Is this a good advice? - page 4. | Bitcointalksearch.org

balamuda

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Quote from: niotib on December 29, 2017, 08:53:36 AM

Bitcoin price is rising up in rocket speed and penny-pinching mind is always yelling that hold.. hold and hold your Bitcoins. Don't convert to fiat or spend them. But, there's a big risk...what to do?. This is a question somebody asked me today.

I didn't answer at him, but, thought deeply about that and got the following mind.

If you've 10BTC convert 5BTC into fiat and wait until the remainder is reaching to 10BTC and do the same again.

Is this a good advice?

That's good advice, and you can do it. But if you do not need physical money better holding bitcoin, it will give you full advantage.

Fantastic33

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You said that you have 10btc..half of it was converted to fiat, then you save the remaining 5btc. Mmmm that 5btc will not grow to 10btc, rather its price will definitely rise if you hold for a long time. Yup holding btc is risky because its price is very unpredictable. It goes up, and sometimes goes down. But most of the time, holding it is also profitable because according to its price history, its price usually rise with time.
If you are asking if it is a good advice to sell the half and save the other half, well it depends on what you really want. If you want to convert it to money and use it, and keep half of your btc to gain profit in the future when its price goes up, then its a good advice. But if its not what you want and not comfortable about it, then its for you to decide. Basically everyone has their own goals and decision. One advice doesnt apply/fit to everyone. So its really up to you. Know what you really want. Study all the possible consequences first, analyze, and then decide.

christian07

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OP your so smart because you think like that,it's the safest way to do in crypto because of the volatile price,you need to invest then hold some and also cash out if you earn some for more good,actually i also like because when i start in crypto i only invest 0.005 btc but now i think it earns 7x now since i start here in crypto,Moreover always think positive and your move is good.

niotib

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Quote from: pentol86 on December 29, 2017, 06:07:23 PM

i think you should invest in altcoin too, not only bitcoin. example you have 10btc, then you convert it to fiat 5btc, and you hope soon, from 5btc your invest you get same value like 10btc, but btc isnt working like that,today, btc correction to the right place, and better you split your btc to other coins, so you keep profit

Yes, this is a good point and I've a fine experience too. few weeks ago, when the doge price was 0.00000022 BTC I bought 70K doges for some project. Unfortunately or unfortunately, project didn't go well and I stopped it and I still had around 50K doges in the wallet. Now the price is 0.00000060 BTC. If I had bought doges in 1BTC, It is tripled now...

pentol86

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i think you should invest in altcoin too, not only bitcoin. example you have 10btc, then you convert it to fiat 5btc, and you hope soon, from 5btc your invest you get same value like 10btc, but btc isnt working like that,today, btc correction to the right place, and better you split your btc to other coins, so you keep profit

Ranly123

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Quote from: niotib on December 29, 2017, 08:53:36 AM

Bitcoin price is rising up in rocket speed and penny-pinching mind is always yelling that hold.. hold and hold your Bitcoins. Don't convert to fiat or spend them. But, there's a big risk...what to do?. This is a question somebody asked me today.

I didn't answer at him, but, thought deeply about that and got the following mind.

If you've 10BTC convert 5BTC into fiat and wait until the remainder is reaching to 10BTC and do the same again.

Is this a good advice?

As what i understand, when you have 10BTC and you convert 5 to fiat the you remaining 5BTC would not climb up to 10. It will remain 5 but the price will varry in accordance to the spike and fork of bitcoin. Keep in mind that your 5BTC will only rise to 10BTC if you buy bitcoin again.

andohyeb

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If you mean converting in terms of fiat value of bitcoins? Then is a good advice and good money management strategy. If you would have done that in 2017, you would have achieved your goal of withdrawing half of your bitcoins every quarterly.

hadveach

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yes, that's good advice. , bitcoin has a big risk, and will be greater if in your wallet save 10 BTC, may be hacked. and lost. but I would prefer if some of them I redeem to fiat, and some I am investing for the future.

tabas

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Good thing that you didn't answer him. There are different situations that we can tell on what they must do with their bitcoins. When there's nothing to do then holding is the solution but if there are things that needed to be funded then selling is the solution.

9jaflick

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You can exchange your bitcoin to fiat whenever you feel you have made enough profit, unless you are the greedy type. Price will always keep going up, do you wanna hold till infinity?

jakelyson

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Quote from: niotib on December 29, 2017, 08:53:36 AM

Bitcoin price is rising up in rocket speed and penny-pinching mind is always yelling that hold.. hold and hold your Bitcoins. Don't convert to fiat or spend them. But, there's a big risk...what to do?. This is a question somebody asked me today.

I didn't answer at him, but, thought deeply about that and got the following mind.

If you've 10BTC convert 5BTC into fiat and wait until the remainder is reaching to 10BTC and do the same again.

Is this a good advice?

You can do hold and wait or you can do this as well with 10 bitcoin.

Basically that is how you do it. And if you have that large amount of bitcoin, it will be easier because every 10000 sats movement will be large profit already. Say the price increase by 10000 sats, then you sell it. If the price drops by 10000 sats, you buy again. In 10bitcoin, that is 100K sats profit already. And it can happen few times a day. But be mindful of tx fees of course. Tx fees depends on exchanges so do your own math.

darkangel11

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It's always best to stay in your comfort zone. Your advice of going in with a certain amount of money and cashing out when it doubles its value isn't totally bad, but it may be in a given scenario: You are a rich person. You have a big house, a number of cars, your own business. Your wife has a steady job, you both have an account with $1 million. You put in $100k (just 10% of your cash and maybe 1% of your net worth). Why would you want to cash out when the investment doubles? You're not risking anything here. Even if BTC crashes and becomes worth half of today's price you'll still have plenty of money lying around. You will feel comfortable holding 1% in BTC for years!
Stay comfortable guys Wink

Shirin16

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Quote from: niotib on December 29, 2017, 08:53:36 AM

Bitcoin price is rising up in rocket speed and penny-pinching mind is always yelling that hold.. hold and hold your Bitcoins. Don't convert to fiat or spend them. But, there's a big risk...what to do?. This is a question somebody asked me today.

I didn't answer at him, but, thought deeply about that and got the following mind.

If you've 10BTC convert 5BTC into fiat and wait until the remainder is reaching to 10BTC and do the same again.

Is this a good advice?

bitcoin is high risk so I do not think the advice is wrong, I really agree, because it needs investment in fiat or bitcoin. when bitcoin falls, we still have deposits in fiat so it will not be too loss.
all back again on your beliefs ...
good luck !!!

Man21

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Quote from: niotib on December 29, 2017, 08:53:36 AM

Bitcoin price is rising up in rocket speed and penny-pinching mind is always yelling that hold.. hold and hold your Bitcoins. Don't convert to fiat or spend them. But, there's a big risk...what to do?. This is a question somebody asked me today.

I didn't answer at him, but, thought deeply about that and got the following mind.

If you've 10BTC convert 5BTC into fiat and wait until the remainder is reaching to 10BTC and do the same again.

Is this a good advice?

I dont see the price of bitcoin rising. Where do you check it?
I saw the price slowly down and down. If its really high then just sell it. People hold because they want more profit but big risk is involving.

coinycoiny

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Since there is no fundamental value in btc its very hard to give advice. Two views.

1. It's going to the moon, you could get a great return on your stake (I'm not going to say investment because you are gambling)

2. Its going to crash. You might loose 90% or so over the next year.

If anyone tells you they know the answer then ignore their advice.

At some point btc will fail big time, just don't know when. Its an emperors got no clothes thing.

Coins_Hiro

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Quote from: niotib on December 29, 2017, 08:53:36 AM

Bitcoin price is rising up in rocket speed and penny-pinching mind is always yelling that hold.. hold and hold your Bitcoins. Don't convert to fiat or spend them. But, there's a big risk...what to do?. This is a question somebody asked me today.

I didn't answer at him, but, thought deeply about that and got the following mind.

If you've 10BTC convert 5BTC into fiat and wait until the remainder is reaching to 10BTC and do the same again.

Is this a good advice?

In life there is always risk especially if you're going to invest on something. That it why a lot of people says only invest what you can afford to lose in doing such investments where you are not sure about the gains.
That advice is good depending on a person, if you want to get some profit out of your investment and you want to lessen the risk.

Shreek

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yes, that's good, I suggest to you if what you do today is profitable for tomorrow, then do it now. people strategies are different, and I prefer to take profits by way of trading and investment. and I'm comfortable.

UrosViewly

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If you are not comfortable with doing that, then it's not a good advice. There will always be someone who is more successful than you but that does not necessarily mean that you both share the same opinions or that you are obligated to take their advice. Follow your mind and instincts, better learn the hard way because there is no easy way. Good luck

bitart

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Quote from: Lucius on December 29, 2017, 09:16:38 AM

Quote from: niotib on December 29, 2017, 08:53:36 AM

Bitcoin price is rising up in rocket speed and penny-pinching mind is always yelling that hold.. hold and hold your Bitcoins. Don't convert to fiat or spend them. But, there's a big risk...what to do?. This is a question somebody asked me today.

I didn't answer at him, but, thought deeply about that and got the following mind.

If you've 10BTC convert 5BTC into fiat and wait until the remainder is reaching to 10BTC and do the same again.

Is this a good advice?

This is something everyone has to decide for themselves and depends on a few things.Some people just want to profit from BTC in short term,others have plan to hold for long time.If you have 10BTC and need money for something there is nothing wrong to sell 5BTC or more/less amount.

If you invest in BTC, holding is always risky in terms of price,you can lose money or you can profit from that.For people who can not live with such risk BTC is not option for investing,better buy gold or something like that.

I am not sure what you want to say with convert 5BTC in fiat,when you sell them you have only left 5BTC-you think to sell that remaining 5BTC when they double price or what?

A bit hard to understand because I think he was talking about 5 Bitcoins but was thinking about the fiat equivalent of it.
Just use the price $10,000 per BTC as an example (easier to do the maths): He meant that he has 10 Bitcoins, worths $100,000. He sells 5 bitcoins and he will still have $50,000 worth bitcoins (5 BTC). If the price doubles (goes to $20,000) then he will have same amount in fiat ($100,000) like in the beginning and using the original price ($10,000) it worths 10 BTC again.
The problem is that you can't count always in fiat when you talk about BTC, it's just not as simple.

BrewMaster

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Quote from: niotib on December 29, 2017, 08:53:36 AM

If you've 10BTC convert 5BTC into fiat and wait until the remainder is reaching to 10BTC and do the same again.

Is this a good advice?

not exactly like this but you get the it.

what i advise and i myself also use is something like this:
for example you invest $1000 in bitcoin when price is $1000 and get 1BTC. it goes up to $2000 you can sell 0.6 to get your initial $1000 and some profit ($200) out and still have 0.4 bitcoin to enjoy higher rise.

that is the general idea. but other strategies can be added to make it more complicated and add to your profit.
for example with your 0.4BTC remaining you can start doing some sure trades like when price reaches $19000+ you sell and wait for the FUD dump, and place your buy orders 20-30% lower at $13500-$15000 and you'd be surprised how big your bitcoin is going to get after a while...

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