Is holding Bitcoin generally good?

[adultcrypto]

Please take a moment to get my point before you conclude. I know a lot of people judge a post by the topic alone and if that is applied to mine, I might be sounding anti-bitcoin since selling is highly demonized by a lot of people in this community.

Now the question is, assuming everyone who ever bough bitcoin is holding their bitcoin in their private wallets, what will be the fate of bitcoin and the bitcoin network? Does holding bitcoin strengthen the bitcoin network? If no, are those who sell and more their bitcoin on-chain generally doing bitcoin bad?

I believe in holding bitcoin and I'm actually holding some quantity and still buying. But a greater part of me feels that there should be more to bitcoin that just buying and holding in private wallet to gain some profits. I believe that bitcoin will be much more beautiful if a good number of human populations are using bitcoin for their daily lives and have real testimony that bitcoin actually made their lives better. We cannot achieve that if we only encourage people to buy and hold, can we?

I don't know if I have sounded so pessimistic towards bitcoin. From the depth of my heart, I want bitcoin to gain more utility than it has, the reason I made this post to seek opinion if there are people actually thinking in this direction or the right way of thinking about bitcoin is only HODL.

[Ultegra134]

Please take a moment to get my point before you conclude. I know a lot of people judge a post by the topic alone and if that is applied to mine, I might be sounding anti-bitcoin since selling is highly demonized by a lot of people in this community.

Now the question is, assuming everyone who ever bough bitcoin is holding their bitcoin in their private wallets, what will be the fate of bitcoin and the bitcoin network? Does holding bitcoin strengthen the bitcoin network? If no, are those who sell and more their bitcoin on-chain generally doing bitcoin bad?

I believe in holding bitcoin and I'm actually holding some quantity and still buying. But a greater part of me feels that there should be more to bitcoin that just buying and holding in private wallet to gain some profits. I believe that bitcoin will be much more beautiful if a good number of human populations are using bitcoin for their daily lives and have real testimony that bitcoin actually made their lives better. We cannot achieve that if we only encourage people to buy and hold, can we?

I don't know if I have sounded so pessimistic towards bitcoin. From the depth of my heart, I want bitcoin to gain more utility than it has, the reason I made this post to seek opinion if there are people actually thinking in this direction or the right way of thinking about bitcoin is only HODL.

I believe that the initial purpose Satoshi intended for Bitcoin wasn't to become an asset, but to provide a currency that exceeded the usual fiat ones and required no institutions to run. I doubt he even suspected that one day, it would become that valuable. So from that perspective, I understand what you're saying. Bitcoin was created to be used as a currency, and hardly ever uses it that way, it's become an investment, whether that's trading or holding it, and I personally can't blame anyone, it would be a hypocrisy, as I'm also simply holding it and not using it at all.

The reason why is quite simple and can be found in the most recent thread, Bitcoin has thrived in value and is considered the most lucrative investment.

[_act_]

Please take a moment to get my point before you conclude. I know a lot of people judge a post by the topic alone and if that is applied to mine, I might be sounding anti-bitcoin since selling is highly demonized by a lot of people in this community.

Nobody is demonizing selling bitcoin but the people n you are referring to believe that the price of bitcoin will continue to grow over a long period of time and which is very true.

Now the question is, assuming everyone who ever bough bitcoin is holding their bitcoin in their private wallets, what will be the fate of bitcoin and the bitcoin network? Does holding bitcoin strengthen the bitcoin network? If no, are those who sell and more their bitcoin on-chain generally doing bitcoin bad?

Do not forget there are traders also. This makes what you think not to be possible because people will continue to buy and sell bitcoin. I think this answers your question. But if you hold bitcoin, you will later make money from it.

[Sticky Bomb]

I believe that Bitcoin is an asset as well as transactional entity. Beyond just holding it, some people use it for their transactions, even on a daily and that's why the miners are always busy.

The narrative behind buying and holding Bitcoin for a long-term is for profits, those who've already held for a long-term keeps selling theirs, making available more Bitcoin for others to buy and hold,  so it's not possible everybody would be holding at the same time.

Traders must always trade Bitcoin and some holders would always sell at some intervals, furthermore those using Bitcoin for transactions would still continue their activities, so only holding Bitcoin by everybody isn't feasible.

[Churchillvv]

Firstly the new Phase that bitcoin has gotten to is the phase of more scarcity as institutions and governments are beginning to hold bitcoin and of course your curiosity is understandable, is that really what Satoshi wanted bitcoin to be? a tool for holding and getting profit from?

Of course not, bitcoin holding is as important as it's trading, most of the people here are always of the opinion that you should hold a good percentage of bitcoin to yourself but not all the coins can be held in a wallet so t still doesn't obstruct anything.

Additionally we still have more bitcoin to be mined right so there is still bitcoin in supply. Transacting bitcoin is very important for bitcoin network but holding also contributes to it's scarcity.

[john_egbert]

I believe that Bitcoin is an asset as well as transactional entity. Beyond just holding it, some people use it for their transactions, even on a daily and that's why the miners are always busy.

The narrative behind buying and holding Bitcoin for a long-term is for profits, those who've already held for a long-term keeps selling theirs, making available more Bitcoin for others to buy and hold,  so it's not possible everybody would be holding at the same time.

Traders must always trade Bitcoin and some holders would always sell at some intervals, furthermore those using Bitcoin for transactions would still continue their activities, so only holding Bitcoin by everybody isn't feasible.

If everybody would only hodl, we wouldn't see much BTC moving from one hands to others.

Because retailers have the most BTC out there currently

[Y3shot]

Normally, there are different reasons why people buy bitcoin. Some people have bitcoin as an alternative currency that can be used for purchasing, while some buy bitcoin to hold it for more profit to be gained. But whoever chooses to hodl bitcoin, it is always good for hodlers to hodl very well and make a profit from it. It doesn't sound good to investors who understand bitcoin very well and are good hodlers when people struggle with holdling. It is expected that bitcoin will be spent by whoever, but it makes no sense for an investor who wants to hodl bitcoin to end up selling for not a good reason, maybe out of fear of the market or lack of patience.

[God Of Thunder]

I don't know if I have sounded so pessimistic towards bitcoin. From the depth of my heart, I want bitcoin to gain more utility than it has, the reason I made this post to seek opinion if there are people actually thinking in this direction or the right way of thinking about bitcoin is only HODL.

I would say, if you expect Bitcoin to pay daily life expenses, the only way to do it is by using 3rd party services or some centralized services. But I don't think everyone feels comfortable using 3rd party services. The centralized exchanges and some other services have become part of crypto users' lives. Some people are already using anonymous crypto debit cards, which is good.

Personally, if I can pay through Bitcoin for my online purchases, I am good. It would be good if more companies would accept Bitcoin as a payment method, such as Starlink. Bangladesh became the 2nd South Asian country to have Starlink, and people are ordering Starlink every day. I believe the crypto traders/holders/freelancers are among those who have been ordering Starlink lately. But they are using other payment gateways to pay for the kit and the monthly bill.

[Antotena]

Now the question is, assuming everyone who ever bough bitcoin is holding their bitcoin in their private wallets, what will be the fate of bitcoin and the bitcoin network? Does holding bitcoin strengthen the bitcoin network? If no, are those who sell and more their bitcoin on-chain generally doing bitcoin bad?

I believe in holding bitcoin and I'm actually holding some quantity and still buying. But a greater part of me feels that there should be more to bitcoin that just buying and holding in private wallet to gain some profits. I believe that bitcoin will be much more beautiful if a good number of human populations are using bitcoin for their daily lives and have real testimony that bitcoin actually made their lives better. We cannot achieve that if we only encourage people to buy and hold, can we?

I don't know if I have sounded so pessimistic towards bitcoin. From the depth of my heart, I want bitcoin to gain more utility than it has, the reason I made this post to seek opinion if there are people actually thinking in this direction or the right way of thinking about bitcoin is only HODL.

Your questions want to make me say it's seems like you are making K constant because these all looks ideal conditions, not real. Bitcoin doesn't control people and tells them what to do, people holding is a choice and not something you can't control, it's impossible for everyone to hold without selling because we didn't invest the same money, our source of money is also different, you don't expect someone that borrow funds to hold Bitcoin when they are in profits, it's practically impossible.

Holding Bitcoin doesn't strengthen the network, it's a proof of work and not proof of stake where you will be asked to delegate some coins to support the network by staking, it's upto you if you want to sell or you want to hold but holding will be an advantage for you most especially if you got them cheap prices. However, selling does nothing bad to the market, it's only that if they hold large quantity of Bitcoin, it might do some damage to the price on the short run, the sellers are missing out on the long run because the price might be the last time they saw it.

[suzanne5223]

Please take a moment to get my point before you conclude. I know a lot of people judge a post by the topic alone and if that is applied to mine, I might be sounding anti-bitcoin since selling is highly demonized by a lot of people in this community.

No, it is not that selling is demonized. People are only encouraged/advised to be a holder, and the last time I checked, there's nothing wrong in taking profit as a holder to give yourself the needed treat for the long term dedication and sacrifices. Besides, your Bitcoin is your investment there's nothing that give anyone right to tell you what to do about your investment.

Now the question is, assuming everyone who ever bough bitcoin is holding their bitcoin in their private wallets, what will be the fate of bitcoin and the bitcoin network? Does holding bitcoin strengthen the bitcoin network? If no, are those who sell and more their bitcoin on-chain generally doing bitcoin bad?

No, but running a node is one of the thing that helps to strengthen the Bitcoin network while holding of Bitcoin technically increase the Bitcoin decentralization.
Those that sell or use Bitcoin as payment didnt do bad things because they are making of the use case of Bitcoin happen.

[Sim_card]

Bitcoin was created as an alternative payment method to fiat, but due to the decentralized nature of bitcoin and the problems it solves have made the adoption to increase which has made the price of bitcoin to increase overtime including bitcoin halving which divides miners reward into two in every four years. As the demand of bitcoin increases, the new mined bitcoin decreases in quantity overtime.

Does holding bitcoin strengthen the bitcoin network? If no, are those who sell and more their bitcoin on-chain generally doing bitcoin bad?

Both traders and hodlers are the ones that are keeping the network going and making the price increase.

[Z-tight]

I might be sounding anti-bitcoin since selling is highly demonized by a lot of people in this community.

Who 'demonizes' selling BTC, you can sell your BTC whenever you want to, there is nothing wrong in that, 'your keys, your coins'.

Does holding bitcoin strengthen the bitcoin network? If no, are those who sell and more their bitcoin on-chain generally doing bitcoin bad?

People should decide what they want to do with their coins, we don't have to tell them what is right or wrong based on our own ideas, people who want to hold will, and people who want to sell will do likewise; and people will do the both. BTC will surely keep on moving from one hand to another, weak hands sell, people sell when they have reached their target, etc, i don't see a problem here.

[Smartprofit]

The value of Bitcoin lies, in particular, in its decentralization. Decentralization of the first cryptocurrency consists of three components - decentralization of storage, decentralization of mining and decentralization of development.

That is, the more different people and organizations store Bitcoin, the better the network of the first cryptocurrency will be organized. At the same time, the security of the network is provided by miners. Miners receive their main income from transaction fees.

If none of the Bitcoin owners makes any transactions, then the income of miners will fall, miners will stop supporting the Bitcoin network and the security of the network will deteriorate sharply. Yes, some miners will continue to support the network, even without receiving any income from transactions on the network. These can be, for example, large holders of Bitcoin.

But still, decentralization of mining will decrease significantly. And this, in turn, will reduce the value of "digital gold".

[Upgrade00]

Now the question is, assuming everyone who ever bough bitcoin is holding their bitcoin in their private wallets, what will be the fate of bitcoin and the bitcoin network?

I think it will be almost at the level it is now or on the way to it in terms of price. Bitcoin's value is determined by a number of features but possesses which makes it valuable as a hedge fund and speculative asset. Purchases like 10,000BTC for 2 pizzas and every other smaller one since then has helped it get popular faster, but I'm of the opinion the price was always going to take off.
Looking at the ledger it's impossible to check what purpose a transaction was made for.

Does holding bitcoin strengthen the bitcoin network? If no, are those who sell and more their bitcoin on-chain generally doing bitcoin bad?

Can you phrase this question differently? Bitcoin can be on chain and still be used for purchases.

[bitzizzix]

It all depends on them because they are the ones who have full control over the Bitcoin they own. And no one hates selling Bitcoin, it's just that most of them keep it because by keeping it and continuing to collect Bitcoin only to get big profits and for their own good and besides that no one will know whether the holder has ever made a purchase using Bitcoin or not at all because you won't be able to know unless they tell you. And I'm sure most of them have made payments using Bitcoin just because they want to prove and feel or indeed use it because they have to use Bitcoin and other reasons such as the prohibition of using Bitcoin as a means of transaction and this is what makes most of them store it in the best way that can generate big profits and there are also those who sell some of their profits just to enjoy it or to realize what they want.

[mcdouglasx]

There are multiple reasons to hodl Bitcoin, but the most important one for me is that Bitcoin is deflationary because of the 21 million, and the more people want to hold it, the more the price rises. It's like having the last coffee reserves in your country; your coffee would become increasingly precious and expensive.

[tabas]

Everyone is free to sell their Bitcoins at their own will. There won't be any judgment placed upon you if you start selling your holdings. You deserve any reward for yourself whether it's from this cycle or to the next one because you've held for so long.

From the depth of my heart, I want bitcoin to gain more utility than it has, the reason I made this post to seek opinion if there are people actually thinking in this direction or the right way of thinking about bitcoin is only HODL.

There are so many utilities now for Bitcoin. And the adoption keeps on increasing and it's only a matter of time until we see it that it's being used for daily lives, because right now, there's still a big importance for fiat to be used. However, will that time really come that people will want to spend BTC's for their daily lives? because I think that most of us don't even want to spend it.

[coolcoinz]

I'd say yes, as long as there's demand.

You have to realize that what drives bitcoin and any other investments is demand and that's a separate thing to whether people use it or just hold it. For instance with gold, it was being more widely used than held in the old days and in fact its value remained high throughout the ages. It was even less valuable back when they were making coins out of it than it is now when you can buy paper gold. Imagine offering paper gold to someone back in 12th century

[Finestream]

I have understood your point of view, and yes bitcoin should have more utility cases rather than just buy and hold.  However, humans in nature are greedy, and since bitcoin has proven to offer huge profits once it serves as an asset, then people will do everything just to gain those profits because for us, money is the ultimate goal.

And we can’t blame them since majority are highly affected with this current inflation, and if bitcoin is the best solution to combat inflation, then expect that people will continue to buy and hold no matter what, and just sell when impressive profits are available in the market.

[serjent05]

Now the question is, assuming everyone who ever bough bitcoin is holding their bitcoin in their private wallets, what will be the fate of bitcoin and the bitcoin network? Does holding bitcoin strengthen the bitcoin network? If no, are those who sell and more their bitcoin on-chain generally doing bitcoin bad?

Holding Bitcoin is good but hoarding it is bad.  Here is why:

Holding Bitcoin give a sense of scarcity in the market to the point that it won't do any negative effect on the economics of Bitcoin.  While hoarding is a different thing.  It is done to artificially inflate the price of Bitcoin then later on dump to take profit.

I believe in holding bitcoin and I'm actually holding some quantity and still buying. But a greater part of me feels that there should be more to bitcoin that just buying and holding in private wallet to gain some profits. I believe that bitcoin will be much more beautiful if a good number of human populations are using bitcoin for their daily lives and have real testimony that bitcoin actually made their lives better. We cannot achieve that if we only encourage people to buy and hold, can we?

Aren't people trading them?  Or use them to pay for their online transactions?  Bitcoin maybe kept by some people but there are lots of people who are trading it, you can see the daily trading volume to check whether Bitcoin is moving from one hand to another hand.  For me as long as the trading volume is healthy, we should not worry about other people holding it.

I don't know if I have sounded so pessimistic towards bitcoin. From the depth of my heart, I want bitcoin to gain more utility than it has, the reason I made this post to seek opinion if there are people actually thinking in this direction or the right way of thinking about bitcoin is only HODL.

What more are we looking for Bitcoin?  It is created to be an alternative currency and it is doing it part on that area.  Should we see more utility other than the the reason why it was created?