Why Hoard Bitcoin? - page 4. | Bitcointalksearch.org

Mpamaegbu

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Quote from: GiftedMAN on March 18, 2022, 01:47:20 AM

If Bitcoin is a better and higher currency than fiat, why then do bitcoiners hurdle it?
I think money is best used for buying and selling not hoarding, we get to see the value more when using it.
This my thoughts, wby?

First off, you should try proof reading your comment before posting so as to avoid preventable errors.

Now to your question; I believe people hodl (hoard, in your usage) Bitcoin because they believe it's an asset too in addition to being a means of payment. As an instrument that has proved over the years that it can appreciate, it makes it easy for people to key into it. To be honest with you, a lot of those who buy Bitcoin aren't buying it for its tech. They're actually buying it because of its ability to give them a nice ROI. That's why they "hoard" it

bitzizzix

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Hoarding doesn't mean not using it and maybe only a small part and they are long term holders, bitcoin can be treated like fiat like you save when you have extra cash on a regular basis and you will also use it when you really need it. And it's like bitcoin, you buy it with extra money and you will also use it when you need it.
it's just that bitcoin is much better than fiat in terms of security and if the price of bitcoin goes up you make a profit, and there are many other advantages of bitcoin.

GiftedMAN

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Quote from: Pmalek on March 18, 2022, 04:33:39 AM

If you look at the historical value of Bitcoin, you will notice that in the long term, it becomes more and more valuable. It's very simple. If you have 100 units of paper notes (doesn't matter if its USD, EUR or something else), you are more likely to spend those. Why? Because next year or 10 years from now, the value of those notes will depreciate. That item that you bought for 100 units now costs 120 or more. With Bitcoin, it's the opposite. Something that cost 1 BTC years ago, now only costs 0.01 BTC. People are holding their coins because they are speculating that this trend will continue.

But there are also those who don't think like that at all and tend to use their bitcoins as currency whenever and wherever they can.

Thanks@Pmalek for the comprehensive explanations I now have a better understanding of the reasons why people spend fiat currencies then hurdle bitcoin.

Wexnident

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It's kind of like saving up fiat? But this time with Bitcoin. I mean, I'm pretty sure you don't tell someone that's saving up that they're "hoarding" their fiat money no? Plus considering it from a long-term perspective, hodling in Bitcoin is a lot better than letting it sit as fiat. You're still saving either way. There's also the issue of not much merchants accept Bitcoin, and even if they do, they're mostly bigwigs and not the general merchants that we transact with everyday.

kryptqnick

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You're right that money must be spent, not stored. But the problem is that most probably don't see Bitcoin as money. They see it as an asset, as something they can invest in or at least something they can use to store their wealth. It's hard not to do that when Bitcoin is consistently growing in value over time, and when it's also attractive for traders due to its volatility. Also, spending Bitcoin directly is almost impossible for most purposes, so one usually needs to resort to selling it for fiat, one way or another, which reinforces the idea of Bitcoin not really being money. But, over time, as more options become available to spend Bitcoin, it can become viewed as money.

Questat

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Quote from: GiftedMAN on March 18, 2022, 01:47:20 AM

If Bitcoin is a better and higher currency than fiat, why then do bitcoiners hurdle it?
I think money is best used for buying and selling not hoarding, we get to see the value more when using it.
This my thoughts, wby?

Not everyone is Hoarding bitcoin, there are still a lot of transactions online happening now. Some are just hoarding it, or we call it "HODL" in crypto dialect because we believe that massive adoption will come in the future, and with the limited supply, the law of demand and supply will play, and that means profit for those who HODL.

GiftedMAN

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Quote from: Pmalek on March 18, 2022, 04:33:39 AM

If you look at the historical value of Bitcoin, you will notice that in the long term, it becomes more and more valuable. It's very simple. If you have 100 units of paper notes (doesn't matter if its USD, EUR or something else), you are more likely to spend those. Why? Because next year or 10 years from now, the value of those notes will depreciate. That item that you bought for 100 units now costs 120 or more. With Bitcoin, it's the opposite. Something that cost 1 BTC years ago, now only costs 0.01 BTC. People are holding their coins because they are speculating that this trend will continue.

But there are also those who don't think like that at all and tend to use their bitcoins as currency whenever and wherever they can.

I agree with what you said and I have gained more knowledge and better understanding about the reasons why so many people value Bitcoin and hurd it, I will rather spend the fiat currency I have than play with my Bitcoin knowing too well that my bitcoin will never lose value based on speculations. Thanks for the explanation.

Vaskiy

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Venezuela - 200,000
Zimbabwe - 161.8
Argentina - 54.8
Iran - 51.4
South Sudan - 48.0
Democratic Republic of the Congo - 41.5
Sudan - 32.4
Angola - 31.7
Libya - 28.0
Suriname - 25.5

Above is the list of highly inflated countries along with the percentage of annual inflation based on the data from Countries with highest inflation. I'm not sure how precise is the data. Almost every country have been suffering inflation. Some countries have managed to keep it stable.

When we talk about the inflation of bitcoin. It also have the inflation as the amount of supply increases with time. However the limited supply keeps the inflation to decrease further. Bitcoin is highly volatile, but it has proven record to be a store of value against different other investments. This is the reason why people hoard bitcoin than using it as a regular currency.

Sebas.tian

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Quote

If Bitcoin is a better and higher currency than fiat, why then do bitcoiners hurdle it?
I think money is best used for buying and selling not hoarding, we get to see the value more when using it.
This my thoughts, wby?

People hold bitcoin for future purpose which has been helping people to become richer in the community, compared to fiat money that is control by the government and manage by the government in the areas of pumping and dumping. Bitcoin is the best used to buy and sell if you don't want to hoard your bitcoin for long term, it will be easy for you to use them to buy goods and pay with your bitcoin. People have seen the value of bitcoin some years ago, that is giving them more confidence to be using bitcoin to purchase their products or accepting bitcoin as a payment in their businesses in the country. People prefer to move with bitcoin to buy food items from the market than moving with fiat money that will not make their mind rest in the market.

goldkingcoiner

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You say hoarding but its not really hoarding, is it? When it comes to money, that what you described is called "saving". Saving is smart. Hoarding is gathering up useless junk that you might one day need or not need. Its just being too attached to a thing to throw it away.

But again, this is money we are talking about. A new, upgraded and improved money. A third generation of money, you could say. So there is nothing wrong with saving up for when you need it.

Or do you consider the fiat you have in your bank as something you need to spend asap?

cr1776

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Using the word "Hoard" tells a lot about your mindset. Saving is a good thing. Investing is a good thing. Protecting yourself from crazy leaders around the world who don't like people being free to use their money as they see fit is a good thing. And no one knows what "bitcoiners do" - you are merely speculating.

Money is useful however each person wants to use it. That's the nature of a free ecosystem like bitcoin: A may not like what B is doing and B may not like what A is doing but it isn't A's business or B's business what someone else does. They each are free to use it as they see fit.

Quote from: GiftedMAN on March 18, 2022, 01:47:20 AM

If Bitcoin is a better and higher currency than fiat, why then do bitcoiners hurdle it?
I think money is best used for buying and selling not hoarding, we get to see the value more when using it.
This my thoughts, wby?

pooya87

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How do you even know what bitcoiners do? It is not like you asked every single one of us and we told you want we are doing! You just saw a small portion of the community and made a weak conclusion based on your limited vision.
If you try to expand your view and look at the whole picture you can see that there are all kinds of people using bitcoin for a lot of different things. What you can't do is tell how many people are in each category. But I promise you that there are a lot of people who see bitcoin as a tool to reach financial sovereignty.

As for why many people "hoard bitcoin", the reason is obvious because its price has been rising and it also has a lot of potential to keep on rising a lot more than this.

Uang_kartal

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if we speak better, this is true, what I feel is bitcoin is an asset, yes an asset is something that can be owned in a context such as property in such a physical condition, if this fiat is nominal, it is only a different function of the exchange rate, the asset changes The norms that are the opposite of fiat and decentralized, in my opinion, are not a hindrance, but supply and demand violate the laws of inflation if in the fiat world in any country, transaction density and flow of entry and exit of a price on any exchange
If indeed Peer to peer can be done in my opinion, I can do such transactions too

Marvelman

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Quote from: GiftedMAN on March 18, 2022, 01:47:20 AM

If Bitcoin is a better and higher currency than fiat, why then do bitcoiners hurdle it?
I think money is best used for buying and selling not hoarding, we get to see the value more when using it.
This my thoughts, wby?

Yeah, that's right, money is best used for what it's meant for, and that's putting food on the table and paying for things.
But the thing is, just like with fiat currencies, some people generate surplus income from their work that they do not need to spend, so they put it into various forms of savings to accumulate interest. Bitcoin does not pay interest, but unlike the dollar and most other fiat currencies, its value generally increases over time. This is why many people prefer to keep bitcoin rather than the dollar or other currencies.

Ryker1

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Quote from: GiftedMAN on March 18, 2022, 01:47:20 AM

If Bitcoin is a better and higher currency than fiat, why then do bitcoiners hurdle it?
I think money is best used for buying and selling not hoarding, we get to see the value more when using it.
This my thoughts, wby?

Well because holders store bitcoin to increase the value against dollar, each of us has free what to do on bitcoin, while others are hoarding and others are using it in trading, mode of payment, and investing. So regarding your question, it is up to you how do you will use bitcoin on your own. If storing value would make you happy to earn profit in bitcoin rather than using it as a mode of payment that is your own opinion. As long as many people embracing the beauty of bitcoin it will continuously increase.

hugeblack

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If you follow the return on investing (ROI) from Bitcoin, you will find that it varies with time.
Investing a thousand dollars in 2012 and keeping it for 5 years is more profitable than buying a thousand dollars in 2017 and selling today.

I heard a story about a man who found 500 bitcoins^[1] in his old computer, this man is going to sell most of them now but at the same moment it may be someone who bought 500 bitcoins two years ago and thinks the current price is too low to sell.

In any case, cryptocurrencies are receptive and can achieve gains or losses, but the only constant is that paper money loses its value over time, and there is nothing that guarantees you that value.

[1] https://www.reddit.com/r/Bitcoin/comments/tgon69/dont_forget_to_check_old_laptops_for_bitcoin/

Baofeng

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Quote from: GiftedMAN on March 18, 2022, 01:47:20 AM

If Bitcoin is a better and higher currency than fiat, why then do bitcoiners hurdle it?
I think money is best used for buying and selling not hoarding, we get to see the value more when using it.
This my thoughts, wby?

Really up to the individual, he/she can spend the bitcoin they had to whatever purpose it might served them.

But there are individuals who just want to save it and be a holder for long term. Because bitcoin's history tells us that it will grow overtime and your money is safe + it will multiply as well. So it becomes a store of value, and obviously we have speculators and traders as well who trade it just like an asset.

Pmalek

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If you look at the historical value of Bitcoin, you will notice that in the long term, it becomes more and more valuable. It's very simple. If you have 100 units of paper notes (doesn't matter if its USD, EUR or something else), you are more likely to spend those. Why? Because next year or 10 years from now, the value of those notes will depreciate. That item that you bought for 100 units now costs 120 or more. With Bitcoin, it's the opposite. Something that cost 1 BTC years ago, now only costs 0.01 BTC. People are holding their coins because they are speculating that this trend will continue.

But there are also those who don't think like that at all and tend to use their bitcoins as currency whenever and wherever they can.

worle1bm

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Quote from: GiftedMAN on March 18, 2022, 01:47:20 AM

If Bitcoin is a better and higher currency than fiat, why then do bitcoiners hurdle it?
I think money is best used for buying and selling not hoarding, we get to see the value more when using it.
This my thoughts, wby?

For people it has now become speculative asset that they are holding for the future benefits due to returns along with it.People have seen the prices rising now and want to hold it for long so they can also get profits that's why you see it this way.

It is for sure better then fiat and same way you are holding your fiat and having savings in them the people wants to hold btc but it's not inflationary.

TheNineClub

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Quote from: GiftedMAN on March 18, 2022, 01:47:20 AM

If Bitcoin is a better and higher currency than fiat, why then do bitcoiners hurdle it?
I think money is best used for buying and selling not hoarding, we get to see the value more when using it.
This my thoughts, wby?

Well, firstly, it's definitely not better than FIAT at this point if anything than for it not being as widely accessible as FIAT is. It might become that in the future, but it definitely is not there yet, so there could be the answer to why people hoard BTC, they are just waiting for it to become a regular paying method.

The second is that BTC is considered as a store of value like gold is, and people usually don't use it for transactions rather than storing and selling at an appropriate date as an investment. There are other coins that are much better suited for day-to-day transactions.

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