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Is HODL Not Safe For Bitcoin’s Growth?
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HODL is among those
important terminologies
which find its best use in
the crypto world. Now,
what is HODL in crypto?
Why it is being used in the
cryptocurrency? Well, this
term is misspelt word of
the hold which shares
similar meaning means to
hold. But since it is a crypto
term, here the meaning is
holding the cryptocurrency.
It indicates users to not
spent their BTC.
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● The world HODL unexpectedly became a popular term even though it was
wrongly spelt through a drunken post by a user on the Bitcoin forum in the
year 2013.
● During this year, when Bitcoin price had fallen, the person who was in the
drunken state was advising the users of Bitcoin to not sell it.
● But users are being cautioned to avoid HODL. So is HODL not safe for
Bitcoin’s growth? Let’s find out.
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Why HODL Not Safe For Bitcoin’s Growth?
● According to some sources, HODL is useless as it restricts the potential of
Bitcoin’s growth. In place of it, a strategy of replacing and sending should be
referred. This would help in fostering the growth and adoption of the
network and will also be a better way of creating an economy.
● If you want to make the best use of Bitcoin and want to hold it for future
benefits, then it is advisable to follow this strategy. This strategy helps in the
growth of Bitcoin and for its adoption by motivating individuals and many
businesses.
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● The main objective is to raise the economy to that level where there is no
need for cryptocurrency changing to the central bank and again changing
back to cryptocurrency.
● The motive is to make Bitcoin a medium for paying rent, food, online
shopping or even getting your wages. It would also help in no need of central
bank money.
● Once you start receiving your money in Bitcoin, then it is understood that
you are riding on a new financial system. So yes, HODL not safe for Bitcoin’s
growth.
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● Spend and replace strategy is the best-chosen way to the creation of the
Bitcoin ecosystem and economy. Another method that best contradicts
HODL is recycling.
● Instead of HODLing Bitcoin, it is better to make the best use of it as it
would help in creating utility of the crypto coin. And when the utility is
created more other people are dragged towards to use it.
● Spending Bitcoin leads to the creation of value and the increase in your
portfolio price. The best way out to start recycling is to buy Bitcoin with
other currencies (fiat).
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Conclusion
The spend and replace strategy helps a lot in the growth of Bitcoin and
for its adoption by entrepreneurs who are dealing with cryptocurrencies
and individuals. The strategy enables Bitcoin as a medium for paying
rent, food, online shopping or even getting your wages. Another method
which is best in place of HODL is recycling. This method helps in
creating the crypto coin’s utility. However, if you are interested to know
about the best cryptocurrency to HODL, then it is Bitcoin.
Sources
https://www.cryptoknowmics.com/news/meaning-of-hodl
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