In a few months, it would be ten years since the first transaction was made on the bitcoin blockchain by Satoshi Nakamoto (whoever he, she or they are). A decade down the road, bitcoin has grown in many aspects, adoption, value, circulation. And with just a couple of bitcoin yet to be mined, we are entering a new phase. And we might only have a few of the early adopters left in the bitcoin space, some bought a couple of pizzas and some cashed out during the series of pumps we have had over the years, some also panic sold during dumps.
What motivates you to Hodl?
Hodling or more conventionally put, long-term investment has always been a part of financial and commercial investments. And people were quick to identify the potential of profits in cryptocurrency due to the high volatility. And it was accepted it as a digital asset.
Hodling in such a space which is prone to wide sudden fluctuations is easier said than done. The emotional strain. One of my biggest motivation to Hodl is recognizing that bitcoin is not a pump and dump scheme, this for me is the most important motivation to hold. And you would be less bothered by intermittent value drops and rises.
If you are into bitcoin for the product and not profit, then you would be less interested in the profits and more interested in its increased adoption and application. Then you can view it as national currencies, which have value based on what it can purchase, but bitcoin has more applications as it is built on the blockchain technology.
Some can stay away from active participation, and it is possible to combine trading and hodling.
- A trader can also be a hodler. You have to set out your priorities and set aside a portion of your capital. If you're trading the same currency, (eg bitcoin), it would help to have a seperate wallet where you store you frozen assets and those available for trade.
Of course you should have disciplined yourself and learnt how to control your emotions and whims, otherwise you can't Hodl successfully.
What do you hope for the future?
This currency still has a long way to go, and of course we all look forward to a day where bitcoin would be an accepted global currency, that can be used to make purchases both online and offline. I lean more to online, as the world is going digital.
Increased adoption would also be helpful to governments and the citizenry, especially in developing countries, like Nigeria. And we are sure to discover other applications of the blockchain technology, as the qualities of transparency and decentralizatiom would be invaluable in those states.
What's your biggest fear?
Centralization. Bitcoin was created to be an alternative to the conventional banking sector. And to give it's users freedom and control, complete control. I fear a day where we would Los that control to governments and banks.
And I don't think global regulation is imperative for mass adoption.
The system was well designed to function without any control or supervision. And it's users need not to trust any human factor but the technology, the bitcoin technology.
