Why You Should Never Sell Your Bitcoins Ever

[Hopalong]

Reading the responses to the recent topic titled, "I would sell all my bitcoins if…." has left me concerned.

agreed, if no one solf their coins, the supply would be VERY limited and the price would skyrocket.

If no one sold the trade would stop and the coin would be dead...

[Gyfts]

The example you say about the fiat currencies eventually tumbling to zero can be flipped on Bitcoin the exact same way. If Bitcoin were to reach 10,000 a coin, you assume that it would remain steady and that no one should convert to fiat, but realistically you can't be precise if the price wouldn't crash. When we were at 1,000+ a coin, many speculated we would be "to the moon" a year from that, and the direct opposite happened. I don't blame anyone for wanting to convert to fiat at 10k per coin. It's taking the safe way out (believe it or not) which isn't a bad thing.

People don't have to cash them out/ exchange for bitcoin. They could just buy things with it instead, but I guess there's only so much stuff people can buy or want. I think if bitcoin does reach 1k again a lot of people will just cash them out to recoup their losses but the mass dumping will likely send the price going back the opposite way.

They don't necessarily have to cash out to fiat. They could convert it to stock, or even precious metals like gold or silver. The point I'm making is that people will cash out to something a bit more stable if they were to get a giant ROI.

[RealBitcoin]

Bitcoin must be sold in one way or another.

Or how exactly you want a liquid economy in bitcoin?

Imagine if all the miners who mined bitcoin would have never sold them, then bitcoin would never exist, as the trading volume also determines the value of the coin.

And for each buy you need a sell, so sorry but your logic is flawed OP!

[Nicolas Dorier]

Bitcoin must be sold in one way or another.

Or how exactly you want a liquid economy in bitcoin?

Imagine if all the miners who mined bitcoin would have never sold them, then bitcoin would never exist, as the trading volume also determines the value of the coin.

And for each buy you need a sell, so sorry but your logic is flawed OP!

You are the one who is flawed. Bitcoin miners would pay their electricity with the Bitcoin they mined.
You are basically saying that if an economy were based on gold, then miners would never sell the gold and thus gold would never exists. Really ?

That said, there is a price were I would get rid of my Bitcoin, not necessary against fiat, but this depends on many factors.
The better question is : At which point do you feel sufficiently wealthy so you stop producing but start consuming your capital ?

On my part, I would say between 1 and 2 Million worth of USD. The problem is that I like programming on bitcoin so much, that after 1 month I doubt my life would be different from today.

[tommorisonwebdesign]

Yes. In the future, Bitcoin will be worth far more than what it is worth today and all fiat currencies will probably collapse. When that happens by then, Bitcoin will have effectively replaced fiat currency so it would become pointless to sell for fiat ever again. Bitcoin has a lot of potential and we will probably see a day where we will never have to sell for fiat ever again.

[devil11]

Because maybe sometime, the Bitcoin price will gone high to $100000 and then i will buy for much money

[RealBitcoin]

Bitcoin must be sold in one way or another.

Or how exactly you want a liquid economy in bitcoin?

Imagine if all the miners who mined bitcoin would have never sold them, then bitcoin would never exist, as the trading volume also determines the value of the coin.

And for each buy you need a sell, so sorry but your logic is flawed OP!

You are the one who is flawed. Bitcoin miners would pay their electricity with the Bitcoin they mined.
You are basically saying that if an economy were based on gold, then miners would never sell the gold and thus gold would never exists. Really ?

That said, there is a price were I would get rid of my Bitcoin, not necessary against fiat, but this depends on many factors.
The better question is : At which point do you feel sufficiently wealthy so you stop producing but start consuming your capital ?

On my part, I would say between 1 and 2 Million worth of USD. The problem is that I like programming on bitcoin so much, that after 1 month I doubt my life would be different from today.

Hold on i didnt said that that was a realistic scenario, i was just pointing out what would have happened in that case.

Remember also back then it was easy to mine, so you spend 1000$ tops on electricity and you got 100000 worhless bitcoin that you can use for fun.

It would have been only for hobby, but if you`d knew or had a feeling in your gut, that those 100000 bitcoin would be worht tens of millions of $ in a few years, then no miner ever would have sold that, and would have paid the electricity with their salary.

I bet if the gold miner would know that gold price would reach 100,000$ soon, none of them would sell any gold, and would just take a huge loan and finance their expenses from that.

[avatar_kiyoshi]

Reading the responses to the recent topic titled, "I would sell all my bitcoins if…." has left me concerned.

agreed, if no one solf their coins, the supply would be VERY limited and the price would skyrocket.

Wait, AFAIK the price will rise if the demand is more than supply. it's useless if no one buy some coins, the price will stable if no one sold their coins(and no one buy a some coins).

[wxa7115]

Whether someone sells or not his btc depends on a simple question, why do you have bitcoin in the first place? Maybe someone here is hoarding btc, gold and silver, if this is the case a person like this will not sell any of these assets unless the prices soared and maybe even then this person will not sell.

But if you are a person that earns a little btc on the side as a way to make a little bit of side income then is probable that you sell all your bitcoin daily or something like that.

So the decision to sell BTC is a personal one.

[mrhelpful]

Because maybe sometime, the Bitcoin price will gone high to $100000 and then i will buy for much money

Your valuation is just nothing but hopes and dreams friend lol.

You gotta come back down on the ground with a sense of reality that this coin needs foundation of an event that leads to that point.

Hopes and dreams dont pay lol.

[CarlesPuyol]

In my opinion, bitcoin will never get again to 1000$, not talking about 10k. The world leaders will not let it happen, because all the paper money in the world will be worthless.

[mrhelpful]

Bitcoin must be sold in one way or another.

Or how exactly you want a liquid economy in bitcoin?

Imagine if all the miners who mined bitcoin would have never sold them, then bitcoin would never exist, as the trading volume also determines the value of the coin.

And for each buy you need a sell, so sorry but your logic is flawed OP!

You are the one who is flawed. Bitcoin miners would pay their electricity with the Bitcoin they mined.
You are basically saying that if an economy were based on gold, then miners would never sell the gold and thus gold would never exists. Really ?

That said, there is a price were I would get rid of my Bitcoin, not necessary against fiat, but this depends on many factors.
The better question is : At which point do you feel sufficiently wealthy so you stop producing but start consuming your capital ?

On my part, I would say between 1 and 2 Million worth of USD. The problem is that I like programming on bitcoin so much, that after 1 month I doubt my life would be different from today.

Its ideal, but not realistic.

The reason is because the rate needs to be at a minimum high, and cant fall any lower then that # or else the bitcoin miner itself will eventually be in the red if the rates were to drop.

Rates that make a $100 difference will hurt you faster and you`ll have to figure out how to recover that for each time the rate goes down. Remind you still have to pay the exact amount each month for your electricity cost.

[futurebit640]

In my opinion, bitcoin will never get again to 1000$, not talking about 10k. The world leaders will not let it happen, because all the paper money in the world will be worthless.

That may be partially true that all the world leaders and big institutions heads will not allow bitcoin to grow so fast. However bitcoin is very small market compared to world fiat currencies so its prices are not linked to any other currencies or economy. Its price purely depends on demand and supply so if more businesses start accepting bitcoins officially then their are still chances prices can reach around 1000 but not sure about 10K range.

[pattu1]

In my opinion, bitcoin will never get again to 1000$, not talking about 10k. The world leaders will not let it happen, because all the paper money in the world will be worthless.

If some world leader hated the USD, he could easily try to undermine the USD by supporting bitcoin. If enough leaders think this way, bitcoin could easily go to the moon. 

[RealBitcoin]

In my opinion, bitcoin will never get again to 1000$, not talking about 10k. The world leaders will not let it happen, because all the paper money in the world will be worthless.

If some world leader hated the USD, he could easily try to undermine the USD by supporting bitcoin. If enough leaders think this way, bitcoin could easily go to the moon. 

There is no such thing as hate for the elite. They could hate it, but all their investments depend on it, so they will work to save it somewhat.

There are many rival currencies to the USD, yet none of them is working against it, because they all hold USD as foreign reserves, it would be a stupid thing to do.

[btccashacc]

Look realistically ?
why i should hold my bitcoin? i have real life, and need money to pay something...

[Xenoph0bia]

This is not a good idea to hold your bitcoins and not to sell them, it is risky as prices of bitcoins are continuously declining and there is no guarantee that in future the price of bitcoin will remain same or increased. On other hand if there is positive situation for bitcoins  and many countries have regulated the bitcoins , then there are chances to increase the price of bitcoin because there will be increase in demand for bitcoins. In that case we can hold the bitcoin that too for some time, which is safe and might be profitable.

[RealBitcoin]

This is not a good idea to hold your bitcoins and not to sell them, it is risky as prices of bitcoins are continuously declining and there is no guarantee that in future the price of bitcoin will remain same or increased. On other hand if there is positive situation for bitcoins  and many countries have regulated the bitcoins , then there are chances to increase the price of bitcoin because there will be increase in demand for bitcoins. In that case we can hold the bitcoin that too for some time, which is safe and might be profitable.

Not to sell it but to invest it, to hedge inflation or devaluation.

If you are invested in a low risk program that gives 3-5% monthly then you can probably hedge against all price declines, and even if you lose money there you recover it here.

Here are my catalogs:
https://bitcointalk.org/index.php?topic=1136572.0

[MinerHQ]

Because maybe sometime, the Bitcoin price will gone high to $100000 and then i will buy for much money

I think you may be dreaming for that to happen but what if prices go back to less than your purchase price? So you should always watch out on your investments.

[smoothie]

Reading the responses to the recent topic titled, "I would sell all my bitcoins if…." has left me concerned.

The kinds of responses on that thread reveal a deep misunderstanding of bitcoin and the current monetary system in many of those who are speculating. Let's consider the scenario in which bitcoin reaches $1000 or let's say $10,000 per bitcoin. Many have said they will cash out if bitcoin reaches this point. Why??

If bitcoin reaches $10,000 it will have to be because the fiat currencies of the world are tumbling to worthlessness via a hyperinflation type scenario and bitcoin is the safe haven, which if you know anything about the current monetary systems of the world, you know this is inevitable. (there have been 3800 fiat currencies throughout history and EVERY SINGLE LAST ONE has crashed to worthlessness; a value of zero) Why would you then sell all of your sound money (Bitcoin) for a bunch of fiat money that is inevitably becoming worthless? I don't understand the logic in doing that.

If bitcoin ever reaches $10,000 per bitcoin, you will NEVER see me selling for fiat paper money. You may however see me having a shopping spree at Overstock.com or TigerDirect.com or NewEgg.com! I will be buying things I want with my bitcoin profits DIRECTLY WITH BITCOIN, not selling my bitcoin for paper fiat. Hopefully by then there will be many more options, perhaps even Amazon.com will be accepting bitcoin for goods and I can have my shopping spree there.

Point being, selling bitcoin for dollars seems counterproductive. Why convert your paper fiat currency into sound value storing superior bitcoin, only to sell all of your superior bitcoin back for worthless antiquated fiat currency again? Why not just spend the bitcoin itself to buy what you want instead of taking a loss by converting back into dollars which will inflate away eventually anyway?

It depends on the fundamentals at the time of the price being at say $10k.

If the USD is going to shit and with no stopping in sight then yes I would not sell for fiat USD.

But when you look at the valuation of goods, services, property and take that $ valuation and compare it to the history of that item(s) price range...then use that as the gauge of when and if to sell for fiat.