Topic: Is Holding Bitcoin a long time good way to make money? - page 165. (Read 368902 times)

not necessarily because we do not know whether bitcoin will rise or fall. and it can not be predicted

Hey OP, do you happen to play on the Minecraft server BitQuest? Your name looks familiar.

And to answer your recent post, it really depends on your faith as to what price would be the "death" mark for Bitcoin. Personally, I would sell all my coins if the price dropped below $150 and wait out whatever catastrophic event has taken place. If Bitcoin doesn't die from such an event, you can always buy your coins back for much less when the price rebounds, and if it doesn't... well it's a good thing if you aren't invested once that happens.

hold on to them for 10 years, the supply will stop at 21million and continue to diminish as bitcoins are lost.

What you said is correct. I think instead of holding btc for long time buy and sell when you make a some decent profit is a good strategy. You can do this process to reduce your losses. If some one follow your strategy and if they hold btc from 1000 + until now means they are in a big loss so when you see some sudden fall in price it is better to sell and take that small loss and wait for the next entry.

History has shown that yes and no, there is no way to know what bitcoin will be in a long time, you can´t know even at short times, bitcoin is extremely volatile and anyone who claims to know what the price will be in x time is lying, specially with altcoins that are even more volatile.

At what point would you say one should worry about bitcoin?  Such as what if it drops all the way to say $150?  Would that be the time to just sell it all back or that would be foolish?  Would you say since i don't like the way btc price is going, just sell them all once the price gets to around $250 so i don't have much of a loss or win?  I got most of my bitcoin when price was around 230-270 dollars though most of it was from 250-270.  I recalled at one point it went to 300.


So basically when i first got bitcoin like at 220 price, i sold some off at 235 or so for a small profit.  Then later on acquired more bitcoins when price got higher but then kept most of those bitcoins and well btc price now is 225. 



Another question i have is this.  How do you calculate profit/loss on bitcoins when you factor getting lot of bitcoins throughout?  Example i still have around 5 btc in my bitcoin wallet where it was around 220 dollars or so.  Then i requested say 20 btc and that is when it was around 258, then got some 10 btc when it was around 280... then recently got around 20 btc that is around 228. 


So let say this, i got 10 btc now where price is 225 each so 2250 total.  If i sell 10 btc and assuming price is similar, then i won't have any net loss at all.  That is my logic but the thing im wondering is well are those same 10 btc i sell... couldn't i say hey those are the 10 btc i got much earlier?  However that logic would be wrong right?  Does that make sense in what im saying?  Example say i want to get rid of 5 btc.  Let say i got 5 btc at 225 each so 1125 total.  I also have around 5btc that i got much earlier when it was 220... then i have a bunch of btc when price was 280 and 258.  But if i get rid of 5btc once i got 5btc, then those 5btc are the same ones i just got recently right?  So even if i get rid of 5 btc from a different btc address, its basically well the same 5btc i just received from a site?


The accounting of recording bitcoin loss/profit seem a bit confusing to me because when you sell btc... which btc are you actually selling?  The ones you receive recently or the ones you kept not long ago or the btc from when you first got it?

I understand what you are feeling right now.
And your concern is also right.
But this price drop is for short term and also temporary, so keep your Bitcoins with you and after an year or two you will get your money back along with some profit too.

Got more question on this.  So i got bitcoin when it was around $270.  I just decide to hold on to it instead of trading it for poker money or bank money.  The reason is because my thought is bitcoin will always go up so once i sell it, say after a long time it goes up to say 500 dollars... let say i sold 30 btc around the time for like $8100.  Then once it hits 500 dollars... then i would tell myself it would have been worth $15000 if i kept it and would made $6900 minus the 1 percent fee etc.


I also requested more bitcoin recently from sites.  However bitcoin has dropped all the way down to 227 dollars at the moment.  So since holding those bitcoin at 270... i lost quite a bit due to the btc fluctuations.  However if i sell it right now, then once btc goes back up, then i would feel silly for selling it.  So what is the right plan of action?   Right now what i would like is for btc to go back up to say 250 then i would sell it then take breakeven if you know what i mean.  My thoughts from what i read about bitcoin is it will only go up... however at what point should i start worrying?  When bitcoin goes down to say 175?  I would take a big loss if i sell it at then and then once it goes back up to say 250... then i would feel silly.


Is my logic right or wrong that selling btc is not profitable since in the long run btc will always go up... its best to not sell any of it?  That has been my thinking since i read many ppl say bitcoin price will only go up.  However when i look at btc price everyday and its dropping so much, i been telling myself why didn't i just sell it once i got the btc if you know what i mean.  Would like if someone could give me a detailed response to this.

This is just my opinion.
If you have a bit of cash YOU DO NOT NEED for anything putting it into BTC has a good chance for the long term. it's in the Early Adopter phase now, but if it gets to the next stage then zoom, Yes it will go up big time. Nothing is certain. Which is why you only use money you don't need and also that you would NOT feel bad if things went wrong and you lost it. (It's about knowing who you are and what is comfortable)
If you don't like the idea of your money sitting around doing nothing while its sitting in Bitcoin form  you could try a service like BTCJam.com or FirstGlobalCredit.com. Both of those take bitcoins for investments and I THINK both deliver profits in bitcoins. They are very different services. BTCJam gives loans to people and businesses. FGC lets you use BTC as margin to trade stocks like Google, Facebook, Gold and stuff.
AP!

 Yeah that's jus' Ludacris.

My own answer to this is YES because it has been generally agreed that bitcoin is a digital gold even when the price falls be sure that it will rise again.

well one can be a long term holder, while plyaing with the market everyday, via shorting, it's not like they are mutually exclusive, i can do both at the same time

i'm holding long term, while i use bitcoin to play with stoicks and forex

I've been researching it and I do think it's a good long-term investment strategy, especially at the current levels.  I bought my first Bitcoins today.  I've been trading stocks/options for awhile but I'm starting to invest in Bitcoins.  Now that Wall Street has validated the existence of Bitcoins with the launch of a Bitcoin ETF, I think more people/companies will validate and use it.

The volume of buying/selling is continuing to increase every month.  Yes, there will be price fluctuations with the prices (but so does stocks), I think Bitcoins is a great long-term investment. 

Which gambling sites are you referring to? They all have abandoned the idea. The gambling sites which are truly licensed i mean.

It's only a good way if you are buying hundreds of millions of dollars worth of BTC and holding it so that you can control enough market share to set the price, rather than the fucking assholes who are dumping BTC and keeping the price artificially, bullshit low.

Holding will likely make you the most money in the long term but obviously nothing in the short term. I believe in 2-5 years bitcoin will be worth multiples of what it is now so I think it'd be wise to save, but in the meantime you could try trading for profit. Risky to do this though.

It's most likely a good investment. You just have to compare pros and cons. The main reason for buying should be the fact that it is a great technology and even its haters confirm it. The world is just not ready for it yet. Also, it has reached a confirmed bottom in January and bounced back to somewhat stable price of $200. Most predictions say it will keep going up.

I agree with you, holding btc for a long time might make you a huge amount of profit instantly if it goes up. But I wouldn't personally do that myself because I don't depend on miracles like that anymore. The time has passed, this ain't no 2 years go. The price went up yesterday but only by $10-15 dollars. Waiting for bitcoin to pass $1000 again is just ludacris to me. But I believe there's still a chance for btc to increase in it's value as more people use it, and look at Greece, for ex. online PayPal has been banned, this is a good chance for btc.

It should be a good investment, and I am fairly confident it will.

But nobody can truly predict the market and know what will happen next with the price, and Bitcoin is know to be volatile.

So yes, Bitcoin is a solid investment, but don't put your whole net worth into it.

Holding bitcoin is like holding other investments such as stocks or gold. Is holding stocks always good? Apple was at $200 in 2010, it was $600 in 2014 before the stock split. There were ups and downs during those 4 years, it also peaked at $670 in 2012. Knowing when to buy and when to hold is whats makes it "good".

Bitcoin peaked at over $1000 and now it is around $250. If you think bitcoin has the potential to pass $1000 again, isn't buying at $400 and $300 still very "good"?