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Do you really HODL, or are you really just depositing for later?

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Written by   185
1 year ago

I'm a person that wants to earn and save 1 BCH, and it's a really tough decision to maintain because there's a function of cryptocurrency that everyone specifically ignores these days, and it is the ability to spend cryptocurrency.

I can't save 1 BCH because I keep spending my BCH. If I didn't spend it on anything, I would've been having more than 1 BCH.

I don't mind, though. Do you?


The HODL Narrative

Everyone knows of the word "hodl", and the underlying idea of hodling. But why do you really "hodl"?

You see, the people who think of "HODLing" have a mindset that nobody really knows nowadays, and that is the fact that if someone held part of a finite number of items, the price might go up due to it.

HODLing's first and main narrative is "number go up", something not even related to cryptocurrency at all. The idea of the "number go up" creates an item whose value depends on those who want it and those who want to hold it for sentimental reasons.

In fact, hodling is recognized as a cryptocurrency slang for an investment strategy more known as the "buy and hold" or position trading. It's a passive form of hoping market investing.

"I AM HODLING"

HODL is a misspelling given by someone in 2013 as they drunkenly explained why they're holding BTC.

Why they did that is a problem nobody will ever know for sure.


A Coin, or An Asset?

2013 was when times began to change for the worse. It was the time where Bitcoin was becoming mainstream, and the cypherpunks and crypto-anarchists were slowly being replaced by investors and curious central bank users. In 2013, Replace-By-Fee was introduced, and you know what happened after that.

Now, with the prominent solution for getting money is by "hodling" cryptocurrencies, never using it, there would be a few of us asking "why is it called a currency then, not an asset?"

The answer to the question is that it has been called an asset. A lot of times.


Bitcoin Pizza Day

The irony of this is that back in 2010, a guy decided to get someone some pizzas by trading them with 10,000 BTC.

This, in itself, would conflict with the HODL narrative and is a very mockable moment in Bitcoin's life if it was truly a coin for position trading. But this one act also started the price to climb up.


HODL to Depositing

I always didn't like how we really need to "hodl" these days, not because we want to invest more money but because there isn't anyone who accepts cryptocurrency. It's a terrible thing, and this is why when I wanted to get 1 BCH, I said it was to get back the ~6 BCH I had back in the day.

But I called it off just before the price crashed since it's really not a good goal to have. Before that, I have been setting myself goals to not get past a certain amount of BCH to be spent, because I want to have a deposit in case of emergencies.


Closing Remarks

I'm not really much of a person who invests in something, but one thing is that the "HODL" narrative doesn't work on its own unless something always happens to the price.

People these days speculate, do trading like it's the stock market, and guess what the price will be while people are encouraged to keep their money on exchanges they prefer.

Out of every coin ever, only BCH doesn't want to do that, because it wants to be money. Because of this, we're constantly overshadowed by everything else.

Anyhow, this is just my personal musings about the idea of 1 BCH holding in the nutshell these days. Hope you learned something.

This is Rowan, signing off.

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Written by   185
1 year ago
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