Why hoard Bitcoin?

[skybot13x]

The price of Bitcoin can increase. I know we on this forum here are sure that the price will increase, but if everyone thought that way Bitcoin wouldn't be at $45k today, but somewhere else, perhaps near a million or so. What we know is that the supply of Bitcoin is at least fixed at right below 21 million and rather deflationary because of lost keys. That is guaranteed. Fiat doesn't have that guarantee and hence hoarding fiat is an almost automatic gradual loss to your wealth.

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[Timelord2067]

What we know is that the supply of Bitcoin is at least fixed at right below 21 million and rather deflationary because of lost keys.

I think you have that back-to-front ...

With less bitcoin available, their price has to rise (remember, the old adage of supply and demand: the less there is of something, the more people want it)

Less bitcoin (in your example above lost keys) = More value overall.

[Reatim]

Because of the value of Bitcoin, people will hoard it,
Take me as an example. I will invest 20% of my salary in Bitcoin because I think Bitcoin is very valuable and I believe in Bitcoin, so I think Bitcoin is worth investing in.
But if you let me buy something with bitcoin, I will hesitate and pay with fiat currency first.

just up to this part you have already mentioned the word bitcoin 6 times
so you are surely believing in Bitcoin 10x 

Although people can pay in any way, will Bitcoin be your first choice?

first choice ? why ? there is a Fiat that i can use so why Bitcoin?

In my opinion, Bitcoin is a store of value, not a currency. There may be cryptocurrencies becoming legal tender, but not now, volatility and supply and demand need to be considered.

up to this part with that simple post , you mentioned the word Bitcoin 10x lol.

Bitcoin is actually a currency also. We call it as a "cryptocurrency" in the end. But it is more of a store of value for most people. Because people use Bitcoin for investment purposes the most. There are people who prefer using Bitcoin as a payment method wherever it is available also. But still, we can't use it as a payment method everywhere.

so you are Hoarding bitcoin like OP? since you cannot use bitcoin in all the parts of the world and in all transactions.

[mbe48]

Yes, I also agree with your opinion.
The reason I keep some assets in Bitcoin long term is because of the reasonable price and unquestionable popularity and guaranteed security. However, if long-term stockpiling, will cause scarcity so that demand decreases. But I think many people hold Bitcoin for a long period of time, because they have hopes that the price will be higher.

[Shenzou]

Because of the value of Bitcoin, people will hoard it,
Take me as an example. I will invest 20% of my salary in Bitcoin because I think Bitcoin is very valuable and I believe in Bitcoin, so I think Bitcoin is worth investing in.
But if you let me buy something with bitcoin, I will hesitate and pay with fiat currency first.
Although people can pay in any way, will Bitcoin be your first choice?
Now the difference between fiat currency and Bitcoin is that one is inflation currency and contraction currency. Inflated currency (fiat currency) means that if it inflates, you want to get rid of it as soon as possible. For example, we use fiat currency to buy things, invest in real estate, cryptocurrency, stocks. And to shrink the currency (Bitcoin) you buy goods or services, or hoard it. This has no effect on the economy, except to reduce the monetary base and make the currency more scarce, so deflation is faster.
In my opinion, Bitcoin is a store of value, not a currency. There may be cryptocurrencies becoming legal tender, but not now, volatility and supply and demand need to be considered.

See that is the idea that has become the norm for bitcoin, back in 2009 when bitcoin was created no one thought of it as an investment it was created and used as a currency on the internet, but because of its nature and how volatile the price has become people no longer think of it as a currency rather see it as an investment and a way for profit, whether you are a trader that buys and sells on a daily basis or just holding it until the price reaches its peak, so bitcoin has lost its image as a currency even though some people still use it.

[Spack17]

Because Bitcoin is the most advantageous cryptocurrency in the market in terms of making a long term investment. We have seen so many times that Bitcoin has made people a lot of profit and even made them rich. So why wouldn't Bitcoin be my first choice when it comes to such type of investment?

[DarkDays]

Because of the value of Bitcoin, people will hoard it,

On the contrary, people will choose other cryptocurrencies because it's cheaper than BTC in the hopes that it will also rise in value.

While the newer people will look into other opportunities beyond Bitcoin the risks I think are higher because unless you select very carefully you. might end up losing money more. This is because unless there's a clear bull market (this yet to be confirmed by current market) not all alts will show an increase in their token prices, mainly because of the lack of utility and value they provide.

Sometimes people forget that you don't have to own 1 whole BTC to still make a profit from the BTC price surge (which is definite to occur at least in the long-term) and instead opt for different alts like meme coins etc.

Fundamentally, if you spend enough time researching the best projects you can still make a decent profit, and yes, BTC investment is probably the most passive earning.

[Ucy]

I actually prefer you say it's best used as a Store of Value than a Currency. It's actually created for both (both as a currency and a SoV). And you can always use it as Medium of Exchange if you don't want to invest atall by for example quickly converting stablecoin/fiat to Bitcoin to send to anyone in the world.

[dimox]

im not sure if people want to pay something with bitcoin, people will do it if two people agree with all consequence. and what you say is right, this thing is too valuable to trade with something. and the best option is hold for a moment, because 'profit' is the main reason why people store as much as they can.

[lienfaye]

Many of us are seeing bitcoin not as a currency but as an investment because of the volatility.

Its a store of value, an speculative that can increase further depending on the demand thats why holding for some of us is the best choice since it can give us profit once bullrun occur and btc reach another ath.

But holding is only for people who believe in it and you're free to make a choice. Its a currecncy that we can spend but it can be an investment as well.

[kawetsriyanto]

In my opinion, Bitcoin is a store of value, not a currency.

Bitcoin has two functions, as a digital asset (investment) and a digital currency (payment tool).
There is no problem with those two functions of Bitcoin. It is surely your right to use it for investment or for payment tool, both are possible and worth. If you think it is not a currency, you are wrong. In the fact, Bitcoin is already used as a payment tool. Don't deny the fact, mate!!

There may be cryptocurrencies becoming legal tender, but not now, volatility and supply and demand need to be considered.

Why not? When do you think the right time?
Sooner or later, Bitcoin deserves to be a legal tender. I think El Salvador already showed us the potential of Bitcoin to be legal tender. This country has no doubt to begin Bitcoin as a legal tender. Now, some countries already consider following it as well.

[blockman]

That's what you believe but the reality is that satoshi made bitcoin as a currency for us to use for payments. But with all of that's happening in the world and everyone is looking for every opportunity. We all agree that bitcoin is a store of value, we won't sell it anytime if there's no need to and just choose to hold it until we can. We are aware of the possibility that awaits in the future and how valuable it is to keep it. I would be happy to hold most of it and still spend a little for things that I want and accepts bitcoin in payment.

[chanler]

Personally I invest btc and hoard it because I believe that its price will go up so it's good to invest. It's even true that I will also set aside my salary to invest in btc so indeed I have divided my fiat money to invest in btc and also for other daily needs. The money that I have invested in btc is inviolable and I will focus on managing it well so that I can make the profit I expect. Not that I'm going to hoard my btc forever but I'm going to hoard it until I feel it's time to sell it for the price I want. I hope it will profitable

[Melody kdl]

Hoarding is very positive and important for Bitcoin. When you hoard, it's because you trust Bitcoin enough. According to experience, hoarding will lead to an increase in the value of the assets held. This is why everyone chooses to hoard Bitcoin. Value comes from market demand.The number of bitcoins is limited, and the ultimate value of bitcoins comes from market recognition.

[Dax Robinson]

Savings are necessary for investment. Investment is good, but you cannot invest without saving first. So hoarding is just another word for saving. There are two very different ways of saving. Hoarding is one of them, investment is the other. The biggest difference between the two is that hoarding takes money out of circulation, while investment keeps money in circulation, even if you are saving.
If you can hoard a large amount of Bitcoin and hold it for a few years, you will see how the price changes that year, and you will experience the beauty of Bitcoin.

[B-Bit]

Because of the value of Bitcoin, people will hoard it,

On the contrary, people will choose other cryptocurrencies because it's cheaper than BTC in the hopes that it will also rise in value.

~ There may be cryptocurrencies becoming legal tender, but not now, volatility and supply and demand need to be considered.

Although some of its citizens are not in favor of the decision, the El Salvador government already declared BTC as a legal tender. There are also news articles that says legislators in other countries are proposing to do the same. Before all that, Japan already recognized bitcoin as a payment method.

But most people still choose to invest in Bitcoin.
I pay Bitcoin with a lightning grid, which is very convenient.
However, when I paid a few times, the price of Bitcoin rose, I will regret it with Bitcoin to pay.

Bitcoin is valuable. We believe that Bitcoin is used to hoard it or invest in Bitcoin.
But if you use Bitcoin for payment transactions, when the price of Bitcoin rises again, you will regret using Bitcoin for payment. This is a normal psychology, because the price of Bitcoin is fluctuating. Maintain a good attitude.

[Kelvinid]

Although people can pay in any way, will Bitcoin be your first choice?

If it is only applicable in our country, I supposed to pay with Bitcoin of course.
I really don't think hoarding is a must when we are considering Bitcoin as a form of currency. This is what makes the adoption so slow because instead of encouraging people to use Bitcoin and able for the merchants and business owners to accept Bitcoin the more we are encouraged to hold.

I could say this will only drive Bitcoin far from what we aim for as a currency.

[CLS63]

The main reason why we prefer to accumulate Bitcoin is that it seems as the best option for a long-term investment. Since Bitcoin was first released into the market, we have witnessed so many people have gotten rich by buying Bitcoin and HODLing it. There have been Bitcoin millionaires in many countries.

And I remember a person from YouTube named Davinci Jeremie who advised and begged people to buy at least $1 worth Bitcoin 8 years ago.

See his video below if there are someone who still hasn't watched it on YouTube:

https://www.youtube.com/watch?v=Cw29h7LhEuE

[lovesmayfamilis]

20% of the salary is quite a lot, in my opinion. Unless you can assume that you have a good salary. Even in the "American Dream", it is proposed to save 5%  to become a millionaire in the future. But of course, this is your own business. For my part, I buy and store bitcoins for the future of my children. They are still small, and over time, if I do not touch my deposits, I hope that this will bring my children some good money.
Nevertheless, this is my hobby, which I do not have high hopes for, and do not spend all my money to the detriment of my family. Moreover, I hope for the future development of bitcoin, which will be accepted by governments, so keeping my deposits secret, I hope, will not upset the tax authorities of my country.

[Slow death]

Because of the value of Bitcoin, people will hoard it

in fact since people started doing math that the bitcoin supplement would be small and the demand for bitcoin would be high and most very rich people would be buying bitcoin to make hodl in the long run people realized that bitcoin would increase a lot by price and with that they started to buy to make hodl. the problem is that a lot of people have also started to forget that they shouldn't do eternal hodl, they should also think about spending bitcoin when they make a profit.

Take me as an example. I will invest 20% of my salary in Bitcoin because I think Bitcoin is very valuable and I believe in Bitcoin, so I think Bitcoin is worth investing in.

 

I invest 100% of everything I have in bitcoin, I sold 80% of my stuff, I sold my computers and video cards and to buy bitcoin, and I don't regret it

But if you let me buy something with bitcoin, I will hesitate and pay with fiat currency first.

but this is a mistake a lot of people are making, bitcoin should be used for payments, i use my bitcoin to pay for things when i already make a profit thanks to bitcoin

In my opinion, Bitcoin is a store of value, not a currency. There may be cryptocurrencies becoming legal tender, but not now, volatility and supply and demand need to be considered.

bitcoin Is currency, it all depends on the use that each person is giving