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indeed there are some countries that really crack down on bitcoin actors both sellers, buyers, and depositors. This crackdown is evidenced by laws and laws governing the official circulation of cryptocurrency in that country. In a country like this, bitcoin is like a drug, which is forbidden but still exists. In addition, there are also countries that only commemorate the dangers of bitcoin and other cryptocurrency and claim to not be responsible for any losses incurred. However, other bitcoins and cryptocurrencies still maintain their existence to this day.
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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?
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. |
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Litecoin is faster, monero is more private, ETH has smart contracts and there are much more altcoin with much more features, even Bitcoin Cash is faster than Bitcoin, but BTC keeps rising much faster.
Don't you think it's just because of the name?
I will take the smartphone as a parable, for example smartphone with the brand of Apple is the most widely used smartphone by the residents. Later, another smartphone emerged that offers more features than the apple smartphone and the price is half the price of apple smartphones . But this is not so much affect on smara tphone sales because people who put quality is still more than people who only see the features and low prices. As with bitcoin and other cryptocurrencies, it's just a matter of trust not just brands. |
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the current price has shown a good sign, where bitcoin has risen by about 20% since the lowest or bottom. Bitcoin needs to break the resistance at $ 8500 point to be confirmed as a bull market sign in the short term, though to record the all-time high can be very difficult in the near month.
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let me remind you of this, that this is not the first time bitcoin has crashed very significantly and its not the worst of all crash. (correct me if i'm wrong) Based on bitcoin history, crashes occur on:
2011 jun- Nov: -97%---> From $ 32 to $ 2
2012 jan - Aug: -36%---> From from $ 7 to $ 4
2013 Mar 6 -11: -25%---> From $ 49 to $ 36
2013 Apr 10: -79%---> From $ 266 to $ 54
2014 Feb 24: -49%---> From $ 867 to $ 439
2017 jun 11-16: -36%---> From $ 3,000 to $ 1.869
2017 Sept 2-15: -40%---> From $ 5,000 to $ 2,972
2018 Jan 17: -48%---> From $ 19,783 to $ 9,496
if you look at the list above, what do you think is suitable for bitcoin other than bubble coin? " Economists use the term" bubble "to escalate extreme asset prices on the basis of expectations of future price increases and without the support of economic fundamentals, and usually followed by the contrary reality of expectations, and the drop in prices." Maybe it could be said that one of the reasons why people think like that. But there are also people who take advantage of this bitcoin condition and take a huge profit from it. |
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So far there are many concerns regarding on bitcoin advantage. I have read a lot of it here in our forum. Thus really make sense why should we invest in bitcoin? Well i know that you can add up more when comes to the advantage of investing bitcoin from the other members as well. In fact i get a lot of idea from them from reading and reading from their post. Thus includes bitcoin as a form of savings highlights the best idea on investing bitcoin which could be later use as for emergency needs also. So how it will work? Well i have some extra money from my salary so instead of putting it to my piggy bank i will invest it here in cryptocurrency though it is not that big yet it could be consider as savings. From time to time as other members done like holding and selling it in the right time will do also. So it will be savings plus profit and that could also be use for emergency needs and easier to get or convert it to money for emergency uses unlike lending money from banks that will cater 2-3days process before you get your money. So this is the best idea i guess. How about you?Could you consider this thoughts?
what if you get this condition: you buy bitcoin with your excess salary when the bitcoin price is still $ 15k. when you need sudden funds, bitcoin prices are down at $ 6k. Your sizable amount of savings drops by more than half and you need it. If you can accept something like this, please do so. Or you buy it gradually every week or every month at a different price and have a note, so when you need it you will just dilute the bitcoin you buy at a price lower than the current price. |
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I will take a cigarette parable in my country. Cigarettes have been banned and law enforced in my country, even the packs have been installed that "cigarettes kill you". But the fact is that more and more people are consuming even under age. This is an unstoppable thing, just like bitcoin, all because the users themselves think bitcoin is a very promising investment.
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we need to know that FUD is created for a particular purpose, good or bad, depending on how the cryptocurrency users respond. If causing massive sells in general, that means the impact is bad, but if otherwise, it means that the resulting impact is good although very rare FUD produce a good impact.
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when the price has gone up, you'll be late for the boat, and when the price will go down, you're too late to get off the boat. that's cryptocurrency.
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I would agree if it is called the cryptocurrency class, where there is a discussion of cryptocurrency technology in general and broad not only about bitcoin. This is an advance that can help the development of this technology because young people are able to study it officially. It would be great if the countries with the world's largest bitcoin adopters come to emulate this positive thing.
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Look at the charts from the start and you'll see that we're still at an uptrend compared to most of last year.
People always look at the short term charts. Main point of importance is that the recent noobs complaining about the current price have bought near peak levels, and have constantly seen the price go down, which pretty much explains why they don't care about what happened in the past. The only market they care about is the one after they entered, and for them, even though if you don't sell you don't lose anything, it feels like a major loss. I figured that out after thinking through why noobs don't care about what the market did in the past, and this is what I consider to be the main reason. It makes sense as well if you think logically.... agree, most people are concerned only with their own assets, so it's no wonder that the current market conditions are the main benchmark for them whether the investment is profitable or not. They do not look at people who have bought bitcoin when under $ 1k because in general people who buy the price can still smile broadly despite the current market conditions. So the conclusion is true, people who buy at the peak price will be more concerned with the price after they open a position regardless of the previous history. |
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there is still a lot of people want to taking advantage and make some bad news for bitcoin
it really bad for bitcoin to getting exist and to make people getting to know it
every good thing will having a dark shadow following it
Its not, people affected by this kind of news are only those who can be said to be a layman in the world of cryptocurrency, trusting me that this news will not be a big deal to bitcoin prices, in fact, today the bitcoin price is seen having a $ 1000 movement in just a short time. I think we just need to focus on the bulls we will face and get rid of the unfriendly news. |
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the Philippines is not a country known as the largest bitcoin adopter or country with the most ICO products so that the bitcoin reputation in the country will not impact global bitcoin, it may only impact the country alone, even if the impact is not great. Of course, there are many unscrupulous people who have suffered losses due to the rampant fraud in this technology, therefore, learning is very important before deciding to go into the world of cryptocurrency, because here is a nest of risk.
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What are your sources about that statement? I don’t think Muslims are prohibited by investing on bitcoin. There is no direct meaning that bitcoin is a gamble. There is a big difference between spending your time in casino than holding your bitcoin until it increases. Muslims and some religious people are prohibited in gambling but not in bitcoin because it is not gambling.
You are right. When referring to the time of the Prophet first, there is also a currency trading, which is a dinar and dirham. As long as it does not violate the law of commerce then it is "halal". Well you have nice point of view, it is true that bitcoin has a lot of feature which has different functions but bitcoin itself is not haram, if you use bitcoin by job but not to waste your money to earn without lose. price of bitcoin use to change but we will have to earn halal from bitcoin don’t use bitcoin as gambling you can use bitcoin as job for earning, join signature campaign and bounty campaign at the same time you can use bitcoin for buying goods and for shopping purpose. agree, this is what I mean from the beginning and very few people understand. Good or bad the bitcoin depends on how we get it and how we use it based on the actual function of the bitcoin itself. When we get it from work, it means it's good or lawful, then we use it to buy things as needed, it's also the right thing to do. Another case if used for negative things that can cause losses. |
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the falling price of bitcoin also teaches us some very important things, that there is nothing that can be achieved instantly and life is like a wheel that is spinning, sometimes we are above, sometimes we are also under. All it takes is a belief to live it with perseverance and patience. It's just a matter of time until the wheel turns and we go back upstairs.
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It is quite understandable that banks will lose profits. Banks are extremely profitable from the collection of fees. Bitcoin uses faster technology so the fees are much cheaper than banks
The main reason behind this is once bitcoin accepted by the country it will dominate the local fiat. There is no value for local currency. People only use the bitcoin not local currency. Because the value of bitcoin is more than that of fiat. And another thing is tax problem still there is no tax for bitcoin. So it will affect the country's economy. That's why banks are not allow bitcoin. it would be great if something is not the purpose of creating bitcoin to be a real thing. Bitcoin will dominate the local currency? While bitcoin is only a protocol aimed at changing the way people transact between people, between cities and even between countries without any difference in cost. It is not easy to change the means of payment in a country, it will have an impact on the local and global economy. |
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there are still many aspects that can be done by banking to face this era of cryptocurrency. Among other things is the function of retail and microloans that can support businesses such as mining bitcoin and so on. Rather than being afraid of technological developments that we cannot be dammed, it's a good idea to use it as a new land for them.
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Actually, not just bitcoins that can be manipulated, stocks, gold, oil and other prices can be manipulated. The question is who can manipulate it? This is a very common secret that will continue to be a secret. That some people believe that there are certain groups that have influence in the world and have the ability to manipulate anything. Bitcoin is not a big thing for them because its total market cap is still far below gold.
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even I want to convince you to buy top 3 coins based on coinmarketcap ( Bitcoin: $130,626,867,312 Mcap, Ethereum: $45,538,886,063 Mcap, Ripple: $21,402,178,032 Mcap). All three have a realistic and very promising future prospect. I do not recommend keeping all balls in one basket and keep in mind that cryptocurrency investments are a very risky type of investment.
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When I write this post, bitcoin looks to move to the point of $ 7700 after a few days stay in the range of $ 6k. If this continues, then this could be the trigger for the return of prices above $ 10k. Although the possibility is very small to see the new ATH in the near future, at least Bitcoin can maintain a positive trend first, in order to re-build investor enthusiasm.
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