When to sell Bitcoin?

[keelba]

I am certain that Bitcoin's value will continue to rise and rise. My fear, though, is that I may never want to sell. If it gets up to $10,000, that would be great but would I want to sell? Would I be holding on for $20,000, $200,000 or even $2,000,000? At what point would I say enough is enough and start cashing in or using? I have no idea. I haven't faced this yet.

But I know there are people on these forums that are facing this dilemma right now. I'm sure there are people who have acquired tens of thousands of bitcoins either by mining or buying when they were very cheap. At the current valuation, these people are already multi-millionaires. But how are they dealing with it? Are they still hoarding waiting for the price to go up even more or are they living the good life now? Any regrets?

[1714861342]

1714861342

[1714861342]

1714861342

[1714861342]

1714861342

[1714861342]

1714861342

[BitNit]

The problem I see is people don't use bitcoin as an exchange for goods. We need to look at it as a currency not an investment.

[Kouye]

sigh...  
You don't wanna sell your coins, you wanna SPEND them.
If everyone considers BTC as an investment vehicule, do you really think it will last ?

Please, whenever you consider spending $, check for an equivalent good/service you can pay with bitcoins.
Just spend the BTC instead of the $, you'll cut the fees and help BTC grow stronger.

[Elwar]

Why would you want to buy dollars?

[davidpbrown]

Sometimes I wonder that the Government hasn't set their herp-derps to work, asking stupid base questions in a vain attempt to smear the concept. Appealing to some vague notion that 'all you neighbours' are selling their Bitcoins and because I say so therefore it won't be a success and you might as well hold fiat and trust your Government. #facepalm .. but then I recognise that we need to welcome all into the fold and some are slow to learn.

[keelba]

I think you're all missing the point. I said "start cashing in or using". It doesn't matter if you trade for $ or use them the point is, when do you start depleting the hoard you've got?

And also, why was this post moved to speculation? I'm not asking anyone to speculate on the price. I'm asking a very serious question about the deflationary nature of Bitcoin. And I think this is one of the core issues with Bitcoin. With an inflationary currency there is no need to keep money in the bank, it will be worth less tomorrow than today. But Bitcoin is the opposite. It will be worth more tomorrow. So what motivating factors would make me want to get rid of (by any means) the bitcoins I own? What are others thinking now?

[lucas.sev]

Eh all these hippies here talking about spending etc. Face it, majority of bitcoins popularity is due to fantasies of flying G6's bought with money BTC made them. And majority of talk about adoption is to rise the price to get closer to private planes.

[davidpbrown]

I said "start cashing in or using".

You said selling. Bitcoin is money which is a way of communicating wealth.. you don't sell it, you spend it.

It's worshipping money and greed for profits, that's caused the crisis in the first place. Forget how many you hold and understand what Bitcoin represents and do what you can to support that but using Bitcoin as money.


If you want something useful to spend on, send some to wikileaksparty.org.au 1LCBp3nAeauWwtL9kbD5qkfzZ8DFjFvw8N

[ThatDGuy]

Why would you want to buy dollars?

Right here.  At a certain level of understanding and belief in cryptocurrency, the phrase cashing in ceases to exist.

I know the general direction that the $ is headed in the future, relative to what it is worth today.

[Odalv]

An easy example:
- When price double sell 25%.  ( you will never run out of bitcoins, you will ever have enough profit in fiat )

[bitcoinbear]

An easy example:
- When price double sell 25%.  ( you will never run out of bitcoins, you will ever have enough profit in fiat )

And when price halves, buy 25% (or whatever the correct percentage is to rebalance your portfolio).



I buy dollars (currently just 8.3 mB each) when I need to use my money somewhere that only takes dollars (which is most places right now, unfortunately).

[MonadTran]

This is how Bitcoin discourages reckless consumption, and protects the environment.

Not the case with US dollars - you know that if you don't spend them now, you'll get toilet paper, eventually.

[Miz4r]

I think you're all missing the point. I said "start cashing in or using". It doesn't matter if you trade for $ or use them the point is, when do you start depleting the hoard you've got?

And also, why was this post moved to speculation? I'm not asking anyone to speculate on the price. I'm asking a very serious question about the deflationary nature of Bitcoin. And I think this is one of the core issues with Bitcoin. With an inflationary currency there is no need to keep money in the bank, it will be worth less tomorrow than today. But Bitcoin is the opposite. It will be worth more tomorrow. So what motivating factors would make me want to get rid of (by any means) the bitcoins I own? What are others thinking now?

When bitcoin becomes a generally accepted currency, you can use it for the things you really value or for things you actually need. You can't eat bitcoin or do anything useful with it by just keeping them stored in your wallet, so unless you want to spend your life just looking at your bitcoins and watch them grow in value you will want to actually spend them for something useful. I have always found it morally wrong and perverted that governments/banks pressure us into spending our money by making it slowly lose its value. Screw the cancerous perpetual economic growth dogma driven by debt and interest, we're all brainwashed into thinking that's the only right way to go forward. It's sick and retarded.

[edd]

I think you're all missing the point. I said "start cashing in or using". It doesn't matter if you trade for $ or use them the point is, when do you start depleting the hoard you've got?

And also, why was this post moved to speculation? I'm not asking anyone to speculate on the price. I'm asking a very serious question about the deflationary nature of Bitcoin. And I think this is one of the core issues with Bitcoin. With an inflationary currency there is no need to keep money in the bank, it will be worth less tomorrow than today. But Bitcoin is the opposite. It will be worth more tomorrow. So what motivating factors would make me want to get rid of (by any means) the bitcoins I own? What are others thinking now?

Your topic was moved to speculation because your questions are referencing the exchange between USD and BTC in the future; the value of one versus the other at the time is an integral part of the conversation.

Regarding your original question: those who have bitcoins will exchange them when they want/need something else more than they want/need bitcoins. This will vary wildly from person to person.

[Birdy]

Spend it whenever you want to spend, just rebuy the coins you have used.
Unless you have regular income in Bitcoins that is the way to go o,o

Selling them? well maybe cash out your initial investment once the price is high enough, so you will never have to fear to lose something.

[JimCGSavings]

.. but then I recognise that we need to welcome all into the fold and some are slow to learn.

Thank you. I wouldn't be here otherwise. (grin)

[minimalB]

Whenever price doubles, spend half. That way you'll never run out of coins : )

[JimCGSavings]

...Face it, majority of bitcoins popularity is due to fantasies of flying G6's bought with money BTC made them. And majority of talk about adoption is to rise the price to get closer to private planes.

Yeah. They be acting like they drunk. http://youtu.be/GvgJEznqtms

[gogxmagog]

Spend it whenever you want to spend, just rebuy the coins you have used.
Unless you have regular income in Bitcoins that is the way to go o,o

Selling them? well maybe cash out your initial investment once the price is high enough, so you will never have to fear to lose something.

+1000 this

[afbitcoins]

Its a bit like deciding when to buy a new computer.

If you wait another year you'll get a better technology for a lower price, so if waiting for the best computer to come on the market was the only factor you might never buy one because you'll always be waiting for a better one to come into your price range.

But the other factor is your desire not to wait because you need one now, so even though you could wait
for a better one you decide to buy one now.

 With bitcoins they may gain in value if you leave them (not guaranteed even though it is deflationary) but you might decide now is the time I need to buy a lawnmower or whatever