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Author Topic: How to prepare for long term HODL  (Read 7648 times)
Bitbtc8
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August 11, 2019, 02:05:16 PM
Merited by tk808 (3), CryptopreneurBrainboss (1), Novatech8 (1)
 #1

Note: This is not about how to identify good coins to HODL
This is about how you can be a good long term holder

1. You must have another source of income
Either in crypto space or outside crypto space you must have other source of income,there was a time when i used to rely on coins i hold for monthly income but most time they failed me because some altcoins takes more than a month to add value. You can learn trading or find a better job to get constant income for your daily needs.

2. Not all altcoins are good for long term holding
Some altcoins are too weak to have better value overtime,these coins only add value to price once in a blue moon,WHY?because the power of demand is too low and they have no working product,i belief that working product is what makes a coin have many more investors

3.HODL Only Altcoins With Real Use Case
There are different categories of coins with use cases,many use case are weak use case,for example using fashion  designer to back a token is a weak use case to me because it means you can only use the token to buy the designer wears and many will call this a real use case? no it wont do very well.
Make sure that the real use case of every altcoins you hold will be very reasonable,the products backing them up must be something that is different and will catch the eye of investors,the usefulness  must be outstanding .

4. Stay Updated Always
Opportunity comes but once as many know it,so always stay updated about crypto,read crypto news online and keep tracks on your altcoins so that you wont miss future updated or even token swaps,some altcoins i hold have already switched to MainNet and im glad i dont missed the opportunity,you can use blockfolio app to track your altcoins.

Altcoin season is what many are waiting for,even new projects are waiting for altcoin season to return before they get listed on exchanges,im sure of one thing and that is good things dont come easily,today is bitcoin turn to reign and one day altcoins will have its day as well.

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August 11, 2019, 02:08:40 PM
 #2

Totally agree with you

The only thing I want to emphasize is number 3

3.HODL Only Altcoins With Real Use Case

There's no better tip than this one, people and devs write some beautiful whitepaper, launch a coin and try to sell to another people, but they can't asnwer the simple question: What problem you coin will solve?

They only want to lauch a coin, not solve anything, so it's not valuable in a future

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August 11, 2019, 02:17:23 PM
 #3

Totally agree with you

The only thing I want to emphasize is number 3

3.HODL Only Altcoins With Real Use Case

There's no better tip than this one, people and devs write some beautiful whitepaper, launch a coin and try to sell to another people, but they can't asnwer the simple question: What problem you coin will solve?

They only want to lauch a coin, not solve anything, so it's not valuable in a future

Thanks for your reply but i want you to know that many people have different  type of understanding  about REAL USE CASE for example

We know how popular deflationary tokens are now since early this year starting with BOMB token, but too many people on here thinks that all deflation tokens are tokens with real use case just because  of their deflation abilities which to me is nothing compared to the definition of Real use case

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August 11, 2019, 02:21:31 PM
 #4

Holding a coin is not the big deal. But cryptocurrency cannot be predicted. Since the price is not stable, if you want to invest, you must have atleast money to survive else you will lose and u will never see any gain on what youv invested on. Before you invest try to have more than enough else you will sell at worse rawe to survive..

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August 11, 2019, 02:45:11 PM
 #5

You should add more to prepare our mentality because sometimes not all of your plan will be going perfectly.
That means if anybody must try to not fallen in any FUD that can create big panic sell and this will be affecting their mentality.
Mentality is something needed in long term hodl.

 
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August 11, 2019, 03:46:19 PM
 #6

If you plan to be a long-term holder, I think you don't need to always be aware of any news because news are just making crypto versatile. You just need to do a deep fundamental research and believe that something will be big in the future.

 
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August 11, 2019, 03:48:03 PM
 #7

Your points are good regarding how to prepare for long term hold. Well, the very best virtue of a long term holder is patience. Holding some coins without indulging in other means of earning a living doesn't really make sense, since holding sometimes are not favorable ,we all know the risk involved. I'm a holder of some coins like ETH, TRX, ICX but I also trade. This keeps a steady inflow of funds, so that I don't rely entirely on my holdings.

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August 11, 2019, 04:48:03 PM
 #8

Note: This is not about how to identify good coins to HODL
This is about how you can be a good long term holder

1. You must have another source of income
Either in crypto space or outside crypto space you must have other source of income,there was a time when i used to rely on coins i hold for monthly income but most time they failed me because some altcoins takes more than a month to add value. You can learn trading or find a better job to get constant income for your daily needs.


Trading is the best source of income in the crypto space to earn profits to sustain the daily needs and forget a the altcoins in safety storages  If the holders decide to keep it as long term hold.


2. Not all altcoins are good for long term holding
Some altcoins are too weak to have better value overtime,these coins only add value to price once in a blue moon,WHY?because the power of demand is too low and they have no working product,i belief that working product is what makes a coin have many more investors
[/quote]


That's right choose altcoins in the top 10 to 20 listed at con market cap to make sure that's coins is strong and potentially to get uprise if bitcoin goes moving up.

3.HODL Only Altcoins With Real Use Case
There are different categories of coins with use cases,many use case are weak use case,for example using fashion  designer to back a token is a weak use case to me because it means you can only use the token to buy the designer wears and many will call this a real use case? no it wont do very well.
Make sure that the real use case of every altcoins you hold will be very reasonable,the products backing them up must be something that is different and will catch the eye of investors,the usefulness  must be outstanding .
[/quote]


Yes true there are many  different categories of altcoins depends of the devs, that why i advise to all long time choose altcoins is stable and strong in the market.


4. Stay Updated Always
Opportunity comes but once as many know it,so always stay updated about crypto,read crypto news online and keep tracks on your altcoins so that you wont miss future updated or even token swaps,some altcoins i hold have already switched to MainNet and im glad i dont missed the opportunity,you can use blockfolio app to track your altcoins.

Altcoin season is what many are waiting for,even new projects are waiting for altcoin season to return before they get listed on exchanges,im sure of one thing and that is good things dont come easily,today is bitcoin turn to reign and one day altcoins will have its day as well.

[/quote]


It's obvious people envolve working as traders need to stay updated for the price monitoriing in the market is one of the most important weapon of the traders to avoid lot of losses because of ignoring the price market monitoring.

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August 11, 2019, 04:53:04 PM
 #9

Nothing more to add, with all this clue, holding will be of great benefit for anybody who can follow all the hints stated in the article above. Well said, thanks alot for the update, I hope this will help all future holders.

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August 11, 2019, 05:09:20 PM
 #10

Note: This is not about how to identify good coins to HODL
This is about how you can be a good long term holder

1. You must have another source of income
Either in crypto space or outside crypto space you must have other source of income,there was a time when i used to rely on coins i hold for monthly income but most time they failed me because some altcoins takes more than a month to add value. You can learn trading or find a better job to get constant income for your daily needs.

2. Not all altcoins are good for long term holding
Some altcoins are too weak to have better value overtime,these coins only add value to price once in a blue moon,WHY?because the power of demand is too low and they have no working product,i belief that working product is what makes a coin have many more investors

3.HODL Only Altcoins With Real Use Case
There are different categories of coins with use cases,many use case are weak use case,for example using fashion  designer to back a token is a weak use case to me because it means you can only use the token to buy the designer wears and many will call this a real use case? no it wont do very well.
Make sure that the real use case of every altcoins you hold will be very reasonable,the products backing them up must be something that is different and will catch the eye of investors,the usefulness  must be outstanding .

4. Stay Updated Always
Opportunity comes but once as many know it,so always stay updated about crypto,read crypto news online and keep tracks on your altcoins so that you wont miss future updated or even token swaps,some altcoins i hold have already switched to MainNet and im glad i dont missed the opportunity,you can use blockfolio app to track your altcoins.

Altcoin season is what many are waiting for,even new projects are waiting for altcoin season to return before they get listed on exchanges,im sure of one thing and that is good things dont come easily,today is bitcoin turn to reign and one day altcoins will have its day as well.


Once upon a time I was in deep debt and I came out of it because of cryptocurrencies, cryptocurrencies gave me good income in late 2017 and early 2018 but with the downtrend value of most altcoins I was holding went down, it made me realize notto rely on crypto product completely although my primary source of income was my salary.
Holding cryptocurrencies should not be taken as full time income rather it should be taken as investment. If the amount is lost one should never regret. If it gives good profit than its a plus point.
Any project need time to get developed, if someone is holding any coin, it should be given enough time to grow.
One should keep accumulating altcoins by joining various promotional programmes like bounties, any of them may good profit with time.

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August 11, 2019, 05:22:15 PM
 #11

Seriously i don't think it requires any special skills to prepare for long term hodl, all you need to do is starch you hodlongs on offline wallet and stay off anything crypto related for about 2yrs or more, you will be surprised what you will find, i have experience it first hand and it was a nice surprise.

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August 11, 2019, 05:50:30 PM
 #12

5. Always follow the news surrounding the project you hold, many people has lost big money because of this, they tend to just lock the tokens away and not follow their news closely especially when it comes to token swaps, this has led many people into holding swapped coins that are useless.

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August 11, 2019, 05:55:18 PM
 #13

Can't be more reasonable!!!
:DDDD
For me:
1, invest what I willing to lose
2, a hard wallet
3, buy top alts
4, forget about it (Don't forget the private key also ^^)
Few years latter, there might be something special happen :DDDD

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August 11, 2019, 05:57:57 PM
 #14

You forget to mention the need to stay calm on the falling market, because in my opinion at this point 90 percent of all people are giving up. It is hard to see your portfolio decreasing in value, but remember that the market repeats itself every time.

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August 11, 2019, 05:59:23 PM
 #15

Note: This is not about how to identify good coins to HODL
This is about how you can be a good long term holder

1. You must have another source of income
Either in crypto space or outside crypto space you must have other source of income,there was a time when i used to rely on coins i hold for monthly income but most time they failed me because some altcoins takes more than a month to add value. You can learn trading or find a better job to get constant income for your daily needs.

2. Not all altcoins are good for long term holding
Some altcoins are too weak to have better value overtime,these coins only add value to price once in a blue moon,WHY?because the power of demand is too low and they have no working product,i belief that working product is what makes a coin have many more investors

3.HODL Only Altcoins With Real Use Case
There are different categories of coins with use cases,many use case are weak use case,for example using fashion  designer to back a token is a weak use case to me because it means you can only use the token to buy the designer wears and many will call this a real use case? no it wont do very well.
Make sure that the real use case of every altcoins you hold will be very reasonable,the products backing them up must be something that is different and will catch the eye of investors,the usefulness  must be outstanding .

4. Stay Updated Always
Opportunity comes but once as many know it,so always stay updated about crypto,read crypto news online and keep tracks on your altcoins so that you wont miss future updated or even token swaps,some altcoins i hold have already switched to MainNet and im glad i dont missed the opportunity,you can use blockfolio app to track your altcoins.

Altcoin season is what many are waiting for,even new projects are waiting for altcoin season to return before they get listed on exchanges,im sure of one thing and that is good things dont come easily,today is bitcoin turn to reign and one day altcoins will have its day as well.


To hold your cryptocurrency, the first thing you need is patience. Without patience, it's not possible to hold your altcoin or bitcoin. What ever is not a matter. Holding of good altcoin, only get you some profits.If you hold a worst altcoin, it's tends to lose of your money fully  in cryptocurrency.

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August 11, 2019, 06:09:28 PM
 #16

There is no better truth than this; you said it all and the time we start understanding this the better for us. Your No.2 says it all, not all altcoins are good for long term because with no use case nothing will drive the demand. I once came across a coin which has been in existence for years, although it's not in top 100 but what keeps driving the coin is the underlying technology etc.
Another point you made that is wonderful is No.4; most people just buy coins and go away only to come back and found out it is worthless. I think it's wise keeping track of all coins we hold.


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Rubick99
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August 11, 2019, 06:15:47 PM
 #17

One thing that you must know to buy altcoin for hold long-term, don't put your money to buy at the same rate. I mean after we have decided what coins that good to invest in, let's buy it gradually until we have the cheapest price. Also, you must have good money management to do it.

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August 11, 2019, 06:52:44 PM
 #18

If we are talking about this period of time - second half of 2019 - I would suggest not to hold anything in longterm. Buy some btc, some strong altcoins and wait fir the bullrun. When it cones, begin selling everything. You may lose your chance to earn here if you are going to play in a holder style now. This bull run may be the last one I think.

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August 11, 2019, 10:40:20 PM
 #19

Note: This is not about how to identify good coins to HODL
This is about how you can be a good long term holder

-snip-


Only Bitcoins can be stored for a long time, because this is the very coin that you can trust your capital for a long time. Some altcoins have a good chance of growing in the long run, but there is no guarantee that this will happen. But Bitcoin will always have prospects for growth.

 
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August 11, 2019, 10:52:01 PM
 #20

Holding coins do need careful planning and preparation. So that we as token holders can accept whatever risks and possible profits we will get later. These four things are indeed very important in holding. Especially about choosing the most appropriate coin for long term investment. I agree with the criteria for choosing coins that have real use in the future. Because of course if the product or platform is successfully made, then the value of the token will increase. And one more thing, our mentality must be strong with the risk that the coins might not last and then they will become dead coins. Because long term holding can take more than 1 year.

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