Many people buy cryptocurrencies. There is also a wide range of them. Most people see it as an investment, many look at the projects and if they think a project is promising, they buy the coins or tokens. Other people buy the coins that are just pumping, hoping to make a quick buck and still others trade the coins. All these people have one thing in common: for them, cryptocurrencies are just a means to get more fiat money.
My motivation is different, I am not interested in fiat money and financial speculation is not my speciality. But I have been studying the world financial system for a long time and have come to the conclusion that the system is irreparably broken and must collapse. When it will happen, I don't know. In 2008, the system almost collapsed, but was saved at the last moment. I don't think the system will survive the next crisis. That is not just my opinion. There are various experts who also see it that way.
What happens when the financial system collapses? No one knows for sure. One thing seems certain. Monetary transactions will be severely disrupted, perhaps even impossible. Satoshi Nakamoto recognised the problems and, in order to prepare the world for the collapse of the financial systems, invented Bitcoin.
Bitcoin was not invented to be digital gold and not to serve as a store of value. Bitcoin was invented to serve as a functioning permissionless digital currency in the event of the collapse of the financial systems.
Many don't know it, some have forgotten it, but that is the goal of Bitcoin. Unfortunately, BTC no longer fulfils the task, because BTC is simply not technically capable of functioning as a currency for the whole world. Even now, although BTC is hardly used, the blockchain is clogged. Some transactions wait weeks for confirmation, or you have to pay very high fees to get the transaction processed within 10 minutes.
The Lightning Network, which is often touted as a solution, is not one at all. Firstly, it does not work properly because the routing problem is not solved (because it cannot be solved). Secondly, expensive on-chain transactions will always have to be carried out to open and close channels. And thirdly, what is worst of all, the LN transaction goes through middlemen, these are centralised servers that belong (or can belong) to a few companies. Here I wrote why Lightning Network will fail.
There are several cryptocurrencies that have low transaction fees and can theoretically become a world currency. NANO is often mentioned in this context. The problem is, all of these coins have no adoption, or no adoption at all, and I don't think they will each achieve significant adoption.
Bitcoin (Cash), on the other hand, has several supporters who are campaigning for adoption. I don't see that with any other coin. I don't see any coin other than Bitcoin Cash being able to serve as a functioning currency in the event of the collapse of the financial systems.
This is the main reason why I have chosen, own and will own Bitcoin Cash, regardless of how the price will develop in the short term.
A good video about Bitcoin history you can watch here:
...and you will also help the author collect more tips.
Another good read.
"All these people have one thing in common: for them, cryptocurrencies are just a means to get more fiat money."
This is the mindset of people around here. Most of my friends if not all, buy tokens, mostly shitcoin, wait for them.to pump and immediately swap them and convert to fiat. They have no long-term hodl plans.
I hope to be different. Though I'm not buoyant enough to invest in crypto as much as I would like. I'll try to earn as much as I can and hodl most of it.