So when do you "actually" plan to cash in your bitcoin? > or <$1,000,000

[Pursuer]

it is the risk management plan. you invest something and then speculate the price will go to 1 million dollar and then you wait until then. but nothing is stopping you from selling when price is lower. it may actually be a good idea to sell something when price reaches new ATH.

of course a better course of action is to buy in the dips and sell on tops and then buy back in the next dip. for example when price reached the ATH of $4900 you could have sold some small portion of your stash and wait a while till price bottoms out then buy back the same portion you sold and keep the profit in fiat for yourself. although some people keep their profit in bitcoin meaning they buy even more bitcoin after the dip. you sell 10BTC and buy back 14BTC

[rommelzkie]

For me im planning to cash out at around 6k USD. then ill wait for another dump then ill cash out again at 9k or 10k USD. I will not wait for bitcoin to reach 1M or 100K USD. Time is gold.  

If you are saying time is gold, is it would be better if you wait until bitcoin hit $100,000 ? Better wait for a while rather than cash out some pennies. Although i'm not sure when it will be happens

Waiting is also a good idea but i prefer moving and trading my bitcoin while ill wait for another dump.

[istake]

I can tell you a lot of people will have sold their bitcoins long before $1 000 000 was reached. They will start selling at $10 000/bitcoin and only the super rich will be buying and selling these bitcoins. People have these fantasies of Bitcoin being valued at $1 000 000, but by that time most of them will not even own bitcoins anymore.

If you link "time" to this statement and you say bitcoin will be valued at $1 000 000 by the year 2090, then this might be worth shit. ^smile^  

This makes sense, there will be a lot of people in a position
to sell their bitcoin well in advance of $1m but probably not.
In a position go get back in.

Buying into bitcoin at 4k is one thing but buying in at 40k is
anothernand will be totally unrealistic for the majority of users
even on bct.

You are right there, they would have sold before it hits $1m, but I believe most people do not have any plan apart from buying, sitting and waiting and will end up cashing out impromptu due to some urgent financial commitment and not due to taking advantage of the market. I don't think people are taking the time to clearly define a strategy with of course time as a factor.  However in response to the other point, no matter the price of bitcoin users can invest with any budget as buying a whole bitcoin is not necessary. The idea watching the %age of bitcoins price increase in relation to your stake that matters e.g. if bitcoin price was $40k I could still buy $1000 worth and if bitcoin price doubled id still have doubled my stake to $2000.

But I wonder if people have actually thought about their strategy or are just generally waiting for bitcoin price to rise. I guess its probably the simplest and safest, but wt are your thought on strategy.

[istake]

it is the risk management plan. you invest something and then speculate the price will go to 1 million dollar and then you wait until then. but nothing is stopping you from selling when price is lower. it may actually be a good idea to sell something when price reaches new ATH.

of course a better course of action is to buy in the dips and sell on tops and then buy back in the next dip. for example when price reached the ATH of $4900 you could have sold some small portion of your stash and wait a while till price bottoms out then buy back the same portion you sold and keep the profit in fiat for yourself. although some people keep their profit in bitcoin meaning they buy even more bitcoin after the dip. you sell 10BTC and buy back 14BTC

Thank you, this is a strategy experienced traders use that pay attention to news and the cryptospace environment. That is the idea but its still speculation, you could sell and the price could shoot up further. e.g the second wave of news claiming china would target bitcoin transactions by blocking ip addresses etc people would have thought that would have dropped the price further but it seems the price is stagnant meaning either the news hasn't propagated as much as it could have as people didn't differentiate btw the headlines and the previous exchanges banning headlines or some counter balancing measure like the effect of news from japan or who knows. Its still speculation however I guess its better to sell with catastrophic news, wait to see if it drops, then you can make a profit by buying back in at a lower price or if it gains at least you can sleep easy and you didn't loose nothing but the slight gains you would have achieved if you didnt sell as you will still have the amount its worth in fiat than doing nothing an it drops and you can only watch your value evaporate. Unfortunately those catastrophic guaranteed nosedive pieces of news are few and far between and does not provide a sustainable method to earn frequently. Any thoughts? so do you agree that; buy, wait for really bad news, sell and wait, while prices drop and then buy back in low, is a good strategy or has anyone got any others.

[kondor1030]

I think realistically $20k is achievable and a point where I would cash out.

[dreamer81]

you totally missunderstand the purpose of bitcoin. You are not supposed to "cash in". Bitcoin is a store of value, which means you put your money there for as long as you dont need them. When you need them, you cash in.

Dont gamble with bitcoin as that is not the purpose

[genocide]

Yes, we all want bitcoin to hit the $1 million mark, but do you plan to sell before then or even if it hits $1,000,000 would you really sell then? So the question is, have you thought about when you plan to cash in or don't you plan to cash out?

There are lots of 'experts' on previous related threads having the same thoughts like this, "you should not cash out your btc yet, wait for it until it reaches an expensive price or you will lose the chance to earn big". I ask them when they are planning to sell their BTC and answer me with a price. Yeah right.. But when I ask them "what if you sold your BTC but then its price got even higher just a day after?", they cannot answer me. My point is, bitcoin price is very volatile. You never know what will happen so for me, I'd rather lose the "chance to earn big" rather than actually losing my investment. Here's what I do. I always cash out a part of my earnings, whatever the price is and the other portion is kept still as BTC. So whatever happens, I won't lose everything.

[jubalix]

Im not sure 1M btc would see wide spread adoption, due to fees, rather it would be for sovereign wealth assurance and thus credit rating and large currency swaps purchases.


Eg it would still be a cheap way to transfer 200M worth of funds to buy something. I mean you could do it for a few hundred dollars that's actually ok.


However if BCH  Activates Segwit and takes over, then problem solved. We can probably do a transaction of a few cents.

[jubalix]

Yes, we all want bitcoin to hit the $1 million mark, but do you plan to sell before then or even if it hits $1,000,000 would you really sell then? So the question is, have you thought about when you plan to cash in or don't you plan to cash out?

There are lots of 'experts' on previous related threads having the same thoughts like this, "you should not cash out your btc yet, wait for it until it reaches an expensive price or you will lose the chance to earn big". I ask them when they are planning to sell their BTC and answer me with a price. Yeah right.. But when I ask them "what if you sold your BTC but then its price got even higher just a day after?", they cannot answer me. My point is, bitcoin price is very volatile. You never know what will happen so for me, I'd rather lose the "chance to earn big" rather than actually losing my investment. Here's what I do. I always cash out a part of my earnings, whatever the price is and the other portion is kept still as BTC. So whatever happens, I won't lose everything.

its not that volatile except 1 way (up) if you zoom out the log graph since 2010

[Pursuer]

it is the risk management plan. you invest something and then speculate the price will go to 1 million dollar and then you wait until then. but nothing is stopping you from selling when price is lower. it may actually be a good idea to sell something when price reaches new ATH.

of course a better course of action is to buy in the dips and sell on tops and then buy back in the next dip. for example when price reached the ATH of $4900 you could have sold some small portion of your stash and wait a while till price bottoms out then buy back the same portion you sold and keep the profit in fiat for yourself. although some people keep their profit in bitcoin meaning they buy even more bitcoin after the dip. you sell 10BTC and buy back 14BTC

Thank you, this is a strategy experienced traders use that pay attention to news and the cryptospace environment.

it is just a simplified explanation to give the outline of what to do, there are a lot of things to consider before pulling this off successfully.

e.g the second wave of news claiming china would target bitcoin transactions by blocking ip addresses etc people would have thought that would have dropped the price further but it seems the price is stagnant meaning either the news hasn't propagated as much as it could have as people didn't differentiate btw the headlines and the previous exchanges banning headlines or some counter balancing measure like the effect of news from japan or who knows.

all true, but the effects of any news (positive or negative) can not be endless. there will be a point where no matter how much more of the same news category comes out, it won't be effective. China can say they will hang anybody who uses the word "bitcoin" and it won't matter anymore at some point.

Its still speculation however I guess its better to sell with catastrophic news, wait to see if it drops, then you can make a profit by buying back in at a lower price or if it gains at least you can sleep easy and you didn't loose nothing but the slight gains you would have achieved if you didnt sell as you will still have the amount its worth in fiat than doing nothing an it drops and you can only watch your value evaporate. Unfortunately those catastrophic guaranteed nosedive pieces of news are few and far between and does not provide a sustainable method to earn frequently. Any thoughts? so do you agree that; buy, wait for really bad news, sell and wait, while prices drop and then buy back in low, is a good strategy or has anyone got any others.

news is a secondary thing that affects the market. for example when price was shooting up and there were no resistance on the way up even if China did what they did for real back then, it wouldn't have mattered.

but if you look at the timing, when China FUD started it was after the rally had ended and the correction was also near the end and price was lower than the ATH and coming down slowly to stabilize on the bottom ($4400ish)

[A1exander]

1 million USD per BTC is extremely unlikely in foreseeable future. I do not plan to "cash out" the whole amount simultaneously. I sold some when the price was below $1000 and some even earlier, for less than $100. Now I regret it, so I plan to hold the majority for a long time, unless I desperately need money. Not until $1,000,000, but until a few tens of thousands USD per BTC at least.

[DoublerHunter]

I will cash out my bitcoins if the price of each bitcoin will be ranging around 100,000 USD. I don't want to sell my bitcoins right now even the price is already x4 of my bought price, i want to settle for long term holding because i know that it is very worth it because it will make an instant millionaire.

[amintet]

When btc price goes to the moon maybe in two or three years from now

[Wingo]

maybe I would cash it out in times of great need. I would also cash out some of it when the price is high enough so I can use it to buy my needs or be used in a physical investment and not on a crypto currency investment.

[Manuj]

Yes, we all want bitcoin to hit the $1 million mark, but do you plan to sell before then or even if it hits $1,000,000 would you really sell then? So the question is, have you thought about when you plan to cash in or don't you plan to cash out?

No definite date here. For as long as I do not have some urgent need to force me to cash them in, I will remain hodling. I think 1 million dollars is too high though. I might not be able to see the day when that value is already reached. But who know? I wish it happens soon. 

[Karpeles]

The question is, if bitcoin price reaches 1M/coin, will you be able to prove to the government and to the banks that your coins have been obtained in a legit way?

I think most won't, so you'll have tons of money and will have a hard time to spend it.

Better cash out a little by little while your reserves grow

[traderethereum]

Yes, we all want bitcoin to hit the $1 million mark, but do you plan to sell before then or even if it hits $1,000,000 would you really sell then? So the question is, have you thought about when you plan to cash in or don't you plan to cash out?

i am selling my bitcoin if i have to buy something or i am in emergency situations. but if not, then i am not sell for now, i think my plan now is saving more bitcoin so i can have enough bitcoin to cash out when the price is up. actually i don't have any range of the price to sell because i think i don't know how much price i want to cash out.

[Trofo]

I am holding 50% percent of my BTCs in cold storage, and other 50% I am using to sell at highs and buy buck at lows. At least trying to. I don't have a fixed number when I'll decide to cash out everything. I'll try to react to the market and for now the idea is to hold at least 20% of what I have indefinitely. Of course in case of emergencies I cash out as much i need

[istake]

Yes, we all want bitcoin to hit the $1 million mark, but do you plan to sell before then or even if it hits $1,000,000 would you really sell then? So the question is, have you thought about when you plan to cash in or don't you plan to cash out?

No definite date here. For as long as I do not have some urgent need to force me to cash them in, I will remain hodling. I think 1 million dollars is too high though. I might not be able to see the day when that value is already reached. But who know? I wish it happens soon. 

Lol very good point who knows when that day will come in the meanwhile make money and dont forget to live for today. in 2-3 years I predict at least 1000% increase from its current price. So stack up and good luck. $10,000 for $100,000

[Pearls Before Swine]

then fee is ?

  when btc hits $1,000,000 who can take the fee to use btc?

The miners will gladly take it, of course, but the more relevant
question is who in their right mind is going to pay it?  You think
people are going to pay for little things like postage stamps and
coffee if the lowest fee is $15 or whatever it end up being? Nope,
no one is going to pay that.  So it'll be hoarded just like it is now.

On the other hand, I'll welcome bitcoin being that high precisely
because I don't spend it (much).