Would You Ever Sell Your Bitcoin?

chekohler (70)in #bitcoin • 4 years ago

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.

Selling Bitcoin

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.