The reason to hodl bitcoin

[gantez]

This week marks 50 years since President Richard Nixon announced the US would abandon the Gold Standard. Instead of redeeming the dollar in gold, the government allowed its value to float freely on the market.

So began a sharp devaluation of the world’s reserve currency of choice under the US-led Bretton Woods system. Priced in gold, the dollar has lost more than 90 per cent of its value since the Nixon shock. Meanwhile the British pound has lost over 40 per cent of its dollar value

The pandemic has only accelerated this process, illustrating just how soft paper currencies really are. Governments have printed money in unprecedented quantities, with a fifth of all dollars to ever come into existence created by the Federal Reserve in 2020 alone.

Under the regime of easy money, those with their hands on the printer assume extensive power, while the savings of all those who do not are constantly devalued. Today, $100,000 has the same purchasing power that $14,945 had in 1971.

Against this uncertainty in traditional currency, the rise of digital currencies is unsurprising. Crypto adoption has risen by 881 per cent this year, up 2300 per cent since Q3 2019, according to new data from Chainanalysis. In January 2021 the number of crypto owners surged above 100 million for the first time. A mere six months later the figure more than doubled, reaching 221 million by the end of June.

Like gold, there is a limited supply of Bitcoin, and it is difficult to “mine”. New bitcoins are created as a reward for miners who solve algorithms in order to add new blocks, containing transaction data, to bitcoin’s blockchain. The flow of new bitcoins will stop, however, when bitcoin reaches its max supply of 21 million units.The rules governing this system are sacrosanct. They cannot be changed without the consensus of the entire bitcoin network, making an increase in supply highly unlikely.

Crucially, this means that like gold, bitcoin has what is known as a high stock to flow ratio – in other words, the rate at which new bitcoins are created is low relative to its existing supply. This means Bitcoin cannot be devalued by people creating more and more coins when its price rises – a trap which has plagued lesser metals such as silver.

This is very clear for me to about what will happen with time in our future. What has happened to fiat from the above explanation is true and I am not seeing any currency from any country that has not lost value or a little depreciation because of the economic development and changes in the world. This is interesting enough that bitcoin has more advantage

Today, $100,000 has the same purchasing power that $14,945 had in 1971.

hunger-for-bitcoin-hard-money-gold-standard-currencies-crypto

[zanezane]

Here's a simple reason that I believe is why I am still hodling bitcoin, it's because what I have today might be double or even triple in months if not years or it could also be years plus it's a good way to make your money grow, having nothing to do with it, you can let it stay there for a long period of time and hopefully expect it to go up.

[Sterbens]

With the existence of fiat increasingly threatened, we are still far ahead and hold Bitcoin as a savior. Inflation continues to destroy the value of fiat, while technological advances provide freedom to adopt Crypto. On the other hand, the government is starting to switch to using blockchain technology to run the financial system more effectively, the conventional style is no longer used. With so slowly Bitcoin became accepted and adopted more massively. It is possible to have limited supply, leading us to believe in the resilience of the value that Bitcoin will offer in the future.

[Kittygalore]

For me, the reason to hodl bitcoin is because bitcoin is proven to appreciate overtime and I have the patience to wait for that to happen and in the ultimate end, I can get the biggest profit that's possible with what I currently hodl.

[Kasabus]

Here's a simple reason that I believe is why I am still hodling bitcoin, it's because what I have today might be double or even triple in months if not years or it could also be years plus it's a good way to make your money grow, having nothing to do with it, you can let it stay there for a long period of time and hopefully expect it to go up.

Bitcoin has all the advantages compared to fiat so its definitely a valid reason why i'm motivated to invest in bitcoin and keep hodling it. Well, given that it has already high value so it has all the chances to grow more along with time. Because the more developed bitcoin will be, the more chances people will embrace it making its demand grow more.

But investing in bitcoin does not only because of its expensive price but i know it will be the future of finance. Fiat might not be easily replaced by bitcoin but because of its high inflation, people will surely prefer to use bitcoin with less inflation compared to fiat.

[Jazmin Leslie]

It's very simple. At first, I thought it was to make huge profits. Gradually, I found that I can not only get huge profits from buying Bitcoin, but I discovered the opportunity of this industry,This is not only Bitcoin, it is a Ecosphere.

[Bitstar_coin]

Who knows what will happen in future, but the fact remains the world is changing alongside technology, people are more into using technology than before, more business are done online than before, digital currency is gaining more acceptance than before and btc is the number one most accepted digital currency at the moment which make it more valuable, if this keep on for many years to come then certainly btc will even be more valuable or scarce because it has a limited supply and the whole world now depend on it.

[Oceat]

That's the huge difference of an asset that is being controlled by some entity while Bitcoin doesn't have any that's why no one could make an exploit about it. I still believe that Bitcoin is still in an early phase of its development and it has a lot of room to grow in the future. We may not know what will be going to happen in the future but I'm sure that the price of Bitcoin will continue to grow over time.

That's why owning a single Bitcoin is enough to have the opportunity to make some profit in the future that we today taking it for granted. But that's how Bitcoin should work and be used as a crypto currency.

[newwest]

You will continue to hold anything which you believe in and I believe in bitcoin so holding for me make complete sense. Though my strategies could be different related to it like some of them may be for short term due to my personal expenses etc and rest of them will be for long term. So overall a majority of my investment will be for long term.

[just_Alice]

Do you think that in the future there will be a “Bitcoin Standard” analogous to the earlier existing “Gold Standard”?

To me, that seems unlikely. For too long fiat system functioned this way and it would be incredibly difficult to change it back with all the banking systems, mortgages, loans, compensations by printing money… It would eventually stop devaluation, I think, but it’s hard to imagine something like that happening.

In addition, why wouldn’t the governments want to use gold or other precious metals instead? Since many still remain skeptical about Bitcoin.

[jakdanyel]

I think that the main reason to HODL is to make a great deal of profit.    I don't think that people are aiming something different while doing it. Because you are making an investment into something. You are doing it to increase the amount of your money. The main goal is not so different than an investment into something different like gold, fiat etc.. People who see the volatility in Bitcoin directly choose to invest in it for a long term. Because you can make much more money in it compared to an investment into fiat.

[Kakmakr]

You assume that the bitcoins will stay in demand for many years to come and the demand is feeding a long-term price increase, but that is flawed. Gold might have been the go to option for people, because of scarcity ...but bitcoins are devalued by the massive amounts of Alt coins that are being added every day.

You see, for every new Alt coin that are added... the demand for bitcoins decrease... because people are now buying shitcoins and not bitcoins anymore. So the Bitcoin killers are all the Shitcoins and forks and GovCoins that are going to be added in the future.  

[dothebeats]

The main reason why I hold bitcoins is to have some form of 'guarantee' that my money today will still be worth something in the next few years. Inflation bites us in the ass so bad without us realizing it early. We just wake up one day that all prices on what we used to bought increased for a dollar or two. With bitcoin, at least that inflation is kept on par with what I had a few years back, as bitcoin keeps the value intact and still increases for the most part.

Not only that, but I believe bitcoin will be an integral part of the economy in the coming decades. A lot of people are already recognizing bitcoin, and it's just a matter of time before these same people do the switch and demand things to be priced in crypto, or at least have an option to buy things with it.

[monineklutak]

You assume that the bitcoins will stay in demand for many years to come and the demand is feeding a long-term price increase, but that is flawed. Gold might have been the go to option for people, because of scarcity ...but bitcoins are devalued by the massive amounts of Alt coins that are being added every day.

You see, for every new Alt coin that are added... the demand for bitcoins decrease... because people are now buying shitcoins and not bitcoins anymore. So the Bitcoin killers are all the Shitcoins and forks and GovCoins that are going to be added in the future.  

Maybe your opinion is right and it could happen in the future,
but again anything can happen whether Bitcoin will still be the main choice or the demand will drop,
despite all that I'm still sure that Bitcoin will still be in demand and we'll see later to make it clearer

[Silberman]

Here's a simple reason that I believe is why I am still hodling bitcoin, it's because what I have today might be double or even triple in months if not years or it could also be years plus it's a good way to make your money grow, having nothing to do with it, you can let it stay there for a long period of time and hopefully expect it to go up.

Bitcoin has all the advantages compared to fiat so its definitely a valid reason why i'm motivated to invest in bitcoin and keep hodling it. Well, given that it has already high value so it has all the chances to grow more along with time. Because the more developed bitcoin will be, the more chances people will embrace it making its demand grow more.

But investing in bitcoin does not only because of its expensive price but i know it will be the future of finance. Fiat might not be easily replaced by bitcoin but because of its high inflation, people will surely prefer to use bitcoin with less inflation compared to fiat.

And that is the main reason to hold bitcoin, it is obvious a great deal of the people are holding bitcoin just to benefit themselves from it and while there is nothing wrong with that we need to wonder why this happens, and the reason why this will happen is that simply bitcoin is the best form of money that we have available at the moment and anyone trying to deny that probably has some hidden agenda they are trying to push, so bitcoin will be important if not critical during the next decades and it is better to get in as early as possible.

[pinggoki]

Really there are multitudes of reasons as to why you would choose to hold on to your bitcoins instead of selling them at a certain price point, be it high or low. There are those who believe bitcoin will be the currency of the future and would choose to have a hefty head start from there. There are those who believe bitcoin will increase more in value which is of course highly possible considering the lifetime trend bitcoin tends to possess, and there are those who chose to hold bitcoin because they find the technology behind it novel and revolutionary that they would do everything they can in order to keep it alive in some shape or form.

Personally I hold bitcoins because of its profitability, it has proven itself to be very profitable and had paid those who believe in it in the past quite dearly. I'm being realistic here given the fact that I may not tread this earth anymore once the day crypto overtakes the currency sector, but I am quite positive that it will happen in the future anyway.

The main reason why I hold bitcoins is to have some form of 'guarantee' that my money today will still be worth something in the next few years. Inflation bites us in the ass so bad without us realizing it early. We just wake up one day that all prices on what we used to bought increased for a dollar or two. With bitcoin, at least that inflation is kept on par with what I had a few years back, as bitcoin keeps the value intact and still increases for the most part.

Not only that, but I believe bitcoin will be an integral part of the economy in the coming decades. A lot of people are already recognizing bitcoin, and it's just a matter of time before these same people do the switch and demand things to be priced in crypto, or at least have an option to buy things with it.

This is quite novel to me, as you can see your reason is something I may have missed from the most common reasons why people hold bitcoins that I listed above. To make use of bitcoin's deflationary nature, while earning is quite cool actually. Since you're practically hitting two birds with one stone there. Keeping your money's value stable, and ensuring that it accumulates.

[Kusman]

You assume that the bitcoins will stay in demand for many years to come and the demand is feeding a long-term price increase, but that is flawed. Gold might have been the go to option for people, because of scarcity ...but bitcoins are devalued by the massive amounts of Alt coins that are being added every day.

You see, for every new Alt coin that are added... the demand for bitcoins decrease... because people are now buying shitcoins and not bitcoins anymore. So the Bitcoin killers are all the Shitcoins and forks and GovCoins that are going to be added in the future.  

I agree. There is no guarantee for Bitcoin to maintain itself forever. For example, I don't think the same for gold. I think that it will always be in our lives. But I believe that Bitcoin will be gone at some point. You can't expect any cryptocurrency to be demanded by people all the time. At some point, Bitcoin will start losing its popularity. And then, it will start losing its value at a very high rate also. And it could be Bitcoin's end.

[Gyfts]

https://tradingeconomics.com/united-states/money-supply-m2

There is your reason to keep hodling.

More money of the largest currency of the world, USD, has been printed in the last years than ever in human history. You can look at federal banking balance sheets in your own countries and take a look at the debts adopted over the pandemic to see how the banks are artificially propping up currencies. US is trying the method of qualitative easing which doesn't seem to be going well if the inflation trends continue on the way they do. European central banks aren't doing the greatest either.

When the world's largest currency is bound to fail, you have your reason to hold.

[livingfree]

That's because of inflation.

Every country is bound to hit inflation and it's just depending how their government acts to defeat or delay it.

But some countries that are not good dealing with it, they're in high to hyper inflation and that's what's happening to their country. Bitcoin, it's as seen solution for those people living there.

[Shenzou]

The increase in the sue of online payments and the need for a more secure faster and reliable way to do transaction has made it clear that crypto is the answer, and that is shown with how many people are interested in investing and the increasing demand because of the high profit that bitcoin provides, in a day you could go about earning thousands of dollars passively without even doing much, and this only going to get bigger by the time as more and more people invest.