This is why I don't hold any Bitcoin

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It probably seems like a dumb move and I know many people will advise against it but I don't hold Bitcoin. Throughout my journey in crypto, I've never had to hold Bitcoin, and not unless something dramatic comes up, I doubt I'll hold Bitcoin any time soon.

Don't get me wrong, it's not like I'm anti-Bitcoin because I have nothing against the asset. However, I've never had a need for the asset beyond being a bridge between two different assets that don't have a trading pair.

Without a doubt, Bitcoin is hard money. It's got everything going for it, it's the new gold standard and far better than sliced bread but frankly speaking, it's useless to me right now.

I've thought about it many times and considered pulling the trigger on numerous occasions but I'm always stopped by the fact that I don't need it.

It's not like I'm blind

I know Bitcoin has a bright future and despite crossing the trillion-dollar mark, it's still in its early stages but I honestly don't care that much.

I guess I care a little since Bitcoin's price movements often affect the entire market but beyond that, I don't have any use for it right now.

I've read many articles where people talk about Bitcoin like it's the inevitable home zone if every crypto investors and I feel like they're not seeing the bigger picture.

Bitcoin maxis are always around the corner and never miss an opportunity to remind you that(insert name of coin) is a shitcoin.

Personally, I've grown a thick skin, and nowadays, I just see them as bullies.

Yup, Bitcoin maxis simply try to bully you into buying a "better asset" than you currently have or shill. I don't know if that tough love approach actually works but I think it's regressive and stupid.

Ignoring all the innovation

Honestly, it's quite ridiculous that anybody will be a Bitcoin maxi right now. How can someone look around and see all the innovation going on and still be a Bitcoin maxi?

No disrespect to Bitcoin but it's an archaic blockchain that only holds the most ground because it's the first.

In terms of use-case, you can hardly do anything. Rich people make payments with it, and then you can use it as collateral for loans, as well as lease it out for profit but that's about it.

If it were only Bitcoin, we'd have almost zero crypto innovations, and we'd all still be depending on Web2 platforms. We won't have smart contracts on Ethereum, we won't have Splinterlands and all the innovation would not exist.

I give respect

My parents raised me to always acknowledge age and that's one thing I always do with Bitcoin. I respect the OGs and would never talk down on something that's bigger than me.

At the same time, regardless of how big something is, if I don't need it then it's not important to me at least. That's how Bitcoin is to me and no matter how many people tell me how stupid I am for not holding Bitcoin, it won't change anything.

In the general scheme of things, I'm not even a billionaire that can buy thousands of Bitcoin. My entire net worth is a fraction of a Bitcoin but that doesn't even matter.

I don't hold Bitcoin because I don't need to. I only hold assets I need to hold and that is necessitated by the demands of my portfolio.

If I start holding assets simply because everybody's doing it or because somebody told me I'm stupid for not doing it, then I'd be lost. So, until there's a reason to hold Bitcoin, regardless of the price of the asset, I will add it but until then, no Bitcoin for me.


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35 comments
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Until there is a reason... That's sounds cool to me

I have seen the bullying that Bitcoin Maxis are capable of

The progress that other crypto coins are undertaking in terms of innovations and smart contracts is worth applauding too

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Yup. I'll never be bullied into buying. I'll do it if I ever need to

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No disrespect to Bitcoin but it's an archaic blockchain...

My sentiments exactly! I know one or two crypto 'experts' who strongly believe in holding btc but then, each to his own.

What I don't particularly like is how this coin determines the movement of the crypto market. Do you think some other coin would ever rise above btc and take its place? Just a thought. 🙂

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I wish it were possible but tbh, it's almost impossible for any asset to flip Bitcoin.

All the smart money might be heading to Ethereum, BSC and other smart projects but Bitcoin has mainstream institutional interest.

Billionaires like Michael Saylor, countries like El Salvador and many others are championing BITCOIN. Not crypto, they're championing Bitcoin, and it is almost impossible to compete against that.

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Archaic doesn't mean it's not valuable.

But it is true that BTC cannot satisfy or perform more complex financial and commerce needs in its current form. And that's why alts exist.

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Brilliant as always... 🙌🙌.

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Honestly, I enjoyed reading this. And I have to say that I'm impressed by your view concerning Bitcoin. Of a truth, it's only dominant because it's the very first cryptocurrency. There are so many other highly promising assets one can invest in other than Bitcoin.

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Yup. I respect it for being the first and most important but I don't have use for it

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BTC maxis are the minority. They are just so loud-mouthed that people get the impression that they are the voice of BTC.

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Yup. Very hard to ignore.

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Doesn't make them wrong though

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lol that’s what they tell themselves.

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Math is pretty hard to dispute mate

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Dissonance makes the "math" grander than it is.

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I get your reasoning and although I hold Bitcoin, I for sure thought on more than one occasion, that I could gain more in other assets. But I'm a chicken shit in that regard, so I keep my "harder" assets in crypto as well as the up-and-coming more speculative ones.

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Holding Bitcoin is fine, if it's something you want to do. I honestly have nothing against anybody that feels like holding.

I just don't understand people that make others feel stupid simply because they hold Bitcoin and you don't.

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I see the Bitcoin story as one of a failure of the education system, once you understand the math of it, then its a no brainer. Everyone will get Bitcoin at the price they deserve, trying to beat it is a mathmatical impossiblity but its fun to watch people try I suppose

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Yup and whenever I understand it, I'll get it. Until then, I'll just focus on other things.

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I found your commenr interesting because, despite reading a lot about bitcoin, I don't see it as a no-brainer. I wonder if you could share some of your reasoning about this?

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Sure, so Bitcoin is the only decentralised of the currencies, with over 10 000 nodes meaning the 21 million hard cap will always be enforced, the only way to mint it is to exhaust more and more electricity and with every halving and difficulty adjustment it maintains the need to expend more energy and labour to secure the network, the more work needed provides the floor for BTC no ones naturally going to work and provide resources at a loss

All the other currencies have no hard cap, they all have a higher inflation rate and will always be that way, these burns and all that are just covering up the fact that you cannot have a coin with the utility model without it being inflationary

The simplest way to look at the breakdown is to measure all other coins in satoshis, for example, ETH one of the oldest alt coins peak was 15 000 000 satoshis per ETH at its peak in June 2017 and its been on a downward trend like every other coin, it's worth exactly half that

Each halving cycle Bitcoin goes through it will continue to break away from these coins with an inferior monetary policy that cannot be enforced.

If you're measuring your gains in dollars, for example, 30% of that is just inflation as the US created that in the last 2 years so how much did you really gain in purchasing power?

Bitcoin is the only asset that outcompetes central banks balance sheets and on top of that has the liquidity to support those prices. Most of these alt coins you think the price is x, but its only a few 100 bucks buy order holding that price whereas with Bitcoins liquidity you can move in and out of a certain price range at several million dollars worth

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(Edited)

Store of value.

Nothing more. Nothing less.

BTC will never be the infrastructure that brings about meaningful financial and commerce utilities. Let me know when you can actually DeFi and mint NFTs on BTC.

It's meant to be the base asset. That's it. The "new gold standard" if you will.

The obsession with "scarcity" and "hard cap" demonstrate the ironic "pot meet kettle" scenario where maxis blame the failures of education. If you can't separate assets, utilities, etc. you are no different than the ETH maxis who coin ridiculous phrases like "ultra sound money".

Who the hell uses asset and currency interchangeably? Only a fool spends BTC.

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Bitcoin doesn't need the same kind of DEFI shitcoins have because it doesn't have the fundamental inflationary problem shitcoin and fiat has, Bitcoin DEFI will be completely different, you see that in the case of liquidity pools for lightning channels and setting up routing nodes.

As for NFTs thats already done on BTC via the liquid network, but I personally don't see the point of the jpeg trend, the NFTs on Bitcoin i've seen are pre-order for real products, movie tickets and in game items. Not that I partake in much of that but its there not that I see it as much of an innovation, I don't see the point of permissionless digital assets because they always need to be issued and validated by a central authority/oracleYou so its self defeating.

You'll spend BTC because your life is not infinite, only a fool would hold onto BTC and die without improving their life, come on these arguments of yours have totally been debunked by so many bitcoiners and is intellecutally lazy

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LOL nobody cares about Liquid.

All these BTC "substitutes" for developing techs in transactions, payment processors, etc. are all inferior. Its only thing going for it is its "increase of value" over time.

Again, no real significant commercial activity is conducted ON BTC network. At all.

In a game of gaining wealth, only a fool spends it. I guess generational wealth is not something a short-sighted person would understand.

The only intellectual laziness I see here is pretending that people aren't gaining more assets, physical or metaphysical, through the means provided by your so-called "shitcoins" and allow more people to participate in actual decentralized finances like never before.

It's intellectually dishonest to pretend BTC can do governance on chain. It's intellectually dishonest to pretend BTC can perform complex financial functions such as escrow, interests, etc. It's even more intellectually dishonest to pretend businesses are BUILT on the BTC network.

BTC is a store of value asset. It's the new gold standard. Nothing more. Nothing less.

At the end of the day, your grasp of the practical side of commerce is so poor, it's akin to someone who thinks physical gold could conduct all functions in life.

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Lol Liquid and lightning are used in a national currency mate, no shitcoin is doing that. do you have any original thoughts of your own or are you just going to list the garbage Raoul Pal spits out, at least he gets paid to make up that metaverse nonsense, so I get his motivations?

If you want to not own BTC that's fine mate, its a voluntary network no ones forcing you to own it or to learn about it. I don't see the point of getting into this debate, nothing I say about Bitcoin is going to matter you've already made up your mind and drawn what I see as false conclusions.

In the end neither my opinions nor yours matter, Bitcoin's going to keep running and shitcoins are going to keep tanking

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(Edited)

Nobody actually spends BTC outside of tech hippies and ultra rich people. Who cares if they are "national currency". Australia has made it legal for years before all these third world fake news and how much BTC have been spent for common purchases?

To assume only maxis own BTC is the single most retarded assumption anyone can make. BTC excels in staying power in value. That's why the entire industry anchors its values against it.

It seems to me you fundamentally do not understand what "Bitcoin Maximalism" is.

BTC maxi is the belief that only BTC needs to exist and it can perform all the functions the so-called "shitcoins" can perform.

Who cares if alts tank against BTC? Only maxis seem to care. Imagine being that one idiot who needs to tell people dollar keeps tanking against gold while the rest of the sane world just uses dollar as a medium of exchange while they stack precious metal and land as their wealth.

You operate under the false assumption that "shitcoins" are looking to surpass BTC in price. At best, they might get a chance to surpass the market cap. Alts exist because BTC doesn't have the day to day functions people are looking for.

Sure, let me know when BTC can do what Theta can. The very fact that you have the dissonance to use Hive while subscribing to maximalism shows you don't seem to understand what the tenets of that dogma imply. A maxi would argue BTC can do what Hive does, including tokenized communities and a censorship resistant "social media".

Just from this exchange, I don't think you understand the difference between currency vs. asset or money vs. wealth.

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What do I know? You're an OG yourself. Personally I believe that we haven't even seen altcoins in their full strength, there will be a lot of flipping in the future, but no doubt, BTC is the alpha coin, but when you're a sucker for passive income, bitcoin becomes boring.

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Exactly. There's just way too much we can do with alts, why should I just hold Bitcoin and be looking at it.

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It's crazy, needless to say, I believe in the future of alts especially the ones with solid projects.

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I think you make some really good points. One thing I have not seen discussed enough is the extent to which bitcoin lost market share this year. It went from being about 80% of the market by market cap to 40% of the market by market cap over the past year and a half or so. That is a huge drop. We are so early in the life of cryptocurrency that it is hard to know whether this is:
a. A sign that Bitcoin will lose its primary position.
b. A sign that other coins are simply catching up.
c. Something else.

Regardless, I am not convinced that bitcoin will be the future. I am not sure why anyone would think it could be, but I am interested in the reasoning of anyone who does. (I honestly believe that we are far better off when we detach our ego from our opinions as much as possible. Then we can truly learn from each other.)

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Thanks Boss..
Quite enlightening
I got that "I have no business holding BTC when there are coin of good value that can be held.
Most of the time the issue is experience, to some HTC seem to be the only responsible crypto tog them and they never get busy to research others, thats where your experience comes in.
You have found knowledge and applied the wisdom to hold those coins.

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I share your opinion my dear, although I'm not really happy about it's heavy dominance on the crypto market, it seems like a huge barrier to the progress of other good coins.

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I don't use btc, either.
The fees killed it, for me.
Now the the btm's give ltc and bch, I don't see any reason to ever use it.
I can pay .1usd to buy my 100usd of ltc? Yes, please.
Oh, I can buy 100usd of bch for .001usd, that is a no brainer, imo.

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Similar reasons that I don't hold any Bitcoin either. After all, I'm not gonna pull myself out of poverty with the kind of APRs I can earn with Bitcoin investments. I'm 40 years old and broke, so I need some insane APRs, and I've gotta go a little more wild-west with my investments if I'm gonna have a small house and some land before I die.

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