Topic: Why Hoard Bitcoin? (Read 683 times)

The price is lower than 70k but there is someone that still finds the current price high and they are not investing with this rate. There was a popular demand for 30k and there are even people want the price to dip back at 10k, this one is more crazier and I don't know if that is now possible now that there is already a strong support for bitcoin on this era.

On the other hand, there are people that wants the opposite thing where they want bitcoin to pump at higher levels because these people have already bought before and maybe they simply miss the chance to sell at highs. We can be sincere only if we know that we pick up the right coin.

One thing you should understand @OP is that, hurdling of currencies isn't limited to only bitcoin or cryptocurrencies. Fiat too can be or is hurdled too. Just as new bitcoins are brought into existence by the activities of miners, so is the fiat notes brought into existence by the the Central Banks printing of notes. By simply printing more or less, it could lead to inflation or deflation within a nation.

Also, you don't get to see the value of a thing by making it so common or increased supply. Values are determined in cases of scarcity, when the demand supersedes its supply. Its a  simple demand and supply rule.

You can be rest assured bitcoin is been spent by most users when necessary and one of the reasons that accounts for bitcoin been hodl today by most users is that, bitcoin is yet to surface in the mainstream as needed. With many merchants yet to accept it for a means of exchange and government legalisation of the currency, its use case becomes difficult.
 
Again, bitcoin isn't just a currency and as such, linking it with fiat could be wrong. It serves more than one purpose and one of those is as an asset of real value. Just like the real estates, you don't buy and sell a property almost immediately. You wait for price appreciation or the industrialisation of a locality for the value to materialise and then you sell. With bitcoin still gaining popularity and acceptance around the world, it's real value is yet to materialise fully if ever and to make the most, one has got to hodl.

The best time to invest/hodl is now that the prize is low and since it once get to it ATH last year there's  every possibility for another reoccurrence this year as well breaking forth to over $70k before the end of this year, there is much anticipation on fear of missing out if one should invest and needed to sell as a result of other matters arising when the prize is already on a deep but to be sincere to holdl for an investment pays often than not.

This is exactly the right approach. The fact that "if it was 70k once, it could potentially be 70k again and it wouldn't be a surprise to anyone" is a reality. We all know that it will become 70k all over again, the only question is "when" and not will it happen or not.

This means that if you ignore when it will happen, or do not care how long it will take, you could potentially just focus on making as much profit as you can right now, and invest as much as you can, then wait for it to reach there. It could be 35k, it could be 45k, you could buy from any price and increase your holding of bitcoin, which will result with a good return in the long run when it becomes 70k.

So who says others need to know you're using btc to buy your stuff? Show me one single purchase you've ever made with Bitcoin that made others in your life curious.

Use PayPal, they'll send you emails which friends or bosses or colleagues might see. Use banks and you'll get mail every now and then your neighbours can steal or open or your parents can.

You're saying the entire world should wait for their country to make it legal tender? Only one country does. And you can bet they're watching their citizens since they got them to use a wallet they paid to develop. Talk about curious eyes.

Well, everyone who has been here knows exactly the purpose of having Bitcoin but those who don't understand this will certainly ask why? Why people are buying and holding which in fact this considered an alternative currency. Well, I appreciate it if those people who held their Bitcoin for many years understood the purpose of doing this. We think of returns but most of all, we help the faster adoption that holding isn't helping it, we instead use this to buy stuff and even to pay bills. In this way, many establishments will then be able to offer such payment options other than fiat.

Of course spending bitcoin would help, but what would help even more is people understanding what inflation is and why their money keep losing value year after year. If a lot of people have bitcoin then it's going to be easier for businesses etc to actually accept it.

It is precisely the essence of bitcoin, freedom.
We are free to choose its usefulness. Some buy to accumulate more. Others use it on P2P exchanges on a daily basis to make a living.
There are Freelancer who earn in bitcoin they will spend it for their needs and if they can save from their income simple hodl.
Blockchain developers every day create dapps to provide the best solutions to gain more crypto users and the day will come when bitcoin will be used by many everywhere.

all their bitcoiners are bitcoin-loving people, there's no way they can get in the way. use those bitcoins to invest and earn. the purpose of bitcoin is for financial freedom. everyone expects that, fiat is the ultimate goal of investing in bitcoin. I think the two have mutual equivalence.

The main reason for me to have BTC in accumulation mode is that since its last ATH was for almost $70ky this is something that gives the total motivation to accumulate all the necessary btc, and considering that BTC at any moment it can go up in price it is natural that there may be certain changes, either down or up, but at some point it will go up, and it is better to see BTC as an investment and at the same time as a savings, a savings that will give more privileges than a normal and traditional bank. At least I am sure that I will have a return greater than the 24% that a bank never gives annually.

Almost every country have got their teams creating CBDC. When it comes to CBDC, governments can control each and every activity happening within the network. The same isn't possible with bitcoin. Some countries prioritise bitcoin as reserve, but never intend to consider it a transaction asset. There were few CBDC projects in which few countries have got involved to make a common platform for cross border transaction between those countries. Another important reason for CBDC is to make taxation easier.

Bitcoin have got multiple usage access and the same makes it more of an investment and store of value than a medium of exchange. Even the common people aren't much into using it as a medium of exchange. The priority is for long term profiting.

I think we need to distinguish between the money we need for our daily lives and the money we want to invest in. Our salaries usually come monthly and are paid in Fiat money, most of our bills like energy, water, gas, fuel, food and car insurance are being paid in Fiat also. For such payments inflation is not really an issue, money comes in monthly and is being paid monthly. The problem is with money we invest in. In the past there were savings account which over like 2-4% interest per year, covering the inflation rate. But now we have interest rates of 0% and inflation of more than 2%. It makes no sense to save in Fiat. Better to go for long term crypto currency investments.

I have a strong feeling many governments will do their best to keep bitcoin from being the primary medium of exchange. Their efforts will be in the name of their future CBDC. They can't have a successful digital currency when bitcoin and its LN is processing the majority of the transactions.

I think that bitcoin remains a strong store of value for the foreseeable future. However, I am not sure how long it will take for the 'medium of exchange' use case to truly take hold.

To understand the functions of Bitcoin we must, first of all, know what Bitcoin is, and how it works.

Bitcoin is not just a currency for exchange but also an asset for holding this is why Bitcoin is referred to as the digital gold, in as much as we use Bitcoin to do our daily transactions if Bitcoin is held for a long time its value appreciate bit Bitcoin can never replace fiat currency and will only perform the alternative function.

It depends on your usage needs, buying and selling still happens every day with bitcoin.

Most people try to accumulate bitcoins for themselves instead of trading because they are saving for the future. Looking at bitcoin history, you will see that the value of bitcoin relative to fiat has increased thousands of times while fiat is still depreciating day by day. So the best way to increase wealth and protect it from increasing inflation holding bitcoin is a great idea.

Some would really be minding about circulation but majority would really be minding about long term recognition or adoption which some are really focused on.
Speaking of hoarding then this is usually pertaining about long term profits which we know that high chances that it could really happen basing off with the potential that it does have.
So its a persona preference whether you do hold or actively spend it on various things but it is just common sense that we do need to make more profits.

Well it does matter if everyone wants to hold or use it in a transaction, as long as bitcoin has gained mass adoption, the value could be increased and surely will get the benefit. This is because the investors want to hold for a value and to have profit, there are so many bitcoin hoarders who are waiting at the right time when they will have a profit. However, we have a right to whatever we do on our bitcoin, either you will choose to spend or to store value and it is up to you. But the chances of accumulating while it is cheap will perhaps you will be misled.

They hold Bitcoin not because they can't spend it and use it for purchasing goods and others but people are seeing this as a valuable asset like gold that is valued more in the future. If only possible that it was accepted as currency wherever we go, that possible people will use this then instead of fiat. But people never see it and it happens to see that the price is increasing making people consider that holding gives them more benefits over fiat where it surely depreciated.

Its because they see it as an investment and they believe that if they will hold some of it, it will yield them some profits.
Its kinda disappointing that Bitcoin sees by most of the investors as an investment rather than a currency but there is nothing we can do since its pretty obvious that Bitcoin is going upwards all throughout the whole 13 years of its existence.

Bitcoin right  now is more of a store of value rather than a currency (main purpose). Not many stores are accepting Bitcoin too that is why holders tend to just hold it maybe to give profit to them or to be used in the future to buy something.

We can stack money but its value can decline. It doesn't make sense to stack it but why not stack btc instead? because btc value cant depreciate but it only can become valuable in the long run and of course we shall spend our btc too sometimes because this is the true meaning of btc for spending but is there a hodler that hodl's forever and for what purpose they are doing it? there is some point of their lives that they will decide to sell their btc for profit or spend them on some item directly.

Spending btc can indeed help the adoption because others will get curious if you use your btc to buy stuff and they will use btc too later on but first we need to wait for our country to make btc as a legal tender.