How to manage bitcoin correctly? | Bitcointalksearch.org

MFahad

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Quote from: legendbtc on August 19, 2023, 12:38:24 AM

We don't know at what price he bought bitcoins and if he sells now and makes a profit, what's wrong with him selling them? Everyone wants to sell bitcoin at the highest price but what is the highest price to sell? Nobody know. Taking profit is never wrong, IMO.

OP, most people would advise you to keep holding your bitcoins and wait to sell at a higher price. But in my opinion, if you are already profitable and you find another investment that suits you better then you can sell bitcoin. You don't have to listen to someone because everyone has a different investment plan and vision, so do what you think is right.

While bitcoin has the potential to increase in price in the future, it is likely to break through the $69k or $100k. But no one can guarantee that, it's all conjecture. So if you no longer believe in bitcoin and you find a better investment then selling bitcoin is a good idea. As long as you're happy with your decision and don't regret it, you should go with what you think.

No one knows the highest price but buyer has his own information that at which price he bought bitcoin and now is there any profit for him or not? Highest price does not mean that you will wait until bitcoin reach to 100k$ but if a person have profit at present stage then selling is better.

Everyone can think for himself whether it's wrong or right we are just sharing our views. Although one cannot guarantee that price will goes to 100k$ or not but selling your bitcoin at such a dip when the price is 26k$ is a foolish decision.

As you are describing wrong concept so you are discouraging most of the people and if people initiate selling of bitcoin at lower price then no one will be able to get benefit from it.

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Quote from: rikybrosh on August 20, 2023, 09:43:55 PM

Quote from: Honyek on August 19, 2023, 07:15:24 AM

Selling your bitcoin in order to invest in something else to me, is not advisable, considering the general situation, especially the coming of the bitcoin halving. The price of bitcoin will rise again and possibly go above $69000 and more, so there is hope of making good profit at the end of the day. Unless if you need fund for very important and beneficial project, then you can sell a little reasonable and suitable amount, if not, l suggest you still hold on.

the best thing that he need to do is holding it until the next bullish market trend, that's was good advice. I personally will try not sell any of my btc for anything until it's price reach the peak at bull run. I think it will be better for him to make a plan before investing, maybe it will be good if he divide his fund into some part so he will not touch his investment fund for btc so he will not sell his btc in lower price.

Always think long-term, not short-term, because you tend to sell it off early. That is really our goal: to sell it off after a few years because that is where we see a profit. Though the problem right now is that we tend to get emotional when there are dump, like when we think to cut off our losses because we are thinking that it will drop more, but it is just a short dump. Again, it may be easy to say that you will sell off the next peak, but the problem is that if you can overcome the obstacle of holding it, meaning there are dumps along the way, are you not tempted to sell it off, or you think that it was the peak but it turned out not to be?

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Quote from: rikybrosh on August 20, 2023, 09:43:55 PM

Quote from: Honyek on August 19, 2023, 07:15:24 AM

Selling your bitcoin in order to invest in something else to me, is not advisable, considering the general situation, especially the coming of the bitcoin halving. The price of bitcoin will rise again and possibly go above $69000 and more, so there is hope of making good profit at the end of the day. Unless if you need fund for very important and beneficial project, then you can sell a little reasonable and suitable amount, if not, l suggest you still hold on.

the best thing that he need to do is holding it until the next bullish market trend, that's was good advice. I personally will try not sell any of my btc for anything until it's price reach the peak at bull run. I think it will be better for him to make a plan before investing, maybe it will be good if he divide his fund into some part so he will not touch his investment fund for btc so he will not sell his btc in lower price.

A bitcoiner must have full knowledge about this because when he invests he must wait for a long time. There are long-timers who tend to rush too much when the Bitcoin market turns bearish, but must be patient. However, a person must be aware that the Bitcoin market is always on the ups and downs and there are volatility in the market which can leave him disappointed. So before investing, he should be clear about all these issues.If the market starts to fluctuate, then he should not be disappointed, but he should be patient until the market increases. And it must be followed by an investor not to sell his bitcoins when the market goes down, not to sell until a bull market is seen.

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Quote from: Honyek on August 19, 2023, 07:15:24 AM

Selling your bitcoin in order to invest in something else to me, is not advisable, considering the general situation, especially the coming of the bitcoin halving. The price of bitcoin will rise again and possibly go above $69000 and more, so there is hope of making good profit at the end of the day. Unless if you need fund for very important and beneficial project, then you can sell a little reasonable and suitable amount, if not, l suggest you still hold on.

the best thing that he need to do is holding it until the next bullish market trend, that's was good advice. I personally will try not sell any of my btc for anything until it's price reach the peak at bull run. I think it will be better for him to make a plan before investing, maybe it will be good if he divide his fund into some part so he will not touch his investment fund for btc so he will not sell his btc in lower price.

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Quote from: Texac on August 19, 2023, 07:09:31 AM

Quote from: Blitzboy on August 19, 2023, 06:33:33 AM

The world's moving towards decentralized systems. While you're preoccupied with $69k or $100k milestones, many are looking at how Bitcoin reshapes societies, governments, and economies. But go ahead, jump ship, and leave the revolution to those who truly get it.

You mean you don't care about profit, and you are investing in bitcoin because you support bitcoin revolution to create a decentralized system? Is that real? because honestly, I haven't seen anyone invest in bitcoin for the sake of this revolution and ignore profits. would you be willing to buy bitcoin for $69k and use it as a currency to spread the popularity of bitcoin even if it's only worth $30k? if you can do that, then I believe you are really participating in the bitcoin revolution, not money. you are probably the only person I know who invests in bitcoin for the decentralized revolution, not for the money.

Because most people you know invest in Bitcoin for quick riches doesn't mean everyone does. The original goal of Bitcoin was to create a decentralised, transparent, and free system independent of established financial institutions.

Some of us support that concept. It's not always about immediate monetary gains. See revolutions in history. Their ideals and philosophies drove them, not riches. What makes it so hard to accept that people care about Bitcoin and its potential to change society?

To your question: Would I buy Bitcoin for $69k and use it at $30k? If it advances the decentralised revolution, absolutely. This is the cost of faith and transformation. Not everything is about profit. Sometimes it's about the bigger picture and humanity. You and others who want instant gratification may never see the big picture. That's OK. Every revolution has sceptics. You may be one.

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Quote from: Haunebu on August 19, 2023, 06:44:32 AM

So many investors like you op decided to continue HODLING BTC despite it reaching such a high price for various reasons. Such bull-runs happen now and then which is why you should take advantage of them when you can.

I advise waiting until the next big bull-run which might happen sometime early next year thanks to the upcoming halving event. It could send BTC and other popular cryptocurrencies skyrocketing again.

Am not expecting it to drop drastically below the $30K range until then. DYOR!

Holding your Bitcoin for a long period is a great decision, especially if your Bitcoin holdings are your extra money; even if Bitcoin is down to its recent price, you won't be panicking to worry about your investment because you are not in need of money. That's why not everyone is capable of holding their Bitcoin for a long period of time and most Bitcoin holders are already selling their Bitcoins once they already reach their peak. But for me, I always sell my bitcoins when it's a good price and I am in need of money because I am also not yet capable of holding it for more than 5 years.

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Selling your bitcoin in order to invest in something else to me, is not advisable, considering the general situation, especially the coming of the bitcoin halving. The price of bitcoin will rise again and possibly go above $69000 and more, so there is hope of making good profit at the end of the day. Unless if you need fund for very important and beneficial project, then you can sell a little reasonable and suitable amount, if not, l suggest you still hold on.

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Quote from: Blitzboy on August 19, 2023, 06:33:33 AM

The world's moving towards decentralized systems. While you're preoccupied with $69k or $100k milestones, many are looking at how Bitcoin reshapes societies, governments, and economies. But go ahead, jump ship, and leave the revolution to those who truly get it.

You mean you don't care about profit, and you are investing in bitcoin because you support bitcoin revolution to create a decentralized system? Is that real? because honestly, I haven't seen anyone invest in bitcoin for the sake of this revolution and ignore profits. would you be willing to buy bitcoin for $69k and use it as a currency to spread the popularity of bitcoin even if it's only worth $30k? if you can do that, then I believe you are really participating in the bitcoin revolution, not money. you are probably the only person I know who invests in bitcoin for the decentralized revolution, not for the money.

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So many investors like you op decided to continue HODLING BTC despite it reaching such a high price for various reasons. Such bull-runs happen now and then which is why you should take advantage of them when you can.

I advise waiting until the next big bull-run which might happen sometime early next year thanks to the upcoming halving event. It could send BTC and other popular cryptocurrencies skyrocketing again.

Am not expecting it to drop drastically below the $30K range until then. DYOR!

Blitzboy

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Quote from: legendbtc on August 19, 2023, 12:38:24 AM

Quote from: MFahad on August 07, 2023, 02:36:52 PM

I think this is not a good time for selling your bitcoin and if you are holding btc from years then waiting for some more months are not a big deal. I don't know why you are selling your btc at such a low price but it is not a suitable timing for selling but instead buying at this price will be worthy.

You missed the opportunity of selling bitcoin at 69k$ so now you should wait until it again rise and touch the value of 69k$ or more because investment means to get more income so if you are in loss so never choose wrong path. Other thing is there is no other better coin than bitcoin so don't waste your money by investing in other coins be patience and wait for Bull season.

We don't know at what price he bought bitcoins and if he sells now and makes a profit, what's wrong with him selling them? Everyone wants to sell bitcoin at the highest price but what is the highest price to sell? Nobody know. Taking profit is never wrong, IMO.

OP, most people would advise you to keep holding your bitcoins and wait to sell at a higher price. But in my opinion, if you are already profitable and you find another investment that suits you better then you can sell bitcoin. You don't have to listen to someone because everyone has a different investment plan and vision, so do what you think is right.

While bitcoin has the potential to increase in price in the future, it is likely to break through the $69k or $100k. But no one can guarantee that, it's all conjecture. So if you no longer believe in bitcoin and you find a better investment then selling bitcoin is a good idea. As long as you're happy with your decision and don't regret it, you should go with what you think.

Another prophet of short-term profits. Tell me, have you even considered the broader implications of Bitcoin in the context of human evolution and financial systems? Or are you simply chasing numbers?

You're contemplating selling because some arbitrary threshold might not be reached? If everyone thought like you, Bitcoin would’ve never gained its current stature. Think about it. There's a difference between traders and visionaries.

The world's moving towards decentralized systems. While you're preoccupied with $69k or $100k milestones, many are looking at how Bitcoin reshapes societies, governments, and economies. But go ahead, jump ship, and leave the revolution to those who truly get it.

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Quote from: Bazzu on August 18, 2023, 09:19:45 PM

Quote from: Adbitco on July 28, 2023, 01:36:31 PM

If you could had patient to hold till it reaches $69k what then stops you from not holding till the market bounces back?
Are you in a rush to use the money for any other investment or what? Because I still believe bitcoin is the right the choice and the right coin to hold despite its stagnation in 29k to 31k for over some months now.

Investing in another coin that is not bitcoin is only distracting you from being focused, since some of the newly launched altcoin are there to steal your funds to get ready for the bull run. So I will advise you keep holding and stay from your wallet otherwise you could be tempted to sell it of since no progress.

indeed this is a tough situation for the op because the op bought btc at a very high price, and now the btc price has fallen below $ 30k this is definitely a difficult situation for the op but I personally really agree with your opinion because it is the safest thing to hold bitcoin and the op can sell it when it already has a profit, but of course in this case the decision is in the hands of the op.

I agree. The decision is still in the hands of the OP. It is based on what situation he/she is in, especially with his financial capacity or status. Yes, it will not be smart in our perspective to sell it now, more so since he got it for a higher price compared to how the btc price is currently standing as of the moment. However, at the end of the day, only OP can make the decision for his/herself.

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In my opinion, a good step is to sell BTC if we already have a profit, if we don't have a profit, we shouldn't sell it. but in this case I don't know what price you bought btc because you didn't explain what price you bought btc from.
but the decision is yours, I hope you have to be patient, hopefully with the btc halving 2024 you can benefit from your investment.

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Quote from: MFahad on August 07, 2023, 02:36:52 PM

I think this is not a good time for selling your bitcoin and if you are holding btc from years then waiting for some more months are not a big deal. I don't know why you are selling your btc at such a low price but it is not a suitable timing for selling but instead buying at this price will be worthy.

You missed the opportunity of selling bitcoin at 69k$ so now you should wait until it again rise and touch the value of 69k$ or more because investment means to get more income so if you are in loss so never choose wrong path. Other thing is there is no other better coin than bitcoin so don't waste your money by investing in other coins be patience and wait for Bull season.

We don't know at what price he bought bitcoins and if he sells now and makes a profit, what's wrong with him selling them? Everyone wants to sell bitcoin at the highest price but what is the highest price to sell? Nobody know. Taking profit is never wrong, IMO.

OP, most people would advise you to keep holding your bitcoins and wait to sell at a higher price. But in my opinion, if you are already profitable and you find another investment that suits you better then you can sell bitcoin. You don't have to listen to someone because everyone has a different investment plan and vision, so do what you think is right.

While bitcoin has the potential to increase in price in the future, it is likely to break through the $69k or $100k. But no one can guarantee that, it's all conjecture. So if you no longer believe in bitcoin and you find a better investment then selling bitcoin is a good idea. As long as you're happy with your decision and don't regret it, you should go with what you think.

Bazzu

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Quote from: Adbitco on July 28, 2023, 01:36:31 PM

If you could had patient to hold till it reaches $69k what then stops you from not holding till the market bounces back?
Are you in a rush to use the money for any other investment or what? Because I still believe bitcoin is the right the choice and the right coin to hold despite its stagnation in 29k to 31k for over some months now.

Investing in another coin that is not bitcoin is only distracting you from being focused, since some of the newly launched altcoin are there to steal your funds to get ready for the bull run. So I will advise you keep holding and stay from your wallet otherwise you could be tempted to sell it of since no progress.

indeed this is a tough situation for the op because the op bought btc at a very high price, and now the btc price has fallen below $ 30k this is definitely a difficult situation for the op but I personally really agree with your opinion because it is the safest thing to hold bitcoin and the op can sell it when it already has a profit, but of course in this case the decision is in the hands of the op.

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Quote from: jaimie0501 on July 28, 2023, 01:10:02 PM

When BTC reached $69000. I didn't choose to sell it. but the current price of Bitcoin dropped to less than $30000. Is it the most reasonable choice to sell BTC now and turn your attention to other investments? I hope to get some good suggestions. Although I have held BTC for many years. I am not good at management.

Hold it and wait until the next bull run era. be patient because patience is the key. If you sell the coin right now, you will exactly lose the assets. But if you are waiting for the next bullrun, you are still possibly having the chance to sell it at a higher price. But, never be greedy. You can set your Bitcoin in several rates after the previous ATH. So, this will be worthier. We know that investing in Bitcoin is always risky. But better to hold it than sell it now.

Quote from: Quidat on August 18, 2023, 06:37:17 PM

Very situational indeed and since not all people does share up with the same financial status and problems in life then actions would really vary and this is why whether you do sell on loss or would basically be holding until the price had recovered. We know that the price had dipped down on hitting that $15k on its lowest point and if you have purchased or bought on 69k then you would definitely

If the OP has a serious and urgent problem to get cash, then like it or not, he has to sell his assets. However, if it's not something urgent and you can still fight for it and hold it, then it would be better to be patient a little more. At least, maybe there will be another bullish era later. And set the price at several rates. So even if you don't get it at the highest price, then at least you have taken profits earlier at the lower price.
At least, not to be greedy or panic

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Quote from: famososMuertos on August 18, 2023, 04:50:03 PM

I think that the simplicity OP's question shows that it is not simply "I want bitcoin" there is undoubtedly a complexity associated with that fact of purchase that requires handling basic financial concepts, but a strategy like the one you have to acquire any asset applies with bitcoin.

Hence, It is not an easy question to answer, since handling bitcoin correctly depends intrinsically on each individual in their financial needs, really my decisions may be wrong for you, but it is what I must do at a certain time.

Very situational indeed and since not all people does share up with the same financial status and problems in life then actions would really vary and this is why whether you do sell on loss or would basically be holding until the price had recovered. We know that the price had dipped down on hitting that $15k on its lowest point and if you have purchased or bought on 69k then you would definitely
panic out but if you are that someone who do have that kind of trust and confidence towards your Bitcoin holding then for sure you would really be holding for long until it would recover.
Managing your investment would really be that always hard and not something simple. If you arent that good when it comes to decision making then you would definitely be finding yourself on a
tough situation which it might be resulting on having that impulsive kind of approach and actions which arent supposed to be done or not something worth.

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Quote from: bussybuddy on August 18, 2023, 04:45:52 AM

The reality is that there are many different factors in the cryptocurrency market and investment decisions are never straightforward. Patience and avoiding short-term setbacks are important to achieving your long-term investment goals.

This advise is how I'll say is how to manage Bitcoin correctly, nobody can time the market correctly and if you did that it was a mistake and can't be repeated therefore you shouldn't blame yourself for missing to sell at the peak price instead you should be holding.

If you miss last bull market peak and the price falls, but you continue holding, you'll make profit in the next bull market and the profits will be higher than the pass bull market because the price of Bitcoin increase in every bull market and you have been holding same Bitcoin.

To manage bitcoin correctly, you have to continue holding through all the ups and down of the market. This means as an investor, you have to develop patience and not be like every other investors that are thinking of making quick profits by selling Bitcoin and taking profits.

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I think that the simplicity OP's question shows that it is not simply "I want bitcoin" there is undoubtedly a complexity associated with that fact of purchase that requires handling basic financial concepts, but a strategy like the one you have to acquire any asset applies with bitcoin.

Hence, It is not an easy question to answer, since handling bitcoin correctly depends intrinsically on each individual in their financial needs, really my decisions may be wrong for you, but it is what I must do at a certain time.

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Quote from: AicecreaME on August 18, 2023, 10:28:01 AM

Quote from: jaimie0501 on July 28, 2023, 01:10:02 PM

When BTC reached $69000. I didn't choose to sell it. but the current price of Bitcoin dropped to less than $30000. Is it the most reasonable choice to sell BTC now and turn your attention to other investments? I hope to get some good suggestions. Although I have held BTC for many years. I am not good at management.

How come selling Bitcoin in its price right now more reasonable than selling it when its price was $69,000? I don't get the point.

If you're panicking because the price might get even lower, I assure you, it's normal. If you're going to let your negative thoughts win, you don't deserve the profit in the long run. Bitcoin pumps and dumps, but it doesn't mean it'll dump to zero dollar per bitcoin. You just have to wait and believe on Bitcoin's potential, because Bitcoin is the number 1 cryptocurrency that you can trust.

But if you can't control your emotions and uncertainty, you're free to sell it whenever you want at any price.

they think too much about the price of Bitcoin and miss out on the true value behind it. I stopped looking at the price in dollars a long time ago and all I do is accumulate waiting for my redemption which won't be the counter value in the shitty Fiat but the satisfaction of spending my satoshis.

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Quote from: jaimie0501 on July 28, 2023, 01:10:02 PM

When BTC reached $69000. I didn't choose to sell it. but the current price of Bitcoin dropped to less than $30000. Is it the most reasonable choice to sell BTC now and turn your attention to other investments? I hope to get some good suggestions. Although I have held BTC for many years. I am not good at management.

How come selling Bitcoin in its price right now more reasonable than selling it when its price was $69,000? I don't get the point.

If you're panicking because the price might get even lower, I assure you, it's normal. If you're going to let your negative thoughts win, you don't deserve the profit in the long run. Bitcoin pumps and dumps, but it doesn't mean it'll dump to zero dollar per bitcoin. You just have to wait and believe on Bitcoin's potential, because Bitcoin is the number 1 cryptocurrency that you can trust.

But if you can't control your emotions and uncertainty, you're free to sell it whenever you want at any price.

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