Sometimes HODL is Not Recommended
After almost 2 years of being exposed to the cryptocurrency world, HODL is one of the terms that I learn while taking care of my hard-earned assets. This term means ‘Hold On Your Dear Life’ which is very applicable when you are treating your coin as a long-term investment. When you apply HODL to your investments, this means you need to be unbothered despite the high or low the price is; you believe that the price will still grow over time.
While I was checking the homepage yesterday, I saw @johnwege ‘s article. After reading it, I realize that HODL cannot be recommended at all times. People like me who write here just to earn money and support themselves financially should immediately spend their assets if they need it.
Why did I say this?
Signing up here in readcash, the market is starting to show signs that a bull/green market is coming. I just joined at the right time because I can accumulate Bitcoin Cash easier and the price will spike later on. My only regret at that time is I don’t become consistent with writing and left for several months. During those times that I am not present here, the market is already thriving and BCH reached $1600+. Users who became consistent in writing saw their assets’ value increase.
I on the other hand, just started grinding when the price is around $500 to $800. Thanks to several users especially @carisdaneym2 and @Laurenceuuuu for motivating me to continue writing and inspiring me to reach my first 1 BCH.
I challenge myself to produce articles daily, and fortunately, I am able to do it and able to achieve my first whole Bitcoin Cash. I HODL my 1 BCH but decided to invest it on an NFT game which will turn out to be a slow rug pull later on. I will create another article about that.
Anyway, during that time, there are also several writers who worked hard just to reach the 1 BCH and until now they’re holding it. Like me, they believe that the market is just moving upwards thus saving our assets so we can sell them at a higher price. Noobs think like that but not until the bear/red market started to enter.
In our current market situation, I realized that HODL is not advisable in a bull market. In my opinion, this should be the time we sell our assets. Then, you should wait for the bear market to come to buy again. HODL in a bull market is just like you’re waiting for an opportunity to run away.
Imagine selling your 1 BCH for $1600 and then buying back at the current price of $115. That will give you 14 BCH! But the sad thing is the majority of us just stored it in a cold wallet leaving it untouched.
Right now, even though we don’t want it, because of our financial needs, we have no choice but to sell our BCH at a cheap price. It's painful to see selling your 0.5 BCH for just $57 while in fact, you can sell it for $250 when the value of the coin is around $500.
The term HODL is only perfect for those people who invested for the long term but for us who only rely on this website to support our daily finances, I am afraid that sometimes this is not applicable to us.
There is no time for regrets for now. This is just my opinion. I just created this article because I realized something. I hope this will help you next time to be prepared for your next cycle of bull and bear markets. Actually, this is my first cycle so I am not also aware of what’s happening. I guess experience is the best teacher? For a while, use this opportunity to accumulate and grind harder so you have to sell later on.
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That's why talagang earn, HODL & convert ang ginagawa ko eh. Kasi isa lamang akong "dilis", aheee. Need mag-convert to provide for our needs ey~ so dumping man yan or pumping season, no choice but to convert.
Nakakaloka siguro 'yung ang dami mong HODL tapos ni once is di ka nag-convert then out of nowhere, biglang bagsak si BCH.