Bitcoin Forum

Just wanted to share my experience of bitcoin with the recent price rises.

I bought £15000 worth of bitcoin at 3 different stages back in November 2013 when the price went sky high from the tens, to the hundreds then up over $1000.  Think I bought at $300, $600 and $1000 or something, can't exactly remember. 

Anyway the price plummeted as we know but I held on for the long term.  But then I lost my job, had a holiday in the US planned and held out for months until I had no choice but to sell. I sold all 27 bitcoins for £7000 meaning I lost £8000 overall.

I didn't want to sell as I would have rather kept them with a chance of either making money one day or losing it all, rather than sell immediately and lose £7000.  Price continued to drop below $300 so in some way I was happy i didn't lose more but when it stabilized at $250 and stayed there for what seemed like ages I knew it had a future and would go up again one day.  But I couldn't bring myself to throw more money at it.
 
Anyway today my 27 bitcoins would have been worth £37000 and a nice £22000 profit.  Oh well.  :-\

Well that can't be help since you said you really needed the money.
And we don't really know that the price would go this high so just forget about it I think you would only be depress.

On the other hand, if you didn't sell those bitcoins, you would have developed a debilitating heroin addiction and eventually died from an overdose.

So be happy you are alive and move on.

If Bitcoin as an investment has taught me anything it is to hodl. In pretty much every scenario where I have sold coins, in some cases rather recently, I could have been up ten fold by simply ignoring the markets.

People have all sorts of reasons for selling, and it sucks that you lost out, meanwhile it seems that everyone else is euphoric at the increase across pretty much all the major markets.

Bitcoin is an experimental and highly volatile (in terms of exchange rate) new technology...

DO NOT HOLD VALUE IN BITCOIN THAT YOU CANNOT AFFORD TO LOSE!

What would you have done about that holiday if those 27 bitcoins were worth only £0.27?

If the bitcoins were bought with money that you could afford to lose, then you wouldn't have needed to sell them for £7000.  You could instead have just treated them as if they were already worthless.  In that case, you'd have been able to hold on to them until today.

True, I'll get over it. 

I could afford to lose them until I lost my job, was off work for 3 months then had a 3 week trip around the states (optional but already planned while I was working).  It's all good.

His circumstances changed. FFS.

And if those bitcoins weren't worth £7000 after his circumstances had changed? Then what?

Note...  I'm not scolding the OP.  He's explained what happened and dealt with his situation already.

My advice is for all the others that read this thread, those who are currently sitting on more bitcoins than they can afford to.  They are the ones that need to think about what they'll do if their circumstances change, and how they'll handle unexpected situations in their lives if their bitcoin holdings were to suddenly become worthless.

I hope you have found a good job and start having income... I also lost my job around that time but I managed to pull through without needing to sell my coins...

The good thing was that you didn't have to worry about bitcoin price after you have sold them- that was a dark and depressing period for HODLers when the price keep dropping and everyone was saying that "bitcoin is dead!"...

Another good thing is that you are back! It is still not too late to invest in bitcoin again and have faith in it. HODL if you can afford to, and soon you will get back what you have lost...

Well, everyone gets screwed out of something sometimes. It's not all that often that we can see something like this on the horizon and hindsight is always 20/20 because you aren't trying to predict the future. I respect the sentiments though, and I wish you luck in the future for the stuff you're doing.
I wish I had that kind of money to spend on Bitcoin, but that doesn't mean anything.

It's good to have a managed life, everything under control, finances. It's hard to lose a job and find yourself out of money, but instead of sell the bitcoins, maybe there would be another way, another solution...
But now it's too late to complain about the fact, keep going, buy again, hold it. You still have chances to make profit with bitcoin, don't waste it.

sometimes the best strategy is to buy and hold and never look at the price. when you start incurring losses, its hard to keep a clear head and think straight.

Congrats on the profit made. This is for the trust you had on bitcoin as well for the patience you had to hold the bitcoin for years. So your real life experience will help more users to hold bitcoin for a very long term with patience even when fluctuations were experienced in between.

So happy for you to heard that. Because you have earned a money like that. I hope someday I will have something like that. I need a money like that to support my studies. Just be thankful for having a bitcoins, be thankful that bitcoin helped you with your needs and be joyful for having a bitcoin in your life.

Did I miss something? The last 2 posts said congrats when actually he lost money?

i think a lot of people have to share a similar story.

i for me was too blind to see the potential of btc back in 2010/2011 when a friend of mine and I decided not to mine bitcoin because it was not worth it - altougth we liked the idea of BTC ;-) also we got once burned with "CLAMS" before we came across BTC^^

but in my opinion. just buy some new/more and hold until eternity. i think BTC can go to 10k if we are able to solve the stupid scaling issues... just my 2 cents.

best wishes and heads up mate ;-)

http://i3.kym-cdn.com/photos/images/newsfeed/000/110/905/1301790359001.png

i have only 5btc at 2015 and i seel it, now if i see the market im very frustation too. today im start collecting and mining btc again, sure i convert it to usd because i need some for paying electric fee etc. but im still save some for future $100k price

You have your reasons why you sold them even you dont want to, it happened already so the best thing you can do is to move on. sometimes there were unexpected situation that is bound to happen and you have no control but to go with the flow. the current value of btc is really high but no one knows it will happen back then.

Can you proove your story?
I can say that i have bought 200000 bitcoins back in 2011 and i`m a millionaire now,but
nobody  would believe me without any evidence.

LOL. I was also lost on the 2 comments above you.

And for the OP, I think you are not the first people who have that story here in the community. At least you have gotten over your lost profit so its time  to accumulate again so in the future you would have profit more. Just be sure you don't really touch the investment and just put money that you can afford to loss.

Sorry to hear about your experience but my advice? Don't look back in regret:)

There's never a bad time, and if you have a bit of money you can get some coins now. Book profit at a later day.

Lesson learned dont sell bitcoins if the price is dropping you could have earned double or triple.
A wise man once said "patience is virtue" if only you could have waited but oh well it was your choice anyway in the end nobody can foretell the outcome each decison you make holds meaning only by affecting your next decision.

The low ability of reading causes these two to don't know the meaning of the post. probably they're just picking up the last words which are "nice £22000 profit". It's a serious problem and could make people have lower IQ than what they should have, LOL.


As stated by OP, he needs money and has no choice but to sell his bitcoin, and he just lost his job right before that.

That's really a sad story but if you want to acquire bitcoins then buying it is not the only option (even though, it's the fastest and easiest one). You can always earn bitcoins through other channels if you put your time smartly in the things required by it. Learn new skills and offer it online, maintain a cold storage and you can earn good amount (not as that much as you sold but still something is always better than nothing). No one knows the future but trust me, bitcoin is something that is worth to try.

It was good story dude. But I will advise you to move or look forward now and considered as a good learning experience. Some of us have lost more, buy we try to get up and look at the bright side. Its not too late to invest in bitcoin still, although the price is very high right now, I think buying it now and holding it for longer term will still return good dividends. The price of bitcoin is more stable than before, and if you haven't heard, Japan has already legalized bitcoin adding more trust in bitcoin technology. So if you still have some money that you can afford to lose, then you should invest it still in bitcoin.

Jesus Christ mate. Brighten up a little bit will you?  :D Money is just money and life is priceless. Or at least it used to be ::)

I can give you some advice that worked for me. I bought a bunch of bitcoins when the price was very low. < Example : 20 bitcoins @ $200 ==> My capital investment = $ 4000 > I knew that I needed to reduce my risk, so I waited for the price to rise. The price went up to $400 per bitcoin and I sold 50% of the coins immediately. < Now, I had the $4000 in fiat that I initially invested and 10 extra bitcoins. >  

The risk of losing my initial capital investment is gone now and I can take some risks and even more profits from the remaining coins. The price went to $1000 and I sold 50% again < taking $5000 pure profit and still have 5 coins left >  The price dropped again and I bought some more bitcoins with 50% of my profits in fiat at $500, bringing my total back to 10 bitcoins and $2500 profit in fiat.

I sold 50% of those coins again at $1500 pushing my profits up to $10 000 and I am left with 5 coins.

*This is only an example, the amount of bitcoins I bought and the amount of money I invested is my secret to protect my financial privacy, but you can learn from this strategy. Get rid of the risk first and then take chances. ^smile^

This is such a nice advice really. You are the first one who I have seen doing this compared to others regretting that what if and some of them spend it. Since we know that the future is indefinite and the expectation of Bitcoin at that time is not that much without knowing that the price will rise this high then I could say you have gone into a safe play which really benefited you in the long run. As for me, I wish I have known Bitcoin since then though I don't meddle so much in what ifs and what I'm focusing now is what I can do today so that the time I spend thinking of what ifs will become productive and make use of it in a great manner. I salute you for that wise decision sir.

There is nothing that you have to regret of. You took a decision because you could not do otherwise. You could have sold your house if you had not this option and now you had to pay a rent. Moreover none, especially in the past could predict the bitcoin price. Therefore forget it and move forward because life is not being paved with roses.

Typical signature spammers who didn't even read the op of the thread they are posting at.Their campaign managers should ban them, they have no excuse.

on topic
@alborg I've heard many similar stories before, try to forget it and move on, at least you were able to cash out the 50% of your investment and enjoyed your holidays, it could have been much worse than this.

Thank you for the kind compliment. Just remember not everyone might be as lucky as I might be, but also remember no investment comes with zero risk. You just need to manage these risks and reduce it in any way you can.

It is never too late for someone to follow my strategy. The Bitcoin price has shown that it always goes down after a big spike. < timing is everything > Wait for the price to go down and start buying some coins when the price is much lower. Then WAIT!

The price usually goes up again, so you can sell some coins to get some of your initial investment back and still have some coins to play with. ^smile^ < Rinse and repeat, until you have all your initial money back and then start taking bigger risks with the profits you made >

Enjoy it, I hope it works for everyone in the future.

Your original strategy sounded decent but now you are talking more of short term fluctuations, the better solution is to buy in stages, for example xxx$ every month or week for a smaller amount because at the end of the day even the best trader doesn't know what the price will be.

You can still calculate an average buy price with this long term strategy I'm suggesting and sell out to recoup your original capital.

I think you are just lose hope about bitcoin if you have the 27 bitcoin before since the price already been touch at $1k value 2013 you should think that the price of bitcoin can be rise back again in someways before you sell them all.
Now i think you are just regretting and not only you are regret happening to his bitcoin..
Remember a man who got a lots of  bitcoin for doing task for pizza paying in bitcoin just to order a pizza. i think the man who got that 10k btc  already been exchange all this few years back.
And i think this is  still not yet the final price of bitcoin can be still increase more so buying bitcoins is not a problem..
You have still a chance to make a good profit ..

this is a mistake of many people that mined bitcoin i early, day they sold everythign at the first pump

if i had all these bitcoin sitting at my wallet no matter what i would have never sold all fo them, at worst 50%

and anyway i would have waited to use them instead of dumping for fiay

Wrong, buying monthly or weekly will force you to buy, even if the price is high. My strategy is focused on buying when the price is dipping after a spike or what some people might call a bubble. You have to buy low < when the price average out on the lowest level again > and then just wait until it rise for the next little bubble, to sell again.

Never sell everything, because you never know if the next bubble will be the one that takes you to $10 000 or even better $100 000 per bitcoin. < You want to have flesh in the game, when it reach those levels > ^smile^

This is not risk free, because there are always a risk that the whole thing will collapse for some reason, but it is a better strategy to follow if you want to reduce your risk and still have some of your initial investment in your pocket, if this thing goes belly up. ^hmmmmm^

I know what you were saying.  At the time it was a balancing act between

1. I have no money
2. How much further will Bitcoin drop.  If it goes to zero overnight I'm really screwed.
3. I need money for my holiday

Just gutted I couldn't hold as I planned to from the very beginning.

BTC is a good investment ,the price rise so higher due to the money moved from the house market,
so I plan to buy some btc when the price is low

Really sorry for your loss. Patience s something you learn, especially in crypto, it took me years to understand this. In my early days of crypto trading, I was also person who followed exchange and checked the price 50x per day. Any red candle would be something which would concern me big time. I have learned not to consider crypto as a short term investment and consequently I do not care about short term price movements.

Long term, I dont see how crypto holders can lose.

That is the biggest loss that i see in bitcoin, That is a very regretful decision in your entire life because you can't get back that loss again and i think if you just not sold that 27 all and just sell at least 7 bitcoins and keep the 20 then you can still earn a lot of money right now but you are too greedy and you sold it all. Better luck next time.

I have to disagree on your first statement, if you know when btc is cheap you would be a trader rather than a hodler, and you won't have problems like OP mentioned. In reality no one knows where the price will end up so the best choice is to buy at regular intervals unless you have specific market knowledge or trading abilities.

I agree with the rest of what you said though.

Signature campaign spammers eager to write a lot of posts without reading the threads they post in.



As for OP's original problem its always unfortunate when you are forced to sell for RL reasons, it can happen to anyone but its not a reason that should dissuade us from investing whether that be bitcoin or other investments.

I hope you get back on your feet and I hope you didn't sell ALL your bitcoins as your original post says. Even just a fraction could someday earn it back.

You are right in that point. I have always been selling all of my earned coins but it is not the end for me to get or earn more bitcoins and enjoy the benefits from investing on it. For the author, you can still buy bitcoins if you have some money, it is not too late bitcoin is still increasing in value and if you buy now surely you will have huge profit at the end of the year.

Well, I dont have anything to say that would pretty much get you out of this, because you have made the decision already: nothing can bring back your bitcoin or the profits you could make, this is past.
But in my opinion you should not really be sad about this: you have missed a great chance but thanks to this, you may pick out correct conclusions that can make you more successful in investing overall, not necessary only in cryptocurrency investing.

My advice? Stay focused, and dont quit using bitcoin. Buy a small amount of it that you can afford every week, and stack the crypto as hard as you can. In few years, maybe you will be lucky again :)

Op, I feel your pain. I  was in the similar situation. I had spent my bitcoin just survive somehow, as my fiat reserves were completely depleted.
I spent 5-6 BTC when the price was around $600-$700 and even less. Now when I see preset bitcoin's price - $1800 I feel bitter and sad.

I decided to never spent BTC again, not unless next halving (or some really dire personal situation) at least. You should do the same.

I like people like you, we should think about what is going to happen in the future, for bitcoin, it has huge potential from the early days of development, has been through a long time, it has For all of us to see the power of it. Make your decision right, congratulate you on a great profit for a long period of time.

I could feel you feeling of loss. it is really a big lose, and if you save them than no doubt you will be a richest person. But we realize in that time, you are needy and it was your right decision. So now i suggest you, free you mind and again when bitcoin price down than again buy it and start your new journey with bitcoin.

Wow, If you have patience then you could earn a lot of money now and you can now enjoy the money by buying all the things that you want and not like what you do where you already regret it, This is why people didn't succeed because they don't have patience.

There's no use in crying over spilled milk, right? :) There's still time for you to start earning bitcoin again and maybe buy small fractions every month or so, no doubt that it will pile up again. good luck.

You can cry as much as you want, I too has made some wild decisions in the beginning and it did not turn out as I had planned. I too has lost a

bit of money, when life happened and I had to sell some bitcoins. You feel these mistakes the most when the price skyrockets like this and you

think how much money you would have had, if you did not have to sell it when you did. I just started from the bottom again and I have doubled

my investment in a very short time after that.  ;D

Thanks.  Yes I've been in work ever since and recovered my savings pretty well however I'm much more conservative now.  Saving slowly but surely.  I remember the "bitcoin is dead" days very well as I sold just before they hit the bottom.

Damn, for something like this you can't even be rightfully mad at yourself, you pretty much had no other option than selling.
At least you didn't sell them without really needing it, but I guess that doesn't make it any less painful.

There might still be oportunities like this with altcoins...

Good luck man, never lose faith and look on it as one of life's many challenges. This time around if you are rebuilding your btc savings keep some ££ too for emergencies so you won't have to force sell.

it's okay man, atleast bitcoin has been your haven when you are desperate and having no money. we earn bitcoin just to provides our needs when we dont have enough money. just move on and start earning it again and enjoy it.

Excellent advice thankyou.  Playing with free money.  I will use this strategy in any future investments.

A very disappointing and frustrating experience you have there but it will serve as a lesson for others at some point.

Though you had no choice but to sell them, it is a fact that all happened already and what you have to do is to move on with it. Let's just face the reality and start holding bitcoin again :) It's not too late to start over again, right? But this time, let's make it worth a shot ;)

That situation do the right stuff for you to secure some money or cut lose and its not really a regretful decision afterall because its being used on important thing i suppose. Back on previous years of bitcoin its really risky to buy because prices cant be known it will sudden pump and crash back in a short period of time which we wont really expect but for now bitcoins price movements its somehow having a good support cant easily be crashed or pump anytime.

I know that feeling too. :p But this was what it happens. But think you could lose more if the price of btc was too low. I don't know if someone can invest easily in btc now because of the high price but from personal experience I do baby steps and I have seen some profit.

Bitcoin is high risk losing money if we want make investments into bitcoin, but it is chance for make double our money
 price of bitcoin can be increasing and decreasing, investing into bitcoin is more huge risk even be compared with stocks
 because bitcoin is not like other kinds of investments, if only you be ready losing money then make investments in bitcoin.

Yeah we, I think what OP did is unavoidable.  He badly needs the money since he lost his jobs and nowhere he can get any means of supplementing his finance but by selling his supposed to be wealth generating Bitcoin.  It also happens to me, I have to sell all my bitcoin when the situation needs me to sell them. 

Well, he can still save bitcoins, even without spending any money and by simply doing a task or freelancing online and get paid with bitcoins.