Why You Should Never Sell Your Bitcoins Ever

[jaysabi]

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?

First, every single fiat currency has not "crashed to worthlessness; a value of zero." USD may be worth less than it used to be, but it's not worth zero. Ditto the Euro, Yen, Yuan, Ruble, etc. etc. You get the point. All these currencies currently have a value more than zero; your hyperbole got the best of you.

Second, you say that if Bitcoin ever reaches $10,000, it will have to be because the fiat currencies of the world are tumbling to worthlessness via hyperinflation. This isn't true. Bitcoin reached $1100 in 2013 as part of a hysterical bubble before coming back down to a reasonable level. It had nothing to do with faulty currency and everything to do with speculation and hysteria by people with an unreasonable expectation of what Bitcoin is and how fast it's going to become what it's eventually going to be. Bitcoin's price history has operated in defiance of fiat policy to this point, not correlated to it.

Third, and most importantly, you directly counter the logic of your post later on when you say that if bitcoin goes to 10 grand, you'll be buying things "with your bitcoin profits." However, as you earlier asserted, if bitcoin were ever to get to 10 grand, it MUST be because all the fiat is failing. Assuming you were to be right about that for a second, you wouldn't be making any profit at all, you'd simply be staying where you were. If hyperinflation is happening around you, but you're in a stable currency, that doesn't give you more value than you had before hyperinflation because the prices of everything denominated in USD will be hyperinflating with the currency. And anything denominated in bitcoin will stay stable, the same as your value in bitcoin. So fiat inflation gives you no more buying power than you had before. That's a pretty critical thing not to understand.

[Proxiebuier]

I sold some of my btc today which brought at lesser price during last price drop. I will wait for again price drop to buy

Trading in bitcoin is not covered under bitcoin investment. I guess every trader must has his own bitcoin hoardings for a longer run. When I traded gold, I sold for $950 price, but in few months it hit $1100. So, getting a better price is the only motivation for the traders.

for me Trading is investment, you buy bitcoin at low price and hold it
after price move up you sell it ,

each investment is sure to take profits and trading is way of take profit

[n2004al]

I sold some of my btc today which brought at lesser price during last price drop. I will wait for again price drop to buy

Trading in bitcoin is not covered under bitcoin investment. I guess every trader must has his own bitcoin hoardings for a longer run. When I traded gold, I sold for $950 price, but in few months it hit $1100. So, getting a better price is the only motivation for the traders.

for me Trading is investment, you buy bitcoin at low price and hold it
after price move up you sell it ,

each investment is sure to take profits and trading is way of take profit

You are never sure that trading is a sure investment. If you bought bitcoin at the time when the price is 1200 us dollar you would lose for sure. That price is more than one year and half that is not reached and may be reached even maybe after ten years. I don't believe that you will hold your bitcoin all this time if you bought those with the intention to sell those again for having profit from those.

[acroman08]

This is a fair enough argument but some goods and services you can only pay for via fiat.  In fact most goods/services can only be paid for by fiat or credit.  Inflation is going to be a thing at all if you are just selling the amount of BTC you need to make a purchase in fiat.  I am guessing you mean exchanging for large amounts of fiat that you wouldn't be using in a few days time.

I agree! Not every country is accepting bitcoin yet, so converting them
Into fiat is the only choice to make use of bitcoin.

[pereira4]

Well basically there are 2 scenario here. It will goes up to 10000 which is a valid argument that fiat is in deep trouble, no way would I want to sell my coins for some worthless paper. But then again if it only touches 1000 probably there are a lot of sell orders at this point which there is a high chance that the price might retrace immediately and allows you to buy back at cheaper price. There are a lot of factor for consideration before deciding whether to sell or buy, so it might be inly one option or direction.

1000 is indeed a very strong psychological barrier and it will most likely go back a couple hundred before continuing the uprise, but you never know. You may be up for a nightmare next day after selling at 1000 to find out the price has continued rising and you have lost on tons of gains. It's a big gamble.

[coinplus]

We never need to sell bitcoin ever. Because when everything available for bitcoin, what is the need of selling bitcoin for fiats.
Other scenario: At higher bitcoin prices, if everybody wants to convert their fiats, why you need the reverse process.

[dothebeats]

If in case an emergency happened and I need to get quick funds, why wouldn't I sell some of my bitcoin holdings? I believe that bitcoin will go big in the future, but in the recent times, bitcoin has only a small scope of application in real life; you can't pay mortgages and medical bills through bitcoin.

[RealBitcoin]

If in case an emergency happened and I need to get quick funds, why wouldn't I sell some of my bitcoin holdings? I believe that bitcoin will go big in the future, but in the recent times, bitcoin has only a small scope of application in real life; you can't pay mortgages and medical bills through bitcoin.

Just wait my friend... Patience, Rome wasnt built in 1 day.

Watch this map carefully

https://coinmap.org

It is spreading like wildfire

[Quinn]

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?

Bitcoins payments are easier to do and safer too. Since using bitcoins is convenient, what is the point in selling them?

Bitcoins payments is convenient, there is no point in selling them.

[Scream]

If in case an emergency happened and I need to get quick funds, why wouldn't I sell some of my bitcoin holdings? I believe that bitcoin will go big in the future, but in the recent times, bitcoin has only a small scope of application in real life; you can't pay mortgages and medical bills through bitcoin.

Just wait my friend... Patience, Rome wasnt built in 1 day.

Watch this map carefully

https://coinmap.org

It is spreading like wildfire

i try searching nearby from my place but im not found it
https://coinmap.org/#/world/-12.31853594/109.95117188/5
 

[RealBitcoin]

If in case an emergency happened and I need to get quick funds, why wouldn't I sell some of my bitcoin holdings? I believe that bitcoin will go big in the future, but in the recent times, bitcoin has only a small scope of application in real life; you can't pay mortgages and medical bills through bitcoin.

Just wait my friend... Patience, Rome wasnt built in 1 day.

Watch this map carefully

https://coinmap.org

It is spreading like wildfire

i try searching nearby from my place but im not found it
https://coinmap.org/#/world/-12.31853594/109.95117188/5
 

Where do you live ? Or atleast in what continent?

I`m from Europe and it's obvious that Netherlands , UK & USA are the flagships of Bitcoin, plus you got tons of Russians and Chinese in bitcoin too, but less shops there.

[Denker]

If in case an emergency happened and I need to get quick funds, why wouldn't I sell some of my bitcoin holdings? I believe that bitcoin will go big in the future, but in the recent times, bitcoin has only a small scope of application in real life; you can't pay mortgages and medical bills through bitcoin.

Just wait my friend... Patience, Rome wasnt built in 1 day.

Watch this map carefully

https://coinmap.org

It is spreading like wildfire

i try searching nearby from my place but im not found it
https://coinmap.org/#/world/-12.31853594/109.95117188/5
 

Where do you live ? Or atleast in what continent?

I`m from Europe and it's obvious that Netherlands , UK & USA are the flagships of Bitcoin, plus you got tons of Russians and Chinese in bitcoin too, but less shops there.

Yepp especially in the netherlands Bitcoin is really easy to use. I have been in Arnhem once and a few times in Amsterdam. Best cities for Bitcoin users in EU in my opinion.

[Sir_lagsalot]

What's the point of buying it if you're not selling it? xD bitcoin for most people who buy it is an investment, not just another currency to spend with.

[RealBitcoin]

What's the point of buying it if you're not selling it? xD bitcoin for most people who buy it is an investment, not just another currency to spend with.

This:



One day bitcoin will be widely used, and you wont have to sell it, as it will be your main currency.

[StevenLiang]

In my opinion when asked "I would sell all my bitcoins if…" answer from an speculation standpoint and look at the near future (maybe not more than one year) and say we will sell out bitcoin.

On the other hand a lot of it is because of the bitcoin price history, many are expecting another rise (pump) to the moon and after that they expect that history repeats itself which means another crash! as the result they will consider selling at high prices to gain this profit and get out before the crash.

But what you are saying is a scenario in which bitcoin price actually goes up and not just get pumped to the moon. In that case i personally don't see myself even considering selling my bitcoin because it would be the most valuable thing in the world.!

[qiwoman2]

Well it's o.k for those who are whalish and have a lot they can hord but I am trying to collect bits and bobs where I can. I have around 15 btc worth of altcoins and btc but it isn't a lot. I think your life can change if you have a few hundred or 1k btc under your belt but it is good to accumulate that's for sure.

[StevenLiang]

Well it's o.k for those who are whalish and have a lot they can hord but I am trying to collect bits and bobs where I can. I have around 15 btc worth of altcoins and btc but it isn't a lot. I think your life can change if you have a few hundred or 1k btc under your belt but it is good to accumulate that's for sure.

1K of BTC
1,000 x 246 USD    $.$

But what do you mean "I am trying to collect bits and bobs"?

Where do you collect some bobs?
PM me

[leex1528]

So basically you are saving if Bitcoin reaches 10,000 dollars it would be a bad idea to sell.  I disagree with that.  I am not saying sell every coin you have but it would be worth it to sell some of the coins.  What if Bitcoin stays at $240 dollars for the rest of time, and you have 10,000BTC.  It might not be a bad idea to sell some of those coins and make some actual fiat cash as well.  What if Bitcoin crashes, then the best time to sell them would be now.  There are plenty of times you should sell.

[n2004al]

So basically you are saving if Bitcoin reaches 10,000 dollars it would be a bad idea to sell.  I disagree with that.  I am not saying sell every coin you have but it would be worth it to sell some of the coins.  What if Bitcoin stays at $240 dollars for the rest of time, and you have 10,000BTC.  It might not be a bad idea to sell some of those coins and make some actual fiat cash as well.  What if Bitcoin crashes, then the best time to sell them would be now.  There are plenty of times you should sell.

This reasoning may have value if you have big quantity of bitcoins. If you have few (for example 10 or 20 bitcoins) this kind of behavior is not possible. If i sell some of those with the actual price they don't give me to much. On  the other hand I "lose" my bitcoins which I think could have much higher price in the future. I write "think" because are qualities of it which make me to hope that bitcoin might have a much higher price in the future).

[leex1528]

So basically you are saving if Bitcoin reaches 10,000 dollars it would be a bad idea to sell.  I disagree with that.  I am not saying sell every coin you have but it would be worth it to sell some of the coins.  What if Bitcoin stays at $240 dollars for the rest of time, and you have 10,000BTC.  It might not be a bad idea to sell some of those coins and make some actual fiat cash as well.  What if Bitcoin crashes, then the best time to sell them would be now.  There are plenty of times you should sell.

This reasoning may have value if you have big quantity of bitcoins. If you have few (for example 10 or 20 bitcoins) this kind of behavior is not possible. If i sell some of those with the actual price they don't give me to much. On  the other hand I "lose" my bitcoins which I think could have much higher price in the future. I write "think" because are qualities of it which make me to hope that bitcoin might have a much higher price in the future).

I think it still works in small amounts.  If I have 5 Bitcoins and the value reaches 10,000 dollars, I sell 2 of them for 20,000 dollars.  I still have 3 in the bank technically.  I don't think that is the worst thing in the world you could do, also could try investing those to make more or something like that.