No panic while holding my Bitcoin - page 4.

doomloop

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Quote from: Smartvirus on June 16, 2023, 06:52:20 PM

Quote from: bittraffic on June 15, 2023, 11:35:38 AM

Holders somehow don't panic when they don't have plans to make their 1BTC become 2BTC. The idea why some would panic is because they know what could happen in the next 2 to 3 weeks like BTC price could ge dip to $20K.

Well 1btc can never become 2btc. I say this for hodlers and investors alike. What happens or is obtainable is that, bitcoin value for your hodlings will always fluctuate based on market condition. Other than this, the much you could get to increasing the numeric value of your btc is by trading which goes both ways and by topping your portfolio by buying more btc.
Values will always go up and down but, your numeric value stays the same.

1 Bitcoin can always become 2 Bitcoin but only if you know how to do it, of course, it won't just become 2 Bitcoin if it's kept idle, that will only make its price go up and down as the market moves, but as a trader, if you know when to buy and when to sell a coin, you can turn your 1 Bitcoin to 2 in not much time. All it needs is the ability to read the charts and understand the movements of the market to act accordingly.

What you basically need to do is sell the Bitcoin that you have (in this example, it's 1 Bitcoin) when the price is pretty high, for example, when price had hit $31k earlier, once it is sold, you now have $31k in stable coins, and when price of Bitcoin falls like it is at around $25k now, it may go to $20k as well, you buy when that happens, and then wait for it to go up again, or you can do DCA until it reaches the bottom and then sell when it goes high again. Repeat the same thing for about 2 or 3 times and you will have 2 Bitcoins or maybe even more.

yazher

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Quote from: Wiwo on June 16, 2023, 03:20:54 PM

Only those without adequate knowledge will panic at this point and as the ops stated, I think he would have built adequate knowledge that will help in making the right decision at the right time and also eliminate panic from the mind and this is why we constantly advice newbie to first of all build knowledge first before anything to be able to stand against any market obstacles that may arise along the way.
The most important lesson is to have long-term investment goals that way you are kept away from the daily price movement and less funds.

One of the reasons they can handle the heat when the crypto market is not looking good is their multiple sources of income or they just invested the money they afford to lose or others used the money that is supposed to buy things that came from their bad habits for example alcohol and cigarettes, and when they see the price has decreased dramatically, they remained calm because they have nothing to lose and they will just keep buying at the low price so that they can maximize their potential income in the upcoming years without worrying too much. This is a good thing to do rather than sold your house to buy bitcoins and live in a tent for a year.

CODE200

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Quote from: DeathAngel on June 17, 2023, 09:01:49 AM

If you’re patient & you don’t need instant profits & fast returns then bitcoin is pretty much the safest & best investment out there. Buy, keep adding to your stash & hold for a number of years. You will definitely make great profits whilst protecting yourself against inflation. Volatility is a feature of bitcoin, not a bug. You can do very well using the volatility to your advantage.

I just wish that everyone who isn't a billionaire does this because it's a proven thing that slow accumulation is the best thing to do, not to mention safe because you are investing what you can afford to lose. I like your outlook about volatility, I've told my friends that volatility is an opportunity to make money in bitcoin because they can use the advantage that the price is moving at a drastic pattern that they can easily turn a 2x profit if they wait enough but they don't listen, they want to go for the quick buck so I am still the only one that has bitcoin in my circle.

LogitechMouse

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Quote from: Why2why on June 15, 2023, 09:03:43 AM

~
This and many more is the reason behind my current confidence in Bitcoin's ability never to let me lose if I hold for a long time.
Indeed knowledge is power, because knowledge can save you when money failed, because knowledge failure is a lifetime problem but money failure in terms of investment is temporally and if I wait I will soon be in profit again very soon, that is what past records have shown and proven.

Knowledge without action is still a fail. It's good that you researched anything that you need, and at the same time you made some action by buying Bitcoins.
There are some out there who are just researching, learning Bitcoin, but months after learning, they didn't made any action to buy Bitcoins. Maybe because they still don't have the money, or they don't have the confidence to do it etc.

I guess just by looking at the price history of Bitcoin, you can already see that if you bought Bitcoin, and hold it for at least 3 years, you will certainly get profit. Of course it still depends on when you bought it, but the longer you hold, the more profits you might get.

I guess I wish you good luck, and always be patient when it comes to holding Bitcoin. Bull run is expected to happen at least months after the halving, so prepare an exit strategy when it happens. Of course this isn't 100% sure because we might not see it happening... or is it? Cheesy

Haunebu

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No one in this forum(Including me) is a financial investment expert op which is why you shouldn't trust anyone offering investment advice blindly. It's really tough to predict BTC price at any point of time accurately due to its volatile nature.

Your decision to HODL could help you earn crazy profits or lose a lot of money depending on various factors which is why you should invest only what you are willing to lose.

Do your research thoroughly and make a decision where you won't have any regrets in the future.

rat03gopoh

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Quote from: Tony116 on June 18, 2023, 03:58:56 AM

Bitcoin is not the safest and best investment. Bitcoin is the most potential investment, but there is no guarantee that we will make a big profit in this market. Don't forget that the higher the return, the higher the risk.

I agree with this part in the general assessment, bitcoin is only considered the best in the context of crypto investment but some people also have other investment instruments as their main choice.
On the dark side, the word "safest" is a magic spell that has also been used by a group of scammers teaching beginners how to hold bitcoins wrong. So, the best and safest is depending on the preferences of the holders themselves.

kotajikikox

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actually what is our concern here is that you manage to understand and invest in Bitcoin things that only few people have to learn in not so hard ways , we people here once lose money first before formally understanding what we need to do and yes , now we learn our lesson and also correct investing long time (HODLING) is what we need to do for us to gain better than nothing .

SquirrelJulietGarden

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Quote from: Tony116 on June 18, 2023, 03:58:56 AM

Bitcoin is not the safest and best investment. Bitcoin is the most potential investment, but there is no guarantee that we will make a big profit in this market. Don't forget that the higher the return, the higher the risk.

Most potential investment option contains big risk too. You can not know what will happen globally next ten years or longer. You only can read the Whitepaper, check history of Bitcoin since 2009 and gain your belief for investment decision but risk always exists. You can not control risk as you are not decision maker, policy maker from governments which can change the world and regulation on Bitcoin.

Quote from: xSkylarx on June 17, 2023, 09:11:20 AM

You seemed very positive about Bitcoin, but I do say that you need to be prepared for what will happen on Bitcoin first. It isn't guaranteed that you will earn profit overtime as others are thinking because they tend to always think that if they invest in Bitcoin, they will earn profit immediately, but that is not true. You need to go through some rough things before achieving the profit.

Being positive about it is good if you understand how decentralized its network is. However, being careful is never bad and I would like to keep my capital into some parts and don't spend it all into Bitcoin. With me, fiat currency (cash), stable coin and Bitcoin, that's it and I believe with this diversification, I won't lose all money after one night.

If I store my capital in only one asset either Bitcoin, fiat currency or stable coin, I will have risk to lose all my capital after one night.

Silberman

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Quote from: xSkylarx on June 17, 2023, 09:11:20 AM

You seemed very positive about Bitcoin, but I do say that you need to be prepared for what will happen on Bitcoin first. It isn't guaranteed that you will earn profit overtime as others are thinking because they tend to always think that if they invest in Bitcoin, they will earn profit immediately, but that is not true. You need to go through some rough things before achieving the profit.

And that is the thing, as years go by and more people adopt bitcoin and begin to use it, if they were to ask us the year in which we became part of this market they will not only assume that we have a massive amount of bitcoin in our wallets, or at least massive compared to what they have, but they will also think that our journey would have been especially easy and this is not true, holding bitcoin is incredibly hard as even if you are completely convinced about what you are doing, the movements of bitcoin can be so extreme that many people just sell their coins at the first opportunity they get.

Tony116

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Quote from: DeathAngel on June 17, 2023, 09:01:49 AM

If you’re patient & you don’t need instant profits & fast returns then bitcoin is pretty much the safest & best investment out there. Buy, keep adding to your stash & hold for a number of years. You will definitely make great profits whilst protecting yourself against inflation. Volatility is a feature of bitcoin, not a bug. You can do very well using the volatility to your advantage.

Bitcoin is not the safest and best investment. Bitcoin is the most potential investment, but there is no guarantee that we will make a big profit in this market. Don't forget that the higher the return, the higher the risk.

OP, I especially admire OP's spirit as a newbie, as most newbies invest blindly and greedily, they don't take the trouble to learn everything before investing. But reality and theory are very different, so I hope you will always keep that spirit no matter what bad happens in the market.

karabiber

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Congratulations to the OP for his Bitcoin investment. While entering this field i understand from the article that he has done research beforehand. Otherwise i am against people blindly investing in something. I don't think the OP bought Bitcoin for long term investment so i would consider it normal for him to panic at sudden price movements. You are experiencing a small part of the stress test right now but you should also prepare yourself for the bloody times of the market.

OP has done a lot of research but it will take time to learn the dynamics of the market and you will need to experience it. Remember when you first entered the market and when the first coin you bought went down, you thought that your life was ruined. If I give advice, there is no guarantee of anything and when making your investment always invest in amounts that you can afford to lose.

xSkylarx

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You seemed very positive about Bitcoin, but I do say that you need to be prepared for what will happen on Bitcoin first. It isn't guaranteed that you will earn profit overtime as others are thinking because they tend to always think that if they invest in Bitcoin, they will earn profit immediately, but that is not true. You need to go through some rough things before achieving the profit.

DeathAngel

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If you’re patient & you don’t need instant profits & fast returns then bitcoin is pretty much the safest & best investment out there. Buy, keep adding to your stash & hold for a number of years. You will definitely make great profits whilst protecting yourself against inflation. Volatility is a feature of bitcoin, not a bug. You can do very well using the volatility to your advantage.

Outhue

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There shouldn't be panic while holding Bitcoin because it's Bitcoin, there is no greater risk to holding Bitcoin unless you lost your private key or you sell too early, my panic with crypto investment comes from altcoins only, and I really can't do without altcoins because they always bring me a better return of investment over Bitcoin. Only those that don't understand Bitcoin very well get panic while holding it, Bitcoin is well recognized and it's the market mover overall, if bigger companies are buying and holding Bitcoin everyone should be smart enough that it's just the beginning.

Derrickiell

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Confidence in Bitcoin is based on a view of its long-term potential. The price of Bitcoin has experienced wild volatility over the past few years, but the general trend shows relatively steady growth.
If you understand Bitcoin-related knowledge and market operations, you will not panic about the fluctuations in its results, and you will get better returns.

bayu7adi

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Quote from: Why2why on June 15, 2023, 09:03:43 AM

Indeed knowledge is power, because knowledge can save you when money failed, because knowledge failure is a lifetime problem but money failure in terms of investment is temporally and if I wait I will soon be in profit again very soon, that is what past records have shown and proven.

I admire the mindset that prioritizes understanding the factors that influence the future, as it empowers individuals to take control of their own destiny. While I don't disregard the importance of money, knowledge reigns supreme in perpetuity. Anyone can buy Bitcoin anytime, but those who are knowledgeable will grasp the opportune moment and identify secure avenues for purchasing Bitcoin, thus reaping future benefits.

I commend your initiative to educate yourself about Bitcoin before diving into its purchase. Never cease learning, for there is a vast ocean of wisdom from brilliant minds in this world that is yet to be explored.

Ale88

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Quote from: Why2why on June 15, 2023, 09:03:43 AM

if I wait I will soon be in profit again very soon, that is what past records have shown and proven.

For sure you chose a good moment to buy your first bitcoin thanks to the recent (small) dump, so congratulations, especially for buying a full bitcoin, not too many people can do something like that nowadays. Regarding being in profit soon, who knows? You know you have to wait, and that's good, but you must be prepared to wait also 1 year or even more, so if I were you I would mentally prepare for this kind of scenario.

Smartvirus

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Quote from: bittraffic on June 15, 2023, 11:35:38 AM

Holders somehow don't panic when they don't have plans to make their 1BTC become 2BTC. The idea why some would panic is because they know what could happen in the next 2 to 3 weeks like BTC price could ge dip to $20K.

Well 1btc can never become 2btc. I say this for hodlers and investors alike. What happens or is obtainable is that, bitcoin value for your hodlings will always fluctuate based on market condition. Other than this, the much you could get to increasing the numeric value of your btc is by trading which goes both ways and by topping your portfolio by buying more btc.
Values will always go up and down but, your numeric value stays the same.

rby

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Quote from: Why2why on June 15, 2023, 09:03:43 AM

Hello everyone, i just want to share my thought here as a newbie, i bought my first bitcoin two weeks back, after spending the first month studying and reading everything as relate to Bitcoin, the time spent on learning and gathering knowledge have started to pay off for me during this period were the price of bitcoin have nosedive greatly.

Welcome to the forum Op!
I am happy and at the same time surprised that there are some newbies who still make out time to read about bitcoin investment before investing. The type of newbies I see these days are the type that would want to be spoon-fed on everything. You will see them asking questions such as;

What is bitcoin?
When is the right time for me to buy?
If I invest now, when will my profit come?
I invested last week and now my money is reducing etc

Now you have read and gotten the basic knowledge of how bitcoin works, you are not under panic and you will not stress the forum members.

Quote from: Why2why on June 15, 2023, 09:03:43 AM

...and also to hold an amount i can afford to look away from for a long time.
...and if I wait I will soon be in profit again very soon, that is what past records have shown and proven.

You got all the key points, hold on to them and you shall not regret diving into the cryptocurrency industry. Congratulations!

flyingcarpet

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Quote from: Why2why on June 15, 2023, 09:03:43 AM

Hello everyone, i just want to share my thought here as a newbie, i bought my first bitcoin two weeks back, after spending the first month studying and reading everything as relate to Bitcoin, the time spent on learning and gathering knowledge have started to pay off for me during this period were the price of bitcoin have nosedive greatly.
Let me explain what i mean in details.
First before i bought my first bitcoin, i first of all build a good understand of the market and how bitcoin volatility works, and also learned about the effect of external forces in determining the price of Bitcoin such as exchange crisis and other governmental policies that can have short time effect on bitcoin.
Secondly i have learned never to panic during any crisis time or when the bitcoin price drop significantly because in the near future it will increase in value again, and also to hold an amount i can afford to look away from for a long time.
This and many more is the reason behind my current confidence in Bitcoin's ability never to let me lose if I hold for a long time.
Indeed knowledge is power, because knowledge can save you when money failed, because knowledge failure is a lifetime problem but money failure in terms of investment is temporally and if I wait I will soon be in profit again very soon, that is what past records have shown and proven.

First of all, I think this is the right time to buy. Bitcoin may fall further, but when it starts to rise, it will be faster to reach this level.

Your research on Bitcoin has been very successful. It's information that people who have been in the market for years know but have trouble applying. I am also curious to see how you will use this information when more time passes, because sometimes you move with the majority in the market and you can make losses. And sometimes it causes you to make a profit. So you haven't spent a lot of time in the market yet and you haven't seen how you react to a lot of things. Don't stop acting on the truths that you speak about. Always keep Bitcoin. This is my humble advice to you.

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