Why Would Someone Not Have Any Bitcoin At This Stage?
If you're a Steemian, I think it's safe to say that you know what Bitcoin is and how powerful it may be in the future.
I'm really not looking to forecast the price of Bitcoin, nor do I care.
In fact, this is what I think when I see most people trying to do so:
As a long term holder, Bitcoin are poker chips that are no longer valued in USD. They afford a seat at the table, and symbolize a first class ticket to being prepared for future value transfer. The same goes for Ethereum in its own right.
If I'm wrong on this, I won't even blink because I had the balls to believe in a vision and not sell out of it during the craziest of times. Sure, I could cash out and float on fiat, but I don't want to. My values have distinctly changed to not want that. If crypto fails and all tokens become worthless, I'll truly be at peace for the valiant attempt. For some reason, I just feel comfortable with everything that I don't second guess myself.
It took a few months to learn this lesson a while ago when I first got involved, but I gradually learned to not care about the market value of the blue-chips anymore. Ironically, I view most other alt coins as the opposite, still as USD, and primarily as lottery tickets. It's just the way I view it. In a super speculative space where 90%+ of alts may die off, these extremely risky options are largely unappealing to me because of the low odds of success. I don't want to gamble on top of what many consider gambling in the first place.
In my opinion, I think Bitcoin's fiat price will eventually become irrelevant over time. Having Bitcoin will be the actual value, not its market price tied to a dying system. This may also be the case for other coins, but I personally don't see Bitcoin losing its dominance for a while.
Forming The Question...
While Steem is great and promising, I'm wondering if anyone would be willing to share their reasoning IF they don't hold any Bitcoin.
I understand that buying it now could be cost prohibitive for most, but even 1/10th could be powerful in a few years... and maybe even essential down the line.
To me, the risk-reward ratio is so heavily lopsided to the positive, that being empty-handed when we're all fully aware of it feels like a tragic sort of thing (no offense - and I could be 100% wrong). Being romantically devoted to other projects is all good, but I think a foundation in the staples at the same time would make this a safer play.
The vision and runway seems so clear to my potentially extremely biased eyes, but if I had one nickel back for every time I felt that way and saw people worrying about the short-term charts to get scared off...
The Question:
Why do or don't you hold Bitcoin now?
No judgment at all. This is a safe space.
Is it a lack of funds thing, or is it because you don't like it? If you feel the tech isn't there, don't forget that tech evolves every day...
As fairly obvious advice for those with interest, but lacking the means, liquid Steem earnings are a perfect faucet to accumulate your first Satoshis.
Thanks for reading my opinions and questions, which are not to be taken as financial advice.
@steemmatt
hahahahah!! :D well we gotta love btc! it's gonna give more life to the space! <3
but yeah I see what you are saying. :)
I don't have the money for it now! very expensive, maybe when my xrp got me some good profits.
I don't hold bitcoin because it consumes too much energy and the rate is manipulated by we don't know who.
I understand those principles, but if Bitcoin and crypto do succeed, wouldn't having at least a slice be a hedge against not having any at all when you might need or be able to get a lot of utility from it? If you had some, those factors could also potentially let up over time.
I have no btc because:
If I do get in the position to invest, I would go with ltc or maybe dash, which is also cheaper in fees and faster than btc.
Currently I live off STEEM and have tried only those three coins to move my money out for rent and food etc. DASH is actually a bit cheaper than ltc, but ltc is much faster and more reliable than dash so I use it the most now.
btc was a big fail out of the three - very slow and costly. I feel like it is the big dinosaur that will draw people in to crypto, but like ibm, it will one day die off as some other coins take over like apple and microsoft did.
That GIF is disturbing lol. Bitcoin is an extremely important asset to keep in your crypto portfolio. It think comparing BTC to STEEM is difficult because they were created for different reasons and they each accomplish different tasks. I definitely see Bitcoin reaching new ATH’s soon, especially with the halving coming next year.
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Hope I live long enough to see all the good stuff happen :-)
Everyone should hodl some btc and monero imho.
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I am an accumulator and am not letting it go any time soon. Like you, I see such potential that it is madness not to have at least a few satoshis lol
Virtual fist bump extended. Rock on.
I currently hold q little bit of BTC, all of it mined over the past winter. My main holdings are in LTC and Steem.
I did cloud mining a while back and it was not a good move for me. If you mined it yourself, that's pretty cool that you've got that experience, and can always mine again.
I highly urge you to not publicly disclose the volume of crypto you own. We can't hide it on an account-level on Steem (for Steem/SBD), but you might want to update your comment to be more vague.
As long as you're in the ball game and enjoying the ride, you're miles ahead of the most of the world right now.
Good catch. I updated that.
And yeah, I didn't cloud mine my Bitcoin.
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Very rightly said. In the era where technology is taking over everything, there is no doubt decentralized cryptocurrency is the gateway to the future.
When someone asks me when to start investing, my answer is always today because better late than never. Even a small fraction of it will cost a huge in the coming future.
Glad you see it. As long as people know what they're buying first, then start responsible buying, that's the way to build a solid foundation. Unfortunately, most people can't be bothered to do take the time to learn beforehand, which is why they obsess about price action, are impatient when it ping-pongs, and fittingly lose their shirts. Thanks for the comment.
Dammit, just this morning I contemplated on converting my tiny BTC to an altcoin I KNOW will give 20x its current value once it does what it says it's going to do.
This is why I bought it in the first place!
Holy!! Alt coin promised are like husbands telling their wives they'll take the trash out. Haha. Your plan may be amazingly successful, so don't doubt it. However, maybe don't chase pipe-dream alts all-in if your initial vision told you to hold your chips. (See what I did there?)
Maybe consider 50/50 to manage the risk a little bit and have potential in both, but please do not let me influence you. You can always swap back any time if the coin is still listed on an exchange, so you're not stranded. It's all up to what you feel most comfortable with.