Topic: Reasons why I might consider selling my Bitcoin. - page 5. (Read 832 times)
What OP said is very true, some times an emergency can take place that can make any Bitcoin holder to give up their holdings, health is wealth, still, this is why we need to work harder on the incomes we earn every month, if the income is high enough you can still be able to do something without touching your Bitcoin reserves, or if worst should happen you can sell part of your Bitcoin but it's different from selling everything. Also, let's hope that nothing bad happens to anyone of us, let's always try to think positively, I pray we all live longer to enjoy the fruits of our labor.
Health Issues: Health is wealth, which means without health a man is not wealthy. If there is any sickness that needs money for me or any member of the family to seek medical help, I might decide to sell some of my bitcoin holding to cover the bills. It is only the living that can enjoy the benefit of any investment.
Health is another form of wealth besides money, why have a lot of money but not healthy. Money can't buy health, but you can make money with health. Very wise, you still care about family members when they are in trouble. It's not easy to destroy a well-organized portfolio, but you do it to lighten their load.
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Loss of source of income: A loss of a job or business might force me to sell some of my holdings if I exhaust all my savings. I and my family needs to be alive to enjoy our investment, so we need food and other basic needs to survive. it will be painful but it will be better than begging or taking loans.
Before faced with this situation, it is necessary to have some cold money that can be used whenever you need it. Before your savings are completely depleted, you must immediately find a solution to find additional money. There are still simple ways you can do to prevent your investment assets from being touched.Quote
Business opportunity: Many people in my country are migrating to developed to seek better employment opportunities. Many of them are cheaply selling their properties and businesses. If I have the opportunity to buy a cheap house or business, I might decide to sell some of my bitcoin because the profit from the business will help me to buy more bitcoin in the future. House rent is expensive in my country and it is really taking a large chunk of my income. If I own a house, my house rent can be used to buy more bitcoin.
Very impressive, buying a house and then renting it to someone else, then you can use the rent money back to buy Bitcoin. In my place, house rental prices always increase every year. It's a great idea to do this business, the value of your main asset will always increase every year, you can save annual or monthly rental results in the form of Bitcoin.
You are very lucky because you can control your emotions and don't panic and sell because most of us when there is a pump are tempted to sell off, and I can relate to this. After a couple of months, I would regret it as it pumps more. But you are too defensive, and you should set a target for when you will sell it off that is achievable. Right now that is also one of my reasons to sell it off, which I called it in case of emergency, but if it ever reaches my goal, I will sell it.
Business opportunity: Many people in my country are migrating to developed to seek better employment opportunities. Many of them are cheaply selling their properties and businesses. If I have the opportunity to buy a cheap house or business, I might decide to sell some of my bitcoin because the profit from the business will help me to buy more bitcoin in the future. House rent is expensive in my country and it is really taking a large chunk of my income. If I own a house, my house rent can be used to buy more bitcoin
This is probably enough reason for one to sell off his Bitcoin holdings because there are a lot of opportunities that only present its self once in a lifetime and if one happens to be lucky enough to see any opportunity and see it as one then, we should grab it knowing its worth the risk. Selling off BTC and buying a house or employment opportunity can never be a thing of regret because you can buy back the number of the sold btc later when you have realized enough funds from your business or other side hustles, but you see that business, employment or house opportunity if you miss it ones, you might likely never get an offer as of what you missed.
While I do have funds set aside for emergency purposes, once they are depleted, I may have no choice but to sell my bitcoins.
Like you, my primary reason for holding bitcoin is to wait for the right time to sell. I am intrigued by the concept of "HODL" because many successful investors have demonstrated the benefits of not selling too early. While I cannot be certain whether bitcoin will reach $1 million per piece, that is my ultimate goal since I hold at least 1 bitcoin, and I hope to retire a millionaire.
Like you, my primary reason for holding bitcoin is to wait for the right time to sell. I am intrigued by the concept of "HODL" because many successful investors have demonstrated the benefits of not selling too early. While I cannot be certain whether bitcoin will reach $1 million per piece, that is my ultimate goal since I hold at least 1 bitcoin, and I hope to retire a millionaire.
Business opportunity: Many people in my country are migrating to developed to seek better employment opportunities. Many of them are cheaply selling their properties and businesses. If I have the opportunity to buy a cheap house or business, I might decide to sell some of my bitcoin because the profit from the business will help me to buy more bitcoin in the future. House rent is expensive in my country and it is really taking a large chunk of my income. If I own a house, my house rent can be used to buy more bitcoin
This is probably enough reason for one to sell off his Bitcoin holdings because there are a lot of opportunities that only present its self once in a lifetime and if one happens to be lucky enough to see any opportunity and see it as one then, we should grab it knowing its worth the risk. Selling off BTC and buying a house or employment opportunity can never be a thing of regret because you can buy back the number of the sold btc later when you have realized enough funds from your business or other side hustles, but you see that business, employment or house opportunity if you miss it ones, you might likely never get an offer as of what you missed.
I understand that there are many things to consider when you are trying to get around making the most of your invested money on assets such as cryptocurrencies, specifically BTC. And all are valid with the emergencies, and make sure you will make the most of it.
Timing is definitely against you with this because it might be unfavorable to cash out if the price is low and ideal when it is high, of course. That's already a lost opportunity, but you must still answer that emergency.
What's important is that you accept that you will lose the opportunity whenever you decide on the two options you stated. You better know that and don't regret what you do in the future.
Timing is definitely against you with this because it might be unfavorable to cash out if the price is low and ideal when it is high, of course. That's already a lost opportunity, but you must still answer that emergency.
What's important is that you accept that you will lose the opportunity whenever you decide on the two options you stated. You better know that and don't regret what you do in the future.
Where a man's treasure is, lies his heart is a very nice caption from the holy book and it has been proven true even in the crypto industry. I've seen articles of people advising others to buy at every instance they get and I still wonder how people do this even without having to see how much progress their portfolio is making on a regular because I personally have to check my wallet everyday because I have my wallet in my phone and I always want to see some growth no matter how little it is in my portfolio.
There are actually several reasons to why one should sell their Bitcoin and all the reasons you listed are great ones but I have been on the opinion that people shouldn't make savings a very difficult one as the main reason for saving is to have something to fall back to in times of emergency without having to bother someone else, hence selling shouldn't be a big deal if it's serving it's purpose.
There are actually several reasons to why one should sell their Bitcoin and all the reasons you listed are great ones but I have been on the opinion that people shouldn't make savings a very difficult one as the main reason for saving is to have something to fall back to in times of emergency without having to bother someone else, hence selling shouldn't be a big deal if it's serving it's purpose.
If your goal for Bitcoin is to have investments and make profits in the future, yes, you can seel your Bitcoin anytime. Every people right now got different uses for Bitcoin, some just bought a small portion of Bitcoin because they just want to support the technology or innovation. Some are buying because they are using it for something else like in their day-to-day lives, they are using Bitcoin as normal currency to pay for something.
And most common are some people buying Bitcoin because of investment or store of value, which for some people it became an emergency fund just like for me. Which I can sell it anytime if I need it urgent for emergency purposes just like need for my health or family members.
Selling the pieces of bitcoin I've accumulated over the years is not something I will do in a hurry because there's 80% chance of Bitcoin to hit $100k level on the chart, all these fluctuations of Bitcoin are common noises and I'm not distracted by this because I'm already used to the market pattern. Bitcoin is essential to top companies and crypto whales in the space. Bitcoin is the top on my wishlists and also leading in the my port folio. Different uses of Bitcoin varies depending on what the coin is been used for. Trading Bitcoin is my daily routine and I've benefited much more than any other coin in the market. And most common are some people buying Bitcoin because of investment or store of value, which for some people it became an emergency fund just like for me. Which I can sell it anytime if I need it urgent for emergency purposes just like need for my health or family members.
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In summary, there are just two broad reasons that will make me sell my coins, first emergencies such as sickness and loss of a source of income, and better opportunities that will give me more financial backup to buy more bitcoin.
If your goal for Bitcoin is to have investments and make profits in the future, yes, you can seel your Bitcoin anytime. Every people right now got different uses for Bitcoin, some just bought a small portion of Bitcoin because they just want to support the technology or innovation. Some are buying because they are using it for something else like in their day-to-day lives, they are using Bitcoin as normal currency to pay for something.In summary, there are just two broad reasons that will make me sell my coins, first emergencies such as sickness and loss of a source of income, and better opportunities that will give me more financial backup to buy more bitcoin.
And most common are some people buying Bitcoin because of investment or store of value, which for some people it became an emergency fund just like for me. Which I can sell it anytime if I need it urgent for emergency purposes just like need for my health or family members.
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All the reasons mentioned by the OP sure do make sense, except one, and that is having to sell my bitcoin because of government policies.
That is something I would never do, if the government of my country ban bitcoin, I will keep holding my bitcoin, for me, I think it is better to be running and hiding from law enforcement agencies than sell my bitcoin never to buy it again, all because the government, for their own selfish reasons decided to ban bitcoin..
The thing is that, government did not give me a job, they aren't the one feeding my me and my family, it is through bitcoin I made money and started the business I'm running today, if bitcoin didn't do this for me, will the government do it for me?
That is something I would never do, if the government of my country ban bitcoin, I will keep holding my bitcoin, for me, I think it is better to be running and hiding from law enforcement agencies than sell my bitcoin never to buy it again, all because the government, for their own selfish reasons decided to ban bitcoin..
The thing is that, government did not give me a job, they aren't the one feeding my me and my family, it is through bitcoin I made money and started the business I'm running today, if bitcoin didn't do this for me, will the government do it for me?
I have been in this forum for some time now and becoming a bitcoin trader didn't interest me. I have been attracted to the idea of keeping my coins for a long time and selling it when it reaches my target. I have decided not to sell any of my coins until the bull run season no matter the pressure from any corner. But recently, I was just reasoning about my bitcoin holding because where a man's treasure is where his mind will be when a question dropped into my mind; What can make you sell your bitcoin? I thought about it and I came up with these few points.
Health Issues: Health is wealth, which means without health a man is not wealthy. If there is any sickness that needs money for me or any member of the family to seek medical help, I might decide to sell some of my bitcoin holding to cover the bills. It is only the living that can enjoy the benefit of any investment.
Loss of source of income: A loss of a job or business might force me to sell some of my holdings if I exhaust all my savings. I and my family needs to be alive to enjoy our investment, so we need food and other basic needs to survive. it will be painful but it will be better than begging or taking loans.
Business opportunity: Many people in my country are migrating to developed to seek better employment opportunities. Many of them are cheaply selling their properties and businesses. If I have the opportunity to buy a cheap house or business, I might decide to sell some of my bitcoin because the profit from the business will help me to buy more bitcoin in the future. House rent is expensive in my country and it is really taking a large chunk of my income. If I own a house, my house rent can be used to buy more bitcoin.
Unfavorable government policies: If the government of my country decides to ban the holding or use of bitcoin, I might be forced to dispose of them. I will not want to be hiding from law enforcement agencies or risk being arrested. I don't wish this to happen but if it does, I will have to take that hard and painful decision.
Migration: My earnings only permit me to save a little amount that I use to invest in Bitcoin. If I have an opportunity to secure a higher-paying job in another country ad I have to finance the travel with part of my bitcoin holding, I might sell some. I higher paying job means more investment in bitcoin.
Higher Education or Skills: If there is an opening for promotion in my organization and it requires getting a higher degree or specialized skills, I might consider selling part of my holdings. This is because such a promotion or job bring higher financial reward which can enable me to buy more coins.
In summary, there are just two broad reasons that will make me sell my coins, first emergencies such as sickness and loss of a source of income, and better opportunities that will give me more financial backup to buy more bitcoin.
Well said I think most of us have felt those reason before.Health Issues: Health is wealth, which means without health a man is not wealthy. If there is any sickness that needs money for me or any member of the family to seek medical help, I might decide to sell some of my bitcoin holding to cover the bills. It is only the living that can enjoy the benefit of any investment.
Loss of source of income: A loss of a job or business might force me to sell some of my holdings if I exhaust all my savings. I and my family needs to be alive to enjoy our investment, so we need food and other basic needs to survive. it will be painful but it will be better than begging or taking loans.
Business opportunity: Many people in my country are migrating to developed to seek better employment opportunities. Many of them are cheaply selling their properties and businesses. If I have the opportunity to buy a cheap house or business, I might decide to sell some of my bitcoin because the profit from the business will help me to buy more bitcoin in the future. House rent is expensive in my country and it is really taking a large chunk of my income. If I own a house, my house rent can be used to buy more bitcoin.
Unfavorable government policies: If the government of my country decides to ban the holding or use of bitcoin, I might be forced to dispose of them. I will not want to be hiding from law enforcement agencies or risk being arrested. I don't wish this to happen but if it does, I will have to take that hard and painful decision.
Migration: My earnings only permit me to save a little amount that I use to invest in Bitcoin. If I have an opportunity to secure a higher-paying job in another country ad I have to finance the travel with part of my bitcoin holding, I might sell some. I higher paying job means more investment in bitcoin.
Higher Education or Skills: If there is an opening for promotion in my organization and it requires getting a higher degree or specialized skills, I might consider selling part of my holdings. This is because such a promotion or job bring higher financial reward which can enable me to buy more coins.
In summary, there are just two broad reasons that will make me sell my coins, first emergencies such as sickness and loss of a source of income, and better opportunities that will give me more financial backup to buy more bitcoin.
For me it was health issue and Loss of Source of Income,
So far those are the only issues that I've encounter, or felt with crypto on your list but, I want to feel the Business opportunity that you've mentioned on your list that is one good reason to sell my crypto I know some people would sell their house for crypto but if I have enough crypto to buy a house I would do it without a doubt.
OP your points are very much on track. I myself have had this thought over and over in many occasions I find myself having a glance at my bitcoin or Crypto assets. I asked myself this question as it is pertinent. I have had the experience not long ago where I had no option than to self off my bitcoin for an urgent emergency which requires attention. Although it was a very though decision but I had to. You know sometimes having diverse investment can not in most cases meet your urgent demand for attention as the case maybe as time is a factor to the urgent need. I was lucky I had bitcoin in my wallet I had to sell immediately and I was able to replace it back when I got my pending credit alert that same day at the evening hours.
Bitcoin like they say as an investment is good and it is nice using some spare cash which you know would not bother you in the long run as it is a long term investment but note that bitcoin is money and you should know that the market is volatile but that should not stop you from using it when you have an emergency and when it seems only bitcoin can be your rescue at that point in time.
Bitcoin like they say as an investment is good and it is nice using some spare cash which you know would not bother you in the long run as it is a long term investment but note that bitcoin is money and you should know that the market is volatile but that should not stop you from using it when you have an emergency and when it seems only bitcoin can be your rescue at that point in time.
Everyone has its own target when to sell their bitcoin, but seeing someone experiencing from health issues, I guess one will be force to sell his bitcoin even when the market is still bearish. For me, that’s already part of being humanitarian, to help others when they are in need of assistance so badly. However, for the rest of the reasons listed by OP, I guess it’s everyone’s preference whether they will sell or not, as they can still continue to invest and hold without selling their bitcoin.
actually health problems or other emergency problems will be resolved if we are not only consistent about setting aside our money to invest, but we also have to set aside consistently for health savings funds and for other emergency funds.
if indeed someone is "forced" to sell their Bitcoin then it really is a last option and when in a situation there is no other choice to solve their problem, whether it's because they have no fiat at all or other property to sell or maybe debt that they have already too much.
we really have to be able to manage our finances well and maintain a simple lifestyle so that we can minimize not selling our Bitcoins for things we shouldn't want or not in accordance with our initial plans for Bitcoins.
It’s always good to have a back-up plan and with Bitcoin considering this as your emergency fund is also ok but don’t forget its volatility and the risk of this market so better to still have you emergency fund in fiat money, at least budgeted for the five months expenses. I’ll sell my Bitcoin if I’m already ok with my profit, patience is the key.
All those reasons can be generalized as "you need cash here and now". And this realization is often missed by Bitcoiners who say that "1 BTC = 1 BTC", that you need to HODL and you will always be in profit. Because life often forces us to spend money, and if 50% of your networth is tied in Bitcoin and it's a bear market, that will result in a loss. That's what people mean when they say invest only what you can afford to lose.
Everyone has its own target when to sell their bitcoin, but seeing someone experiencing from health issues, I guess one will be force to sell his bitcoin even when the market is still bearish. For me, that’s already part of being humanitarian, to help others when they are in need of assistance so badly. However, for the rest of the reasons listed by OP, I guess it’s everyone’s preference whether they will sell or not, as they can still continue to invest and hold without selling their bitcoin.
we all have reasons when to sell our coins. if you sell because you need funds, that's really for a good cause.
but one good reason why some do it every time is when there is bull run.
traders would sell their coins before the bear market start or even before the bull run ends they already sold their coins because they wouldn't wait for it to hit the peakest during the bull season.
I have been in this forum for some time now and becoming a bitcoin trader didn't interest me. I have been attracted to the idea of keeping my coins for a long time and selling it when it reaches my target. I have decided not to sell any of my coins until the bull run season no matter the pressure from any corner. But recently, I was just reasoning about my bitcoin holding because where a man's treasure is where his mind will be when a question dropped into my mind; What can make you sell your bitcoin? I thought about it and I came up with these few points.
Health Issues: Health is wealth, which means without health a man is not wealthy. If there is any sickness that needs money for me or any member of the family to seek medical help, I might decide to sell some of my bitcoin holding to cover the bills. It is only the living that can enjoy the benefit of any investment.
Loss of source of income: A loss of a job or business might force me to sell some of my holdings if I exhaust all my savings. I and my family needs to be alive to enjoy our investment, so we need food and other basic needs to survive. it will be painful but it will be better than begging or taking loans.
Business opportunity: Many people in my country are migrating to developed to seek better employment opportunities. Many of them are cheaply selling their properties and businesses. If I have the opportunity to buy a cheap house or business, I might decide to sell some of my bitcoin because the profit from the business will help me to buy more bitcoin in the future. House rent is expensive in my country and it is really taking a large chunk of my income. If I own a house, my house rent can be used to buy more bitcoin.
Unfavorable government policies: If the government of my country decides to ban the holding or use of bitcoin, I might be forced to dispose of them. I will not want to be hiding from law enforcement agencies or risk being arrested. I don't wish this to happen but if it does, I will have to take that hard and painful decision.
Migration: My earnings only permit me to save a little amount that I use to invest in Bitcoin. If I have an opportunity to secure a higher-paying job in another country ad I have to finance the travel with part of my bitcoin holding, I might sell some. I higher paying job means more investment in bitcoin.
Higher Education or Skills: If there is an opening for promotion in my organization and it requires getting a higher degree or specialized skills, I might consider selling part of my holdings. This is because such a promotion or job bring higher financial reward which can enable me to buy more coins.
In summary, there are just two broad reasons that will make me sell my coins, first emergencies such as sickness and loss of a source of income, and better opportunities that will give me more financial backup to buy more bitcoin.
Health Issues: Health is wealth, which means without health a man is not wealthy. If there is any sickness that needs money for me or any member of the family to seek medical help, I might decide to sell some of my bitcoin holding to cover the bills. It is only the living that can enjoy the benefit of any investment.
Loss of source of income: A loss of a job or business might force me to sell some of my holdings if I exhaust all my savings. I and my family needs to be alive to enjoy our investment, so we need food and other basic needs to survive. it will be painful but it will be better than begging or taking loans.
Business opportunity: Many people in my country are migrating to developed to seek better employment opportunities. Many of them are cheaply selling their properties and businesses. If I have the opportunity to buy a cheap house or business, I might decide to sell some of my bitcoin because the profit from the business will help me to buy more bitcoin in the future. House rent is expensive in my country and it is really taking a large chunk of my income. If I own a house, my house rent can be used to buy more bitcoin.
Unfavorable government policies: If the government of my country decides to ban the holding or use of bitcoin, I might be forced to dispose of them. I will not want to be hiding from law enforcement agencies or risk being arrested. I don't wish this to happen but if it does, I will have to take that hard and painful decision.
Migration: My earnings only permit me to save a little amount that I use to invest in Bitcoin. If I have an opportunity to secure a higher-paying job in another country ad I have to finance the travel with part of my bitcoin holding, I might sell some. I higher paying job means more investment in bitcoin.
Higher Education or Skills: If there is an opening for promotion in my organization and it requires getting a higher degree or specialized skills, I might consider selling part of my holdings. This is because such a promotion or job bring higher financial reward which can enable me to buy more coins.
In summary, there are just two broad reasons that will make me sell my coins, first emergencies such as sickness and loss of a source of income, and better opportunities that will give me more financial backup to buy more bitcoin.
What you say is absolutely true and everyone will most likely sell Bitcoin if it is in an emergency or has achieved the desired profit.
If we can still think rationally and realistically, of course we really appreciate our Bitcoin assets and will sell all of our Bitcoins when it is really needed and not waste it buying things that are unnecessary and unimportant.
Because we know that getting the Bitcoin that we have is not very easy, behind all the Bitcoin that we have, whether it's a lot or a little, there is a hard struggle to get it. Some of us have to be willing to forego lavish lifestyles or put off our desires just to set aside our money for investing or even trading.
But everyone has the right to sell their Bitcoin for any reason, whether it's for a positive reason or even for a negative reason, because it's a valuable asset that belongs to them personally.
Health Issues
Loss of source of income
These are the 2 main things or reasons on which i could definitely say that i might really be selling off my coin specially if theres no way for you to go or doesnt really have the option
specially when health issues do arise on which you cant really be sure on what would happen next.This is why we have been saving up money or investment in the first place
on which it would really be used into emergencies or on time that you would be needing up some funds.
Loss of source of income
These are the 2 main things or reasons on which i could definitely say that i might really be selling off my coin specially if theres no way for you to go or doesnt really have the option
specially when health issues do arise on which you cant really be sure on what would happen next.This is why we have been saving up money or investment in the first place
on which it would really be used into emergencies or on time that you would be needing up some funds.
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