Seeing a lot of new users asking about how to make some profits with Bitcoin. You’ll find that 98% of Bitcoiners agree, join HODL Gang today.
What’s HODL? Simply put, it’s an investing strategy of buying and holding without monitoring trends or otherwise timing the market.
Why HODL? For all the reasons you’re here, because Bitcoin is in an immensely bullish position. Also, because the global market for Bitcoin is one of the most opaque markets that has ever existed. Trading in and out of the Bitcoin market is nothing short of gambling for 99.99% of us.
When to start your HODL? Today. Consider using Dollar Cost Averaging (DCA) by buying a small amount of Bitcoin every day, week, or month. For example, instead of piling in 20K today, go ahead and do 2K each month for the next ten months.
Why DCA? Because it gives you time to learn and to build confidence. Bitcoin corrections are painful for investors who lack confidence. Many will sell a panic floor because they are unable to believe in an investment they still need time to fully understand. People spread disinformation during our weakest moments and you need to be able to judge what’s true and what’s FUD. You could potential maximum profits by piling all of your investment in today, but you’ll have a healthier relationship if you take your time, become conditioned to the swings, and study up.
When to sell? HODL Gang dreams of living off the interest of their Bitcoin as liquidity markets mature. If you feel it’s time to sell, as with making your initial investment, consider DCA. Your 20k became 49k and that feels like a huge run, your confidence is down because of some piece of news you read, instead of selling your 49K today, sell 4K each month. You might be surprised at how quickly you revert to buying.
What if I have a health emergency? Sell and take care of yourself. Health comes first. This isn’t a cult. The excitement you see here is largely from users like me, who spent years studying Global Finance and who one day began to truly see the innovations of Bitcoin. This dream is bigger than you probably realize at right now. Remember, health comes first!
What if I need to pay off high interest credit cards? This is tricker, you might kick yourself later, but I recommend selling for this purpose. A 22% interest rate is insane and abusive, terminate that relationship and restart your Bitcoin DCA buying after.
Should I mortgage my house? This is even trickier to answer. First, because I don’t give high risk investing advice to strangers. Second, because interest rates are so low that the mortgage cash will almost certainly earn more in Bitcoin than it will cost in interest. For posterity I have to discourage this plan. You need a place to sleep, to have peace, and to be healthy. I’d recommend sticking to DCA but I won’t discourage you from crunching your own numbers and making your own well informed choice.
Does OP put their money where their mouth is? No my mouth is on my face or buried in some tang. I put my money in my hardware wallet and HODL that shit.
Any questions? Contributions?
Submitted November 30, 2020 at 09:50AM by ChTender https://bit.ly/3fQaqi5
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