Here are some of the challenges restricting users from buying and hodling bitcoin:
1. Restrictions from the government and regulators who keep on threatening that they may ban bitcoin or crypto in general anytime, imposing an unjustly ridiculous tax on trading and withdrawal literally leaving us with loss even if we make a profitable trade. What if a situation arises wherein we cannot withdraw even if the value of bitcoin increases as it will be of no use.
There are often talks about the government banning crypto currency due to which people are not able to invest in crypto currency freely. Currently all the exchanges are working in our country but they have no legal status. Due to which the government can stop these exchanges from functioning at any time. I think people should use personal wallets especially hard wallets where we can keep long term investments safely. We have to explain this to the officials sitting in the government positions, that they should give crypto currency a legal status and make the common people able to earn by themselves instead of being a burden on the government.
3. We need to buy in dip or at the peak of a bearish market if we want to buy and hodl for at least a few years, we can take the example of people who bought at the peak of bull run during end of 2017 and had to wait till the end of 2020 to meet break even and gain profit but many end up selling due to panic and fuds, we need proper channels to educate users to avoid panic selling and build a strong community as a lot of negativity was spread during last bear market which distanced many from crypto.
Well, the crypto currency market is said to be a risky market, but Bitcoin is the only crypto currency that is considered to be the most reliable and secure. In my opinion, even if one enters Bitcoin at the wrong time, one can still face losses. Therefore, the time of buying and selling in the market should be very important and correct. Therefore, we have to make people aware that investment in Bitcoin is not harmful, Rather, investing at the wrong time is a cause of loss. The fear of such people has to be removed and they have to be made aware that investments made at the right time can give them good returns.