What does it REALLY Mean to HODL?
There are many phrases, inside jokes, and euphemisms that have developed over the past decade from the Bitcoin community. They've become embedded in the culture and most represent a mentality of a grandiose vision for both personal wealth as well as a global financial revolution. But perhaps no term, especially during the latest January dip, gets thrown around more than HODL. But what does HODL really mean and represent to those who aren't just in it to make a quick profit?
After all, the first of Bitcoin is HODL.
The origins of HODL actually come from a post 5 years ago in a Bitcoin forum from a drunk and frustrated early adopter who meant to type that he was HOLDING his Bitcoin. And the gaffe, while funny even at the time, seemed to capture a sentiment shared by the broader Bitcoin community. That is we aren't professionals or day traders, we ride the highs and lows and hold Bitcoin because there is a deeper belief beyond just the market swings.
HODL but we shouldn't HOARD Bitcoin
IHODLing represents a resolve to hold tight to your belief of Bitcoin is the future even when the price of Bitcoin rapidly fluctuates, or when FUD (Fear, Uncertainty and Doubt) is rampant from mainstream media, key public figures or governments around the world. After all, when something is a threat to the established order the institutions will not go quietly. HODL is to not give in an lose belief in Bitcoin being the future evolution of currency.
But there's another important side to this. HOARDING Bitcoin and never using it as a currency or exchange of value for goods or services can have a damaging effect in it's own right. If Bitcoin stays in the hands of the few because they never want to 'sell early', it will never gain the adoption or recognition by the masses of being a superior transaction utility.
The best way to increase the global value of Bitcoin is by promoting the utility. Most people have heard of Bitcoin, and the majority of those people are still on the sidelines watching the price, learning more, or remain skeptical or doubtful because they don't understand it. The best way to accelerate that learning curve is to start spending and using Bitcoin with those people. Similarly, promote and patronize businesses that already accept Bitcoin and other currencies as payment to encourage this practice.
Bitcoin will reach new heights when traditional currency is no longer needed to transact in our daily lives.