Early Bitcoin Used as Currency, Not for Hodling
I note that early users were not thinking about hodling 10,000 BTC; they used Bitcoin primarily as a medium of exchange.
This transactional mindset meant coins circulated rather than being stockpiled, which shaped early adoption and network utility differently from today’s speculative hodling culture.
Analysis
Recommendation
I comment for context: factor early transactional behavior into analyses of supply dynamics and adoption, rather than assuming historical hoarding patterns.
Disclaimer
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