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Survey of Bitcoin owners reveals that most are investing for the long haul

By Shawn Knight ยท 6 replies
Nov 17, 2017
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  1. With Bitcoin values continuing to climb (they’re approaching $8,000 per as of writing), one has to wonder what the overall rationale is behind those involved in the cryptocurrency. Is it truly being used as an alternative currency or are people simply looking to turn a long-term profit? For those answers and more, we turn to a recent online survey from LendEDU.

    In November, LendEDU polled 564 Americans that have invested in Bitcoin to gauge current sentiment and future expectations. The results are fascinating.

    Of those polled, more than 40 percent said they are investing in Bitcoin because they believe it is world-changing technology. Most (just shy of 40 percent) said they plan to hold their investment for between one and three years although 11.70 percent are in it for the long haul and plan to keep their stash for over a decade.

    The average value of each respondent’s holdings is just south of $3,000 although at the time of the survey completion, Bitcoin was valued at $6,490 (it’s at $7,867 as of writing).

    Interestingly enough, only 32.62 percent of those questioned have sold any of their Bitcoins since initially buying in. It would seem that most people are indeed holding their virtual coins in hopes of some pretty big returns one day. Indeed, that day could be a long time away as on average, respondents said they would only be willing to sell their investment for around $200,000.

    Security is a big concern. Of those polled, 44.15 percent said they routinely worry about the technological security of their investment.

    Also of note is the fact that only 64.13 percent of those polled say they plan to report gains or losses on their tax return. Unless the IRS cracks down on cryptocurrency, it seems as though a lot of Bitcoin returns will slide under the table.

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  2. J spot

    J spot TS Maniac Posts: 219   +139

    TechSpot really is pushing Bitcoin. Other sites rarely mention it.

    That's fine and all, just that it's really kind of one of those situations where maybe by law, if these were stocks, they have to give a disclaimer that they own a lot of Bitcoins.

    Would hate for readers to buy now while it's pumping because of a fork, and the spoof, price drops by a few thousand dollars.

    Just stuff to consider.
     
  3. Bilibong

    Bilibong TS Rookie

    It doesn't seem like Techspot is telling anyone to buy Bitcoin just giving out info on it. And since you can mine cryptos with a GPU or even CPU it seems like pretty relevant information.
     
    Reehahs and senketsu like this.
  4. J spot

    J spot TS Maniac Posts: 219   +139

    You can't mine Bitcoins with a CPU or GPU. It would simply be a waste of electricity. You have to buy them. And even though they are not telling people right out to buy Bitcoin, it is still in a sense pumping it. There are crypto channels who specifically do not talk about the coins they invest in, because in a sense doing so is irresponsible. This is just common sense stuff in the crypto world, and it's a little more complicated.
     
  5. Bilibong

    Bilibong TS Rookie

    Because techspot is giving people information its seen as pumping it? And I said cryptos in general which there are a bunch of different ones you can mine with your GPU or CPU, and sell the coins for bitcoin or even some sites will pay out in bitcoin for your hash power. Big reason why GPU prices are so high right now. So no you dont have to buy bitcoin. Just dont see information as a problem, I do think ignorance is tho.
     
  6. J spot

    J spot TS Maniac Posts: 219   +139

    Do you think a person that doesn't know much about Bitcoin is going to suddenly know about other coins, mining them, and then trading them for Bitcoins. If they did, then these articles would be irrelevant to them.

    My concerns are the people who are completely new to this. All they are reading, picking up is profits, profits, profits, sky rocketing. At a time when Bitcoin is pumping.

    Is it wrong to give readers a warning of possible dangers, especially during such times. Also considering that the price is probably going to drop after the 24th, even though Segwit2x was canceled over a week ago? Is it wrong to give a warning if the writers own a lot of Bitcoins? I don't know why you wouldn't want that.

    You're saying they're just giving information. Where's the information, the warning about the fact tht they can instantly lose money if they invest during a rally?

    That's why there are laws for these kinds of things when it comes to investing. These laws didn't materialize because someone simply thought them up, they over a hundred years in the making, due to cause an effect that can cause people to severly get screwed by others. And just how these things are not clear to someone who suddenly got into these things, they are based on reality, human nature, and cannot be simply be explained in a post, or in a day. You have to be in it for years.
     
  7. @J spot
    "You're saying they're just giving information. Where's the information, the warning about the fact tht they can instantly lose money if they invest during a rally?"
    this isn't a financial investment website, one would hope anyone whose interest has been piqued by these articles does the research and consults those who know. This is no different than previous investments.
    "You can't mine Bitcoins with a CPU or GPU. It would simply be a waste of electricity. You have to buy them. And even though they are not telling people right out to buy Bitcoin,............."
    so they are not telling people to buy Bitcoin, well there we are, they are giving info to the tech community, Bitcoin started with GPU mining and mining (although not for Bitcoin) is STILL why we have to pay so much for a video card, which since many on this site game, affects us all.
    edit: bitcoin and its blockchain are most definitely Tech so I appreciate these articles even tho I own zero crypto currency
     
    Bilibong likes this.

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