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Author Topic: Reason for acquiring bitcoins.  (Read 1107 times)
Uhwuchukwu53
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May 09, 2024, 04:34:58 PM
 #121

What is the essence of buying and hodling Bitcoin like is it to accumulate it till it attains ATH then we sell it off and wait for a dip and start buying and holdling again or just accumulate it and start using it as a digital means of exchange or are we going to continue till the 21 million Bitcoins have be mined, already 19 millions have been mined remaining 2 million because overtime, i have come across several topics about buy and hodl bitcoin so i actually wish to know the sole objective of acquiring bitcoins.
Well holding or selling off your Bitcoin is totally the individual decision because I believe that each and everyone has his or her motive of investing on Bitcoin, so if you feel that holding is the best strategy then better, in otherwise if buying and selling to get quick profit is also best for you then is okay, but for me I use to be emotional if something is not going towards my expected points so perhaps holding will be the best strategy for me so that I will remove my mind from being curious about the price movement also I realize that holding doesn't involve too much risk unlike trading.

Yes truth been told all individual have where favour him most when carrying out investment in BTC or crypto, the strategy you felt is the best can be the worst for another for instance some one may like the lumps sum, another may prefer the DCA I think the best is to go for what you think it favour you most among all the strategies in the investment. 

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May 09, 2024, 05:11:42 PM
 #122

The core idea of bitcoin was to buy things online as P2p but that has been forgotten to investment of bitcoin which buying and selling of it. If bitcoin was really used as it was planned then many countries inflation has been under control. But people prefer the investment because it more of secrecy because you buy it and keep it in the self custodial wallet and nobody will come and disturbed you.. because government is fighting to break down bitcoin so if they notice anyone using it, they would arrest the person so with that nobody shows their identity to the government.

If any physical shop accepting bitcoin then that shop will be in trouble so with that those who interested to accept bitcoin in their business are afraid. So instead everyone join the investment. And the essence of buying is to sell it when bitcoin price rise above the purchase price. We buy when the price is low and sell when the price is high.

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May 09, 2024, 05:34:43 PM
 #123

If bitcoin was really used as it was planned then many countries inflation has been under control.
Lol, you are wrong, inflation and a nation's economy has nothing to do with bitcoin, it cannot help with that. Satoshi didn't create bitcoin for this, i know quite a lot of people live under this illusion, and sometimes i don't even know why, but it is so not true.
If any physical shop accepting bitcoin then that shop will be in trouble so with that those who interested to accept bitcoin in their business are afraid.
There are so many stores and merchants that accept bitcoin, except bitcoin is illegal in your country, i believe you can accept it as a merchant without too many troubles.

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May 10, 2024, 08:53:45 AM
 #124

Bitcoin is my own bank.

Bitcoin gives me the privacy that I needed all along, not sending funds without any trace though, but no one really knows which Bitcoin address belongs to me and how much I have in the address.

Finally, it is the only solution to beat inflation.

I have also thought about my retirement, how it will look like, and how easy or hard it could get but when Bitcoin comes it feels more doable, I keep accumulating Bitcoin and hold for the long term, and I will become richer than before because the Bitcoin will appreciate more in value.

The only thing that I can't use Bitcoin to do now is payment solutions, not many stores are accepting Bitcoin, it is only some VPN services and tech stores online that accept Bitcoin, thats It, the day-to-day payment option is off the book since we can't spend it locally like money.
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May 12, 2024, 07:37:48 AM
 #125

Bitcoin is my own bank.

Bitcoin gives me the privacy that I needed all along, not sending funds without any trace though, but no one really knows which Bitcoin address belongs to me and how much I have in the address.

Finally, it is the only solution to beat inflation.

I have also thought about my retirement, how it will look like, and how easy or hard it could get but when Bitcoin comes it feels more doable, I keep accumulating Bitcoin and hold for the long term, and I will become richer than before because the Bitcoin will appreciate more in value.

The only thing that I can't use Bitcoin to do now is payment solutions, not many stores are accepting Bitcoin, it is only some VPN services and tech stores online that accept Bitcoin, thats It, the day-to-day payment option is off the book since we can't spend it locally like money.
All your points are important and clearly stated out for everyone and OP to understand. We have become independent because there's more to add to portfolio other than mere words. We take actions to reach the very top. There are vital reasons  to acquire bitcoin and the ultimate one that comes first is to escape poverty. People that bagged pieces of bitcoin in 2010 till current date, they're in enormous profits which can not be denieable but necessarily to grab huge profits.

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May 12, 2024, 07:42:03 AM
 #126

Bitcoin is my own bank.
People can have their own banks if they store their money in bitcoins, and with open source non custodial wallets.

It's their private keys, it's their bitcoins, it's their own banks.

Quote
Bitcoin gives me the privacy that I needed all along, not sending funds without any trace though, but no one really knows which Bitcoin address belongs to me and how much I have in the address.
Bitcoin blockchain is not a private one and Bitcoin transactions are publicly traceable with its public ledger and many Bitcoin block explorers, but people can achieve privacy if they have good practice with inputs and outputs, and with full node.

Quote
Finally, it is the only solution to beat inflation.
Bitcoin itself is inflationary but it has lower inflationary rate than fiat currencies and can be a heaven against fiat currency inflation and decrease of fiat currency's purchasing power.
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June 08, 2024, 03:53:50 PM
 #127

What is the essence of buying and hodling Bitcoin like is it to accumulate it till it attains ATH then we sell it off and wait for a dip and start buying and holdling again or just accumulate it and start using it as a digital means of exchange or are we going to continue till the 21 million Bitcoins have be mined, already 19 millions have been mined remaining 2 million because overtime, i have come across several topics about buy and hodl bitcoin so i actually wish to know the sole objective of acquiring bitcoins.
Well holding or selling off your Bitcoin is totally the individual decision because I believe that each and everyone has his or her motive of investing on Bitcoin, so if you feel that holding is the best strategy then better, in otherwise if buying and selling to get quick profit is also best for you then is okay, but for me I use to be emotional if something is not going towards my expected points so perhaps holding will be the best strategy for me so that I will remove my mind from being curious about the price movement also I realize that holding doesn't involve too much risk unlike trading.

Yes truth been told all individual have where favour him most when carrying out investment in BTC or crypto, the strategy you felt is the best can be the worst for another for instance some one may like the lumps sum, another may prefer the DCA I think the best is to go for what you think it favour you most among all the strategies in the investment. 

You're absolutely right everyone is entitled to choose what is best for them you don't have to wait for anyone to decide for you, because most of the opinion you get from people can be very misleading sometimes. But one thing you should know is that bitcoin Investment is not a get rich quick scheme you will need to hold on to it for Long term investment, that's if you want to get massive profit in bitcoin investment,. but if you can't be patient enough to hold on to your bitcoin for long term investment you can also sell it within a short term the choice is yours.

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June 12, 2024, 01:02:03 PM
 #128

Buying and selling of BTC is the method of accumulate profits, and if you want to improve in your BTC business like the way other people are improving in the society, try to buy BTC when the price is dumping which is the major season many people use to buy and hodl for bull run to occur.

If you want to make a good profits from BTC business, wait till the price pump higher before you can be move to sell to accumulate profits, but you need to have knowledge of how to get a good wallet to hodl your BTC which is advisable to many people to use to hodl their BTC.

When you acquire BTC, it will make you wealthy, when you trade them in the future, which is the reason some government are doing everything possible to acquire BTC to boost their economy.

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June 15, 2024, 12:42:34 AM
 #129

I believe Don Pedro dinero has answered the question, the aim or objective of acquiring Bitcoin is to make profit apart from this I don't  think there's any other reason why people acquire Bitcoin to an extent this your question is really funny, if I may ask you what's your own reason why you acquire Bitcoin? Cause I will like to know your own reason or motive. Bitcoin really pave way for most individual whenever skilled or unskilled, both small and big, indeed it's really a blessing.

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June 15, 2024, 08:22:02 AM
 #130

I believe Don Pedro dinero has answered the question, the aim or objective of acquiring Bitcoin is to make profit apart from this I don't  think there's any other reason why people acquire Bitcoin to an extent this your question is really funny, if I may ask you what's your own reason why you acquire Bitcoin? Cause I will like to know your own reason or motive. Bitcoin really pave way for most individual whenever skilled or unskilled, both small and big, indeed it's really a blessing.

I have two reasons on why I acquire bitcoin.

And that is.

To use it for transaction either If I pay it for certain service or want to deal something between my fellow bitcoin users.
Second is for investment since bitcoin is very well known for that and I believe most of people grabbing of bitcoin just like what you have said is there because they want to make a profit from this coin.

Although skilled is not required to acquired bitcoin but still you need to improve yourself so that you can gain knowledge so that it can help you from profit earnings or anything technical aspects about bitcoin.

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July 10, 2024, 05:48:32 AM
 #131

What is the essence of buying and hodling Bitcoin like is it to accumulate it till it attains ATH then we sell it off and wait for a dip and start buying and holdling again or just accumulate it and start using it as a digital means of exchange or are we going to continue till the 21 million Bitcoins have be mined, already 19 millions have been mined remaining 2 million because overtime, i have come across several topics about buy and hodl bitcoin so i actually wish to know the sole objective of acquiring bitcoins.
If you do your research, you will find that exchange platforms do not require a license or broker to buy or sell bitcoins and hold them in your digital bitcoin wallet. There is no intermediary bank or government in custody, you alone can play an indirect and direct role in your investment. Bitcoin is constantly crossing its levels in such a way that it has achieved a full recovery after price crashes and other setbacks. Currently, Bitcoin can be said to have achieved impressive success among the world's major cryptocurrencies. According to data, Bitcoin has grown by 44% in a year and there are approximately 100 million Bitcoin wallets, where 1 million Bitcoins are traded daily. I think investing in bitcoin will make you and me accessible to the simplicity and experience of trading and the long term goal is to invest more and more in bitcoin.
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July 10, 2024, 11:24:51 AM
 #132

What is the essence of buying and hodling Bitcoin like is it to accumulate it till it attains ATH then we sell it off and wait for a dip and start buying and holdling again or just accumulate it and start using it as a digital means of exchange or are we going to continue till the 21 million Bitcoins have be mined, already 19 millions have been mined remaining 2 million because overtime, i have come across several topics about buy and hodl bitcoin so i actually wish to know the sole objective of acquiring bitcoins.
What you should understand is that everyone choice of interest in buying Bitcoin is quite different, some just want to trade the price volatility of Bitcoin and make some dollars off the table and whereas some Bought Bitcoin just to holdl, I have also seen people who has resorted to use Bitcoin as medium of exchange ,that is Business payment settlement in Bitcoin, basically using it to settle their clients abroad,  so if you ask a lot of people the reason they are using Bitcoin,  they will tell you their different opinion, therefore everybody has a unique reason for owing Bitcoin

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July 10, 2024, 12:02:56 PM
 #133

You're absolutely right everyone is entitled to choose what is best for them you don't have to wait for anyone to decide for you, because most of the opinion you get from people can be very misleading sometimes. But one thing you should know is that bitcoin Investment is not a get rich quick scheme you will need to hold on to it for Long term investment, that's if you want to get massive profit in bitcoin investment,. but if you can't be patient enough to hold on to your bitcoin for long term investment you can also sell it within a short term the choice is yours.
Advice from other people will not be wrong if someone wants to accept it completely, although it would be much better if someone would filter it first before accepting whatever it is. Because the final decision is always in our own hands, especially if it is about wanting to hold Bitcoin for the long term as an investment for ourselves. But it would be very important if everyone needed to do more analysis on everything if they still don't know the path and history of a coin like Bitcoin because for me Bitcoin is no longer comparable at this time.

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July 10, 2024, 01:30:26 PM
 #134

Besides investments currently bitcoin now is widely acquired by different establishments and organizations even in mode of payment so you can now use the bitcoin or other cryptocurrency as payment once they are supported right now. After the bitcoin drops price one of the major priorities of the investors are now waiting for the next all-time high if there's no something changes and the sellers will win the market we expect another dump which is good for the buyers but lose for the hodlers not until they will sell of course.

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July 12, 2024, 12:35:08 AM
 #135

I see a lot of reasons acquiring bitcoin.it helps you save your money with n added profit.you can keep your money in the bank for 1year and just have a little interest on it.which is waste of time.but acquiring Bitcoin can help you double your money with a good interest that you can not imagine then when is just in the bank.
Sky_T
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July 12, 2024, 11:15:05 AM
 #136

What is the essence of buying and hodling Bitcoin like is it to accumulate it till it attains ATH then we sell it off and wait for a dip and start buying and holdling again or just accumulate it and start using it as a digital means of exchange or are we going to continue till the 21 million Bitcoins have be mined, already 19 millions have been mined remaining 2 million because overtime, i have come across several topics about buy and hodl bitcoin so i actually wish to know the sole objective of acquiring bitcoins.
From my own perspective, The sole objective of acquiring Bitcoin is to make profit. One can make a huge amount of profit from Bitcoin exchange. Of course no one will actually want to miss the opportunity of acquiring Bitcoin because it is decentralized.
Baki202
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July 13, 2024, 04:48:19 PM
 #137

I see a lot of reasons acquiring bitcoin.it helps you save your money with n added profit.you can keep your money in the bank for 1year and just have a little interest on it.which is waste of time.but acquiring Bitcoin can help you double your money with a good interest that you can not imagine then when is just in the bank.

Individuals purchase bitcoin for a variety of reasons, but regardless of the motivation, money is at the core of it all whether you want to keep the money or not. Whether we are building up our holdings or looking to increase our profits, our ultimate goal is to generate income. Instead of keeping money in bank is a waste the world as out grown keeping money in banks, because with all this inflation everywhere the value of money is always depreciating every day.

It is better to use the money for saving to acquire more bitcoins so that they can make more money instead of allowing their money laying dormant, but when you invest in bitcoin their chances of you making profit than leaving money in banks their won’t be any increase rather deductions.

Franctoshi
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July 13, 2024, 06:11:55 PM
 #138

Investment into Bitcoin is not only tied to one particular reason, and every individual investor has their reason acquiring Bitcoin, which can be from store of value, medium of exchange, hedge against inflation and profit making potential, But to me aside all this other reason I have made mention, One other major reason is because of the freedom it brings unlike the traditional way fiat currency system that is completely centralized and controlled by the government.

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LSDadventure
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July 14, 2024, 02:36:56 AM
 #139

But to me aside all this other reason I have made mention, One other major reason is because of the freedom it brings unlike the traditional way fiat currency system that is completely centralized and controlled by the government.
You only can have it if you don't handle your ownership and control to any party like centralized exchanges or custodial and close source wallets.

To achieve what you wanted to have, you must use non custodial wallets, and it needs to be open source too. Then create your wallet, back up your wallet seed phrase, private key, and the backup can be used for recovery. You will have complete control of your bitcoin, UTXO and transaction and won't depend on governments, central banks, centralized exchanges.
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