[Vlog] Bitcoin Cash hardfork tomorrow - sell, buy or HODL my altcoins?
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Free Cash!
For the last week or so I've been contemplating what do in anticipation of tomorrow's Bitcoin Cash hardfork.
On the surface it seems a great opportunity to sell some altcoin, pick up some extra bitcoin and scoop up some 'free' Bitcoin Cash.
Second guessing
In many ways the 'sell-your-alts' ship has partially sailed. Most coins are a long way off their highs of a few weeks ago.
However this is crypto. Just because coins have dropped, doesn't mean they cannot drop further. And just because bitcoin is approaching it's all-time high doesn't mean it can't break through resistance and go on a massive bullrun.
Knowing MY Plan
I'm not going speculate on what's best for others. depending on your circumstances you may want to do the opposite of what I'm going to do. For me however, I'm happy with the balance of my crypto portfolio. I have clear price points I want to buy and sell at for each coin. For me to start selling other cryptocurrencies to buy bitcoin would be greedy.
What has really changed?
Also, I don't know what is going to happen after the hardfork. The Bitcoin Cash hardfork doesn't change Bitcoin's fundamentals and its Segwit path. The hardfork does not change the fundamentals of the other coins I hold.
So, I'll continue to execute my strategy based on my goals. If I pick up some free Bitcoin Cash. Great. I'll treat it like a perk of holding bitcoin and fold Bitcoin Cash into my portfolio. Just like I treated Byteball.
Also I won't be spooked by or get carried with any short term price volatility this week. I remember what happened with the Ethereum/ Ethereum Classic hardfork. Ethereum went sub $10. Now it's over $200, looking 'cheap' relative to it's recent high of $400.
Walking my road
I guess my take home today is to stick to my path until something major happens to force a reassessment. Everything else is just noise.
I think whatever decision one makes regarding the HF has to be in line with your goals, like you stated. I'm not comfortable having my BTC on an exchange, so it's staying in cold storage and I'll wait on the sidelines to see how things shake out and act accordingly.
You touch on a topic which I feel is so very important with investing like it is in all aspects of your life, which is "having a plan." You can't get where you're going if you don't know where you're going to. Simply put, if you fail to prepare, you prepare to fail.
Patience very much a virtue!
I see better prices down the road... Just like you said "Patience"... Let's be greedy 😂🤣
My thoughts exactly when I read @birdinc saying the price will tank.. although I agree if I had to make a guess Bitcoin will drop as a bunch of people holding it now prefork will dump it afterwards, I think long it will definitely bounce back and then some. We'll just have to HODL (ugh, I hate typing that but kinda have to lol) out for a month or three while Bitcoin recovers.
In other words, either way Bitcoin will eventually be back flying high. I'm in this for the long term!
Guys, I did an analysis of four strategies for tomorow. You can read it here https://steemit.com/bitcoin/@cryptogirl1/four-bitcoin-strategies-for-1st-august-explained
Sell 50% instant and hold on to the other 50%
not a bad strategy... but do you mean sell the bitcoin, bitcoin cash, or both?
BCC . I take the gamble with holding 50% for the bumb back after the masses are done dumping.
not a bad strategy, I might do the same... haven't seriously thought about what I'll do with my BCC yet. Can't go wrong with selling 50% and hedging your bets either way.
Read about posobilites and strategies fpr tomorow here https://steemit.com/bitcoin/@cryptogirl1/four-bitcoin-strategies-for-1st-august-explained
One of them is hedge :-)
Thanks for sharing that! Interesting read.. I think I'll definitely sell some of my BCC as well, although it probably won't be as much as 50% ..not sure,maybe 20 or 30%. Fingers crossed for both of us! Oh and following you now by the way :)
So true man!!! Don't budge because something is happening... I'm going to wait till after the hard fork to see if something drastic happens...
Maybe deep down I'm going that Bitcoin crashes to a SUPER low so I can buy in again ;) But no one can really tell - we'll just have to wait and see...
As I just said in my comment above, I think BTC will most likely drop a bit after people dump post fork...however, from watching some videos on youtube analyzing charts (too lazy to do it myself haha) they were saying how recently the roughly $2500 floor has held, so there's a good chance even after the fork it wouldn't go much lower than that...of course, who knows for sure?! The only thing that IS for sure is that next week won't be boring.
That's how i feel too!
The next week most certainly won't be boring 😜😜
It is amazing how the price has held this week - I also thought it would have dropped by now - I mean, it's only a few hours away 😳
Nope, everyone is hodling (yes, that's not a typo) on until they get their Bitcoincash... then after that, we might definitely see a bitcoin dip!!
And here I though people would be scared that Bitcoin was going to "die" - haha - I guess the average Bitcoin user is a lot more educated these days... Good to see though...
quick update to this - as you may have already noticed we do see a very slight BTC dip (just under $2700 at the time of this comment), but the $400+ Bitcoin Cash price more than makes up for that assuming you're holding both!
BTC dipped a lot less than I though!!! Maybe it will still in the future? We really can't tell...
BCH is growing though - also maybe a little unexpected. I'm going o hold onto both and then, sometime off in the future, we'll see who the stronger chain will be. Don't want to take too many chances now...
Hold your phone sideways my man!
Thanks for Share!
I totally agree with your point of view. The best thing we can do is to be cool . Your Ethereum example says it all !
It really depends on your goals. I just keep buying when I can and holding F trading until my coins can be secure. Hold all your coins offline if you can. I think some of the kids have never heard of e-gold?
Absolutely, whether one is a day trader or in this long term (let's say for AT LEAST a year). I definitely belong in the latter category so I'll be weathering the storm. Sounds like you're in the same boat - cheers to that!!
PS - How do you hold your altcoins offline? Besides the biggest ones like Litecoin, Dash, Eth, a lot of others aren't featured in too many wallets AFAIK
I have a ledger wallet I have litecoin and ether and Bitcoin in it. Those are the only ones I have so far Oh and Potcoin which is online ;-(
Oh ok, gotcha.. yeah I have way too many altcoins to keep in wallets so I just store my main BTC and LTC in a wallet (Exodus) along with a very small amount of Dash, EOS, Augur, and Golem.
amazing post