HODL mentality destroys the currency aspect of Bitcoin

[BUK2016]

Well, your submission is not far from the truth and that is the only factor that will help grow the market value of bitcoin not doubt.

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[komjhq]

Well, your submission is not far from the truth and that is the only factor that will help grow the market value of bitcoin not doubt.

I think that only positive information movement around Bitcoin can increase the demand for this coin, and it is tantamount to increasing its price. Well, while the popularity of Bitcoin is below the level, When it was back in 2017.

[mostcrack]

It seems like only a small fraction of bitcoins as well as other cryptocurrencies gets earned while the vast majority of the coins are bought. But when people buy coins, they obviously aim exclusively at selling them later at a higher price, which is what speculation basically consists in because it makes no economic sense to buy a cryptocurrency to spend it on goods when people can easily spend fiat instead. However, if the price goes down, people aren't going to spend their coins either. And whenever someone complains about prices going down, the only reply they receive is just to hold to their precious bitcoins, no matter what the price could or would be. I have yet to meet anyone telling these bag holders to spend their stashes on something useful.

Apparently, the HODL mentality kills the currency aspect of Bitcoin.

Exactly, people tend to hold their coins when the price is very low and if there is a very high rise, they will sell it on a large scale and continue like that, and there more precisely people are crazy about it very much money.
for me it will not be used as a legitimate payment tool to buy my favorite items with bitcoin, more precisely to invest only, for the real world there is Fiat.

[galkinn]

It seems like only a small fraction of bitcoins as well as other cryptocurrencies gets earned while the vast majority of the coins are bought. But when people buy coins, they obviously aim exclusively at selling them later at a higher price, which is what speculation basically consists in because it makes no economic sense to buy a cryptocurrency to spend it on goods when people can easily spend fiat instead. However, if the price goes down, people aren't going to spend their coins either. And whenever someone complains about prices going down, the only reply they receive is just to hold to their precious bitcoins, no matter what the price could or would be. I have yet to meet anyone telling these bag holders to spend their stashes on something useful.

Apparently, the HODL mentality kills the currency aspect of Bitcoin.

Currently, everyone wants to be paid in bitcoins only but does not to spend his bitcoins. This will never result in mass adoption.

[ged00u]

It seems like only a small fraction of bitcoins as well as other cryptocurrencies gets earned while the vast majority of the coins are bought. But when people buy coins, they obviously aim exclusively at selling them later at a higher price, which is what speculation basically consists in because it makes no economic sense to buy a cryptocurrency to spend it on goods when people can easily spend fiat instead. However, if the price goes down, people aren't going to spend their coins either. And whenever someone complains about prices going down, the only reply they receive is just to hold to their precious bitcoins, no matter what the price could or would be. I have yet to meet anyone telling these bag holders to spend their stashes on something useful.

Apparently, the HODL mentality kills the currency aspect of Bitcoin.

Currently, everyone wants to be paid in bitcoins only but does not to spend his bitcoins. This will never result in mass adoption.

It is hard to spend our bitcoin due to the high fee. No one wants to pay $20 fee for a $2 coffee. Bitcoin is good for us because it brings us new technology such as the blockchain. But it is hard to use bitcoin as a method of payment. Just like gold. YOu can not use it anywhere but you can still hold gold for a long term profit

[Netnox]

I am not much bothered about it. Hardly anyone use Bitcoin as a currency now. For all practical purpose, it has become an investment asset. And in my opinion, it is not a bad thing at all.

[pixie85]

I am not much bothered about it. Hardly anyone use Bitcoin as a currency now. For all practical purpose, it has become an investment asset. And in my opinion, it is not a bad thing at all.

Correct. Bitcoin wasn't made to be a payment system. It has many purposes and one of them is the store of value, much like gold. Why don't people ramble about gold not being used in stores. Almost everyone buy gold and hold it in a safe or a deposit box. Does this mentality destroy gold?
Sit and wait, maybe one day the currency aspect will mean something.

[fanbeila]

It seems like only a small fraction of bitcoins as well as other cryptocurrencies gets earned while the vast majority of the coins are bought. But when people buy coins, they obviously aim exclusively at selling them later at a higher price, which is what speculation basically consists in because it makes no economic sense to buy a cryptocurrency to spend it on goods when people can easily spend fiat instead. However, if the price goes down, people aren't going to spend their coins either. And whenever someone complains about prices going down, the only reply they receive is just to hold to their precious bitcoins, no matter what the price could or would be. I have yet to meet anyone telling these bag holders to spend their stashes on something useful.

Apparently, the HODL mentality kills the currency aspect of Bitcoin.

You are right.But we should also take in to consideration that the slower confirmation of transactions also caused bitcoin not to get used in the mainstream of payment.Now bitcoin has almost become as a main investment due to the ROI and chances for bitcoin to be spent has become very less in the future.

[Procopiogamscrypto]

It seems like only a small fraction of bitcoins as well as other cryptocurrencies gets earned while the vast majority of the coins are bought. But when people buy coins, they obviously aim exclusively at selling them later at a higher price, which is what speculation basically consists in because it makes no economic sense to buy a cryptocurrency to spend it on goods when people can easily spend fiat instead. However, if the price goes down, people aren't going to spend their coins either. And whenever someone complains about prices going down, the only reply they receive is just to hold to their precious bitcoins, no matter what the price could or would be. I have yet to meet anyone telling these bag holders to spend their stashes on something useful.

Apparently, the HODL mentality kills the currency aspect of Bitcoin.

 I agree on what you  are saying,  we're always screaming that bitcoin  will  be  on the mainstream, mass adoption and others but we are not  doing  what satoshi wants in inventing this blockchain, to make it happen , a continuous using bitcoin  might open more establishment  to accept and will  surely  increase the demands which eventually the prlce will follow.

[LastJedi]

No. I do not see it in this light.
Hodling is a good thing for bitcoin in a way.
It distributes more to the ecosystem in a way and keeps it health.
Like getting rid of the rotten apples to keep the crop still viral and growing.
In a sense.

[tweetbit]

Apparently, the HODL mentality kills the currency aspect of Bitcoin.

There’s no doubt that this is true and in reality i myself is spending bitcoin after holding it for a much higher price than how much it is cost me in buying. If this is the consequences of our action toward bitcoin, we can’t stop it because we are to greedy for profit and I’m guilty of it. If anyone who is not hypocrites enough that will tell that they’re not holding is a big fat lie.

[Kez1817]

It seems like only a small fraction of bitcoins as well as other cryptocurrencies gets earned while the vast majority of the coins are bought. But when people buy coins, they obviously aim exclusively at selling them later at a higher price, which is what speculation basically consists in because it makes no economic sense to buy a cryptocurrency to spend it on goods when people can easily spend fiat instead. However, if the price goes down, people aren't going to spend their coins either. And whenever someone complains about prices going down, the only reply they receive is just to hold to their precious bitcoins, no matter what the price could or would be. I have yet to meet anyone telling these bag holders to spend their stashes on something useful.

Apparently, the HODL mentality kills the currency aspect of Bitcoin.

         Fiat are what we use daily because it can use easily to buy good or spend on the other things. Bitcoin is not the same with fiat money ,it always need an internet to make transactions,it is not tangible and basically bitcoin is good for investment and not for our daily use for our expenses. That's why when the bitcoin price drop just HOLD on if you want to earn more profit. It will not kill the currency aspect of bitcoin because bitcoin was created as digital currency and not offline currency. It design as an asset and the best online investment. The things make it valuable if the demand increase that't why we need to hold because if we are panic selling the demand decrease while the supply in the market increase.

[rosepetals]

It seems like only a small fraction of bitcoins as well as other cryptocurrencies gets earned while the vast majority of the coins are bought. But when people buy coins, they obviously aim exclusively at selling them later at a higher price, which is what speculation basically consists in because it makes no economic sense to buy a cryptocurrency to spend it on goods when people can easily spend fiat instead. However, if the price goes down, people aren't going to spend their coins either. And whenever someone complains about prices going down, the only reply they receive is just to hold to their precious bitcoins, no matter what the price could or would be. I have yet to meet anyone telling these bag holders to spend their stashes on something useful.

Apparently, the HODL mentality kills the currency aspect of Bitcoin.

Right mate bitcoin are more likely for hodl purposes,for long term investments and the concept of being a currency already loss to its purpose,there were less merchants accepts bitcoin in the whole world because not everyone knows and use it.People tend to sell or trade it rather that used it as a currency that is used to buy anything.Being comfortable in using fiat is what other people wants,some donot want to stay away from their comfort zone and fiat will remain as their currency.Others also were getting difficulties in accessing it due to the use of internet connection and not everyone can afford to have gadgets and personal computers that can be used in accesing the internet most espcially to those poor countries.

[Vohoanghiep]

I know your thinking is quite right. We only use Bitcoin for profit and hold, so it can not grow. Instead, if we use it as a real currency, it will grow. However, its value is too high, as well as not legalized in many countries, making it very difficult for us to use them.

[vasrasus]

I know your thinking is quite right. We only use Bitcoin for profit and hold, so it can not grow. Instead, if we use it as a real currency, it will grow. However, its value is too high, as well as not legalized in many countries, making it very difficult for us to use them.

And we were waiting for it's value to arise more by waiting for some whales or other country to get into it, as we know soon bitcoin will be adopted by many countries and will be use for many transactions and applications, and when that times happen. Bitcoin will be seems expensive to those who knew it 5years ago.

[leonair]

hoarding or HODL most of the things in this earth that is non-biodegradable(am I right w/ my term?) that keeps on demand are the main characteristic of a 'capitalism' so what can we do about this? I think nothing... but we can talk about it.

If I am a rich person and see an opportunity to make a profit that will make me 1000% or more than my initial investment, should I take it or think for other people's lives because it's unfair to them?
Does it make me a very bad person if I bought Bitcoin when the price of it is so low and hodl it until now?

Bitcoin is destroyed if we think it is.

[Best Dreams]

It seems like only a small fraction of bitcoins as well as other cryptocurrencies gets earned while the vast majority of the coins are bought. But when people buy coins, they obviously aim exclusively at selling them later at a higher price, which is what speculation basically consists in because it makes no economic sense to buy a cryptocurrency to spend it on goods when people can easily spend fiat instead. However, if the price goes down, people aren't going to spend their coins either. And whenever someone complains about prices going down, the only reply they receive is just to hold to their precious bitcoins, no matter what the price could or would be. I have yet to meet anyone telling these bag holders to spend their stashes on something useful.

Apparently, the HODL mentality kills the currency aspect of Bitcoin.

Yes, many people invested in bitcoin for various reasons, someone to save value, someone to make a profit. But the fact that people are holding bitcoin in the situation that is happening at the moment is nothing wrong. How do you act?

Bitcoin has multi way to invest and to hold, people are saving their future with bitcoin and they are earning high amount of profit from bitcoin this quarter of life, to hold bitcoin it is very important to holds for the long time so it will give you profit, people sell at low price at panic which cause very small profit but I am sure if they will maintain their level of mind they will end up their bitcoin with high amount of profit, so be positive and you will see your bitcoin growing and increasing gradually.

[Shenzou]

It seems like only a small fraction of bitcoins as well as other cryptocurrencies gets earned while the vast majority of the coins are bought. But when people buy coins, they obviously aim exclusively at selling them later at a higher price, which is what speculation basically consists in because it makes no economic sense to buy a cryptocurrency to spend it on goods when people can easily spend fiat instead. However, if the price goes down, people aren't going to spend their coins either. And whenever someone complains about prices going down, the only reply they receive is just to hold to their precious bitcoins, no matter what the price could or would be. I have yet to meet anyone telling these bag holders to spend their stashes on something useful.

Apparently, the HODL mentality kills the currency aspect of Bitcoin.

No doubt about that, holding is what this whole market is based on, and essentially it kills progression and development and slows investment into it and it is what made the prices really unstable, bitcoin was created to be spent as a currency but with this mentality it turned into more of an investments that people buy and save in hope of profit, but the more you think about it the more you realize that things happens for the best if people start selling it regularly there will be no constant demand on it and eventually it will affect its price.

[Birdiebig]

Holding is a strategy in business. That is the rule of war in the marketplace. There will be no coin really perfect to satisfy everyone in all respects. Bitcoin is a coin derived from a decentralized decentralized algorithm. No one will put the effort and the huge amount of money into mining for reasons of "destroying the monetary aspect"

[Palmerson]

Well, your submission is not far from the truth and that is the only factor that will help grow the market value of bitcoin not doubt.

Holding is one of the main purposes of bitcoin. I'm also attracted to the opportunity to keep my savings in bitcoins. I don't care about the price. I'm more interested in protecting my savings from inflation and from banks. We never know when a Bank could go broke and disappear with our money.