Are people giving up on Bitcoin too quickly?

[FlightyPouch]

I think there are those people that don't actually care what happened to bitcoin. As long as they can get a profit out of their investments, they would invest in bitcoin and get out to their advantage. In the end, if we will be looking at the long run, I think the ones holding for a long time get the higher profit than those getting out quickly.

This is not always the case if you ask me, for example if we see the case of DeFi projects the early adopters are always the most profited when they sell early and the people who come late in the projects are the ones who are buying from these early adopters. So I guess selling late isn't the right choice always, I think there is always a time to ride the hype wave and then sell the coins when the hype is about to cool down as at that time we will be getting the most profit out of the investment.

Well, I think it would be different since we are talking about bitcoin. If you will be asking those people invested earlier that are still holding right now, I think they have a lot of profit for sure. I know I might be wrong but that is just my side though, and I also agree on your point since I also read some posts here that says there are also some scenarios like you've said.

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[SquallLeonhart]

If anyone thought that Bitcoin was going to become an actual currency, then they are totally wrong. Right from the beginning I started making use of cryptocurrency, Bitcoin to be precise, I always put it in the same level as PayPal, Payoneer, and other payment methods of such. I never believed what people used to say that it’s going to be replacing the real currencies that we are making use of to become one world currency, that’s a very dumb idea.

But that doesn’t mean that people will be giving up on Bitcoin. Even if the price of Bitcoin should drop from $10,000 to $1 today, I will be one of those who will continue making use of Bitcoin, because my main purpose that I started making use of it wasn’t because I wanted to invest and make money, it was to actually make use of it.

[abel1337]

If anyone thought that Bitcoin was going to become an actual currency, then they are totally wrong. Right from the beginning I started making use of cryptocurrency, Bitcoin to be precise, I always put it in the same level as PayPal, Payoneer, and other payment methods of such. I never believed what people used to say that it’s going to be replacing the real currencies that we are making use of to become one world currency, that’s a very dumb idea.

But that doesn’t mean that people will be giving up on Bitcoin. Even if the price of Bitcoin should drop from $10,000 to $1 today, I will be one of those who will continue making use of Bitcoin, because my main purpose that I started making use of it wasn’t because I wanted to invest and make money, it was to actually make use of it.

This is why people need to be educated about bitcoin and the whole cryptocurrency ecosystem. Every one of us has our own idealogy of cryptocurrency and that ideology can bring us to the point that bitcoin can't be the one we are expecting with. Believing that bitcoin can replace today's currency can be possible but I think it would take so many years that our lifespan can't reach so we people need to expect as logically as possible.

Well our purpose of using bitcoin is different from each other, I'm sure there are many people who got a loss in making a profit with it will have a loss of faith in bitcoin and will immediately stop, Unfortunately in that case, The reason why they use bitcoin is the one makes them give up.

[DoublerHunter]

~nip~

In all honesty, bitcoin as a currency won't be happening soon in the near future. Given the current circumstance of cryptocurrencies and its regulations, not all countries allow its circulation and usage. In addition, its decentralized nature makes its value very volatile compared to fiat, which is relatively stable. Lastly, its limited number of supply in the market makes its value inflationary in the future.

I do not see bitcoin replacing the conventional fiat soon but its role as an alternative currency fits in that role perfectly.

^ We are just the same, due to the fact that bitcoin has a limited supply and it could be possible for us to make this as a fiat replacement. People think about the value of the bitcoin, they will keep this and let their bitcoin sleep on their wallet and sell when they saw that the price was in the moon at price. Bitcoin is a store value, that could make profit via 2x or even 5x from your initial capital. Due to the limited supply people are now hoarding after accumulating bitcoin in the lowest price.

[Distinctin]

If you know someone who's giving up on Bitcoin, tell them that its not okay to regret later

Sorry, but there is no need to do that. Pushing people into a certain thing that they don't want is just a way of making them feel embarrassed and will blame you back once failure had come. Bitcoin investment is welcome for everyone but couldn't think that all of these people who are investing in Bitcoin will keep their assets for a long and have the possibility that they will lose hands upon reading and hearing bad news.

If we have faith in Bitcoin and crypto investment, no matter what it happens our trust remains IMO.

[Nhebu]

If we have faith in Bitcoin and crypto investment, no matter what it happens our trust remains IMO.

No matter what happens? Even we bankrupt because of trading BTC or other crypto investment? LMAO
I think the best thing to say is that even we have trust in crypto investment, we should also be aware of how it will kill us. Having a desired strategy can ease our problem in investing. The problem with other newbie investors is that they think that BTC will always go up whenever there is a bullish momentum. But when they trapped because of their greediness, they are always regret at the end of it. Having a trust to bitcoin is good but having strategy in buying or selling is much better.

[Zionatin]

Who? No sources? Just talking out your neck? Absolute nonsense you are talking right now.

If we have faith in Bitcoin and crypto investment, no matter what it happens our trust remains IMO.

No matter what happens? Even we bankrupt because of trading BTC or other crypto investment? LMAO
I think the best thing to say is that even we have trust in crypto investment, we should also be aware of how it will kill us. Having a desired strategy can ease our problem in investing. The problem with other newbie investors is that they think that BTC will always go up whenever there is a bullish momentum. But when they trapped because of their greediness, they are always regret at the end of it. Having a trust to bitcoin is good but having strategy in buying or selling is much better.

People like that shouldn't be buying bitcoin and should just sell it and never come back. Bitcoin is for visionaries and believers, not money-grabbing fiat worshipers. Rather just invest in the technology and use it. Forget about the value of bitcoin.

[Ezmael Wright]

Not totally giving up, because some people used there bitcoin because of this pandemic. But I know deep in there heart they don't want to do that. We can start again after this pandemic. 😊

[Nhor1011]

Not totally giving up, because some people used there bitcoin because of this pandemic. But I know deep in there heart they don't want to do that. We can start again after this pandemic. 😊

You don't need to wait that pandemic end before you use or invest in bitcoin. Those people who giving up on bitcoin quickly is different to people that paused for a moment because of lack of capital investment. Those people who giving up is really doesn't know about bitcoin while those who just paused a moment will not quit, but instead they are still in crypto waiting to have their capital again to invest because they know better about bitcoin that's why they didn't give up after their loses.

[MainIbem]

Bitcoin looks like the pathfinder into the new money. As new technologies based on cryptography are being developed, they come with improvements on the bitcoin technology. Naturally, you should expect people to move with the newer more robust one. That is what it seems happening that gives the look that bitcoin is being abandoned by people.

[GDragon]

Some really gave up on bitcoin for reasons like they got scammed or lose a lot of money trading. Those are the people who got in without even believing in the currency first, they've been blinded by the idea of earning a lot of money without understanding the risk. they see bitcoin as a money making machine and not as a currency. But some of them didn't give up on bitcoin, they just don't believe in it when the price is down. Same thing with almost everything in this world actually. You have friends when you have something, and no one when you're at the bottom. Expect them to be back again once the price is already ATH. They will be the one regretting they didn't hodl. Best is we don't give a shit about them, just do what we do and continue using bitcoin.

[Miaallen]

I doubt if people are giving up. Bitcoin has gain popularity and acceptability in the world more being given up. Most people do not even know there are other cryptocurrencies aside bitcoin and lots of people are newly getting involved in bitcoin everyday even with no knowledge of it technical development.

[pankaj1234]

Yes it can be said, in today world people look everything to happens very fast. Bitcoin has gone up from time to time. It has gain lots of popularities in previous years. Some country acceptence are in waiting period. With limited supply and too much money invested in btc, we don't have to give too early. Btc price will be definitely going to increase and touch all time high. Thank you

[sujon5]

These people considered Bitcoin as a tool to get rich quickly. Bitcoin wasn't made for that, they realized it and wanted to give up on the first crypto.

[worldofcoins]

In 2017 when the cost was expanding many people begin contributing with it, but after a few months it tumbles down and afterward individuals quit taking enthusiasm on it.
They think about it as a trick or non-benefit cryptocurrencies. I suggest you to quit thinking about them and sit tight for scarcely months.
Let the market siphon the cost. The individuals who quit the bitcoin will morose returned.

[South Park]

Maybe one of the reasons why they quit bitcoin so quickly and they sell it right away and are afraid to hodl because of what is happening in our economy and this is one of the impact on people, because of the unexpected events in our world today that should not happen so maybe they think it can also happen in bitcoin so they lose confidence in it.

That could be definitely be part of the answer, at least of what we are seeing right now, however we have seen people coming to this market and then never return for a long time and in my opinion this has to do with the unrealistic goals that people have when it comes to this market, they have heard the stories of people becoming rich in a matter of weeks or months and they want to replicate those results no understanding that very few people can do something like that and for the most part were just lucky, then when they realize this they leave disappointed of the market.

[Hemady17]

Some really gave up on bitcoin for reasons like they got scammed or lose a lot of money trading. Those are the people who got in without even believing in the currency first, they've been blinded by the idea of earning a lot of money without understanding the risk. they see bitcoin as a money making machine and not as a currency. But some of them didn't give up on bitcoin, they just don't believe in it when the price is down. Same thing with almost everything in this world actually. You have friends when you have something, and no one when you're at the bottom. Expect them to be back again once the price is already ATH. They will be the one regretting they didn't hodl. Best is we don't give a shit about them, just do what we do and continue using bitcoin.

It looks like a trauma to a person who had lost a lot of funds in bitcoin. I know that most of us here bought bitcoin because of its primary usage, p2p transactions. We but btc and other cryptocurrencies for investment. And that is the reason why most people quit in crypto space. We intend to make money without knowing the risk potential that we will encounter. If you bought bitcoin during its collapsed and assume that it gonna pump hard, I think until now you hold bitcoin too. It takes a lot of years before we have seen bitcoin ATH again so hodling is not the key specially if you are newbie to the industry.

[verita1]

For people who are new to the crypto space, it is best to buy Bitcoin because it is an asset accepted as a means of payment in some e-commerce stores. If you want to buy Bitcoin with your local currency there are many safe places to do it. Bitcoin has many benefits in addition to holding for investments. If some Bitcoin holders think to stop investing, there will be others who want to have it in their portfolio. Bitcoin will continue to climb at a higher price, the crypto market is booming.

[Rengga Jati]

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

What? Do most people care about Bitcoin's technical development? Or even about Bitcoin should be a currency in the future? As far as I know, most people only care about how to take profits from their investment in Bitcoin. So, very small number of people who really follow the Bitcoin's technical development. By the way, can you show me about the posts you read related to the case above? I doubt you misunderstood the points of those posts, buddy.  

[Kasabus]

Some really gave up on bitcoin for reasons like they got scammed or lose a lot of money trading. Those are the people who got in without even believing in the currency first, they've been blinded by the idea of earning a lot of money without understanding the risk. they see bitcoin as a money making machine and not as a currency. But some of them didn't give up on bitcoin, they just don't believe in it when the price is down. Same thing with almost everything in this world actually. You have friends when you have something, and no one when you're at the bottom. Expect them to be back again once the price is already ATH. They will be the one regretting they didn't hodl. Best is we don't give a shit about them, just do what we do and continue using bitcoin.

It looks like a trauma to a person who had lost a lot of funds in bitcoin. I know that most of us here bought bitcoin because of its primary usage, p2p transactions. We but btc and other cryptocurrencies for investment. And that is the reason why most people quit in crypto space. We intend to make money without knowing the risk potential that we will encounter. If you bought bitcoin during its collapsed and assume that it gonna pump hard, I think until now you hold bitcoin too. It takes a lot of years before we have seen bitcoin ATH again so hodling is not the key specially if you are newbie to the industry.

That's the saddest part on investing in bitcoin thinking that it's a quick rich scheme without being aware that it takes more patience and skills to make profits in bitcoin. People who easily give up on bitcoin are those who have less knowledge about its potential but for those who are already legends in this crypto community, they just keep calm while waiting for its bullish season to come again.