Most people who own Bitcoin don't Trust Bitcoin

[Felicity_Tide]

Once the market starts pumping, everyone suddenly becomes a long term investor. They start talking about decentralization, financial freedom, and how Bitcoin is the future.... But let the price drops down 20%, that same conviction disappears. Fear replaces belief, and “long term holders” start looking for the exit Lol

As far as freedom to invest is concerned, everyone is free to do whatever they like.
I think it is actually wrong to assume that everyone who shows interest in a particular actually likes that thing. There will definitely be people who only put their own interest first, above every other thing, and are always eager to outsmart everything they're involved in... But the actual long term investors know themselves.

We still have a lot of people who panic sell. They're literally part of the market, and will not be leaving anytime soon. Despite knowing how the market works in a long term, they still panic sell anyway.

That always makes me wonder.... do these people actually trust Bitcoin? Caus I wouldn't buy something this volatile without trusting it.

Some of them do, but they don't trust Bitcoin enough.
Others are just around to see ways they can outsmart the market.
It's something normal. People like this exist in our normal day life.

[tabas]

Many people say they believe in Bitcoin, but I think most of them only believe in green candles. Once the market starts pumping, everyone suddenly becomes a long term investor. They start talking about decentralization, financial freedom, and how Bitcoin is the future.... But let the price drops down 20%, that same conviction disappears. Fear replaces belief, and “long term holders” start looking for the exit Lol

That always makes me wonder.... do these people actually trust Bitcoin? Caus I wouldn't buy something this volatile without trusting it.

Real conviction shouldn't depend on green candles. If your belief disappears with volatility, it was never really a belief... it was just excitement.
I'll always say this, Bitcoin does not test your intelligence first, it tests your patience.

Many of the people who call themselves investors are not holding Bitcoin, they are just holding hope that someone else will buy it higher.

what's your opinion

There's nothing wrong if someone invests in Bitcoin and they're not a firm believer of it. They're investing through FOMO and that's nothing new in the market of different types. The investors who only seeks to get profit and patiently awaits for it are there. Not that going to hold for long doesn't make you an unbeliever. It differs to what you think is right but you cannot push what you think people should do if they either should be called a bitcoin believer or not. Bitcoin is a free and speculative market and that's why everyone is free to invest in it, believer or not.

[mcdouglasx]

Which people are you referring to when you speak? Because if you're referring to sensationalism, don't be swayed by it, since they publish based on trending topics. That is, if the price of Bitcoin rises, they publish sensationalist articles about how great it is, and if it plummets, they publish about the risks, volatility, and all that stuff we already know. Besides, just because you believe in Bitcoin doesn't mean you should be less responsible with your finances. It's not like you're going to sell all your assets and bet it on Bitcoin just because you believe in it. You can always believe in it, support its philosophy, and manage your financial risks.

[ingiltere]

Why would someone who doesn't believe in Bitcoin invest in it? You don't invest in something you don't believe in. How would you know if the price will go up or not? If they've invested based on hearsay, making money from it would be purely a matter of luck. You need to thoroughly research and educate yourself before investing in anything.
People usually take the easy way out. Even when investing, they act based on someone else's judgment. You're better off using your own judgment. Don't invest in something you don't trust just because someone else said so.

[Rustam Meraj]

It causes people to feel like genius when price is going up, and ends up being an emotional high. They say their unlikely alternative to financial freedom, as they call it, is decentralization. However, during market declines it plays the role of filter which discerns between real investors and gamblers.

It is not during the green candles that true conviction is actually created, it is during red candles. But, if you really comprehend absolute scarcity and network security of Bitcoin, drop in 20% appears like discount season instead of disaster. People who panic sell also see Bitcoin as magic to get rich, which they hope that greater fool will come along and buy it for higher price. Real investing is about capacity to endure great deal of ups and downs and not deviate from long haul usefulness of what you own.

[Lucius]

By the way, less than 5% of people today have or have had any contact with Bitcoin, I think that speaks for itself, right?

I'd also wager less than 5% of that 5% have had contact with the Bitcoin network. I know it's been years since I properly talked to people who "owned" Bitcoin and later realisiing they only have an account that says they've got Bitcoin, so don't use an actual wallet, much less knowing how to use it, but am sure that's still the case today, if not more the case.

So the thread's title... could itself be a misnomer in representation. Most people who don't own their coin, yeah, don't trust the network.

For a while, I thought that people simply weren't ready for something like Bitcoin, but I've become quite convinced that the thing is that a very small percentage of people in today's population can even understand why Bitcoin exists and why it's a great alternative to existing financial systems.

Therefore, I concluded that there are those who are simply not intelligent beyond having a plastic bank card in their hands and remembering the 4 digits of their PIN - and those who are afraid that by owning BTC they are participating in something that is against the state and politics.

However, we have to be honest and say that people's perception of what Bitcoin is depends on where someone lives - we can all agree that people in the US have far greater exposure to Bitcoin in mainstream media than those in Europe. Therefore, it is not at all strange that the largest companies related to cryptocurrencies are located there, and of course it is very possible that it is the country with the most Bitcoin owners.

[m2017]

Many people say they believe in Bitcoin, but I think most of them only believe in green candles. Once the market starts pumping, everyone suddenly becomes a long term investor. They start talking about decentralization, financial freedom, and how Bitcoin is the future.... But let the price drops down 20%, that same conviction disappears. Fear replaces belief, and “long term holders” start looking for the exit Lol

It can be hard to maintain faith when your investments are melting away before your eyes.

That always makes me wonder.... do these people actually trust Bitcoin? Caus I wouldn't buy something this volatile without trusting it.

People trust potential (possible profit) first and foremost, and it is the belief in profit (and not in bitcoin as a technology) that motivates them to buy.

Real conviction shouldn't depend on green candles. If your belief disappears with volatility, it was never really a belief... it was just excitement.

Or greed.

I'll always say this, Bitcoin does not test your intelligence first, it tests your patience.

Do you really need intelligence to invest in bitcoin? Even a schoolboy can handle it.

Many of the people who call themselves investors are not holding Bitcoin, they are just holding hope that someone else will buy it higher.

How is this different from investing in traditional markets? It's the same there: each investor buys shares not to have abstract faith in the asset or company, but to, in the same way, sell those shares to someone else over time, but at a higher price.

[Curious T]

I understand the point, but it is not so simple. While there are people that panic immediately the price starts going down, but there are also people who hold bitcoin just for short term reasons. Some people can convert their rent or tuition fees to Bitcoin to hold till when they are ready to pay. There are many other reasons why people can hold Bitcoin for short term purposes including making short term profits. I don't see anything wrong with holding bitcoin and hope it would go up after a week so you can take profit. I don't advice it, but it's still their bitcoin and they can do what they want with it. A lot of people are in bitcoin for the profit and it's normal to panic when you see your money losing value, especially for people who went through a lot of get the money or people who were already at profit but didn't take them.

[serjent05]

Many people say they believe in Bitcoin, but I think most of them only believe in green candles. Once the market starts pumping, everyone suddenly becomes a long term investor. They start talking about decentralization, financial freedom, and how Bitcoin is the future.... But let the price drops down 20%, that same conviction disappears. Fear replaces belief, and “long term holders” start looking for the exit Lol

That always makes me wonder.... do these people actually trust Bitcoin? Caus I wouldn't buy something this volatile without trusting it.

It is the unseen profit that triggers them to buy.  Though they don't trust on Bitcoin, they think that buying some can at least give them a profit.  People are not the same, some loves to test the risk while other are just following someone's hype.  At the end of the day, it is the "promised" profit said by other people that make them to invest in BTC without knowing what BTC is really for.

Real conviction shouldn't depend on green candles. If your belief disappears with volatility, it was never really a belief... it was just excitement.
I'll always say this, Bitcoin does not test your intelligence first, it tests your patience.

I think Bitcoin tests intelligence since without knowing Bitcoin, patience won't be motivated.

[Agathamay]

The truth is that, you don't expect people to be emailing when they are making losses and that doesn't mean that,   They don't believe in bitcoin and maybe most long term investors might feel bad because they might not even be having money(fiat) to buy the dip and seeing their already high figure dropping without them having the fiat to buy the dip out to be very disheartening for a holder investor and should we because of this, want to conclude that, they don't believe in bitcoin? Don't you expect anyone who's making losses in business to be happy?

When you get the perfect answer to that question, then you answer.

[Achalugo BTC]

I understand the point, but it is not so simple. While there are people that panic immediately the price starts going down, but there are also people who hold bitcoin just for short term reasons. Some people can convert their rent or tuition fees to Bitcoin to hold till when they are ready to pay. There are many other reasons why people can hold Bitcoin for short term purposes including making short term profits. I don't see anything wrong with holding bitcoin and hope it would go up after a week so you can take profit. I don't advice it, but it's still their bitcoin and they can do what they want with it. A lot of people are in bitcoin for the profit and it's normal to panic when you see your money losing value, especially for people who went through a lot of get the money or people who were already at profit but didn't take them.

Of course you are right, its not really an easy thing in this journey of Bitcoin, some people are really finding it difficult to really trust Bitcoin, especially those who haven't really make or profit from their investment, which is giving them the tension anytime the market fluctuates but since they can't do anything about it, they had to just wait and hope for the best, those that can't afford to continue the journey can as well stop their journey half way for the safety of their mental health and I won't even judge anyone who makes such decisions, as some people have developed heart disease due to the tensions on the air and instead of continuing without having peace of mind, they should better stop and give themselves sometime.

[vs2014]

The problem with Bitcoin is not that it is not backed by anything. It is definitely a strange problem. Although Bitcoin supporters insist that it is not backed by real money it does not actually work that way. The logical analysis can be very large so I am not going to dwell on that so for now I consider Bitcoin as the best currency to invest in. This is money made for a social collapse that somehow includes a fully functioning internet. Invest and enjoy the profits and leave aside some of the awareness questions that are unnecessary. Because I think those are the questions that Bitcoin whales will figure out.

[Mame89]

I think bitcoin, unlike many things happening in the world, has shown remarkable stability. It follows a fairly consistent cycle, with periods of growth and periods of decline, yet each new cycle has surpassed the previous one in terms of overall performance. In my view, this is actually one of its strengths, because it gives people opportunities to buy at more favorable prices during downturns. I believe many investors take advantage of this strategy. Of course, there are also plenty of people who see it differently and remain skeptical about bitcoin.

Yes. I also see these investors not as lacking confidence in Bitcoin but as having different goals and targets. Moreover, Bitcoin has cycles where some people profit during cycles that result in new ATH. However, it's undeniable that some people invest in Bitcoin solely based on FOMO and when the price drops, their confidence in Bitcoin also disappears.

So, confidence in Bitcoin ultimately depends on their patience, mindset and goals in investing. These three things can be achieved if they have a deep knowledge of Bitcoin which gives them complete confidence in it without the slightest doubt. Even if they sell some, it's because they already have a target.

[buwaytress]

By the way, less than 5% of people today have or have had any contact with Bitcoin, I think that speaks for itself, right?

I'd also wager less than 5% of that 5% have had contact with the Bitcoin network. I know it's been years since I properly talked to people who "owned" Bitcoin and later realisiing they only have an account that says they've got Bitcoin, so don't use an actual wallet, much less knowing how to use it, but am sure that's still the case today, if not more the case.

So the thread's title... could itself be a misnomer in representation. Most people who don't own their coin, yeah, don't trust the network.

For a while, I thought that people simply weren't ready for something like Bitcoin, but I've become quite convinced that the thing is that a very small percentage of people in today's population can even understand why Bitcoin exists and why it's a great alternative to existing financial systems.

Therefore, I concluded that there are those who are simply not intelligent beyond having a plastic bank card in their hands and remembering the 4 digits of their PIN - and those who are afraid that by owning BTC they are participating in something that is against the state and politics.

However, we have to be honest and say that people's perception of what Bitcoin is depends on where someone lives - we can all agree that people in the US have far greater exposure to Bitcoin in mainstream media than those in Europe. Therefore, it is not at all strange that the largest companies related to cryptocurrencies are located there, and of course it is very possible that it is the country with the most Bitcoin owners.

I suffered from the same (ironic?) naivity even as recently as the '21 cycle -- I was in the thick of freelancing for crypto projects, ghostwriting for C-suites, etc -- thinking that at least the commercial people would themselves at least have gotten into doing their own ideas because they understood why Bitcoin existed, and perhaps wanted to do fix something, or adapted (even if they were wrong).

And then yes, I realised, even with or in some cases especially with people who were financial or investment professionals, they actually never scratched beneath the surface of speculative value.

Technological access is certainly geographical so Bitcoin exposure is naturally where you say it is but I daresay that Bitcoin's idea is valued more ideologically or philosophically in places where necessity for an alternative was what brought people to Bitcoin. We're still talking very few people and communities in the end, of course.

[Franctoshi]

Many people say they believe in Bitcoin, but I think most of them only believe in green candles. Once the market starts pumping, everyone suddenly becomes a long term investor. They start talking about decentralization, financial freedom, and how Bitcoin is the future.... But let the price drops down 20%, that same conviction disappears. Fear replaces belief, and “long term holders” start looking for the exit Lol

That always makes me wonder.... do these people actually trust Bitcoin? Caus I wouldn't buy something this volatile without trusting it.

Real conviction shouldn't depend on green candles. If your belief disappears with volatility, it was never really a belief... it was just excitement.
I'll always say this, Bitcoin does not test your intelligence first, it tests your patience.

This set of investors could also trust Bitcoin, but could be that they've risked more money than what they can afford to lose. Some people invest wrongly by using their life savings, and when Bitcoin's price dropped 20%-40% of its value, they began panicking because they didn't want to see their entire savings go down.

Many Many of the people who call themselves investors are not holding Bitcoin, they are just holding hope that someone else will buy it higher.

The end goal for every investment is profit, isn't it?
The problem isn't in selling but in how long, because there's always going to be a seller and a buyer, because someone has to sell for someone to buy. What matters is if your goal of investment is to be well achieved. Secondly, until Bitcoin is integrated and legalized into our financial system as a legitimate and worldwide recognized payment system, most investors wouldn't realize it's money. I see it that the majority of investors see Bitcoin only as an investment asset and not money because if they saw it as money that they could use to purchase things, there's no way they would sell to convert to fiat.

[Cryptomultiplier]

Many people say they believe in Bitcoin, but I think most of them only believe in green candles. Once the market starts pumping, everyone suddenly becomes a long term investor. They start talking about decentralization, financial freedom, and how Bitcoin is the future.... But let the price drops down 20%, that same conviction disappears. Fear replaces belief, and “long term holders” start looking for the exit Lol

That always makes me wonder.... do these people actually trust Bitcoin? Caus I wouldn't buy something this volatile without trusting it.

Real conviction shouldn't depend on green candles. If your belief disappears with volatility, it was never really a belief... it was just excitement.
I'll always say this, Bitcoin does not test your intelligence first, it tests your patience.

This set of investors could also trust Bitcoin, but could be that they've risked more money than what they can afford to lose. Some people invest wrongly by using their life savings, and when Bitcoin's price dropped 20%-40% of its value, they began panicking because they didn't want to see their entire savings go down.

Many Many of the people who call themselves investors are not holding Bitcoin, they are just holding hope that someone else will buy it higher.

The end goal for every investment is profit, isn't it?
The problem isn't in selling but in how long, because there's always going to be a seller and a buyer, because someone has to sell for someone to buy. What matters is if your goal of investment is to be well achieved. Secondly, until Bitcoin is integrated and legalized into our financial system as a legitimate and worldwide recognized payment system, most investors wouldn't realize it's money. I see it that the majority of investors see Bitcoin only as an investment asset and not money because if they saw it as money that they could use to purchase things, there's no way they would sell to convert to fiat.

The quality that an investment success in Bitcoin demands is conviction. An investor has to look past the current noise of the market and green candles in other to be successful in the long term.

Conviction is what matters most when considering to invest in Bitcoin, because, that's what would make you know the value of what you own or intend to own as regards Bitcoin and know how best to use it in certain environments where necessary.

[Adams0001]

Why would someone who doesn't believe in Bitcoin invest in it? You don't invest in something you don't believe in. How would you know if the price will go up or not? If they've invested based on hearsay, making money from it would be purely a matter of luck. You need to thoroughly research and educate yourself before investing in anything.
People usually take the easy way out. Even when investing, they act based on someone else's judgment. You're better off using your own judgment. Don't invest in something you don't trust just because someone else said so.

That is what just came to my mind how can someone invest in bitcoin without trusting it how can that be possible. All the people I no they don’t like bitcoin they are just confusing other not to invest in it but they can never invest too because some don’t have enough money to invest in bitcoin and they will do all there best to stop people that are interested to invest. Bitcoin is not something that you can be comparing or forcing someone to do. If you’re interested to invest in bitcoin you will look for knowledge and know how he goes so that you can understand better and know one can confuse you.

[Antotena]

One question I had love to ask you is that, did Satoshi Nakamoto created bitcoin so we can only hold it for profit? To you and everyone with this kind of idea, I always wonder if it's a crime that I buy bitcoin today and sell it the following day or is it even a crime to own it today and decides to liquidate it few weeks or months later? People can have bitcoin as an investment, as hot savings which they just want to use it at any moment the need comes and also as an everyday medium of transaction. You guys are misunderstanding the purposes of bitcoin. Some people even say if I'm not a holder, then I'm not a bitcoiner, BS.

You can do whatever you like with your Bitcoin because when the price drop, there will be nobody to console you of your loss. You can see Satoshi wallet has been there for years, not for once has he sell any of the coins he got mining Bitcoin, so you can decide to be like Satoshi or be like your own version and do what you want to do. You can do the new approach of buy and hold for long as you want and you can buy during the bear market and sell during the bull.

I don't see the need for anyone to buy Bitcoin when you don't trust Bitcoin, in fact Bitcoin want you to verify and doesn't want anyone to trust anyone, it's not necessary to even trust Bitcoin. You want to send transaction and you don't trust other nodes, you can run your own node, you can do anything you want to do with Bitcon. Bitcoin is the only asset without limitation even the government value Bitcoin, so what's the use of the trust that you want.

[Crypto Library]

In this case, I would say that those who only spread good words about Bitcoin or want to invest when Bitcoin is bullish are emotional investors who mostly invest because of FOMO.

Real investors, all the holders of Bitcoin, are those who keep positive thinking about Bitcoin all the time even on the bear and bull season. And in their case, it is seen that they mainly invest when the price of Bitcoin has decreased and sell when the price of Bitcoin increases.

I will say again that those who invest in the bullish Bitcoin price are not real Bitcoiners and it doesn't matter to them whether they trust Bitcoin or not.

[Nwada001]

They trust Bitcoin not the volatility. I know it would rise, I understand it's strengths and selling point but doesn't mean I don't fear we going under. And you get more emotional the higher amount staked. Just buy via spot and hold.

If you trust Bitcoin, then you should be able to know about its volatility. You might not be able to predict how the market moves when it goes up and when the value will come down, but as long as you know it's volatile, that's enough to keep you on the right track. You can buy when you consider the market to be in your favor and hold for as long as you want.