Why You Should Never Sell Your Bitcoins Ever

[CoinOp]

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?

This is a well written post.  I wonder how many of those bitcoiners have sold as they said they would.  I think it's safe to say that many of those who bought for low prices have taken profit and cashed out, some of them becoming considerably more wealthy in fiat.  It's hard to look at values of money that high and not cash at least some out.  Very tempting it is.

[slaz26]

Bitcoin is a very valuable investment and it's silly to sell it because of the panic. The one who will keep him for several years can become a millionaire without applying any conditions except patience.

[rodskee]

i like that idea not selling the bitcoin but need to sell 20% 30% to convert as money because i have no choice to save and keep all, i need this because i have a daily expenses for my family needs.

[Forbiddenone]

Bitcoin is a very valuable investment and it's silly to sell it because of the panic. The one who will keep him for several years can become a millionaire without applying any conditions except patience.

first of all i think its stupidity to hold unless you have good amount of bitcoin or you are early adopter in cryptocurrency. those who hold small amount of bitcoin should strict with trading,there is always an opportunity while whales play pump and dump game to grow you btc amount rather than just holding it.

[rocketbits]

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?

People bought or buy bitcoins for various reasons, some to sell, some to spend, some as a store of wealth so its not up to you to decide what someone does with his or her own money its up to the person to decide what he wants to use his money for.

[Igebotz]

not selling  a bitcoin  maybe is a fortune but if you are a smart trader know how to sale and buy bitcoin if their new that bitcoin will down they will sale or trade altcoin because it happen then they new if bitocoin increase  so they will buy then wait for other down. they are always look at the world market prize if you are have years on experience  on bitcoin its easy your you. its like a gambling

[barhavsky]

i think bitcoin is growing now but maybe the price will continue to rise as there are still many countries that have not acknowledged bitcoin as a currency in the future will probably be recognized so that the price will be higher.

[VasyaPupkin]

Bitcoin grows every day and makes us richer, if we sell coins because of panic or for entertainment, we will lose the opportunity to earn more money. It is necessary to store for the future.

[Arday1979]

That's a great idea, but you have to consume, pet. You know, you can stay on solar electricity only for so long...

[sumangs]

If your plan is investment then you shouldn't sell it but if this is your source of income, try sell a percentage of it if you going to buy something.

[Fundalini]

People have different circumstances so that may just be applicable to you. Consider the people who ventured cryptocurrencies for profit, what are they gonna do then?

[Yatsan]

I think people that bought bitcoin bought it for various reasons. So you advising them not to ever sell theirs is not reasonable. What if I bought my bitcoin to sell at a peak price and it has reached that price at which I want to sell it. Should I still keep it?

That is right, And also in my opinion you should just sell your bitcoins if needed because the bitcoin price as they and I say also that it will always pump as long as there are new investors and as time is working. Buy bitcoins and sell only if you need.

[Absentis]

I think people that bought bitcoin bought it for various reasons. So you advising them not to ever sell theirs is not reasonable. What if I bought my bitcoin to sell at a peak price and it has reached that price at which I want to sell it. Should I still keep it?

That is right, And also in my opinion you should just sell your bitcoins if needed because the bitcoin price as they and I say also that it will always pump as long as there are new investors and as time is working. Buy bitcoins and sell only if you need.

Very brilliant idea if everybody is doing this mate, but most certain cases will fail specially when we see bitcoin price drops down many investors lose their belt with bitcoin, and yet selling really and option as paper money is their mode of savings in the bank. They doesn't even care to hold their bitcoins as their savings to grow for further bitcoin price to rise higher doubling it's current price right now; lets say $4000 will became $8000 in the future. So start holding your bitcoins now and you'll be surprise by that speculation becoming a reality soon.

[Astvile]

To convert from BTC to fiat there will be a fee, whereas just buying whatever it is directly with bitcoin there will not.

There will be still a fee if you will buy items or convert money in direct bitcoins,you will pay the miners fee for miner andthe blockchain network,but its just small not even noticable

[MRlong]

I think people that bought bitcoin bought it for various reasons. So you advising them not to ever sell theirs is not reasonable. What if I bought my bitcoin to sell at a peak price and it has reached that price at which I want to sell it. Should I still keep it?

That is right, And also in my opinion you should just sell your bitcoins if needed because the bitcoin price as they and I say also that it will always pump as long as there are new investors and as time is working. Buy bitcoins and sell only if you need.

Buy Bitcoin for saving -> Always need, because the value of Bitcoin not cheap in future, you cannot buy again cheap price like now in next year!
Sell Bitcoin -> Just when you need money for case of force majeure and have not any way for solve this case.

[Tadblt]

I think people that bought bitcoin bought it for various reasons. So you advising them not to ever sell theirs is not reasonable. What if I bought my bitcoin to sell at a peak price and it has reached that price at which I want to sell it. Should I still keep it?

That is right, And also in my opinion you should just sell your bitcoins if needed because the bitcoin price as they and I say also that it will always pump as long as there are new investors and as time is working. Buy bitcoins and sell only if you need.

Buy Bitcoin for saving -> Always need, because the value of Bitcoin not cheap in future, you cannot buy again cheap price like now in next year!
Sell Bitcoin -> Just when you need money for case of force majeure and have not any way for solve this case.

I am doing this. I hold for the long term. The price has risen several times already.

[Franky00]

Bitcoins are a long-term investment with a good profit, I do not see the point, to sell, what makes a profit. If it was not profitable and did not bring joy, then yes, and so the price of bitcoin only grows. But maybe you have other reasons for this.

[E-shipper]

Bitcoin is growing rapidly and it is desirable to keep it as long as possible so as not to miss out on huge profits, but this does not mean that you need to sit in poverty if the usual money runs out.

[batang_bitcoin]

Bitcoin is growing rapidly and it is desirable to keep it as long as possible so as not to miss out on huge profits, but this does not mean that you need to sit in poverty if the usual money runs out.

We had to sell in able to get some profit but you've got to put some bitcoins on your cold storage and don't use it for a very long time. See to it that you have a long term investment in bitcoin and that is by just holding it like that. I preferably to keep 50% of my bitcoin stash and will do the rest depending on my purpose if there's a need to do it so, I will keep on using then for my other needs.

[Himanshu111]

Bitcoin is one of the fastest growing investment in the market right now and the pace at which Bitcoin is gaining popularity is only making it more and more valuable. Bitcoin has a lot of potential to grow and if you sell, you only loose your potential profit.