Is Holding Bitcoin a long time good way to make money?

[noel57]

My own answer to this is YES because it has been generally agreed that bitcoin is a digital gold even when the price falls be sure that it will rise again.

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[xhomerx10]

I agree with you, holding btc for a long time might make you a huge amount of profit instantly if it goes up. But I wouldn't personally do that myself because I don't depend on miracles like that anymore. The time has passed, this ain't no 2 years go. The price went up yesterday but only by $10-15 dollars. Waiting for bitcoin to pass $1000 again is just ludacris to me. But I believe there's still a chance for btc to increase in it's value as more people use it, and look at Greece, for ex. online PayPal has been banned, this is a good chance for btc.

 Yeah that's jus' Ludacris.

[AmazonPrincess]

This is just my opinion.
If you have a bit of cash YOU DO NOT NEED for anything putting it into BTC has a good chance for the long term. it's in the Early Adopter phase now, but if it gets to the next stage then zoom, Yes it will go up big time. Nothing is certain. Which is why you only use money you don't need and also that you would NOT feel bad if things went wrong and you lost it. (It's about knowing who you are and what is comfortable)
If you don't like the idea of your money sitting around doing nothing while its sitting in Bitcoin form  you could try a service like BTCJam.com or FirstGlobalCredit.com. Both of those take bitcoins for investments and I THINK both deliver profits in bitcoins. They are very different services. BTCJam gives loans to people and businesses. FGC lets you use BTC as margin to trade stocks like Google, Facebook, Gold and stuff.
AP!

[viking02]

Got more question on this.  So i got bitcoin when it was around $270.  I just decide to hold on to it instead of trading it for poker money or bank money.  The reason is because my thought is bitcoin will always go up so once i sell it, say after a long time it goes up to say 500 dollars... let say i sold 30 btc around the time for like $8100.  Then once it hits 500 dollars... then i would tell myself it would have been worth $15000 if i kept it and would made $6900 minus the 1 percent fee etc.


I also requested more bitcoin recently from sites.  However bitcoin has dropped all the way down to 227 dollars at the moment.  So since holding those bitcoin at 270... i lost quite a bit due to the btc fluctuations.  However if i sell it right now, then once btc goes back up, then i would feel silly for selling it.  So what is the right plan of action?   Right now what i would like is for btc to go back up to say 250 then i would sell it then take breakeven if you know what i mean.  My thoughts from what i read about bitcoin is it will only go up... however at what point should i start worrying?  When bitcoin goes down to say 175?  I would take a big loss if i sell it at then and then once it goes back up to say 250... then i would feel silly.


Is my logic right or wrong that selling btc is not profitable since in the long run btc will always go up... its best to not sell any of it?  That has been my thinking since i read many ppl say bitcoin price will only go up.  However when i look at btc price everyday and its dropping so much, i been telling myself why didn't i just sell it once i got the btc if you know what i mean.  Would like if someone could give me a detailed response to this.

[aakashsangwan]

Got more question on this.  So i got bitcoin when it was around $270.  I just decide to hold on to it instead of trading it for poker money or bank money.  The reason is because my thought is bitcoin will always go up so once i sell it, say after a long time it goes up to say 500 dollars... let say i sold 30 btc around the time for like $8100.  Then once it hits 500 dollars... then i would tell myself it would have been worth $15000 if i kept it and would made $6900 minus the 1 percent fee etc.


I also requested more bitcoin recently from sites.  However bitcoin has dropped all the way down to 227 dollars at the moment.  So since holding those bitcoin at 270... i lost quite a bit due to the btc fluctuations.  However if i sell it right now, then once btc goes back up, then i would feel silly for selling it.  So what is the right plan of action?   Right now what i would like is for btc to go back up to say 250 then i would sell it then take breakeven if you know what i mean.  My thoughts from what i read about bitcoin is it will only go up... however at what point should i start worrying?  When bitcoin goes down to say 175?  I would take a big loss if i sell it at then and then once it goes back up to say 250... then i would feel silly.


Is my logic right or wrong that selling btc is not profitable since in the long run btc will always go up... its best to not sell any of it?  That has been my thinking since i read many ppl say bitcoin price will only go up.  However when i look at btc price everyday and its dropping so much, i been telling myself why didn't i just sell it once i got the btc if you know what i mean.  Would like if someone could give me a detailed response to this.

I understand what you are feeling right now.
And your concern is also right.
But this price drop is for short term and also temporary, so keep your Bitcoins with you and after an year or two you will get your money back along with some profit too.

[viking02]

At what point would you say one should worry about bitcoin?  Such as what if it drops all the way to say $150?  Would that be the time to just sell it all back or that would be foolish?  Would you say since i don't like the way btc price is going, just sell them all once the price gets to around $250 so i don't have much of a loss or win?  I got most of my bitcoin when price was around 230-270 dollars though most of it was from 250-270.  I recalled at one point it went to 300.


So basically when i first got bitcoin like at 220 price, i sold some off at 235 or so for a small profit.  Then later on acquired more bitcoins when price got higher but then kept most of those bitcoins and well btc price now is 225. 



Another question i have is this.  How do you calculate profit/loss on bitcoins when you factor getting lot of bitcoins throughout?  Example i still have around 5 btc in my bitcoin wallet where it was around 220 dollars or so.  Then i requested say 20 btc and that is when it was around 258, then got some 10 btc when it was around 280... then recently got around 20 btc that is around 228. 


So let say this, i got 10 btc now where price is 225 each so 2250 total.  If i sell 10 btc and assuming price is similar, then i won't have any net loss at all.  That is my logic but the thing im wondering is well are those same 10 btc i sell... couldn't i say hey those are the 10 btc i got much earlier?  However that logic would be wrong right?  Does that make sense in what im saying?  Example say i want to get rid of 5 btc.  Let say i got 5 btc at 225 each so 1125 total.  I also have around 5btc that i got much earlier when it was 220... then i have a bunch of btc when price was 280 and 258.  But if i get rid of 5btc once i got 5btc, then those 5btc are the same ones i just got recently right?  So even if i get rid of 5 btc from a different btc address, its basically well the same 5btc i just received from a site?


The accounting of recording bitcoin loss/profit seem a bit confusing to me because when you sell btc... which btc are you actually selling?  The ones you receive recently or the ones you kept not long ago or the btc from when you first got it?

[GannickusX]

History has shown that yes and no, there is no way to know what bitcoin will be in a long time, you can´t know even at short times, bitcoin is extremely volatile and anyone who claims to know what the price will be in x time is lying, specially with altcoins that are even more volatile.

[bitcoinmasterlord]

History has shown that yes and no, there is no way to know what bitcoin will be in a long time, you can´t know even at short times, bitcoin is extremely volatile and anyone who claims to know what the price will be in x time is lying, specially with altcoins that are even more volatile.

What you said is correct. I think instead of holding btc for long time buy and sell when you make a some decent profit is a good strategy. You can do this process to reduce your losses. If some one follow your strategy and if they hold btc from 1000 + until now means they are in a big loss so when you see some sudden fall in price it is better to sell and take that small loss and wait for the next entry.

[teemus]

hold on to them for 10 years, the supply will stop at 21million and continue to diminish as bitcoins are lost.

[jeffthebaker]

Hey OP, do you happen to play on the Minecraft server BitQuest? Your name looks familiar.

And to answer your recent post, it really depends on your faith as to what price would be the "death" mark for Bitcoin. Personally, I would sell all my coins if the price dropped below $150 and wait out whatever catastrophic event has taken place. If Bitcoin doesn't die from such an event, you can always buy your coins back for much less when the price rebounds, and if it doesn't... well it's a good thing if you aren't invested once that happens.

[mamahdedeh]

not necessarily because we do not know whether bitcoin will rise or fall. and it can not be predicted

[mookid]

Your best move is to spend some money you have no use to. Buy bitcoins, store them in a safe way, and forget about them for a good amount of time. Otherwise you just are going to get anxious and sell them when you 'think the price is high enough'

[randy8777]

i do believe that holding bitcoins for the long term will give you a great reward eventually. you only need to make sure you have the patience for it. and also, don't panic if the price is going down hard. use that situation in your advantage to buy even more coins if you can.

[Blawpaw]

At this time a don't really know what to do... if a should hold my BTC or if I should sell them all before it crashes down and get overtaken by another crypto....

[iqlimasyadiqa]

when you get the right momentum when transacting altcoin / USD to the dollar then hold Bitcoin is the right choice. You will get a more dollar 

[boliu]

I treat bitcoin as a stock, I am adding and holding every week.

[iqlimasyadiqa]

I treat bitcoin as a stock, I am adding and holding every week.

but you can not hold it every week. you must make sure that week bitcoin will continue rising. up and up

[oxiyusuf]

I treat bitcoin as a stock, I am adding and holding every week.

but you can not hold it every week. you must make sure that week bitcoin will continue rising. up and up

bitcoin it should not always be on hold, but it's better to trade, especially when prices are very volatile bitcoin

[wicks]

 I see it rising back up over $500 if it does drop, now that its a real possibility that the price will just keep rising.

[pehchan]

Haa, I bought Bitcoin in 2013 when it costed $500 & kept on hold. Then in 2015 its around $150 then still I am hoping it will go up.
Few days ago when Bitcoin at 280$, I thought it's best time to purchase & again I purchased 1BTC@280$
But what suddenly price going down & down.

Is it my luck or My Strategy.
That is right I don't know that there is war going between XT & Original one.