The psychology of a HODLer

[orions.belt19]

Saying that bitcoin is sort of like a religion because some people seem to be like worshipping it seems to be too much although I have to admit that there are some people who would go through great extents just so that they could acquire bitcoin. Well, that’s your opinion and perspective. Some really just believe in bitcoin that much because they see potential in it. The psychology behind a hodler is having the hope that hodling would bring them great rewards because they believe that bitcoin would have high value in the future even if we experience price drops.

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[erikpa]

Hodler psychology is simple and Hodlers always did the most hard thing. "Patience" is the hardest thing in life.
Hodlers have patience and they get the biggest reward and biggest gain in this game.

Might be true. But sometimes the thing you hold for too long just go bankrupt while you keep yourself telling to be "patient".

[MoonJeina]

I don't think all the holders has the same psychology . Not all the holders hold the bitcoin for a long time  and for the "hope" of bitcoin growing stronger . I mean , even if they do they are some what right . If you are holding bitcoin since 2015 and have it till now , imagine the profit they would've gained . Bitcoin  fullfils the hope of holder , then why not ?
There are also some holders who hold their  bitcoin in wallets for the simple purpose of investment or trading or they have more strategic plans with their bitcoin . Many of them keeps a balanced amount and withdraw some of it regularly .  In my experience , i have seen very less disapointed holders .                                                                                                   

[xFiber]

First of all: I'm no hodler. I cashed out when things got a bit too scary for my taste. Second of all: I feel bad for everyone that has lost money or is on the verge of losing money. You have my sympathy.

Bitcoin is in a prominent bear market at the moment and the current exchange rate might just be a pitstop on the road downwards. What amazes me however is that so many people, people that can actually read a chart, really feel entitled to another quadruple digit rally. Wait, check that. They are sure it is going to happen. Even amidst the chaos of the last days I can still see people claiming that it will reach 10.000 dollars; some even say it will reach that number in three months already.

What I find so curious is that many HODLers here seem to have a very religious devotion to Bitcoin, despite the serious situation Bitcoin is in. Some seem to be even more devoted to their own religion of Bitcoinism than the pope is committed to the Roman Catholic Church.  I believe this to be a very dangerous attitude, given the risks involved. It wouldn't surprise me if quite a few posters on these boards are all in with all their life savings - or have even indebted themselves - and are sure shitting themselves at this moment. It might be a religious, god revering response to look up and say to yourself: 'Everything will be all right, I just know it'. They discard any possibility that some guy will come around with a new, superior protocol in as short as the next few years and just blatantly ignore the fact that Bitcoin is not alive at all among the vast majority of the population. Next to that: they probably have a good feeling that governments will not allow capital to flow unrestricted and out of their scope, but still they ignore it.

Question is why? What is it? Desperation? Total mania? Tell me. I just can't explain it anymore.

We have come full circle.  How do you feel about these comments that you made in 2014 now that Bitcoin is on the tip of every tongue, grandmother's are asking grandchildren to buy Bitcoin and the mania has clearly headed up towards a peak rather than a trough?   I'm curious as to your state of mind about a $7,000 bitcoin.

There really is no need to dredge up this old thread. Sure bitcoin and it's recent trend has proved the original poster wrong but there's genuinely no point in bringing this, clearly outdated thread back up. Pro-HODLing or not holding on tightly has proven to be a very succesful strategy that has undeniably created a lot of new millionaires. The numbers speak for themselves.

[nizamcc]

I see you are still here on the forum and since your question was from 2014, I would ask you in 2017 currently that how do you really feel?
Sympathetic for those who waited till now in the faith that BTC will rise, which it proved?
OR for yourself, who sold off when emergencies were there or sold all immediately in a panic?
Am not against your decision then, but now I "feel" for you. It's the courage that gives us the strength to hold and hold so long.

[arpon11]

Holding is a strong business decisions as most times it is very difficult to hold when prices is going in your favor. I sold some of my coins when bitcoin was at $1,250 and sold the second one when the price increased to $1,529 and sold again when it is at $1878, I also sold another one when it was at $4200. After caculating all the coins I sold if I hold them till today I could have been a millionaires in my local currency.

[ChrisPop]

A lot more money is being pumped into bitcoin because people start realising the technology and power behind it. I see more and more businesses adopting bitcoin as a payment method. As well as people who start alloting small parts of their income into btc and crypto on a monthly basis.
HODLing bitcoin is not a religion or something like that, it is just the recognition of crypto-currencies as the evolution of the financial world.

[Bezobraznike]

Hodler psychology is simple and Hodlers always did the most hard thing. "Patience" is the hardest thing in life.
Hodlers have patience and they get the biggest reward and biggest gain in this game.

Might be true. But sometimes the thing you hold for too long just go bankrupt while you keep yourself telling to be "patient".

   Erikpa it is true, and this describes my psychology more then what creator
of this thread wrote in his opening comment.
   Patience is a virtue, who have it will have higher reward then people
who hurry. Ask have a point in his comment, patience is the virtue in life
too, and it is not easy to master the patience. Patience requires absolute
control over your emotions, and people who mastered have more success.
   I am a holder, I like to see myself like that. I just invest in crypto-currencies,
and I do not even think about cashing out any time soon.

[Gaff]

Hodler psychology is simple and Hodlers always did the most hard thing. "Patience" is the hardest thing in life.
Hodlers have patience and they get the biggest reward and biggest gain in this game.

Of course patience is always needed as a hodler but it's really hard to do mate,  that's why most of the investors lose it due to panic. That psychology always relate to an idea of making money mindset, and the real scenario of it is to sell their asset and generate profit immediately. Not with an idea of a psychology which your mindset is always wait until the price pump and pump to a very profitable and stable price, like of todays fluctuations its really good to sell but more decided to hodle.