StarKay (OP)
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Merit: 16
We All Can Make It
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April 10, 2018, 07:14:47 AM |
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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?
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Xester
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April 10, 2018, 07:24:05 AM |
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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?
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. |
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Wendigo
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April 10, 2018, 07:30:26 AM |
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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.
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patt0
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Betting Championship betking.io/sports-leaderboard
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April 10, 2018, 07:32:26 AM |
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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.
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StarKay (OP)
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Activity: 756
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We All Can Make It
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April 10, 2018, 07:35:22 AM |
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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. |
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layoutph
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April 10, 2018, 07:38:10 AM |
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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.
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Juggy777
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April 10, 2018, 07:40:28 AM |
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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.
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StarKay (OP)
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Activity: 756
Merit: 16
We All Can Make It
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April 10, 2018, 07:41:52 AM |
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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.
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. |
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metenjean
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April 10, 2018, 09:32:39 AM |
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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.
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akerner
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April 10, 2018, 09:38:25 AM |
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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
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mOgliE
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April 10, 2018, 09:48:12 AM |
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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!  |
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wndrbr3d
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April 10, 2018, 09:50:13 AM |
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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.
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21coin
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April 10, 2018, 09:52:10 AM |
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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. |
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Kokondao
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April 10, 2018, 09:54:18 AM |
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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.
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bullet007
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April 10, 2018, 09:59:35 AM |
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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.
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Infek
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April 10, 2018, 10:00:53 AM |
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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.
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supermine
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April 10, 2018, 10:09:54 AM |
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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.
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VitKoyn
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April 10, 2018, 10:14:24 AM |
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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?
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. |
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Coinoisseur
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April 10, 2018, 10:19:49 AM |
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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 |
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Kingofbitcoin12345
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April 10, 2018, 10:41:03 AM |
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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..
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