Why You Should Start to Hold Bitcoin Now

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Avatar for shuyoong
Written by
4 years ago
In community: Cryptocurrency(66bf)

Big Corporate Buy Bitcoins As Treasury Reserve

In the recent months, more and more public companies and big corporations started to accumulate Bitcoin as a treasury reserve. Their average Bitcoin entry price is above $ 10,000.

We also see companies like Pay Pal and DBS Bank venture into crypto space, offering digital exchanges and wallet services.

Implication: Bitcoin Price Stablilized and Grow Progressively

In the crypto world, there are two groups of people - Believer and Speculator.

Believer are people who will hold Bitcoin forever - long term oriented

Speculator are people who trade Bitcoin - short term oriented

When Bitcoin was launched, there were more Speculator than Believer. Having more Speculator in the Bitcoin market means prices are highly volatile.

But as time pass, Speculator were flushed out and more Believer enters the Bitcoin market. When that happens, price stabilized and move up progressively.

Future of Bitcoin Price

Let's compare Bitcoin to Gold as both have been perceived as store of value and absolute scarcity.

The main risk of Gold is that new source of gold is discovered which cause the price to plummet.

The main risk of Bitcoin is 51% attack where single party owns more than 50% of Bitcoin mining hash rate and make a detrimental change to the Bitcoin protocol.

But the big whales who own Bitcoin are people who believe in Bitcoin and will hold forever hence extremely less tendency for them to do something that is harmful to the Bitcoin value (because they own most of it), which makes Bitcoin certain to be absolute scarcity.

While Gold on the other hand doesn't actually possess absolute scarcity, because people will tend to keep find new source of gold (ie. asteroid mining), and when they find a new source of gold, then the gold community will be affected.

Today Bitcoin market cap is at $300 billion, comparing to Gold market cap is at $9 trillion today, hence it is easy for Bitcoin price to 3X and reach $1 trillion market cap.

Where to Store Your Bitcoin

After getting your first Bitcoin, you can choose to store your Bitcoin in:

  1. Crypto exchanges - ie. Binance , Remitano.

  2. Crypto wallet - ie. Ledger Nano, Exodus

  3. Torque Superwallet

The advantage of storing Bitcoin in Torque Superwallet is your number of Bitcoin will increase due to arbitrage trading rewards.

[Read this article if you want to understand what is Torque, what they do and our due diligence --> Torque Superwallet : My Testimonial (1 Year+) ]

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Avatar for shuyoong
Written by
4 years ago
In community: Cryptocurrency(66bf)

Comments

good job bro..keep it up

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User's avatar Mahtab765
3 years ago

Thanks for your informations

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User's avatar turuncu
4 years ago

Thanks for your time reading the article.

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User's avatar shuyoong
4 years ago

Thanks for your informations....

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User's avatar turuncu
4 years ago

I created a post over the purchases done by institutions and I believe that we are in the verge of an institutional FOMO. We'll see the incredible effects of such massive amount of money 😎

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User's avatar idiosyncratic
4 years ago

Hey nice article you have! Agree with there will be a potential wave on institutional and government FOMO which will benefits all of us early adopters.

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User's avatar shuyoong
4 years ago

Thanks for informative article...i will keep them

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User's avatar Teji
4 years ago

Where do you store it at?

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User's avatar shuyoong
4 years ago

Where do you store it at?

in my wirex account......you have any suggestion where is better?

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User's avatar Teji
4 years ago

You can explore storing in Torque Superwallet https://read.cash/@shuyoong/torque-superwallet-user-guide-5f0f9a24

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User's avatar shuyoong
4 years ago

Should I hold a coin that will cost me hundreds of dollars in the future? It will be like a gold box buried 300 metres underground.

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User's avatar Telesfor
4 years ago

It depends on your monetary believe system. No right or wrong.

For me (as an ordinary person who have no power to influence our monetary system), Bitcoin is an asset to diversity against traditional financial instruments.

Try to check this article which explain 'why Bitcoin' if you have time. https://winklevosscapital.com/the-case-for-500k-bitcoin/

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User's avatar shuyoong
4 years ago

I have known bitcoin for several years and know exactly how it came about, why it exists and how it works. Bitcoin has worked until 2015, 2016. Since 2017 at the latest, it no longer works. It has become a share, a stock. It is no longer electronic cash. I had BTC and have exchanged it for other cryptos long ago.

If you pay $1000 to make a transaction in a few years, you will be very angry that you have the coin. Or you do not own the coin, but your exchange does. That is of course different.

And if I don't believe in the monetary system, I prefer to buy real gold. And for using i buy Bitcoin Cash.

The problems with gold from the article are ridiculous. Of course there is a lot of gold in the universe, but to transport the gold from other planets or to extract it from the sea is exorbitantly expensive and maybe possible in 1000 years.

Yes, gold is heavy, but I am not so rich that I can buy tons of gold.😄

Building only on the fact that BTC is a store of value because it is finite is very short-sighted. A coin must have a use, otherwise it is useless and worthless in the long run. BTC is useless and the BTC owners will sooner or later experience this painlessly.

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User's avatar Telesfor
4 years ago

Nice one

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User's avatar Nilabegumnila
4 years ago

Nice

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User's avatar Nilabegumnila
4 years ago

Good written

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User's avatar Nilabegumnila
4 years ago

Thanks for the compliment!

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User's avatar shuyoong
4 years ago

You welcome

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User's avatar Nilabegumnila
4 years ago

We ourselves have entered BTC under 10K over a year ago now. You have some points there, but I must say the amount of speculators will always be significant to affect the price (it's a market after all, and fiat currencies are involved). As for holding your Bitcoin not recommended at all to hold it in exchange (only the amount that actually you're using to speculative finalities). Remember, not your keys, not your coins.

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User's avatar Monolith
4 years ago

Nowadays the rate of bitcoin is so high. So I thing, we should sell our bitcoin right now. By the way, your article is so informative to me

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User's avatar Marielle
4 years ago

Thanks for sharing this information ☺️☺️ and i also subscribed you🤗🤗 So keep working like this ❤️❤️

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User's avatar Eera24
4 years ago

Wow. Thanks for the support! 🤗

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User's avatar shuyoong
4 years ago

Welcome dear

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User's avatar Eera24
4 years ago

Definitley holding ontp bitcoin now, and using alternate coins for daily/ normal life needs =)

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User's avatar Thremos
4 years ago

What are the alt coins you are holding and use for normal life needs?

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User's avatar shuyoong
4 years ago

Thanks for share Information

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User's avatar Shahmujib
4 years ago

Thank you for reading this. =)

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User's avatar shuyoong
4 years ago

How to hold bitcoin in binance? How to create account there? Can we trade from there?

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User's avatar Tibro
4 years ago

Hi Tibro, you may create a Binance account using the link below. https://accounts.binance.com/en/register?ref=AUTN05J4

Yes, you can trade crypto there. You can also exchange your crypto to fiat money there.

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User's avatar shuyoong
4 years ago

can i exchange my eth into another currency there? how much do they take charge

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User's avatar Reshma
4 years ago

You mean for Binance?

Exchange crypto to crypto is around 0.1% (or lesser depends on your Binance level). Refer fee schedule below: https://www.binance.com/en/fee/schedule

Exchange crypto to fiat is depends on your country.

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User's avatar shuyoong
4 years ago

Thanks for your help. i will disturb you again and again because i do not have much knowledge about these

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User's avatar Reshma
4 years ago

Sure thing 😂

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User's avatar shuyoong
4 years ago

well Done.

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User's avatar Super2
4 years ago

Thanks dear

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User's avatar shuyoong
4 years ago

Very informative article. Bitcoin price keeps pumping recently because of the fundamental news. It may rise more than $20k before the end of the year

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User's avatar JoshuaDimeji
4 years ago

During May post halving, I projected Bitcoin price to reach $15k by end of the year. Didn't expected that came earlier.Haha

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User's avatar shuyoong
4 years ago

Haha... That's just the market for you😆

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User's avatar JoshuaDimeji
4 years ago
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