whether you are a trader that buys and sells on a daily basis or just holding it until the price reaches its peak, so bitcoin has lost its image as a currency even though some people still use it. Take me as an example. I will invest 20% of my salary in Bitcoin because I think Bitcoin is very valuable and I believe in Bitcoin, so I think Bitcoin is worth investing in.
But if you let me buy something with bitcoin, I will hesitate and pay with fiat currency first.
Although people can pay in any way, will Bitcoin be your first choice?
Now the difference between fiat currency and Bitcoin is that one is inflation currency and contraction currency. Inflated currency (fiat currency) means that if it inflates, you want to get rid of it as soon as possible. For example, we use fiat currency to buy things, invest in real estate, cryptocurrency, stocks. And to shrink the currency (Bitcoin) you buy goods or services, or hoard it. This has no effect on the economy, except to reduce the monetary base and make the currency more scarce, so deflation is faster.
In my opinion, Bitcoin is a store of value, not a currency. There may be cryptocurrencies becoming legal tender, but not now, volatility and supply and demand need to be considered.
Yes, I also agree with your opinion.
The reason I keep some assets in Bitcoin long term is because of the reasonable price and unquestionable popularity and guaranteed security. However, if long-term stockpiling, will cause scarcity so that demand decreases. But I think many people hold Bitcoin for a long period of time, because they have hopes that the price will be higher.
The reason I keep some assets in Bitcoin long term is because of the reasonable price and unquestionable popularity and guaranteed security. However, if long-term stockpiling, will cause scarcity so that demand decreases. But I think many people hold Bitcoin for a long period of time, because they have hopes that the price will be higher.
Because of the value of Bitcoin, people will hoard it,
Take me as an example. I will invest 20% of my salary in Bitcoin because I think Bitcoin is very valuable and I believe in Bitcoin, so I think Bitcoin is worth investing in.
But if you let me buy something with bitcoin, I will hesitate and pay with fiat currency first.
just up to this part you have already mentioned the word bitcoin 6 timesTake me as an example. I will invest 20% of my salary in Bitcoin because I think Bitcoin is very valuable and I believe in Bitcoin, so I think Bitcoin is worth investing in.
But if you let me buy something with bitcoin, I will hesitate and pay with fiat currency first.
so you are surely believing in Bitcoin 10x
Bitcoin is actually a currency also. We call it as a "cryptocurrency" in the end. But it is more of a store of value for most people. Because people use Bitcoin for investment purposes the most. There are people who prefer using Bitcoin as a payment method wherever it is available also. But still, we can't use it as a payment method everywhere.
so you are Hoarding bitcoin like OP? since you cannot use bitcoin in all the parts of the world and in all transactions. 
What we know is that the supply of Bitcoin is at least fixed at right below 21 million and rather deflationary because of lost keys.
I think you have that back-to-front ...
With less bitcoin available, their price has to rise (remember, the old adage of supply and demand: the less there is of something, the more people want it)
Less bitcoin (in your example above lost keys) = More value overall.
The price of Bitcoin can increase. I know we on this forum here are sure that the price will increase, but if everyone thought that way Bitcoin wouldn't be at $45k today, but somewhere else, perhaps near a million or so. What we know is that the supply of Bitcoin is at least fixed at right below 21 million and rather deflationary because of lost keys. That is guaranteed. Fiat doesn't have that guarantee and hence hoarding fiat is an almost automatic gradual loss to your wealth.
This happens because of the rising value of bitcoin. If you want to buy a particular product with bitcoin you will have to spend less amount of BTC in the future because the price of bitcoin will increase.
On the other hand, with rising inflation, you will have to spend more amount of fiat currency in future to buy the same product which is why people tend to spend less fiat now to buy the same product.
In Layman's terms, the decreasing value of fiat currency and rising value of bitcoin is making people spend fiat for expenses and buy bitcoin for investments.
On the other hand, with rising inflation, you will have to spend more amount of fiat currency in future to buy the same product which is why people tend to spend less fiat now to buy the same product.
In Layman's terms, the decreasing value of fiat currency and rising value of bitcoin is making people spend fiat for expenses and buy bitcoin for investments.
Bitcoin is actually a currency also. We call it as a "cryptocurrency" in the end. But it is more of a store of value for most people. Because people use Bitcoin for investment purposes the most. There are people who prefer using Bitcoin as a payment method wherever it is available also. But still, we can't use it as a payment method everywhere.
I personally keep bitcoin in the long term the reason is to multiply the promising profit and also it is safer for other and proven types of investments, and besides that bitcoin is the most sought after option and many people to invest because it can store value.
although the risk is volatile the price can go down but in the long term it will go up again even beyond expectations, so for me to store or hoard bitcoin for me I will never be afraid of reasons for the long term and I also hoard some ethereum but bitcoin is a priority.
although the risk is volatile the price can go down but in the long term it will go up again even beyond expectations, so for me to store or hoard bitcoin for me I will never be afraid of reasons for the long term and I also hoard some ethereum but bitcoin is a priority.
I think the investors are already aware, how profitable if they invest in Bitcoin compare to others, And I believe that was the reason why they are hoarding or accumulating more and more Bitcoins in their position. Usually, big investors( whales) have a large sum of money to buy Bitcoin and hold so thats the case if you are a whale, On the other hand, IMO, it doesn't matter how you call Bitcoin whether it's a currency or an asset, etc. the more important is it has a store of value that will generate profit when you hold it.
If to pay maybe something with small amount, and i still in that shop i think i will pay with fiat. But maybe for something worth the fee and overseas, like if the price is morely like a lot multiply of the fees maybe i can consider it because i don't have credit card or maybe wouldn't want to input my debit card in there. Or maybe if not bitcoin but change to other crypto with less fees and faster transaction.
At this point in time the only reason why would someone pay with BTC is if he lives off-the-grid and doesn't use the banking system OR he is under pressure to pay his bills and only has BTC avaiable.
In the current market conditions Bitcoin does not seem the optimal method to make payments. It mostly serves as an instrument for investments in the underlying network and its fundamentals (scarcity, portability, decentralization, etc.).
In the current market conditions Bitcoin does not seem the optimal method to make payments. It mostly serves as an instrument for investments in the underlying network and its fundamentals (scarcity, portability, decentralization, etc.).
Bitcoin is hoard because it is precious coin crypto market. It is expensive. Traders and investers intrusted in this coin because they now this will go on moon in future. As you now it is digital currency, in future there are many chances that it will be a source of payment. Tesla company is part of success of Bitcoin.
The answer for me is simple, you don't want to be missing out big time when the prices are going up and you don't have a lot of bitcoin in your possession. Also, hoarding is a bit of a wrong description, you don't consider bitcoin less than 1 as a lot of bitcoin, that's a fraction of it so I prefer the term holding or hodling much more since it applies to more people.
Hoarding alone sounds ridiculous but look at gold,,, People only hoard it (whoever heard of gold being used to buy things these days).
But I do agree hoarding only for Bitcoin is not useful. Without usage,,, there is no proof of value. No network activity and no such thing as BTC as a payment method between p2p without intermediary. Store of value also does not work right now because of volatility.
But I do agree hoarding only for Bitcoin is not useful. Without usage,,, there is no proof of value. No network activity and no such thing as BTC as a payment method between p2p without intermediary. Store of value also does not work right now because of volatility.
We all have different reasons but most likely it is all about its market value. Personally, I hoard Bitcoin coz I think and believe this could be more valuable in the future. I may be right or wrong but this is a matter of choice and we all have the choice also how long we keep hoarding and how much we have to keep. Maybe in my life, this was the tough investment I've made. I put more funds in here particularly in Bitcoin but I have faith, and this makes me keep thinking I was doing the right thing and the right decision.
Because of the value of Bitcoin, people will hoard it,
Take me as an example. I will invest 20% of my salary in Bitcoin because I think Bitcoin is very valuable and I believe in Bitcoin, so I think Bitcoin is worth investing in.
But if you let me buy something with bitcoin, I will hesitate and pay with fiat currency first.
Although people can pay in any way, will Bitcoin be your first choice?
Now the difference between fiat currency and Bitcoin is that one is inflation currency and contraction currency. Inflated currency (fiat currency) means that if it inflates, you want to get rid of it as soon as possible. For example, we use fiat currency to buy things, invest in real estate, cryptocurrency, stocks. And to shrink the currency (Bitcoin) you buy goods or services, or hoard it. This has no effect on the economy, except to reduce the monetary base and make the currency more scarce, so deflation is faster.
In my opinion, Bitcoin is a store of value, not a currency. There may be cryptocurrencies becoming legal tender, but not now, volatility and supply and demand need to be considered.
hodling bitcoin is a good idea than spending it to anything.. Because bitcoin is a very promising crypto in the market so if you keep spending it, and when bitcoin price were gradually increasing of course you will receive less profits from it. So you better pay with fiat than spending your bitcoin because it's like it's ok for you to miss the opportunity instead of good profits.. So always think about it if you want to buy something especially if it's unnecessary. Take me as an example. I will invest 20% of my salary in Bitcoin because I think Bitcoin is very valuable and I believe in Bitcoin, so I think Bitcoin is worth investing in.
But if you let me buy something with bitcoin, I will hesitate and pay with fiat currency first.
Although people can pay in any way, will Bitcoin be your first choice?
Now the difference between fiat currency and Bitcoin is that one is inflation currency and contraction currency. Inflated currency (fiat currency) means that if it inflates, you want to get rid of it as soon as possible. For example, we use fiat currency to buy things, invest in real estate, cryptocurrency, stocks. And to shrink the currency (Bitcoin) you buy goods or services, or hoard it. This has no effect on the economy, except to reduce the monetary base and make the currency more scarce, so deflation is faster.
In my opinion, Bitcoin is a store of value, not a currency. There may be cryptocurrencies becoming legal tender, but not now, volatility and supply and demand need to be considered.
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