Why Hoard Bitcoin?

[Vaskiy]

Venezuela - 200,000
Zimbabwe - 161.8
Argentina - 54.8
Iran - 51.4
South Sudan - 48.0
Democratic Republic of the Congo - 41.5
Sudan - 32.4
Angola - 31.7
Libya - 28.0
Suriname - 25.5

Above is the list of highly inflated countries along with the percentage of annual inflation based on the data from Countries with highest inflation. I'm not sure how precise is the data. Almost every country have been suffering inflation. Some countries have managed to keep it stable.

When we talk about the inflation of bitcoin. It also have the inflation as the amount of supply increases with time. However the limited supply keeps the inflation to decrease further. Bitcoin is highly volatile, but it has proven record to be a store of value against different other investments. This is the reason why people hoard bitcoin than using it as a regular currency.

[GiftedMAN]

If you look at the historical value of Bitcoin, you will notice that in the long term, it becomes more and more valuable. It's very simple. If you have 100 units of paper notes (doesn't matter if its USD, EUR or something else), you are more likely to spend those. Why? Because next year or 10 years from now, the value of those notes will depreciate. That item that you bought for 100 units now costs 120 or more. With Bitcoin, it's the opposite. Something that cost 1 BTC years ago, now only costs 0.01 BTC. People are holding their coins because they are speculating that this trend will continue.

But there are also those who don't think like that at all and tend to use their bitcoins as currency whenever and wherever they can.

I agree with what you said and I have gained more knowledge and better understanding about the reasons why so many people value Bitcoin and hurd it, I will rather spend the fiat currency I have than play with my Bitcoin knowing too well that my bitcoin will never lose value based on speculations. Thanks for the explanation.

[Questat]

If Bitcoin is a better and higher currency than fiat, why then do bitcoiners hurdle it?
I think money is best used for buying and selling not hoarding, we get to see the value more when using it.
This my thoughts, wby?

Not everyone is Hoarding bitcoin, there are still a lot of transactions online happening now. Some are just hoarding it, or we call it "HODL" in crypto dialect because we believe that massive adoption will come in the future, and with the limited supply, the law of demand and supply will play, and that means profit for those who HODL.

[kryptqnick]

You're right that money must be spent, not stored. But the problem is that most probably don't see Bitcoin as money. They see it as an asset, as something they can invest in or at least something they can use to store their wealth. It's hard not to do that when Bitcoin is consistently growing in value over time, and when it's also attractive for traders due to its volatility. Also, spending Bitcoin directly is almost impossible for most purposes, so one usually needs to resort to selling it for fiat, one way or another, which reinforces the idea of Bitcoin not really being money. But, over time, as more options become available to spend Bitcoin, it can become viewed as money.

[Wexnident]

It's kind of like saving up fiat? But this time with Bitcoin. I mean, I'm pretty sure you don't tell someone that's saving up that they're "hoarding" their fiat money no? Plus considering it from a long-term perspective, hodling in Bitcoin is a lot better than letting it sit as fiat. You're still saving either way. There's also the issue of not much merchants accept Bitcoin, and even if they do, they're mostly bigwigs and not the general merchants that we transact with everyday.

[GiftedMAN]

If you look at the historical value of Bitcoin, you will notice that in the long term, it becomes more and more valuable. It's very simple. If you have 100 units of paper notes (doesn't matter if its USD, EUR or something else), you are more likely to spend those. Why? Because next year or 10 years from now, the value of those notes will depreciate. That item that you bought for 100 units now costs 120 or more. With Bitcoin, it's the opposite. Something that cost 1 BTC years ago, now only costs 0.01 BTC. People are holding their coins because they are speculating that this trend will continue.

But there are also those who don't think like that at all and tend to use their bitcoins as currency whenever and wherever they can.

Thanks@Pmalek for the comprehensive explanations I now have a better understanding of the reasons why people spend fiat currencies then hurdle bitcoin.

[bitzizzix]

Hoarding doesn't mean not using it and maybe only a small part and they are long term holders, bitcoin can be treated like fiat like you save when you have extra cash on a regular basis and you will also use it when you really need it. And it's like bitcoin, you buy it with extra money and you will also use it when you need it.
it's just that bitcoin is much better than fiat in terms of security and if the price of bitcoin goes up you make a profit, and there are many other advantages of bitcoin.

[Mpamaegbu]

If Bitcoin is a better and higher currency than fiat, why then do bitcoiners hurdle it?
I think money is best used for buying and selling not hoarding, we get to see the value more when using it.
This my thoughts, wby?

First off, you should try proof reading your comment before posting so as to avoid preventable errors.

Now to your question; I believe people hodl (hoard, in your usage) Bitcoin because they believe it's an asset too in addition to being a means of payment. As an instrument that has proved over the years that it can appreciate, it makes it easy for people to key into it. To be honest with you, a lot of those who buy Bitcoin aren't buying it for its tech. They're actually buying it because of its ability to give them a nice ROI. That's why they "hoard" it

[Abcdemaddy]

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[evilgreed]

               Op, you should understand that bitcoin is not that convenient yet compared to fiat or any Crypto currency out there. Bitcoin as of now, cannot stand alone yet. And with regards to people hoarding bitcoins, it is because of its potential to grow in price massively in the coming years due to it's low supply and hype. The mass adoption is growing more and more which makes thousands of people if not millions become aware or curious about bitcoin because it has been used as a means of helping the Ukrainian people. If the institutions starts buying bitcoin, this price range we are in right now will be something that we'd never see again.

[amishmanish]

Bitcoin is hodled by those for whom it has become their claim to wealth. Imagine you are someone from 8-10 years back with 1000 of BTC obtained for a minute fraction of their present value. If you are one of those people, it is hugely possible that you have done well subsequently by branching into other dev activites and have done tremendously well and are no longer on this forum.

You do not need to sell your thousands and all you need is for BTC adoption and belief to keep growing. So while you keep pushing out newer stuff, you want Bitcoin to stay the way it has always been, at the frontline of all the growth.

Nobody with that amount of bitcoin needs to sell. They are not hoarding it, its just their wealth and there is no need to cash out to fiat when it can very well serve as a foundation for whatever they decide to do in the crypto-space.

[tabas]

If Bitcoin is a better and higher currency than fiat, why then do bitcoiners hurdle it?

Because of the higher value and purchasing that it will posses in the future.

I think money is best used for buying and selling not hoarding, we get to see the value more when using it.
This my thoughts, wby?

It is true but bitcoin is not the same as fiat money with the same and stable value. Bitcoin's value is volatile and from there, you can get an idea of why we've chosen to hold it for years. Even many of us are holders, it doesn't stop us from using it because there's still a time that we have to sell even if the price is quite low.

[Rengga Jati]

If Bitcoin is a better and higher currency than fiat, why then do bitcoiners hurdle it?
I think money is best used for buying and selling not hoarding,

Because right now, it still collides with various regulations in various countries that are not yet possible if Bitcoin is used as a full currency. And holding Bitcoin does not mean hoarding and making its value fall. Apart from being a currency, Bitcoin is also a very valuable and promising investment. So, why not?
There is a time to make this happen, it's o progress and this is not as easy as we think.

[GreatArkansas]

If Bitcoin is a better and higher currency than fiat, why then do bitcoiners hurdle it?

Because of the higher value and purchasing that it will posses in the future.
(....)

And also because of the limited supply of Bitcoin that will be generated over time, unlike with fiat, if you hold fiat instead of Bitcoin, you will lose a lot of opportunities and always remember about inflation which Bitcoins solves it.

Basic economics, supply, and demand. That's why even how volatile Bitcoin people are still holding it, even how huge Bitcoin is dumping its price, people still choosing to buy more and hold.

[rat03gopoh]

Bitcoin is still dominated by investors rather than users who take advantage of the use of bitcoin. Otherwise, you may need to observe bitcoiners with different attitudes or habits.
"Hoarding" in this case can also mean they don't actually store in a personal wallet. Assuming some bitcoiners use a centralized service to spend bitcoins, they unknowingly accumulate the amount of bitcoins stored in the wallet of that service.

[ropyu1978]

The reason I hoard bitcoin is because of value, if there is no value I definitely will not hoard bitcoin, I also hoard my fiat, but not because to get profits in the future, but to keep my fiat money safe, and not wasted in vain, if I don't save my fiat money in the bank, of course I will use the money for unimportant purposes, but if I hoard bitcoins I definitely want to make a profit, because I have a belief that the price of bitcoin will definitely rise someday, and I also believe that bitcoin will become a medium of exchange someday.

[Ryu_Ar1]

We use a simple context by looking at rare antiques that you have kept for a long time.
When the goods you store have a high aesthetic value and can be said to be very antique, then when it is auctioned the longer your item is, the more expensive the price in it will be and it will not be the same when you sold or bought it when you bought it.
Likewise bitcoins. Their supply is limited and the longer the bitcoins are getting harder to get (which I call rare) will the price stagnate? Of course not, then this will indeed be more expensive and will be different when you buy and sell in previous years.

[adzino]

If Bitcoin is a better and higher currency than fiat, why then do bitcoiners hurdle it?
I think money is best used for buying and selling not hoarding, we get to see the value more when using it.
This my thoughts, wby?

It is better than fiat in many ways, but currently is not used as regular currency like fiat due to various reasons. One on them is that people are not willing to accept bitcoin when making payment due to different reasons such as volatility and hard to understand regulation. But eventually solutions will be found for the problems and then bitcoin and crypto currencies will become mainstream causing the price of bitcoin to rise. This is what all those "hoarders" (holders) know and thus they are buying more bitcoin to maximize their profit in the future.

[smartaction]

If Bitcoin is a better and higher currency than fiat, why then do bitcoiners hurdle it?
I think money is best used for buying and selling not hoarding, we get to see the value more when using it.
This my thoughts, wby?

Bitcoin is better than Fiat money because Fiat Money is a stable currency whose value does not change and the price of Fiat money does not increase much.  The value of Fiat money is decreasing day by day.  But on the other hand, the price of Bitcoin is increasing day by day and its popularity is also increasing day by day. Fiat Money has a fear of inflation. But in the case of Bitcoin, there is no such fear. The supply of Bitcoin is limited. So it would be better to save bitcoin because the price of bitcoin will increase a lot in the future

[KaliLinux]

If Bitcoin is a better and higher currency than fiat, why then do bitcoiners hurdle it?
I think money is best used for buying and selling not hoarding, we get to see the value more when using it.
This my thoughts, wby?

In the real sense, I don't think Bitcoin was designed to be spent like the way fiat money is been spent on daily purchases but rather as a hedge against inflation but even though we see some few investments where Bitcoin is been accepted for goods/services, I don't see this as the real essence of Bitcoin hence investors will rather HODL their Bitcoins since it is highly volatile and its price can double or quadruple in time which Fiat cant do.