How to prepare for long term HODL

[Furryball]

As hard as it seem today in crypto world, its still possible to turn your 800$ worth of coin to millions if you invest in very good coin, the idea of buying when price are cheap and hold for few years is the best i can ever think of, many did it and it works for them

[breathlessz]

what I prepare for hold is mentally prepared for long-term hold. besides looking for other income from crypto. mentally very needed in this case.

I think you need to control your capital before investing in the long term because during that time you can only wait for that coin to rise so be careful. In my opinion right now is suitable for long term investment and you should plan in the most detailed way to ensure you can make a profit when you want to sell. In addition, you should also buy a hardware wallet to keep the property because this wallet is often used by a lot of people.

besides that we must prepare psychology so as not to panic when floating. although it seems easy but a lot of people panic when fluctuations occur, therefore because of this long-term investment, then don't look too often at the market so we don't feel panicked when floating plus or minus

[setialovers]

point no 1 between trading and also work in the real world, if you have knowledge about trading then it is a good way to get daily benefits besides investing in the long term. and in the real world you don't need to worry because you have a steady income every month.

The next most important point is that you invest with coins that have good price developments, and don't forget to always renew your investment, because not all coins can survive in the market.

by having income from other places, the investment will be more flexible because the funds used are not daily funds. but with the investment conditions must be really promising and do not forget to update existing data.

When we use idle money to invest, then we will be calmer and not easily panic. Investing in the long term requires a strong mentality because price fluctuations always occur and this can affect our decision to sell.

[anjiitem]

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.

The things you say are indeed needed to prepare a long-term investment. Do not just depend on the investment you make, because sometimes we need other income for at least we use it in trading in order to get income and do not rush in choosing coins to invest in the long term and continue to observe updates or news about the coins you invest.

[Pamadar]

As hard as it seem today in crypto world, its still possible to turn your 800$ worth of coin to millions if you invest in very good coin, the idea of buying when price are cheap and hold for few years is the best i can ever think of, many did it and it works for them

From the past, many investors who entrust their money investing to this market received huge rewards after that 2017 pumped. Preparing yourself
with holding assets that are cheap by now but still have a good potential to bounce back, do your research and not just to spend your money investing to project that you don't have any ideas, the way to earn from this market is to keep trying to find what suitable coins that will be beneficial to hold
for long term progress.

[slaman29]

If you want to be prepared for long term hold without worrying about the safety of your cryptocurrencies then you should buy a hardware wallet. Nano Ledger wallet is one of the best hardware wallet in my opinion and that is the best way to preserve a cryptocurrency for long term hold since it is very secure and you really have your cryptocurrency since it is on your hands.

I think there are way too many things you should do before you buy a hardware wallet. Learn to use a light client first, learn how to set fees, how to RBF and all that.

I've seen too many people just go out and buy a hardware wallet only to either lose it or forget the seed or private key.

Yeah, so secure even you can't access it forever.

[rowenta01]

If you want to be prepared for long term hold without worrying about the safety of your cryptocurrencies then you should buy a hardware wallet. Nano Ledger wallet is one of the best hardware wallet in my opinion and that is the best way to preserve a cryptocurrency for long term hold since it is very secure and you really have your cryptocurrency since it is on your hands.

I think there are way too many things you should do before you buy a hardware wallet. Learn to use a light client first, learn how to set fees, how to RBF and all that.

I've seen too many people just go out and buy a hardware wallet only to either lose it or forget the seed or private key.

Yeah, so secure even you can't access it forever.

Hold that projects that have a real use is an error for me.

Watch Verge, Pivx, Neo, Dogecoin, Nexus, Cloakcoin, ... It's an analysis error ..

You need to hold the lowcap / altcoin that can generate the most FOMO and hype. It's very different. Personally I do not care about the use case .. On the other hand if I see that the project develops issues that can generate strong speculation then I buy.

The next hype / fomo could be:

Mimblewimble technology (Beam, Grin, Bitgrin,...)
A new consensus (ex: Nyzo)
Non-collateralised Stablecoin (Haven Protocol, Bitcash, Triton, RSR, ...)
Full anonymity by default (Veil, Piratechain, ...)
Security token
To simplify bitcoin, more refined (Cruzbit for example)
The resisting quantum altcoins (Snowblossom, Mochimo, ...)
A new type of masternode (Sinovate)

The old hype 2016/2017 was these themes:

Zerocash and zerocoin technology (Zcash, Zclassic, Zencash, private Bitcoin, Zcoin, and many other forks, ...)
Masternodes (Pivx, Smartcash, Zencash, ...)
The next Ethereum (Neo, Ark, Qtum, Waves, Stratis, ...)
the DPOS consensus (Neo, Ark, Cadano, Rise, ...)
BTC fork (Bitcash, Bitcoin Gold, Bitcoin Diamond, Bitcoin private, ...)
Integrated Tor (Verge, Kore, Deeponion, ...)
Token exchange (BNB, Huobi Token, Bibox, and many others, ...)

That's how I look for the next jewels!

[isaac_clarke22]

Oh well. Some people tend to stick to their investments as their main source of income, say for example that the unstable price of Bitcoin becomes their main source of income.
I tend to just keep my savings whenever I invest on something. When I do feel like a coin is about to hit the floor, I put a part from my savings in here. I still use fiat anyway at most so there's that for not being driven by emotion when there will be a time that panic is gonna be common for a certain trend.

[yulionoo]

I agree with the OP that everything OP said is true, we must have a good plan and careful preparation in making long-term investments. I will add one more thing: we must also prepare a strong mentality when the expectations we want do not match expectations. because the cryptocurrency market is very volatile. and long-term investment also does not guarantee we will get a profit. therefore some of us always recommend investing as much as you can afford to lose.

[gwaposakon]

you have a good point there. Long term hodling is a very profitable crypto activity that requires good discipline and patience. So, proper preparation is needed. Your four points are indeed relatable when long term hodling. IO would give emphasis on researching and knowing deeply the project that you plan to invest to make your longterm investment more probability of success.

[tambok]

Not everyone of us is ready to HODL for long term and I've been struggling in that too during when I was newbie here, so what I did is just holding some amount of Bitcoins I am earning, every payday of campaign, I am separating some of my BTC to other wallet, also when I am earning in trading, separating fund from it too, so I will hold it until 5-10 years depending of the value.

[zabir.brutov]

I would say that you should buy a ledger wallet, store your passwords and secret phrases on paper, and just leave it somewhere you do not have access to for a year or more. So you would not even think about selling your coins.

[dnsokoljuk]

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.

All this advises are really helpful and I also think that need to invest only that sume - what you ready to lose.

[bohr]

If you want to be prepared for long term hold without worrying about the safety of your cryptocurrencies then you should buy a hardware wallet. Nano Ledger wallet is one of the best hardware wallet in my opinion and that is the best way to preserve a cryptocurrency for long term hold since it is very secure and you really have your cryptocurrency since it is on your hands.

Good advice, you cannot really be a long term holder if you are holding your coins in an online wallet, your coins will always be at risk of hackers and you will always be worried about the safety of your coins, so the best way to solve this issue by far is to buy a hardware wallet, hardware wallets are relatively inexpensive especially if we consider all the advantages they have over software wallets and the peace of mind that they give you since you know that your coins are safe.

[rmhuntley]

I agree not all good altcoins to hold especially for long-term investments. But there are some altcoins that I think are good for long-term durability such as XLM, XRP, BNB, ETH, LTC and BCH. Besides the altcoins I play daily trades.

[Oneandpure]

I agree not all good altcoins to hold especially for long-term investments. But there are some altcoins that I think are good for long-term durability such as XLM, XRP, BNB, ETH, LTC and BCH. Besides the altcoins I play daily trades.

First time most important thing when you want to prepare for long term hold is buy potential altcoin like XLM, XRP, ETH or LTC, although you hold for several years later but only buy shit coin you waste your investing without get profit because buy and invest whit coin without can't raise to higher price anymore, have opportunity to invest with altcoin above.

[cryptothreads]

I agree not all good altcoins to hold especially for long-term investments. But there are some altcoins that I think are good for long-term durability such as XLM, XRP, BNB, ETH, LTC and BCH. Besides the altcoins I play daily trades.

I think every investor will have a different choice when investing in the long term because these are old coins so the price increase will usually occur very rarely during this time. In my opinion you should look for some new coins that have just appeared this year and learn about that project before long term investment. Currently some new coins BTT, KAVA, ATOM, MATIC, TOKO are just appeared in this year and have great potential if hold.

Of course these are very risky options and you should consider 2 times because if the market tends to fall, you will not be able to make a profit in investment.

[Gens09]

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.

Study and research about the token that you are going to hold in the market. Pick a recommended bitcoin wallet or wallet that you are going to use you could easily check a token in its price chart if the token is at its lowest price in the history if it is it is a good opportunity to invest also I would only recommend popular altcoin token and bitcoin as the market for other altcoins was already dead.

[minairia3]

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.

Agrees to this. Maybe I can consider eth and xrp for long term but I wouldn't really bother to hold some altcoins and even monitor them everyday. I think only bitcoin can be safely hold for a very long time due to its massive use cases already. I know it will be here for a long time even 10yrs from now. Who knows how much price it will jump right? Maybe 10x its current price now or more.

[Twinkledoe]

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.

Agrees to this. Maybe I can consider eth and xrp for long term but I wouldn't really bother to hold some altcoins and even monitor them everyday. I think only bitcoin can be safely hold for a very long time due to its massive use cases already. I know it will be here for a long time even 10yrs from now. Who knows how much price it will jump right? Maybe 10x its current price now or more.

Definitely I would go for bitcoin also for long term holding. Alts come and go, yet bitcoin still holds its ground up until now. We may experience the up and down movement but it is the only market that sustain its position. But of course, you need to be prepared for what the future may come also. We have no assurance that everything goes well with your investments.