Are people giving up on Bitcoin too quickly?

[BrewMaster]

Don't be too surprised.

In 2017 when bitcoin was going up, a lot of people were overly bullish over it regardless if they know what bitcoin is for in the first place or not. And when bitcoin was in a downtrend, a lot of them called it a scam, or a failed project. Why? The human emotion is a wonderful wonderful thing. It's pretty much similar to the stock market too! When a company's stock is growing in price, it's easy for people to assume that it's going to be successful. But when it's falling? "Meh, that company sucks anyway".

it is because "a lot" is subjective. we may see 10 topics a day calling bitcoin "failed" per day but that doesn't represent anything. the reason why bitcoin still continues to rise is because all those who think this silly are only a small percentage of the entire bitcoin community. and more importantly they don't last that long, sooner or later they hand over their portion of this scarce currency to the rest of us and go away.

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[seoincorporation]

Bitcoin and cryptos are about patience... People say that we have to hold 5 years to see our money having a turbo bump, but not anyone has the patience to hold that long. Some of them think that they will become rich in a couple of months just by buying bitcoin and that's possible but they need a lot of luck with it. That's why we need to promote the Holding culture!

[wanted sliter]

Give up bitcoin's technical development? I still see bitcoin's source code is updated regularly.
We need to see that bitcoin is hard to innovate, but I believe it will soon adopt something to be the top currency as people expect it to be paid daily.
I only noticed that bitcoin investors were impatient when bitcoin dropped and they quickly left. As always, there are sellers, there will be buyers.
Bitcoin is at a pretty good price point and is stable for many days. I don't think bitcoin will depreciate in the future.

[dimonstration]

I assume this is the same people who doesn't think Bitcoin as a currency, instead they think Bitcoin is a tool or an asset that could make them rich quicker than being a hard worker in their respective day jobs.
Well, they are part of the adoption, but with different perspective. Sad to say, there might be not half of Bitcoin users who truly supports Bitcoin in general.
Bitcoin is already a currency, people just don't use it as it is, most of us have considered it as a store of value.

Since many people experienced it as a investment when the price surge before and only few ways to use it were applicable that makes it less popular as a currency. Up to now there are only few stores that accepts crypto or bitcoin unlike the normal fiat that are used as currency by many countries, cry2and bitcoin needs more time for adoption, some people or country only just noticed crypto just now due to Pandemic so there's no way that many will just give up their holdings and it's developments.

[Asuspawer09]

I have been reading many posts that show signs to be that people are giving up on Bitcoin's technical development to become an actual currency, and also shows signs to be ready to sell after the next surge to ATH.

I believe it's too soon. Bitcoin's benefit for improvement outweighs the cost in my opinion.

HODL!

Im sure that a lot of people or investors in bitcoin still believed that the time will come when the bitcoin market price is going to reach and surpass its ATH.

The numbers of bitcoin holders continue to increase over the past years if you're going to check the statistics, so I don't think people are losing hope in bitcoin as there are still a lot of investors that until today is holding their bitcoin believing that bitcoin is going to surpass its ATH soon. The hype in bitcoin is gonna go up and down depending on the market value of it so its already expected, every news about it could affect the value a lot.

In a lot of cases, we cannot really blame all of the people who sell their bitcoin investment earlier since the world is experiencing a pandemic and a lot of people do not have a job, people need money so that they could buy food for their family. If your aiming for a high profit it would need long-term investment and most of the time its not worth it to hold on to your bitcoin if you're really in an emergency situation, not every people can invest and sustain their need without thinking about their investment for a long time. A lot of investors are always watching their investment for a possible sell for even a small profit will be enough.

[Reid]

IMHO, there will always be people like that.
I think in the cryptocurrency world, that cannot be erased most especially after the ICO hype.
It became all about the money.
Before, thoughts are how to spend it.
Now, it is way different. How to sell it and when for another currency.

[TedMosby]

I have been reading many posts that show signs to be that people are giving up on Bitcoin's technical development to become an actual currency, and also shows signs to be ready to sell after the next surge to ATH.

I believe it's too soon. Bitcoin's benefit for improvement outweighs the cost in my opinion.

HODL!

first, you should add links to the post that you are talking about. so, we won't be misled about this topic.

IMO, most bitcoin early adopter who indirectly involved with bitcoin development already made their own path.
they made their own crypto, startup, or other blockchain company. so, maybe it makes people think that bitcoin development is too slow.

but,

let say on this forum.
we regularly saw a new bitcoin project from a company or just a community project.
not to mention the crypto gambling site that launched and always promoting their service regularly on this forum.
it just a little example of bitcoin development as an actual currency (in general).

[Blackrain13]

I have been reading many posts that show signs to be that people are giving up on Bitcoin's technical development to become an actual currency, and also shows signs to be ready to sell after the next surge to ATH.

I believe it's too soon. Bitcoin's benefit for improvement outweighs the cost in my opinion.

HODL!

I think only those people that didn't really understand the nature of bitcoin will giving up easily because they are afraid to lose and they don't want to take the risk in investing in bitcoin. Bitcoin is just getting started the race, many improvement and development will be coming soon , I believe.

[serjent05]

It is usual to see people losing interest on something over time especially if their expectation is not met.  Others just simply gone tired and out of no reason give up on thing they used to be their interest.  As of the sell-off, it is a natural occurrence for Bitcoin and other cryptocurrencies.  Every trader wanted to take profit so whenever they see an opportunity to sell during surge, they will do it without hesitation.  This has been the cycle of anything in the market and Bitcoin is not an exemption.

[chaser15]

I have been reading many posts that show signs to be that people are giving up on Bitcoin's technical development to become an actual currency, and also shows signs to be ready to sell after the next surge to ATH.

Where are these posts? Forum? Facebook? Twitter?

Those post doesn't represent the whole sentiments of the crypto-people. Why such posts should be a big deal and generalized.

For an experienced user like us, we should already know what to do on that kind of crap, just IGNORED it. We have our own way to understand if some posts don't make sense or not.

[MCobian]

People who give up on Bitcoin are usually those who have HODL Bitcoin for a long time, without being able to get the desired profit.
To my knowledge most people view Bitcoin as just a digital asset, so they will sell their Bitcoin if they have managed to get a profit.
Then some people don't believe Bitcoin will become a currency like it's fiat, because indeed some countries prohibit Bitcoin as payment.
Moreover, the number of merchants who accept Bitcoin as payment is still very small in number, that's why make many people have
given up on Bitcoin to become actual currency.

[franky1]

people hoarding for 3-10 years dont care. hoarders for life

those that bought in 2018-19 were hoping for a quick flip due to halving. .. but now months on. no double prices so they are ready to get out at break even

those interested in the technical are seeing the big shift away from bitcoin growth and instead silly other network gateway growth. yep its me again and many others like me that can actually admit that devs have lost interest in bitcoin and now want to make millisat and offchain exchanging a thing.

im always going to hoard bitcoin. i bought at $6/coin so i got a lot of play in my margins to not care about the price swings day to day. but yea many long termers are peed off with the stagnation of innovation ONCHAIN that actually benefits ONCHAIN and not other offchain networks

[adzino]

People who give up on Bitcoin are usually those who have HODL Bitcoin for a long time, without being able to get the desired profit.
To my knowledge most people view Bitcoin as just a digital asset, so they will sell their Bitcoin if they have managed to get a profit.
Then some people don't believe Bitcoin will become a currency like it's fiat, because indeed some countries prohibit Bitcoin as payment.
Moreover, the number of merchants who accept Bitcoin as payment is still very small in number, that's why make many people have
given up on Bitcoin to become actual currency.

If they don't get their "desired" profit, then they haven't been holding it for long enough. I though those who were doing holding for short term and made a loss were the once that gave up on bitcoin and started to call it scam/ponzie scheme.
Well some do see it as a digit assets, but there are people that see it as a "currency" and use it for their daily transaction. The number of "physical" merchants that accept bitcoin is low, but there are tons of online shops that accepts bitcoin as a form of payment!

[semobo]

Not everyone who is selling their cryptos at it peak are not someone who lost their hope on cryptos they just want to take advantage of the condition and reaping their profits and surely people who made profits will buy them at the cheaper price so its going like a cycle as we all know.Only people who enters when the price was sruging at the one lost their hopes because they lost their money in no time.

[7788bitcoin]

I have been reading many posts that show signs to be that people are giving up on Bitcoin's technical development to become an actual currency, and also shows signs to be ready to sell after the next surge to ATH.

I believe it's too soon. Bitcoin's benefit for improvement outweighs the cost in my opinion.

You cannot blame the investor for that, if they think that the technical development is slowing down to actually view it as a currency you cannot blame them and you will see many investors booking their profit during the next surge. Even in the past few months there are institutional investments investing heavily into bitcoin thinking that they could profit from the next rally and if every big investors have this idea i always wonder how deep the crash could be after the rally.

Despite all these you will see all these investors coming back once again expecting once again for a rally and it is going to be a cyclic process .

[harizen]

I have been reading many posts that show signs to be that people are giving up on Bitcoin's technical development to become an actual currency, and also shows signs to be ready to sell after the next surge to ATH.

Clearly, they are only looking at the tree but not in the whole forest. Not a big deal though.

If they saw bitcoin progress as that then so be it. That's the product of their own view or they might be a good reference so we can't do anything about it. Let them think, either positively or negatively, about how they currently looked at Bitcoin.

Rather than focusing on those, why not just focus on your own goal. If you are a bitcoin enthusiast, those posts should just pass-by to both sides of your ears.

[imstillthebest]

Not everyone who is selling their cryptos at it peak are not someone who lost their hope on cryptos they just want to take advantage of the condition and reaping their profits and surely people who made profits will buy them at the cheaper price so its going like a cycle as we all know.Only people who enters when the price was sruging at the one lost their hopes because they lost their money in no time.

Depends on what kind of surge was that  . I don't know the meaning of surge so I Google it and found out that surge can also be a fall and not just rise  . If people buy in a fall surge , they are doing right and they haven't loose but there are also people that can still manage their investment after they bought on an upward surge . technical development of btc as a currency is slow moving and people got boreed of waiting so they don't expect too much anymore but this does not mean that they quit on holding a btc

[J1mb0]

The majority of people in the crypto market are only interested in profits and are not interested in the development of cryptocurrencies.
I myself come to the market partly for profit. I love bitcoin and cryptocurrencies but also need money to pay my bills, if bitcoin goes too high, maybe I will sell 50% of my bitcoins.

[xZork]

In my country Bangladesh, Crypto currency is ban.so here so  many people want to invest on it.but they can't.so many educated people's are here they can easily learn about crypto currency.but because of government ban they couldn't do anything.

I want to know that the laws of your country prohibit the possession of cryptocurrencies or prohibit the use of cryptocurrencies as currency.
China is a hostile country to cryptocurrencies but I have learned that they only prohibit the use of cryptocurrencies but they still allow people to own it as an asset.

[lienfaye]

Its not unusual because some investors only engage themselves in crypto to make profit. Thats their main concern and not the technical part of bitcoin, as long as they can take advantage the volatility of this coin its enough for them. Well there are many kind of investors so its not really surprising that some investors are just waiting for the ath and quit. Only investors who believe in the technology and are looking forward to the development will stay because they have strong belief of this crypto.