Topic: How to prepare for long term HODL - page 6. (Read 8786 times)
Preparing for long term hodl is never seems easy. You've to get pretty occupied with stuffs that won't make you to question your patience of the altcoin you have. Hodling token that has no value do cause alot of heart breaks. So get occupied with work and don't hope on crypto
good job man, I only use points one and three. because I don't want to panic too much. I only buy Bitcoin then withdraw my bitcoin and leave the market without updating price updates. because if I see that. I have a big panic. for fishing, I use the first point. ie make another income. I am a farmer. so don't think too much about market conditions. I only believe my crypto assets will support me in the future.
I agree not all altcoins for long-term hold. If I myself chose altcoins for long-term hold are like ETH, LTC, Dash, BNB, XLM, XRP and BCH. Because the altcoins are already proven active and ever in 10 top coinmarketcap.
if you also check the ATH price and compare of what pricr right now you will think twice before buying. I mean that much lost will give you idea how risky it is to invest in any of it. Even one of the top 10 crypto. 
I agree not all altcoins for long-term hold. If I myself chose altcoins for long-term hold are like ETH, LTC, Dash, BNB, XLM, XRP and BCH. Because the altcoins are already proven active and ever in 10 top coinmarketcap.
Note: This is not about how to identify good coins to HODL
This is about how you can be a good long term holder
1. You must have another source of income
Either in crypto space or outside crypto space you must have other source of income,there was a time when i used to rely on coins i hold for monthly income but most time they failed me because some altcoins takes more than a month to add value. You can learn trading or find a better job to get constant income for your daily needs.
2. Not all altcoins are good for long term holding
Some altcoins are too weak to have better value overtime,these coins only add value to price once in a blue moon,WHY?because the power of demand is too low and they have no working product,i belief that working product is what makes a coin have many more investors
3.HODL Only Altcoins With Real Use Case
There are different categories of coins with use cases,many use case are weak use case,for example using fashion designer to back a token is a weak use case to me because it means you can only use the token to buy the designer wears and many will call this a real use case? no it wont do very well.
Make sure that the real use case of every altcoins you hold will be very reasonable,the products backing them up must be something that is different and will catch the eye of investors,the usefulness must be outstanding .
4. Stay Updated Always
Opportunity comes but once as many know it,so always stay updated about crypto,read crypto news online and keep tracks on your altcoins so that you wont miss future updated or even token swaps,some altcoins i hold have already switched to MainNet and im glad i dont missed the opportunity,you can use blockfolio app to track your altcoins.
Altcoin season is what many are waiting for,even new projects are waiting for altcoin season to return before they get listed on exchanges,im sure of one thing and that is good things dont come easily,today is bitcoin turn to reign and one day altcoins will have its day as well.
I agree with your tips, but for me, i will just stick on bitcoin since it is the best digital currency and the most popular.This is about how you can be a good long term holder
1. You must have another source of income
Either in crypto space or outside crypto space you must have other source of income,there was a time when i used to rely on coins i hold for monthly income but most time they failed me because some altcoins takes more than a month to add value. You can learn trading or find a better job to get constant income for your daily needs.
2. Not all altcoins are good for long term holding
Some altcoins are too weak to have better value overtime,these coins only add value to price once in a blue moon,WHY?because the power of demand is too low and they have no working product,i belief that working product is what makes a coin have many more investors
3.HODL Only Altcoins With Real Use Case
There are different categories of coins with use cases,many use case are weak use case,for example using fashion designer to back a token is a weak use case to me because it means you can only use the token to buy the designer wears and many will call this a real use case? no it wont do very well.
Make sure that the real use case of every altcoins you hold will be very reasonable,the products backing them up must be something that is different and will catch the eye of investors,the usefulness must be outstanding .
4. Stay Updated Always
Opportunity comes but once as many know it,so always stay updated about crypto,read crypto news online and keep tracks on your altcoins so that you wont miss future updated or even token swaps,some altcoins i hold have already switched to MainNet and im glad i dont missed the opportunity,you can use blockfolio app to track your altcoins.
Altcoin season is what many are waiting for,even new projects are waiting for altcoin season to return before they get listed on exchanges,im sure of one thing and that is good things dont come easily,today is bitcoin turn to reign and one day altcoins will have its day as well.
Surely for long term investment as technology rises the bitcoin will surely increase its market price in the future as it is implemented in a lot of people the more demand and the lower its supply the price of bitcoin is surely increasing. It should be a good investment as the community is getting bigger.
The hardest thing is keeping patience, I've been HODL on one for 2 years and my patience is thinning.
If when you enter the ATH price even for the next 5 years, not necessarily your portfolio can get results.
Patience alone is not enough skills and luck is also needed in order to achieve tangible benefits.
I am not buying to this HODL long term anymore. Especially for Altcoins, I might consider hodling those coins that already have made their name but for new coins. I would try consider buying them but sell it when its peak and jump ship to another coins to earn another possible profits.
Well.. I would second that opinion. Fortunately for me, I sold 80% of the altcoins in my wallet during 2018. Back then, I was feeling nervous in doing so. Because a lot of guys here were predicting that the alts would recover their value in 2019. But that never happened and some of them even became completely worthless. Now my only regret is that I didn't sold the remaining 20% of the coins back in 2018.
I am not buying to this HODL long term anymore. Especially for Altcoins, I might consider hodling those coins that already have made their name but for new coins. I would try consider buying them but sell it when its peak and jump ship to another coins to earn another possible profits.
Still look for something that is worth to hold, there are coins/altcoins that dumped too but they are still continuing to develop, they don't just want to have a pump and dump scheme which is for most scam projects are doing, so avoid those kind of scenario as they are just manipulating the minds of people but in the end they will for sure dump it.
I am not buying to this HODL long term anymore. Especially for Altcoins, I might consider hodling those coins that already have made their name but for new coins. I would try consider buying them but sell it when its peak and jump ship to another coins to earn another possible profits.
as you have explained above, I agree with the three points you said above. especially with fixed income sources and renewing your crypto investments. I mean, the market doesn't always guarantee profits for you every day, at least you have a steady income in the real world. to prepare for the long term.
Updating each crypto asset is indeed very important, because the price of crypto is very volatile and it is important for you to always update your crypto so that you don't lose the opportunity to sell.
Updating each crypto asset is indeed very important, because the price of crypto is very volatile and it is important for you to always update your crypto so that you don't lose the opportunity to sell.
The hardest thing is keeping patience, I've been HODL on one for 2 years and my patience is thinning.
If when you enter the ATH price even for the next 5 years, not necessarily your portfolio can get results.
Patience alone is not enough skills and luck is also needed in order to achieve tangible benefits.
If you invest in exchange tokens like ecxx and bnb, you should be safe even in a bear market.
Note: This is not about how to identify good coins to HODL
This is about how you can be a good long term holder
1. You must have another source of income
Either in crypto space or outside crypto space you must have other source of income,there was a time when i used to rely on coins i hold for monthly income but most time they failed me because some altcoins takes more than a month to add value. You can learn trading or find a better job to get constant income for your daily needs.
2. Not all altcoins are good for long term holding
Some altcoins are too weak to have better value overtime,these coins only add value to price once in a blue moon,WHY?because the power of demand is too low and they have no working product,i belief that working product is what makes a coin have many more investors
3.HODL Only Altcoins With Real Use Case
There are different categories of coins with use cases,many use case are weak use case,for example using fashion designer to back a token is a weak use case to me because it means you can only use the token to buy the designer wears and many will call this a real use case? no it wont do very well.
Make sure that the real use case of every altcoins you hold will be very reasonable,the products backing them up must be something that is different and will catch the eye of investors,the usefulness must be outstanding .
4. Stay Updated Always
Opportunity comes but once as many know it,so always stay updated about crypto,read crypto news online and keep tracks on your altcoins so that you wont miss future updated or even token swaps,some altcoins i hold have already switched to MainNet and im glad i dont missed the opportunity,you can use blockfolio app to track your altcoins.
Altcoin season is what many are waiting for,even new projects are waiting for altcoin season to return before they get listed on exchanges,im sure of one thing and that is good things dont come easily,today is bitcoin turn to reign and one day altcoins will have its day as well.
This is about how you can be a good long term holder
1. You must have another source of income
Either in crypto space or outside crypto space you must have other source of income,there was a time when i used to rely on coins i hold for monthly income but most time they failed me because some altcoins takes more than a month to add value. You can learn trading or find a better job to get constant income for your daily needs.
2. Not all altcoins are good for long term holding
Some altcoins are too weak to have better value overtime,these coins only add value to price once in a blue moon,WHY?because the power of demand is too low and they have no working product,i belief that working product is what makes a coin have many more investors
3.HODL Only Altcoins With Real Use Case
There are different categories of coins with use cases,many use case are weak use case,for example using fashion designer to back a token is a weak use case to me because it means you can only use the token to buy the designer wears and many will call this a real use case? no it wont do very well.
Make sure that the real use case of every altcoins you hold will be very reasonable,the products backing them up must be something that is different and will catch the eye of investors,the usefulness must be outstanding .
4. Stay Updated Always
Opportunity comes but once as many know it,so always stay updated about crypto,read crypto news online and keep tracks on your altcoins so that you wont miss future updated or even token swaps,some altcoins i hold have already switched to MainNet and im glad i dont missed the opportunity,you can use blockfolio app to track your altcoins.
Altcoin season is what many are waiting for,even new projects are waiting for altcoin season to return before they get listed on exchanges,im sure of one thing and that is good things dont come easily,today is bitcoin turn to reign and one day altcoins will have its day as well.
This is my first time of coming across this post and I think it's spot on. On the first point which says a holder must have another source of income is very accurate because a broke man or hungry person can't really hold because he will always sell too quick. Also, if you must hold altcoins, you must be updated OK every happenings on the altcoins because of the frequent swaps that usually happen nowadays. Else you may loose your coin
Most importantly, item 1. Do you want to make money from these markets? You must have another source of income. Do you have to constantly withdraw money from this market? Then you can't do hodl. Unfortunately, these are the realities of the market.
Note: This is not about how to identify good coins to HODL
This is about how you can be a good long term holder
1. You must have another source of income
Either in crypto space or outside crypto space you must have other source of income,there was a time when i used to rely on coins i hold for monthly income but most time they failed me because some altcoins takes more than a month to add value. You can learn trading or find a better job to get constant income for your daily needs.
2. Not all altcoins are good for long term holding
Some altcoins are too weak to have better value overtime,these coins only add value to price once in a blue moon,WHY?because the power of demand is too low and they have no working product,i belief that working product is what makes a coin have many more investors
3.HODL Only Altcoins With Real Use Case
There are different categories of coins with use cases,many use case are weak use case,for example using fashion designer to back a token is a weak use case to me because it means you can only use the token to buy the designer wears and many will call this a real use case? no it wont do very well.
Make sure that the real use case of every altcoins you hold will be very reasonable,the products backing them up must be something that is different and will catch the eye of investors,the usefulness must be outstanding .
4. Stay Updated Always
Opportunity comes but once as many know it,so always stay updated about crypto,read crypto news online and keep tracks on your altcoins so that you wont miss future updated or even token swaps,some altcoins i hold have already switched to MainNet and im glad i dont missed the opportunity,you can use blockfolio app to track your altcoins.
Altcoin season is what many are waiting for,even new projects are waiting for altcoin season to return before they get listed on exchanges,im sure of one thing and that is good things dont come easily,today is bitcoin turn to reign and one day altcoins will have its day as well.
I have nothing to say in it, this is the perfect ways to hold your altcoin in my vision. To hold coin for long time, either you should have another source of income or have to regular bounty hunting or trading. Some lazy investor don't interest to swap in new coin. This is about how you can be a good long term holder
1. You must have another source of income
Either in crypto space or outside crypto space you must have other source of income,there was a time when i used to rely on coins i hold for monthly income but most time they failed me because some altcoins takes more than a month to add value. You can learn trading or find a better job to get constant income for your daily needs.
2. Not all altcoins are good for long term holding
Some altcoins are too weak to have better value overtime,these coins only add value to price once in a blue moon,WHY?because the power of demand is too low and they have no working product,i belief that working product is what makes a coin have many more investors
3.HODL Only Altcoins With Real Use Case
There are different categories of coins with use cases,many use case are weak use case,for example using fashion designer to back a token is a weak use case to me because it means you can only use the token to buy the designer wears and many will call this a real use case? no it wont do very well.
Make sure that the real use case of every altcoins you hold will be very reasonable,the products backing them up must be something that is different and will catch the eye of investors,the usefulness must be outstanding .
4. Stay Updated Always
Opportunity comes but once as many know it,so always stay updated about crypto,read crypto news online and keep tracks on your altcoins so that you wont miss future updated or even token swaps,some altcoins i hold have already switched to MainNet and im glad i dont missed the opportunity,you can use blockfolio app to track your altcoins.
Altcoin season is what many are waiting for,even new projects are waiting for altcoin season to return before they get listed on exchanges,im sure of one thing and that is good things dont come easily,today is bitcoin turn to reign and one day altcoins will have its day as well.
You need to do good work to make long-term plans. The price of Bitcoin sometimes rises so much that it makes more sense to expect to sell. Because sometimes the price falls a lot and in this case people panic. And for those who are in a difficult situation like me, this is almost impossible. I always have to make a profit. Because I have to withdraw all the time.
Holding for the long term is only useful for projects with real utility. Do not invest blind and also a good tip would be to never invest when there is a quick bull rush that happens in a matter of minutes.
You will probably be holding a big bag of pumped coins for a long time.
You will probably be holding a big bag of pumped coins for a long time.
The post is very informative, I like the last point which admonished us to be always up to date. This is one of the most salient requirement for maximum benefit in the cryptocurrency space. There's a popular saying that information is power. In this space, one needs to be available to take hold of opportunities. Due to the volatility and flexibility of the space, opportunities does not avail always.
Investing in cryptocurrency is pretty much a gamble. But with these tips, I think the risks can be lessened though. Your #3 tips are actually one of the most important thing for me. Whenever people get into the crypto space as beginners, they always think about the money and most of them do not appreciate the technology behind it. Whenever I join a bounty, success comes from their problem solving ways. And devs know what they are doing.
I will 100% agree with you, coins and hodling should be looked at as an investment. I now have a full time job, working with a blockchain and getmy salary paid to me in Bitcoin which at least means I have money to survive and plus some, then I look at growing my bags and doing extra Crypto work to build up my retirement portfolio and get back what I lost in the dump of early 2018, which I started to build from 0 anyway. Don't go into these so called crypto and bitcoin programs either, promising you a daily roi, and expect to live off that income, that is a big fail and that is something I want to add here also. Diversify also your portfolio, choose a few nice unicorns, that could 100 x and sit on them. Also if you can, do some trading, to grow your BTC stash and maybe store some USDT into NEXO, which gives you 8% annual APR interest as a hedge against the fluctuating prices of crypto. Look also for staking coins, or coins that have real use cases that give you a bonus or dividend. That could also grow int a nice income if you pick the right projects.
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