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But as a newbie that want to tread this path, what are the things I need to know about it? Will buying and hording for a long time profit me?
Some people believe that Bitcoin will eventually become a global currency, which would mean that it could be used for online transactions and purchases absolutely anywhere in the world. Because it is decentralized and not controlled by any government or financial institution, it could provide an alternative to traditional forms of money and enable people to make transactions without the need for intermediaries.
Another potential use of Bitcoin in the future is as a store of value. Because the supply of Bitcoin is limited and cannot be easily manipulated by governments or banks, it could be seen as a more stable and reliable way to hold wealth compared to traditional currencies that are subject to inflation.
Overall, the future of Bitcoin and other cryptocurrencies is uncertain, but they have the potential to revolutionize the way we think about and use money. No one can tell you that you will profit by buying and hording bitcoin for a long time, but if you are looking to invest in a currency that may have potential, this is one of the best options. The main thing to remember is that the value of any currency is based on what other people are willing to pay for it; if there is no one else who wants Bitcoin, then its price can drop significantly. That is why it is important for beginners to understand the basics of Bitcoin and the potential risks and rewards of investing in it.