Would You Ever Sell Your Bitcoin?
Hey JessHODLers
When I first got into Bitcoin I was in it to make money and make money I did, I road that last bull run till the wheels fell off and made myself a healthy little profit. I thought I was a financial genius and If I could keep doing this a few months longer I'd be able to retire. Sadly, I got pulled back down to Earth as the bear market does to all of us dreamers.
Over the last four years I've had time to stack Sats and think about what I'm doing in this space and why I like Bitcoin besides for the juicy juicy mangos.
The more I HODL the more I learn the more disgusted I become in the traditional economy and the more radicalised I become and want to dive deeper into crypto.
I still very much live on filthy fiat and I'll probably continue to do so for some time but as I learn more about how fragile this economy is, what a house of cards it is and the way we're handling a crisis I can't help but think getting out at any price is foolish.
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Image source: - thebalance.com
Time and difficulty
Bitcoin has some pretty smart game theory baked into the protocol and it gets plenty of us to FOMO up or FOMO down and the circus is open 24/7. If you look at BTC through a small time frame it can make you loopy. Over the last five years, all I've come to realise is how hard it is to get a Satoshi and the harder it gets, the more I want to keep it.
Labour does a lot for the mind to associate value with a medium of exchange, which is why we value our currency because we work for it. As it gets harder and more costly to own BTC I feel like I have a tighter grip on it and that my exit needs to be many multiples higher than what I bought it for and I think many feel the same as we see how many Bitcoiners are HODL'ing for the long run.
You may not have to sell
At the moment the Bitcoin game for many is about trading to get more fiat as fiat is the generally accepted method of exchange but for how long can they keep this a monopoly? I think with every passing year more companies, more developers, more investment, more users move into the space and the network effect begins to take hold.
In future, we may never have to leave the safety of crypto and could transact directly in it as a medium or have better fiat onramps and off-ramps to make it seamless to spend Bitcoin.
I think the idea of using Bitcoin as collateral for fiat will also gain in popularity as each coin continues to grow in price as fiat devalues through printing.
The way I'm feeling now, I sure don't think I'll ever party with y precious, (yes I sound like Smeagol) Bitcoin. As for my altcoins sure you can take them all, lol I'll surely be dumping my bags as soon as the next bull run comes around and splitting profits between fiat and Bitcoin.
Have your say
What do you good people of STEEM think? At what price would you part with your precious Bitcoin?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
Let's connect
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Bitcoin is a currency. It seems to me the primary purpose of a currency is for exchange. People will only be able to make money investing in cyber currency in the first few years of its existence. Of course there will be speculative plays on currency as one sees in the Forex market, but the golden opportunity for a large number of people to buy crypto as an investment is probably short lived.
BTW, you are correct about the corruption of the banks and wall street. Crypto is a more honest form of money than the credit system of the Federal Reserve. Large banks love the corrupt system that gives them power over the people. The large banks might learn how to corrupt crypto currencies.
For example, Justin Sun, backed by large investors, captured STEEM.
I don't see bitcoin as currency I see it as money, currency I would see as satoshis. This will be our method of trade if we get to a point where we can spend it freely.
I still think there's plenty of upside in crypto for people to get in and with other projects also "creating money" out of thin are and getting the market to value it there will always be new ways to make money
I do think that banks will make a play for crypto but I'm still not sure how it will be done. Regarding JSUN I think that's not really a reflection on blockchain but more on corruption, if you have enough money that you can buy enough people off, you can control anything
I've always seen the term "money" as a general term for the concept of a medium of exchange and currency as a specific system. I am sure there are different definitions.
The rich use stocks, real estate, precious metals, insurance policies, derivatives and other goods as money. Most mergers involve stock transactions in which the stock in the company is the primary means of exchange.
Money creation is not really new.
Corporations essentially create money when they issue stocks and bonds. They can use these equities as a medium for trade.
Banks make money when they issue derivatives. Insurance companies create money when they issue policies as they are able to trade the risk associated with the policies on the market.
The problem that we face is that regulators have cut the public out of this money creation process and leave it in the hands of the centralized bank. This centralization of the money creation process created a huge gap between rich and poor.
Crypto is interesting because it found a way to exist beyond control of the regulators.
My long term hope for crypto is that the technology might start opening some of these other avenues of investment to the public.
To me, just my accepted definition is money is something you store your excess purchase power in yes currency can do it temporarily but money has a sort of bottom like precious metals!
I think you said it perfectly couldn’t agree more, I think that private money regardless of its faults is needed, we’ve clearly let this experiment go on to its furthest extent and we need something new!
What kind of hybrid free market we have I don’t know but it will be interesting to see how it all plays out
I have such a low amount of Bitcoin that HODLing for me is quite easy. That being said, unless Bitcoin goes to 100.000$ there is no way I am selling lol.
I've got just over half a BTC now and it took me so damn long to get it I can't see myself selling it EVER, maybe at a million dollars lol I don't know hopefully by then we have better on-ramps and I can use it to earn more interest and then use that to do things I want.
Very interesting thoughts @chekohler !
Upvoted by @hodlcommunity
thanks, lol I guess I'm not the only one who feels HODL'ing becomes an addiction
Well when it pumps you NEVER HODLed enough :)
I'm not selling any BTC, hodling that bad boy until it becomes mainstream! With steem pumping somehow, that's going to help with whole coin ambitions!
Dude, i'm trying to dump but HIVE Engine is taking forever, 4 week power down + New stake from BLURT I think we could be at whole coin soon
We have to keep our fingers crossed on all of that haha!
are you using crypto.com instead of blockfi? any reason as to why
if you didn't hold your crypto in btc, what would you hold it in?
btc needs to be part of a portfolio now, all ages will be buying in soon.
i think it should be $20K again w/n 1 year at least
I am using crypto.com, BlockFi and Celsius Network at the moment, they all provide various interest rates.
I agree, I think governments and institutions will also be buying in the near future and price out retail whole coiners so gotta get while the getting is good
Yes, I haven't heard of celsius, i'll have to check it out. I was looking at applying for a card/credit card with crypto.com, but it wasn't clear what the rates are, also i'm not sure about MCO exactly and how many different accounts i want to have. But yes, Blockfi seems to have good back; Fidelity, Coinbase, a lot of others.
I also want to get a crypto.com card I think it would be great to be able to convert my money into a deflationary asset and be able to spend and earn on it at will
Not prepared to sell yet and hope I don't need to for a long time.
Glad to see more people joining team HODL selling for fiat eeeeuuuw gross
I don't hold any Bitcoin but if I did the answer would be .....
Short Answer: Hell Yeah I would sell but selling would mainly be based on what I paid for my bitcoin vs. what I can sell it for.
I can't imagine not having BTC and being in crypto for real, you should create a wallet and just keep a little
Lol but what would be the % premium then? %100? %1000?