Topic: How to hold with ease - page 2. (Read 307 times)

The important reason why I can't hold encrypted assets for a long time is that I expect to get rich returns in the short term, or I'll sell it. I'm such a stupid person.

That sudden sale is really happening because of some unexpected in need of money. In the end, the holder has to sell his holdings for that surprise expense because he hasn't seen that happening.

Another solution with that is like securing an amount of holding that you will never spend despite what happens like declaring it as your wallet A. It's like a promise to yourself and only you can do that. This is what I've been doing and despite there are the unforeseen expenses, I have the other area for which I have budgeted and I'm good even if I'll sell a part of it or even whole holding for that wallet B.

Just a few pointers, presuming you've done your homework, have a day job, and have some cash available for emergencies.

To begin, transfer all of your long-term crypto out of an exchange and into an offline environment. When you keep crypto on an exchange, you may feel tempted to sell if the price of the coin you're holding rises. And putting it in an offline environment would increase the friction of transferring them back to an exchange; in other words, you're increasing the amount of steps required to sell your cryptocurrency, making it less appealing.

You may say that the process is simple, but hey! It's effective for me!

Most of the above wouldn't be a reason to sell or panic if an investor does what is expected of them, investing only what you can afford to lose is one, if you invest in that way using only a spare part of your funds or incorporating the DCA investment strategy for example, then you would prolly not have to go to your portfolio if you need money, even if you lose your job, you would have saved up a lot the traditional way and as well as bitcoin, and the fiat you prolly have will suffice till you can get a new job at least (but mind you that if it does not, then sell). Then as for gettting tired of the bear market and getting discouraged, i am pretty sure people who have sufficiently done their research and understand the Bitcoin network would not be fazed by that, so knowledge helps with that one.
All of your other points in this regard are valid ones, but then again we must set apart Bitcoin from other crypto, if we talk of just Bitcoin, then it is actually a great idea to learn how to be patient and hold on for the long term cause it is sustainable for the long period, but personally i would not advice one to hold on to altcoins for too long, i think if you make some ROI, it is smarter to sell and look for another one, that is cause they are usually short term projects/pump and dump coins.

There are many factors why some ended up giving up. Maybe they doing it wrongly. There are some who survive inspite of such bear market and the idea of risking your daily live money isnt really a good thing to happen. People should segregate this from investment cause some mistakes they risking it like betting their money allocated for food and etc to investment and when they lose they ended up dissapointed.

I would say that your advice is not bad I guess for people who have little experience investing.


Some of us are not much affected by price. I look at it and since I'm used to bear market I don't care. I like it better when we are in bull market and beat ATHs. Then I look at the price more frequently. But I don't change my investment strategy because the price goes down or is in a long break even. It does not affect me emotionally.

Lately I look at the price once a day or sometimes less.

During bear market, managing your emotions can be tough, especially if crypto assets suffer double-digit losses. But when this happens, and to be successful as an investor, you must stay the course and not buy or sell the crypto asset in a panic. The next worst thing you can do is to get emotional and sell when you shouldn't.

In such an environment, a good strategy is to take occasional profits and to keep some capital in reserve for unforeseen events. Keeping a tight cap on your exposure, and selling when you know the opportunity is a good one, will allow you to ride out the bear markets while capturing profits.

You forgot one of the important steps and that's to uninstall all price tracking apps and to stop checking prices on the regular basis as doing that constantly won't do you any good if you are hodler.

Couple of years ago I did exactly that, removed Blockfolio from my phone and cmc/coingecko tabs from my desktop pc browser and I must say that I feel much better now that I'm not obsessively checking prices xyz times per day, like I used to.

I would say holding for long term is difficult but not impossible if you are pateint enough and invest wisely in the bitcoin..But as you said loss of job which is uncertain and can happen anytime so this might be case of emergency and funds can be extracted out if we need them in my opinion because saving for future is good but current cannot be compromised due to it.They can be withdrawn in case of excess need so there's no problem in that case.

But you should be prepared for it and have some extra source to get your daily expenses covered while keeping your amount safe for future and the best is to keep them on cold storage for long term and don't think about it or other way as mk4 suggested that DCA method is more suitable for many and you can get more btc over time.

There are very good reasons to lose hope while bag holding "crypto" instead of bitcoin. The constant dumping, lack of adoption and utility in real world have ensured that altcoins don't have a good long term potential which is why they have always lost value over the long haul.

Both these kinda contradict each other; and I could almost guarantee that the #6 advice would end up badly for the typical retail "investor".

A quick summary would just be to not over-invest and always have cash ready, and dollar-cost average. https://dcabtc.com/

Many people plan to hold crypto for long term but as time goes on they lose hope because of various reasons like

1. Unexpected money needed
2.  They got tired of a never ending bear market
3. Loss of job
4. Advice from weak hands (discourage).

Here are few points that can make holding easy for you

1. Secure a real world job or other online job that has nothing to do with crypto.
2. Invest very little daily or weekly, 10-30$ depending on how much you make, the little the money is the better.
3. Have fiat in your account just for emergency purpose.
4. Have good patience and understand that crypto market is just like a weather, good time will come again.
5. Stay away from small minded people that could discourage you.
6. Target the next BTC halving season atleast, things tend to always turn around when the season is near.