Why hoard Bitcoin? - page 7. | Bitcointalksearch.org

xSkylarx

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Quote from: jakdanyel on August 10, 2021, 08:31:07 AM

The answer is simple actually. Because Bitcoin is the best cryptocurrency which makes people a lot of profit in the long run. I myself experienced this before. I made an investment into Bitcoin for a long term and made a great amount of money. For now, the second best alternative seems like Ethereum. It is on a great run nowadays also.

Agree. Most people are interested in bitcoin because of its current high price. If you bought bitcoin a few years ago and sold it today, you would make a significant profit, making people wealthy. What matters now is bitcoin, and if you can hoard a large amount of bitcoin, your future is secure; simply hold it for a few more years, and you'll see how the price changes in that year.

Freezingel

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Yeah, one of the main reason why it is so hard for bitcoin to be treated as currency is because of the value it holds. It backwards to bitcoin to be honest, because it has such a high value, people are hesitant to use it as a currency, afraid that they will experience loss because if they just hold it, the price will go up. So why bother spend their bitcoin when they can pay with fiat as well? Thus, many people are hoarding bitcoin, waiting until it's high enough for them to sell and gain profit as they want. Not a chance thinking to use it as a currency i guess, it's just such a waste since the value is high.

Kong Hey Pakboy

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Quote from: jakdanyel on August 10, 2021, 08:31:07 AM

The answer is simple actually. Because Bitcoin is the best cryptocurrency which makes people a lot of profit in the long run. I myself experienced this before. I made an investment into Bitcoin for a long term and made a great amount of money. For now, the second best alternative seems like Ethereum. It is on a great run nowadays also.

Not just the best but Bitcoin is also the biggest gainer of all cryptocurrencies out there excluding the shitcoins that are getting pumped by the creators and scummy people that tricks people into investing in that shitcoin and doing a rugpull.

imstillthebest

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Quote from: Arvin01 on August 10, 2021, 02:20:33 AM

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?

if you clasify yourself as a Bitcoin hoarder then thats true that your more on hoarding than spending but there's also hoarders that uses their Bitcoin for purchase .
if you support btc why will you limit yourself on supporting it ? people can't pay in anyway because not all merchants accepts anything .
If your online and you have a Bitcoin you will likely use it if ever you don't have a balance on your other payment accounts .

skybot13x

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Quote from: ChiBitCTy on August 10, 2021, 08:40:13 AM

I think right now it makes more sense to store bitcoin and or other types of cryptocurrency for a number of reasons. Right now bitcoin has become a hedge asset, something that most people realize is a breakthrough technology and are storing it but not using it as currency. I think part of that reason is that using it as a currency right now is not as efficient as many other ways. Now it does have some features that are great and better than traditional money, but other features are still a major work in progress.

Using Bitcoin also triggers more problems in many countries of the world. First and foremost taxes. Apart from that, anything that is deflationary and tends to gain in value is preferred to be hoarded by people, that is not surprising at all. Even if it was easier to use as a medium of exchange or currency, people would still tend to hoard it. That is the same for fiat currencies. When interest rates are high, overall investments go down as people prefer to put their money to stay idle in exchange for a guaranteed interest rate for a specified period of time. If we had very high interest rates, less money would probably go into Bitcoin. With low interest rates people really start to analyze markets for opportunities. Bitcoin is a real one.

ChiBitCTy

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I think right now it makes more sense to store bitcoin and or other types of cryptocurrency for a number of reasons. Right now bitcoin has become a hedge asset, something that most people realize is a breakthrough technology and are storing it but not using it as currency. I think part of that reason is that using it as a currency right now is not as efficient as many other ways. Now it does have some features that are great and better than traditional money, but other features are still a major work in progress.

jakdanyel

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kycfree

The answer is simple actually. Because Bitcoin is the best cryptocurrency which makes people a lot of profit in the long run. I myself experienced this before. I made an investment into Bitcoin for a long term and made a great amount of money. For now, the second best alternative seems like Ethereum. It is on a great run nowadays also.

Frengki_cisco

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Quote from: Arvin01 on August 10, 2021, 02:20:33 AM

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.

Should-idea-to invest 20% of salary_in_Bitcoin done 4-5 years valid-sure-by now you are already a billionaire.

But-it doesn't matter, if you're new to Bitcoin 1 or 2 years-there is a high chance that Bitcoin will go to the moon in the future-I wish you success in investing in digital currency.

Wexnident

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Well, that's with the current situation where the value of Bitcoin is still fluctuating by huge margins. In the near future though, I expect it would naturally die down since its supply wouldn't exactly increase anymore and you can't exactly expect it to continue rising even at that point. It would be used no matter what since its use is as a currency, it wouldn't really work as a store of value if there's no issue with the fiat value after all, that would be quite senseless imo. There are also fixes being done to the inefficiencies that Bitcoin has in terms of performing as a currency, so in the long term it would really act as one.

mk4

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Quote from: Timelord2067 on August 10, 2021, 04:38:08 AM

Perhaps not in the value of each coin, however, in the total transactions made I think alts such as Ether will overtake bitcoin given the tokens such as ERC-20 are tied to ETH for their "gas" / transaction fees. If those tokens migrate away from ETH, then ETH (and similar) would loose all relevance leaving bitcoin to take the lions share of daily transactions.

When talking about number of transactions per day, then of course Ethereum has overtaken Bitcoin. Bitcoin is being used for payments transactions while Ethereum is used for DApps and payments transactions, it shouldn't be a surprised whatsoever.

suryana

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Trphy.io

Quote from: Arvin01 on August 10, 2021, 02:20:33 AM

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.

Maybe for me personally I would say I am not a hoarder, because if it is interpreted to hoard only for a large company that stores bitcoins in quite a large amount, even fantastic. For myself, looking for coins just for my life needs, at least the bus is fulfilled and has future savings.

ABCbits

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Quote from: Zedpastin on August 10, 2021, 04:11:51 AM

Bitcoin is to valuable which means people do not like to use it as a currency and instead like to hodl it for long term gains. I think Altcoins are the future of micro transactions and Bitcoin will be used as a reserve currency.

So far, Bitcoin is most popular option when merchant accept cryptocurrency. Besides, if an altcoin gaining popularity, people will have same thought (should they HODL or spend it).

Quote from: Arvin01 on August 10, 2021, 02:20:33 AM

Although people can pay in any way, will Bitcoin be your first choice?

I don't mind paying with Bitcoin occasionally, as long as the merchant doesn't use BitPay (since it's hostile against Bitcoin) or payment procedure isn't difficult.

bitterguy28

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Quote from: Arvin01 on August 10, 2021, 02:20:33 AM

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.

YOU WILL , and not YOU ARE meaning this is still a plan and happening right/ so you are suggesting and not i actual situation.

Quote

But if you let me buy something with bitcoin, I will hesitate and pay with fiat currency first.

no one will ask you to use your bitcoin because that is your coins and you ar in full control of it.

Quote

Although people can pay in any way, will Bitcoin be your first choice?

at least you know that bitcoin is a currency right? and this is a must to spend and circulate?

Quote

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.

that is your opinion then let it be, but don't ask me to deal with yours because i know what to do and use of bitcoin.

bitcub

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Actually you can play swing trade with your current Bitcoin holdings with your life expenses. For example, if Bitcoin reached major resistance that may cause Bitcoin to have a huge correction, then sell Bitcoin and use it for your life expenses. If Bitcoin is approaching to go up. Then buy Bitcoin using your salary.

Quote from: Arvin01 on August 10, 2021, 02:20:33 AM

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.

Zedpastin

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Quote from: mk4 on August 10, 2021, 04:32:51 AM

It's highly unlikely for any altcoin to overtake Bitcoin in terms of payments and or SoV entirely. Right now, obviously it would make some sense to use alts because not all platforms support Lightning, but in the long term? I think bitcoin wins by winner-takes-most.

Hopefully at least that would reduce the amount of scams in the altcoin sector but at the moment it is definitely better to use altcoins for micro transactions because of the fees that Bitcoin has. Lightning is exciting but compatibility with platforms is a problem but hopefully as you say that will get better over time.

anotherdayyyy

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I hoard Bitcoin out of curiosity and belief. I think the creation of Bitcoin, the tycoon in crypto world, a miracle. I put some Bitcoin in my wallet and see what would happen in then years, like a magic! yes, another factor is for value storage. Bitcoin might become the anchor of value, way more reliable and convincing than USD and gold for its scarcity and consensus.
hoard it and hold it. Cool

Timelord2067

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Quote from: mk4 on August 10, 2021, 04:32:51 AM

It's highly unlikely for any altcoin to overtake Bitcoin in terms of payments and or SoV entirely. Right now, obviously it would make some sense to use alts because not all platforms support Lightning, but in the long term? I think bitcoin wins by winner-takes-most.

Perhaps not in the value of each coin, however, in the total transactions made I think alts such as Ether will overtake bitcoin given the tokens such as ERC-20 are tied to ETH for their "gas" / transaction fees. If those tokens migrate away from ETH, then ETH (and similar) would loose all relevance leaving bitcoin to take the lions share of daily transactions.

mk4

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Quote from: Zedpastin on August 10, 2021, 04:11:51 AM

Bitcoin is to valuable which means people do not like to use it as a currency and instead like to hodl it for long term gains. I think Altcoins are the future of micro transactions and Bitcoin will be used as a reserve currency.

It's highly unlikely for any altcoin to overtake Bitcoin in terms of payments and or SoV entirely. Right now, obviously it would make some sense to use alts because not all platforms support Lightning, but in the long term? I think bitcoin wins by winner-takes-most.

Timelord2067

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Hoarding bitcoins is not the best way to help the crypto economy flourish. It may be beneficial in the short term to help drive up the price by taking those coins out of circulation, but eventually, you will want to cash out. If there is a sudden downward plunge causing people to dump their bags, then it will cause a rut no different to any stock exchange commodity.

People should allow the price to creep up slowly over time through ever increasing use and acceptance.

Zedpastin

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Bitcoin is to valuable which means people do not like to use it as a currency and instead like to hodl it for long term gains. I think Altcoins are the future of micro transactions and Bitcoin will be used as a reserve currency.

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