I only hold Bitcoin and do not involve myself with any other digital currencies, but I never belittle other coins—no coin can achieve success by disparaging its peers. Bitcoin just needs to focus on itself and not pay attention to others; many other coins also have their value, but the value of Bitcoin is more prominent.
For the forked coins of Bitcoin, I have completely liquidated my holdings. Some advocate '1:1 holding', which is actually a sign of lack of confidence or vague values. The values of forked coins fundamentally conflict with Bitcoin; those who truly have confidence in Bitcoin and align their actions with their beliefs will never hold both at the same time. However, I do not oppose anyone holding any coins, even MLM coins.
Bitcoin: The hardest choice
For long-term coin holders, the core issue is: can the coins they hold survive in 10-20 years? The answer is obvious—Bitcoin has the highest survival probability. It is the most decentralized, the strongest network, the most secure system, and the simplest function digital currency. It’s not that Bitcoin will definitely survive, but if even Bitcoin cannot survive, other coins have even less chance.
Some compare buying other coins to 'buying insurance for Bitcoin', which is completely wrong. If Bitcoin fails, other coins will only perish faster; for other coins to survive, they must first pray that Bitcoin can survive. The reason various coins can exist today is that countries have not yet found a way to eliminate Bitcoin—if they cannot shake the leader, it is not worth dealing with smaller players. Once Bitcoin is conquered, other privately issued currencies will find it even harder to survive.
For long-term coin holders, the must-choice is the one with the hardest life.
Bitcoin: The track with the greatest vision
Digital coins can be divided into two categories based on their functions: currency type represented by Bitcoin, and application type represented by Ethereum. Currency itself is also an application and the largest one—storage is an inherent necessity for humans, with a global storage market size reaching 134 trillion dollars.
Blockchain application coins are similar to stocks; even if a project reaches the scale of Apple or Amazon, it would only have a market value of about one trillion dollars. The vision of the storage market is at least 100 times larger than that of blockchain applications.
Bitcoin will take all the winnings
In the currency field, Bitcoin will undoubtedly take all the winnings. The fewer types of currency there are, the higher the efficiency—this logic of Qin Shi Huang's unification of measurement still applies today. If both parties in a transaction require payment in Bitcoin and Litecoin, they would need to exchange through an exchange, which actually reduces efficiency.
Bitcoin's leading position in decentralization and security has attracted a large number of excellent developers and dedicated storage users, making it impossible for other currency-type digital coins to make a comeback. In the future, there may be 3-5 types of currency digital coins, but their total may only be a fraction of Bitcoin. Litecoin's position is also precarious; holding Bitcoin is enough.
Application coins will flourish. From BTS's '2.0' to various '3.0' and '4.0', applications must continually iterate to meet the needs of 'fast, big, and fun', just like Apple phones need continuous updates; while Bitcoin, like gold, only needs to maintain stability—the fewer functions it has, the purer it becomes, and adding unnecessary functions will only complicate things. People will ultimately choose the 'clean' Bitcoin.
Why do I only hold Bitcoin?
The vision of Bitcoin deeply attracts me: it will take all the winnings, and it has the hardest life. The visions of other coins cannot move me; I do not wish to invest against my will—just like I won’t buy stocks of traditional Chinese medicine for profit if I don’t like it.
Moreover, holding Bitcoin is enough to achieve financial freedom, without the need to spend time and energy fiddling with other coins. The greatest cost of investment is time and energy; most people dither among various coins, and in the end, Bitcoin becomes scarcer and scarcer, which is not worth the loss.
More importantly, Bitcoin is the 'base currency' of the crypto world. Just as stock profits will be cashed out for currency, in the crypto world, regardless of profit or loss, funds will ultimately flow to Bitcoin. The more you earn, the stronger the demand for storage; the more you lose, the more the profit makers' demand for storage will also increase. I only need to hold Bitcoin to enjoy the benefits.
Why do I not oppose others holding other coins?
I do not oppose issuing coins or playing with MLM coins because I am a liberal—morality is a tool to restrain oneself, not to attack others. Even if you do not have confidence in Bitcoin, I support your choice of the coins you believe in. Bitcoin’s core values not only respect the freedom of personal wealth but also the freedom of personal choice, which completely resonates with me.
In a free world, everyone should be responsible for their own actions. Just like trying to dissuade a girl from dating a bad guy, excessive intervention will only lead to suspicion. She may grow after suffering losses, or she may fall into Stockholm syndrome, but giving her the freedom to choose, even if it means going the wrong way and getting hurt, is the greatest respect.
