Bitcoin Forum

Reasons people Hodl:

1. Speculative purpose - due to the spike in the fiat value of Bitcoin over the years, some believes the best way to make money is just to buy and Hodl Bitcoin.
2. Security - Some see Bitcoin as a means of securing their hard earned money not necessarily to make more money; this is especially the case in developing countries especially Nigeria where the value of the Naira usually depreciates overtime.
So rather than leave your money in the bank and see the value depreciate, why not buy some Bitcoins ☺
3. Trend - In some cliques Hodling is the trending thing; if you're not Hodling you don't belong. It's driven by a sense of being part of the next big thing.
4. Love - Some love everything about Bitcoin and the technology behind it (Blockchain). You can't blame them they're rich!
5. Forced - This is my last point, they bought Bitcoin at a high Fiat price and can't afford to let go at a loss so what choice do they have? Hold On to Dear Life 😕
What other reasons do you know?

I have read your list and I also agree to those statements. My favorite part was number five, and this year there are many of those people who have bought bitcoin at the height of 20k$ and now bitcoin falls down to 6700$. For those who have patiently wait for the bitcoin to increase in value then there is a ray of light for them. But for those who panicked and sold their btc in a lower value they surely lost a big deal of money.

I have different opinions for points 2 & 4. Hodling Bitcoin instead of fiat is risky and the value of your coins may depreciate in the matter of hours. And if I loved Bitcoin so much I would use it everyday rather than watch it rot in a dusty wallet stashed somewhere.

Well, why not just hold because you believe in the concept and in it's potencial, and you are just holding until you can actually use them?
I can't say I don't agree with your reasons, because they all have a degree of truth in them, but you connect all of them to the fact that people want to be rich, but if you think about, there are a lot of bitcoin pioneers that are already rich, and you still see them holding. So dreaming of becoming rich can't really be a reason behind all of the others.

They belong to number 4, they loved everything about Bitcoin especially the decentralized system.

I am holding Bitcoin because it is a proven good investment option for me. I remember the time when I receive a $30usd worth of Bitcoin in exchange of my freelance design service at the price of $700usd. I forgot it, and noticed that my $30 grew into $90usd. Thats why I start getting serious in Bitcoin.

What about Smart? Sellable Marketable Art Robust Technology this is one of the reason I think people hodl onto bitcoins.

Bitcoins is the future and those that are opposing it shall fall down very soon, look at Japan always thinking ahead in the future and they shall benefit it a lot.

Returns that no other asset class can ever match it's just unbeatable and people know what's good for them.

Being hidden and no taxes from the government was always the best reason.

The fear of Bitcoin depreciating in a matter of hours has always been there but with the historical records of Bitcoin, they believe it is more valuable to Hodl Bitcoin than their local currency.

I don't really think security should be included in the list, if people want to secure their asset then they should hold gold rather than bitcoin because its an anti inflation investment and already proven while bitcoin hasn't proven yet as something that has high security since it can be hacked and it also has high volatility which is why it was categorize as a high risk investment.

While i do agreed with the term "forced" but to make it simple, i do agree people hold it because of fear of losing money now and also because its a high risk investment which can give high return that makes people become greedy and being forced to buy them whenever the price dropped.

reason #1 -  i have no time for trading. I have job and it's just my hobby
reason #2 -  i have no time for market analysis

Hi,

I think it is hard (or even impossible) to draw such a list..

Everyone can have his personnal rreason to hold... You can hold because you have forgotte you had bitcoin, you can hold because you hope for a huge profit later on, you can hold because you want to invest in ^ promising projects...

This is also what is interesting about bitcoin: it is a currency. It is hard to use it currently in the real world, but digitally, you can do whatever you want out of it. And that's great!  :)

I would had add the sixth reason: People are to lazy to study markets movements and mechanics. Then they just buy & hold BTC until price will go to the moon.

Probably the case for most of the bitcoin newbies. Most of the people new to the bitcoin scene are/were here because of the hype and haven't bothered to learn the market behind it.

My reason for holding back is to invest in the long term and hope to get the peak of the highest bubble So that it can get huge profits.

I think for today the fifth reason is basic. All just bought at very high prices, on time did not record a small loss and now hope for the best.

I think the most important reasons that people holding bitcoin, It is a belief that in the future it will bring them a much larger profit. Well, respectively, they believe in the technology itself blockchain.

Most of the people holding the bitcoin for its speculative purpose not for its technology or for the future use.Everyone think bitcoin is an money making tool in short term so they buy the bitcoin now and hoping for the price to increase and later they will sell them.But it is not the main purpose of bitcoin,bitcoin has given as the freedom to use money so we need to support bitcoin to reach its goal,if we use it as bump and dump coins,it will never reach its goal.

I have to agree with this list, people have different reasons why they keep holding their Bitcoin. What I think the most common reason why people are holding is #1 and #5, most of us keep holding even the price dropped a lot, is because we believe that the price of Bitcoin can still recover and possibly hit an new all time high, but some people are also stuck because they entered the market when it was on it highest price, so they have no choice but to hold an wait for the next bull run. The most least reason is #4, some people are just pretending that they love the technology behind Bitcoin but the truth is most are just here to make money.

People hodling it because after they heared about peopel made 100-300x profit profit crypto they just boguht crypto and thinking they could make same as before :)

I do agree on 4 out of 5,, subjectively on what you think is the reasons of most HODLERs.. But #4 phrase,, “you can’t blame them they’re rich” is logically untrue.. I am not rich and most investors who started hodling are not financially stable.. They just TRUST it because bitcoin show positive future for them and for their family..

In my opinion,, many are protesting against the government and our corrupt financial system that’s why it is their way of telling them on stopping and change or we stay away and you won’t profit from us..

I can agree that you named all important reasons why people hold BTC,and at this point I can not think of any other reason to add it to this list.I would say most people hold because speculative purpose and security,what's in a way connected.The idea of cryptocurrency itself is very tempting and fits perfectly in the digital age we live in.No one should blame anyone because he wants to realize his dreams,and if BTC is the path that leads to that, we can choose any of the reasons which you mentioned-"Success is not a destination, but the road that you're on"

I agree with your explanations. You have a lot of reassons that perhaps same of you are doing a good way of dealing with bitcoin today is what or the most effective way in which you are not inferior to the fact  that you can be a strategy so that you will not mislead it untill eventually. Let's just look at the most effective way and knoledge especially in the trend of tradings that we will make us to earn a good profits on this even if in the short terms method or in a long term.

I agree on your list but we are all sure there is just one right reason and that is the hodlgang. The hodlgang stays strong in all cases and we will hodl4ever

Most people withhold the bitcoin usually they are investors who intend long-term investments, and they expect at a very high price to sell, with huge profits.

Thank you Sir for finding my post meritable, Bitcoin has actually made many people's dream to come true and given others hope.
This is a Digital age and Bitcoin is the King of Digital currency.

Well, that pretty much sums it up for me. Those are the only reasons that I can think of as to why people hold and accumulate as much bitcoins as they can. But in my case though, I only have the reasons 1, 2 and 4. And the main reason I have would be the number 4(although I am not rich) because I have first seen bitcoins on the deep web and got curious. I though it was cool so I searched more about it and have found an article stating its history and and technology. I then on that very moment became a fan and went through cloud mining sites faucets and so much more just to earn as much and then reached this forum. I then learned reading through various threads in different sections that there are a lot of crypto currencies and not just bitcoins, ethereum and doge. I also learned number 2 here and that I can earn more working on bounties than faucets which is why I started working and investing little by little altogether.

I am in the favor of remain "Hold on' as long as possible as I think the whole world is realizing the importance of the cryptocurrencies as the world is bending towards the digital behavior from every angle. The money market will also be a completely digital market soon. Are you in the favor of digital world?

There are so many reasons to handle bitcoin, one bitcoin is more trustworthy than others, bitcoin because you can actually say he is different, and it's more helpful to people.

from the list you mentioned, I assume that it only has a small percentage of the cause of people holding their bitcoins. While the biggest factor in my opinion is the confidence in the future of bitcoin will be glorious and think that bitcoin prices will continue to increase even though not through a smooth road. But it can all be easily ignored with a very high confidence in the future of bitcoin.