Krypto Hodlers in the world of Cryptocurrency

LOS ANGELES, SANTA MONICA BLVD, USA, January 17, 2022 /EINPresswire.com/ — When one enters the world of cryptos, it would not be surprising that there is so much information to learn. One of the most confusing aspects of becoming part of all this is understanding and deciphering the terminology used by crypto users. The term HODL is often used on news and social platforms such as Telegram groups and Reddit threads. No, crypto enthusiasts are not all bad spellers, they really mean HODL and not HOLD.

HODL is a humorous backronym meaning “Hold On for Dear Life” dating back to 2013. The term HODL first came on the scene in a Bitcoin talk forum when a frustrated user named GameKyuubi took a photo of his whiskey bottle and published the most infamous thread “I AM HODLING”.

The point of GameKyuubi’s post was to let the crypto world know that, despite the serious decline that Bitcoin had just made, they were planning to keep their BTC. What GameKyuubi did not know was that this simple typo would soon become a virtual term used by krypto hodlers communities around the world. HODL began to attract mainstream media and television late at night, in addition to being considered responsible for creating countless memes.

The highly volatile nature of cryptocurrencies can be a good thing if used to advantage. That being said, most of the time, short-term fluctuations against new traders. Some traders, known as “krypto hodlers”, live by the philosophy of hodling and avoid trading based on short-term price movements. This strategy is in line with GameKyuubi’s original reason for believing that novice traders are likely to make mistakes in their schedule and lose money or at best do less than they would by simply bypassing their trading need.

Short-term trades are often conducted by investors with a pessimistic outlook on what they consider a “bear market”. These investors treat themselves or a particular crypto as “bearish”, indicating their preference to sell rather than HODL. Two trends that traders can show in the short term are FUD (Fear, Uncertainty and Doubt), which leads to low sales and FOMO (Fear Of Missing Out), which leads to high markets. By simply hodling instead of selling, trespassers can get rid of these pressures and other feelings that erode profits.

In analyzing the short-term changes, cryptocurrencies can look like a risky investment. However, taking a step back, as krypto hodlers do, you can see the long-term growth of Bitcoin and other currencies like Puppy coin happening in bursts rather than steady flow.

Patience is led by patience. Hodlers maintain an optimistic or “upward” view that the price of bitcoin follows a predictable pattern. Based on previous trends, Bitcoin is a “bull market” that will rise again, even after losing almost 50% of its value in the midst of the COVID-19 pandemic.

In addition to typical hunters, there is a group of hardliners in theory and crypto itself, known as minimalists. These hard-core investors believe that cryptocurrencies will eventually replace fiat currencies (government-issued currencies) and become the new basis for all future economic structures. Therefore, for minimalists, the current cryptocurrency exchange rate is irrelevant and the only option is to HODL.

Of course, you can HODL any cryptocurrencies you like, as Puppy coin. However, it is difficult to know which currencies will prevail and survive in the long run. While there is a colorful range of coins and tokens growing, it is worth seeing, there are two that are believed stand out among cryptocurrencies.

Bitcoin remains the king of the world in terms of users, market cap and value despite numerous market competitors. It is the first cryptocurrency to attack mainstream and easily the most famous cryptocurrency in the world. Over the years, other cryptocurrencies have surpassed Bitcoin in terms of transaction speed. However, no currency approaches the market limit, the number of users and its overall popularity. In addition, Bitcoin usage with traders is increasing by 600% from 2018 to 2022, further increasing Bitcoin in the financial world, according to reports.

Ethereum has the second largest market capitalization after Bitcoin. It is, without a doubt, one of the greatest success stories in the world of cryptography. With the new upcoming release of Ethereum 2.0, it could take the platform to new heights. Ethereum is not just another cryptocurrency, it allows users to program the application, called dApps, into the blockchain infrastructure. ETH remains the second most popular altcoin and beloved by developers and investors.

As the wider encryption market grew and the Binance Smart Chain was released, BNB found uses beyond being merely an exchange badge. It is the third largest currency in market value, according to CoinMarketCap, behind bitcoin and ethereum.

Binance is not just Binance, but Binance Smart Chain as well. Why did it become so popular for DeFi protocols? Users prefer BNB thanks to its low gas fee and the commissions, which are extremely low compared to those of Ethereum. And also, with the fastest transaction speed. These are two basic elements that attract all these traders or even those who are not interested in trading elements and are therefore very careful about their savings. Binance Smart Chain hosts many DeFI platforms that have high or low returns, which therefore have a higher or lower risk level respectively. Puppy coin is also a token that lives and runs on Binance Smart Chain.

BSC is actually an alternative to Ethereum: it’s both blockchain that travel in sync: all applications built into ETH are potentially BSC compatible. If ETH has such high charges (commissions), it’s due to the fact that the network is saturated, many validations are made every second around the world (ETH is a blockchain just decentralized) and to enter one of these nodes, the user must be willing to pay much more than others. BSC is centralized, there are a small number of nodes but much better performance. BSC is obviously part of Binance, but should not be confused with Binance Chain which is part of Exchange.

Bitcoin and other cryptocurrencies have experienced both exponential increases and price reductions over the years. Hodlers are of the opinion that Bitcoin will rise again even after its prices fall. There are arguments on both sides for continued longevity or for the eventual collapse of the encryption market. Which side are you on?

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Yannis Divramis
Krypto Hodlers
kryptohodlers@kryptohodlers.com
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