Bitcoin is unpredictable. Why the hodl mentality exists?
literally, the perfect image for this article. (source: http:// i.imgur.com/megRsjk .jpg
Yesterday, as you saw we dipped below 1800. Many, including myself, thought that price wouldn't above until after August 1st. Sure enough, today as of writing, it's 2223. Bitcoin is unpredictable. It's bubble ( is it a bubble?) Is something that has never been seen before in growth, yet continues to grow. It's users are what I like to picture as "average joes". Someone who could be a teacher, a farmer, hell even a ex welder ;). What I'm trying to get at is why? Why does this "hodl" mentality exists?
Let's rewind the clocks back to 2013. One man, someone like you and me, was quite possibly was drunk, either filled with rage or just didn't give a shit posted on Bitcoin.org with his thoughts.
And with that, "hodl" was born. It became a meme with everyone on Reddit, along with me, posting on sites deliberately misspelling hold, as it's our word now.
With that out of the way, lets get back to the whole point of of the article. Why does the hodl mentality exists? Well, for one Bitcoin is unpredictable. Bitcoin itself is a currency , I truly believe many people tend to forget that , and view it as an asset, or a stock. Compared to a stock, I can actually use it to make a purchase on Newegg, or even overstock.com. What the fuck can you do with a stock? Well, it sits.... Or you trade it in, that's it.
Now comes the hodl part. Many of us aren't exactly professional traders. We can't read the ups or downs, and wouldn't know when to buy in unless it hit us in the face. So the safest way is to have it sit and let it ride. Case in point, when. I first started writing this article a few days ago( yes I'm slow) as stated in my article, was 2223. Well, now it's 2356. I actually wrote a lil reminder early during these drops to hodl! (Check it out :D ) if you listened to me, you would be in a good position .
The hodl mentality exists because we aren't professionals. We aren't day traders , and we know it's better to leave it sit than to gamble in a market that is unpredictable. So take my advice here and now, stop worrying , and Hodl!!
Thanks for reading, feel free to leave feedback, and follow if you like. Also, make sure to check out my other articles!
Absolutely the best article I've seen in months! Great Job Yogi.
Thank you! Please check out my other articles.
In Bitcoin price development, no one is a professional (except for the longer term hodlers I guess). Hodling has my preference because if trying to time ups and downs, small traders always lose more Bitcoins than they gain. Better to pick your own price point and stick to that trade unless the circumstances demand a chance of plans.
But day traders be day traders.
Because bitcoin made already a lot of millionaires
One of the things that keep people from trading is the slow turnaround of cash.
If one trades away their coin at the high and the low takes place before the funds are replaced to the checking account, buying back has to wait. Waiting is not an option in this fast moving market, so hodling is the only safe option.
Holding cash becomes as important as holding coin at this point.
I believe this is the reason many chose to hold.
Agreed. But with some, people have gdax or gemini where they can get cash instantly. True hodlers these days have balls of steel.
Agree buy and hold!
Thanks for sharing
thank you! plesse read some of my other articles if you have time, also be on the lookout for my vlog that should be coming soon.
Hey check out my blog for BTC new, price predictions, and more!
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-rallies-on-segwit-news-entire-market-up
We are in a market reversal right now and will see BTC spike to around 2600 in a few days if this current channel persists.