Sometimes HODL is Not Recommended

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Avatar for kli4d
Written by
2 years ago

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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Written by
2 years ago

Comments

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.

$ 0.00
2 years ago

Yes, it is all about timing. But it will always depends on the person if he / she will be going to trade his / her coin.

No one knows what will happen on the prices of crypto tomorrow / next week / next year. That is why some of us just chose to hodl their coins (if long term goal)

$ 0.00
2 years ago

Agree sometimes di talaga worthit mag hold on sa mga bagay bagay kailangan mag let go rin paminsan minsan teka crypto currency ito hahaha.

Being knowledgeable indeed can help you make some informed decisions, gaya ngayon parang di ganun ka oks mag hold ng ibang tokens and trade if possible. Pero the stablecoins I think goods parin naman since the value doesn't depreciate that much pero di rin nalaki kaya patas lang.

$ 0.00
2 years ago

hahaha sinamahan pa ng hugot 😂. Yep, oks lang pag stable coins pero ingat din kasi minsan pag nagkakaroon ng problem, kahit stablecoin bumababa price

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2 years ago

Haaays, ako rin e nagsasayangan sa mababang price na need ko na iwithdraw kasi may mga babayaran. Nakakawalang gana pero tuloy pa rin ang buhay. Di naman forever down ang market hehe.

$ 0.00
2 years ago

Trueee. Parang kahit mataas yung nakukuha mong BCH pero bumababa naman ang value kaya naghahabol ka lang din 😂

$ 0.00
2 years ago

Ako gusto ko sana mag hold pero wala ng maihold hahaha

$ 0.00
2 years ago

hahahaha I feel you ate 😂. Tamang grind nga lang ako ngayon kasi pababa nang pbaba value

$ 0.00
2 years ago

Actually di na rin ako masyado makapag sulat before during nung rise talaga ng bch kasi djba wala man din visit yung bot ikaw nag encourage sakin na magtry ulit gawa ng acc (thank youu) kaya ayun pag try ko ulit nag start na bumaba bch from $800 to $500 nag hodl pa ko pero since ayun nga di na like before natatanggap ko and need to spend it for bills and necessities di na ko nag hodl kasi super pababa na talaga and parang konting maiwan mo sa wallet bumaba like sayang haha

$ 0.00
2 years ago

Welcomee :)). Sayang din kasi skills mo sa pagsusulat kung hindi mo itutuloy.

Dapat nga ipambibili ko ng laptop hodl ko kaso yung sobrang bumaba din kaya no choice kundi maggrind ulit para maabot ko yung presyo na kailangan ko hahaha. Sa ngayon, oks lang talaga gastusin kasi need naman talaga. Tsaka makakapag hodl ka pa nyan kasi matagal pa naman bear market

$ 0.00
2 years ago

I do holding sometimes, but most of the time I use to withdraw all my bch in times of emergencies. Hopefully na sana magpump up siya para lahat tayo happy ngayon hehe.

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2 years ago

Sana nga magpump para may pang shopee na tayo hahaha

$ 0.00
2 years ago

Spot wallet sa binance talaga ganda mag trade, buyy and sell.lang.

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2 years ago

Omsim. Doon din ako nagttrade ngayon eh

$ 0.00
2 years ago

mahirapan talaga ako ma achieve ang 1 BCH tsaka hindi ko rin kabisado yang mga ibenta benta BCH kaya earn² lang ako then cash out ganun hahaahaha

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2 years ago

Oo ate enjoy ka muna sa pag earn at spend ng BCH mo. Observe ka muna para matuto ka in the future :))

$ 0.00
2 years ago

Ako naman I hodl as much as I can, pero I do not hesitate to convert some into fiat especially when I need money or kung may emergencies. :) Pero hangga't hindi naman urgent at kaya namang gawan ng paraan, hold muna. Nag-iipon din ako ngayon para may magamit sa pagtrade.

$ 0.00
2 years ago

Kudos, dapat ganto talaga. Maganda mag trade ngyaon, medyo profitable since di naman masyadong nagalaw ang market

$ 0.00
2 years ago

Pero ngayon napaka dip na nya at it is time to hold. Sana mag pump na ang bch soon before the year ends.

$ 0.00
2 years ago

Omsim, ito na yata yung pinaka dip (hoping). Saya siguro ng pasko pag biglang taas end of the year hahaha

$ 0.00
2 years ago

This is definitely in my plans soon once the bull starts. I plan to sell a portion of my BCH that I will use to buy back when the bear knocks again.

$ 0.00
2 years ago

Medyo mahaba haba pa ang time para makapag imbak hahaha. Ipon lang para malaki maibebenta sa future ahahah

$ 0.00
2 years ago

Totoo, pero if plano mo is long term nga at may tuwala ka sa coins mo, then go pwd. Peti nagsisi ako b4 sana pala nag tp ako tas buy back buy back laang pero hodl pa rin naman kasi ang ganon diba mas malaki sana ipon aigooi

$ 0.00
2 years ago

Lesson learn na rin hahaha. Atleast alam na natin gagawin sa next bull market

$ 0.00
2 years ago

Esecured na agad ang profit. Hayssst

$ 0.00
2 years ago

Yan din sinasabi ng partner. Hangga't nakikita mo na pababa it's better na mag sell kli4d kasi pag oras na bumagsak talaga magsisisi talaga kaya lagi ako nireremind ng partner ko kli4d about it.

$ 0.00
2 years ago

Oo ganun nga po hehe. Next time ganun yung balak kong gawin tapos tamang bili nalang pag bumabagsak po yung presyo

$ 0.00
2 years ago