Sold my first Bitcoin and am happy - page 13.

davis196

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Quote

I do feel there are risks with Bitcoin, and I won't drag people down with that here, but I will be diversifying that money into gold and shares, mainly tech shares.

There are risks involved in investing in general.Tech stocks aren't a safe heaven.
Gold prices might go down,after the pandemic/recession ends.
Anyway,good for you.I won't be selling my BTC,even if the price crashes back to 20K USD.
I sold plenty of BTC last year,when the price was 7K-13K USD,so I regret selling BTC. Angry

I never believed that Bitcoin will reach 60K USD,so I guess I'll stay poor forever. Grin

PonZZ

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Congratulations! Very wise decision. I don't like Hodl at any price narrative. Money must make more money.

Silberman

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Quote from: tinopener on March 15, 2021, 04:48:27 PM

Just sold 5% of my Bitcoin that I've been holding for 3 years and I feel satisfied doing so.

I didn't need to sell, and it was mainly for the satisfaction of getting back some of my original investment.

However, I also feel like its broken the "HODL AT ALL COSTS" mindset which I felt was getting a bit unhealthy.

I do feel there are risks with Bitcoin, and I won't drag people down with that here, but I will be diversifying that money into gold and shares, mainly tech shares.

If Bitcoin dips a lot, I will also buy some more Bitcoin though.

Basically, I'm glad I sold some if only to stop feeling like a slave to it (and to test the Coinbase selling functionality which only took seconds for the transaction).

There is nothing wrong with selling some of your bitcoin I just hope that you did it for a reason and not just to feel what it is like to sell, bitcoin is now facing a correction after reaching 61k and at some point some people want to exit the market in order to buy something they may like, however if the adoption of bitcoin grows as much as we think it will I think we may reach a point in which you will not need to sell your coins at all and still be able to spend your coins in stuff that you may need.

yohananaomi

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Quote from: ?? on ??

It takes patience to hold on to crypto you are the real investor that has made a profit by holding for 3 years it is really a matter of great satisfaction. Its price was much lower currently it has increased a few times you can invest your money in various activities but the holding mentality is good if the price goes down you have to buy it and if it goes up you have to sell it. I would like to greet you and suggest you to buy bitcoin's price may go up further.

the basic principle is clear, friend, buy when the price falls and sell it when the price has gone up according to our estimates. but this is indeed from an action which certainly needs to be appreciated if you can refrain from selling when it has decreased, excessive fear of seeing the price drop drastically so you have to take that action.

Indeed, if you can hold bitcoin from 2018, it is certainly not easy because of this action because of the patience it has, the toughest is when it enters 2020 when the pandemic hits, there is seen the persistence of holders who remain steadfast not to sell because they believe there will be an increase.

so it is only natural that now that what has been done , it is okay to have a little fun to sell a little to enjoy the results of the improvement, and keep holding on to most of it because there will be a bigger increase.

tinopener

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Quote from: Poker Player on March 15, 2021, 10:57:16 PM

It's okay to sell 5% of your Bitcoin. Think you can do this when the price reaches certain milestones without affecting your position. For example, you can sell 5% more when it reaches $100k, another 5% when it reaches $150k, etc. That way you enjoy some of the profits while staying mostly invested and have more and more equivalent in fiat (as long as the price keeps going up and we don't enter bear market).

Yep, that's what I plan on doing and wish I had done it sooner.

The reason I didn't do it sooner was because I didn't want to think about the tax implications (I am self-employed and have to declare all my transactions).

I have spoken to my accountant and they are happy to do my Capital Gains Tax. I have also bought tax investigation insurance purely because I am worried about holding crypto.

In the UK Coinbase have to inform HMRC (the tax authority) of any crypto transaction above £5k.

Sithara007

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I got my first coins in 2014, when the price was around $600 per coin. I sold most of the original stash in the next few years, but earned some coins from signature campaigns and freelancing. If I had kept all of the coins that I earned, then by now I would have had around $250,000 worth of crypto (which would be a relatively huge amount in a country like India). But right now I have a fraction of that, since I sold most of the coins. I don't have any regrets. That's how life goes. If everyone hold on to their coins, then Bitcoin will never become popular.

Poker Player

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Quote from: tinopener on March 15, 2021, 04:48:27 PM

Just sold 5% of my Bitcoin that I've been holding for 3 years and I feel satisfied doing so.

Congratulations. It was time to enjoy a little of the benefits, I follow a similar strategy.

It's okay to sell 5% of your Bitcoin. Think you can do this when the price reaches certain milestones without affecting your position. For example, you can sell 5% more when it reaches $100k, another 5% when it reaches $150k, etc. That way you enjoy some of the profits while staying mostly invested and have more and more equivalent in fiat (as long as the price keeps going up and we don't enter bear market).

maxreish

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Thats great to hear. Selling it today made you a good profits since another new ATH achieved recently, selling at high price when you holding it for three years is so much contentment and great feeling.

I remember selling 1/4 of my btc when it first reached new ATH this year at $19k and then it boomed again to above $50k but I didnt regret selling the first part of it since I do holding some of my btc until now. Im also a long term holder since 2018. Anyway, happy for you too, buddy.

cabron

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Looks like a good decision because BTC just dip. Its not very clear yet when to buy back but if you are bullish on BTC anytime right now will be a good time to buy. 3 years is a long time, you are a long-term trader then. I think only a few of the newcomers in crypto has a long-term investment plan, most will just buy when the price goes low and then sell and then buy again. I'm more convinced that there are more people who have a long-term plan for altcoins that can be staked.

Quote from: Upgrade00 on March 15, 2021, 08:39:42 PM

"You just sold your precious bitcoins cheap to institutional investors, Shame" Grin

In truth, taking profits after a while (to at least recover your capital invested is a healthy move and puts you more at ease with the remainder of your stash. I sell bitcoins from time to time as the need arises an maybe sometimes for personal gratification as well.

About the "Hodl at all cost" mindset; no technology or venture should be trusted without reservations, always consider the pros and cons of holding and act accordingly. The important point is your still invested in it and plan on buying more if a lower price presents itself.

Institutional investors I think will prefer the OTC for it won't affect the price fluctuation than buying BTC on exchanges.

yazher

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I see that you are into long-time holder base on the amount you just sold anyway congrats cause you deserve it you are one of the reasons why we still holding at the current price. Because there are lots of people like you who wanted to support bitcoins by holding as long as you can. Anyway, the price still increasing and no one really knows when will it stop the only thing you can see are the good news that pushes the price to the new ATH. I believe this is the main reason why the OP didn't sell as much as he can since the price does not fully manage to climb as high as it could be.

tinopener

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Quote from: Upgrade00 on March 15, 2021, 08:39:42 PM

always consider the pros and cons of holding

Well, there are also cons to selling Bitcoin too.

I live in the UK and am self-employed and work through my own limited company and so am under extra scrutiny from the tax authorities.

The single biggest reason for me selling today was that my accountant confirmed that:

-They are happy to calculate my Capital Gains Tax liability
-I am now insured for any investigation from HMRC (the UK tax authority)

Else, I would have been buying and selling dips for the last year.

Upgrade00

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"You just sold your precious bitcoins cheap to institutional investors, Shame" Grin

In truth, taking profits after a while (to at least recover your capital invested is a healthy move and puts you more at ease with the remainder of your stash. I sell bitcoins from time to time as the need arises an maybe sometimes for personal gratification as well.

About the "Hodl at all cost" mindset; no technology or venture should be trusted without reservations, always consider the pros and cons of holding and act accordingly. The important point is your still invested in it and plan on buying more if a lower price presents itself.

Darker45

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Yeah, of course, being practical counts. I admire you for that.

Putting your money in a single basket is more discouraged by investors than encouraged. Also, I don't think "HODL AT ALL COSTS" is admirable. It is not that amazing. It is myopic. If you hodled Bitcoin through the worst of times, that's of course one thing you should be proud of, but if you are all in and you are into hodling no matter what happens, I don't think you are acting wisely.

tinopener

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Taking profits is not a bad thing, what's bad is selling it all to shares and gold and im glad you didn't.

Well, my current portfolio (not including my house is):

75% shares
15% crypto (mostly bitcoin)
5% gold etc
5% bonds

I have Tesla shares amongst many others which have done well and bitcoin miners such as Argo Blockchain which have done better than Bitcoin itself.

The ultimate point of my post is not to treat Bitcoin as a sacred cow, and be prepared to sell it to rebalance your portfolio.

I'm not buying cars or guitars with the profits, and am actually quite boring with my spending

Fatunad

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Quote from: tinopener on March 15, 2021, 04:48:27 PM

Just sold 5% of my Bitcoin that I've been holding for 3 years and I feel satisfied doing so.

I didn't need to sell, and it was mainly for the satisfaction of getting back some of my original investment.

However, I also feel like its broken the "HODL AT ALL COSTS" mindset which I felt was getting a bit unhealthy.

I do feel there are risks with Bitcoin, and I won't drag people down with that here, but I will be diversifying that money into gold and shares, mainly tech shares.

If Bitcoin dips a lot, I will also buy some more Bitcoin though.

Basically, I'm glad I sold some if only to stop feeling like a slave to it (and to test the Coinbase selling functionality which only took seconds for the transaction).

Those are common emotional personal feelings about braking the true essence of hodl but it isnt bad to take up some profits for the sake of completion or success because
we do have one common goal in here which is to make profits no matter it can be taken in short term or long term it wouldnt or doesnt matter.
Good for you that you do able to sell off your bitcoin and make out profits and holding for 3 years isnt something that someone could able to do so.
Cherish while you still can and its great that you do only sell out a little percentage into your overall holdings.

bct-user

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Quote from: tinopener on March 15, 2021, 04:59:04 PM

I bought around $8k in 2018 on average I think.

It is great, bro. You buy at a very cheap price of Bitcoin. I cannot imagine how big you take profits right now. You said just sold 5% only of your Bitcoin, do you plan to sell in the next Bullrun after halving in 2024? I appreciate your decision to buy in the bearish phase in 2018. Now you prove it that investing in Bitcoin must be brave and finally get a happy result.

sheenshane

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That's what we are looking for, the word "satisfying" this what the most important. There's no regret if you sold out your Bitcoin now but at least not all of them. The 5% was might your initial capital since that investment was on 3 years ago from now and it was probably folded for how many times.

The rest if you didn't need the money yet, you can HODL as long as you can because there are too many predictions and rumors that Bitcoin price will reach another ATH of $100K on this year. If you believe this theory, there are more profits will come precisely. So, it is really worth it to wait even too long at least you can able to wait for it patiently.

Good to hear that there's a long-term investor like you, just keep holding.

lalabotax

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Quote from: tinopener on March 15, 2021, 04:48:27 PM

Just sold 5% of my Bitcoin that I've been holding for 3 years and I feel satisfied doing so.

Wow congratulations mate, with only 5%, you probably have got your initial funds buying your BTC.
COngratulate to all holders that bought Bitcoin still under $10K.
Holding top coins especially Bitcoin will never disappoint The trust in this coin is really true. AN dit si also about the patience and also trust on Bitcoin that BTC will grow someday. I also think so but I am personally late about buying it under $10k

rdbase

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Quote from: hatshepsut93 on March 15, 2021, 05:48:25 PM

Taking a profit after such high returns is never really a bad move, especially on a such volatile market.

"HODL" initially meant avoiding daytrading and being a long-term investor, but somehow it started meaning "never ever sell your BTC", which isn't that great - there's actually no guarantees that Bitcoin will reach $1 million or whatever other price people hope for, and HODLing means denying opportunities to sell high and buy back low, which isn't actually that hard to do, considering that Bitcoin tends to crash very hard after the peak of the bubble.

Isn't the term having diamond hands for holding out when it comes to investments in trading of any sort like stocks?
I have always thought the term HODL was for those who were thinking of selling when the markets were pumping but others are advising not to do so in the assuming it will keep rising in the long term.

But I am fully with grabbing profit while it is available especially if the OP bought at $8k to cash out at $60+k.
There is no other stock which can say they made this amount in profit within such a short time.

Vaskiy

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That's a good decision, you've sold at the right market situation. Good you've got the ability to hold for a much longer time period. Three years of holding isn't an easy thing, myself too tried holding but I weren't able to do it. Most of the users have the mind to hold understanding the true potential of bitcoin, but they weren't able to do it due to planned and unexpected financial needs being fulfilled by the same.

Maybe the holding you've done will serve as an example and make users hold as much possible for their good.

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