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Are you HODLing bitcoin? According to new research, you’re in the minority… 

Are you HODLing bitcoin? According to new research, you’re in the minority… 

Quick take

1 minute read

  • Over the past decade, cryptocurrencies have taken the world by storm. 
  • The leading cryptocurrency, bitcoin is almost a household name at this point and so it’s no surprise as to why many people believe that in the future, bitcoin could become a credible store of value.

Over the past decade, cryptocurrencies have taken the world by storm. The leading cryptocurrency, bitcoin is almost a household name at this point and so it’s no surprise as to why many people believe that in the future, bitcoin could become a credible store of value.

Essentially, the adoption for bitcoin and other cryptocurrencies is currently at a high. The notion that the leading coin could even take over gold is one that has numerous supporters all over the community.

According to a recent survey that was conducted by BlockCard and Bitcoin Market Journal, around 70% of the people within the crypto community are using the leading cryptocurrency as payment rather than keeping a hold of it for the future. Many people call this “HODLing“ in order to let the currency/asset appreciate in value over time.

Of course, even though many people use bitcoin as a payment method, it doesn’t mean that it should be used as a store of value. Many people around the world, business or otherwise, have adopted the flagship currency due to its many benefits. The term “store of value“ is thrown about a lot within the industry and many investors will say that bitcoin has a fantastic is fantastic in this area but as many more companies all over the world accept crypto payments and more than 10,000 bitcoin ATMs are in operation, it seems the useful cryptocurrency is expanding.

In the survey from BlockCard and Bitcoin Market Journal, 35,000 investors showed in the results that around 70% of them have used cryptocurrency as payment over the past 12 months compared to holding it and waiting for it to appreciate. You can spend bitcoin on many different things all over the world where it is accepted including food, clothing, education and entertainment.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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