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Author Topic: I Sold 2BTC at $3,000 and BTC Bumped to $10,000  (Read 1224 times)
dantee1
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August 18, 2019, 08:17:09 AM
Last edit: September 11, 2019, 07:04:57 PM by dantee1
Merited by Royse777 (5), vapourminer (1), BitcoinFX (1), Pab (1), lolxxxx (1), mjglqw (1), hugeblack (1), o_e_l_e_o (1), tanjiran (1), Fedice (1)
 #1

I got the 2BTC from a business deal around January this year. I knew that Bitcoin was going to bump anytime soon but still went ahead to sell at $3,000+ each. Why did I sell at such a ridiculously low rate when I could have gotten x3 of the value if I waited for few more months?

I was away in Dubai for work while my family were staying back home in my country. They were 100% dependent on me for food and sustenance. Allowing the BTC to sit in my wallet while my family suffers was not an option. So, I decided to sell and solve my immediate problems, to feed and cater for them. Did I make the wrong or right decision?

Well, no doubt I would have gotten $20,000+ if I retained the coin till now, but what if my family died of hunger? Money is as good as the problem it's able to solve. That's the lesson I want everyone to learn this. Very too often, I see people advising not to sell your Bitcoin, that you will gain more if you hold on and sell at later times. While that may be true, you still need to understand that Bitcoin is supposed to be money, not investment asset. It is meant to be spent on daily basis, to solve problems, and to be in constant circulation.

The idea of hoarding Bitcoin and other Cryptocurrencies, waiting to sell at later times for higher returns is the reason Crypto is slow to adoption in mainstream transactions. Anyone who gets it try to hold on to it, as long as possible, thereby depriving the market the needed circulation to keep the currency viable and acceptable.

I once heard of a man who had Bitcoin and was sick. People advised him to sell and get the needed cure but he decided to endure the sickness and wait until the price goes up. He died of the illness and the Bitcoin was rendered useless, with no one having access to it.  

Have you ever sold your BTC at low rate and it later bumped and you were regretting...?

Just understand that there is hardly a better time to sell your Bitcoin. Anytime you sell (at any amount) is a better time, provided you use the money wisely.

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August 18, 2019, 08:49:32 AM
 #2

There is a same story for most of the people involved in cryptocurrencies. Some people need money and have to sell their bitcoins and some people panic sell. You have sold your bitcoins at 3000 dollar. There are many people who have sold their bitcoin at 1000 dollar, 200 dollar, 100 dollar and even 1 dollar. People do not now what will be the price tomorrow. Do not blame yourself and try to earn some bitcoin.

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August 18, 2019, 09:21:40 AM
 #3

Oh man, You still are good, Some of us sold under 1K!!! But never mind, there is still time and space to grow.

Right now I have put it all on into some crazy ALT...Double or nothing. I nearly lost it all, now is gonna be time to shine Cheesy

Buy BITCOIN and HOLD for life !

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Mulann2
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August 18, 2019, 09:29:22 AM
Last edit: August 18, 2019, 09:57:31 AM by Mulann2
 #4

There is no need to feel guilty or bad at all, at least you sold the 2 btc to solve a personal problem not just lavish it on irrelevant stuffs that won;t benefit you, you where able to help your family through a difficult times by selling your coins is commendable, it shows you care about the welfare your family and not just interested in money, of-course, you would have made 2x of the money if you held but who would hodl btc for a higher price and watch his/her family suffers Huh

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August 18, 2019, 09:46:11 AM
 #5

Quote
I was away in Dubai for work while my family were staying back home in my home country. They were 100% dependent on me for food and sustenance. Allowing the BTC to sit in my wallet while my family suffers was not an option. So, I decided to sell and solve my immediate problem to feed and cater for them. Did I make the wrong or right decision?

You have taken the absolute right decision at the right time! Family comes first and nothing comes in between for a mere percentage of monetary gain! I have seen a lot of new generation people don't give a damn about their families. They even call their father "the old man"! I am glad that you are able to support your family when they need it. Never think of anything else or regret for what you have done. A good deed is worth more than some money and you have done just the same!

Quote
Have you ever sold your BTC at low rate and it later bumped and you were regretting...?

If you remember why we celebrate "bitcoin pizza day" then you will understand the true meaning of regretting. But there's another part of the story,

https://www.finder.com.au/bitcoin-pizza-guy-i-regret-nothing-also-satoshi-was-a-weirdo

This man could have earned 800 million USD for the cost of two pizzas that he spent in Papa John's restaurant! I sold a lot of bitcoins at $3000 to sustain my families but I don't regret because the time demanded me to take that action! There's no point regretting about it!

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August 18, 2019, 09:54:35 AM
 #6

While that may be true, you still need to understand that Bitcoin is supposed to be money, not investment asset. It is meant to be spent on daily basis, to solve problems, and to be in constant circulation.
Big surges and drops in price are driven by pure speculation. Long term, steady, and sustained price increases are driven by adoption. If everyone in this space did nothing but hold and never use bitcoin, adoption would cease, growth would reverse, and the price would fall. The price depends on people using bitcoin, and those who do nothing but hold it aren't contributing to its growth.

As you say, bitcoin is first and foremost a currency. Use it. Spend it. Talk to merchants and retailers about accepting it. Pay your friends with it. Replenish what you've spent by buying or earning more if you don't want to deplete your stack. Spend more time learning and discussing why it is better than fiat, rather than just talking nonsense like "When moon?".

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August 18, 2019, 10:03:15 AM
 #7

Yes i have sold my bitcoin at lower price because i have been in hard condition related to my health
You did good choice money is just a money our life is much more important
I am on Telegram trading group what are making daily trading .His life is not sleep and is divided by short and long btc. Very nice people guided by one of the best trader but is very often that they are losing his life
I think that you have good choice and thanks for sharing your experience
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August 18, 2019, 10:18:03 AM
 #8

I got the 2BTC from a business deal around January this year. I knew that Bitcoin was going to bump anytime soon but still went ahead to sell at $3,000+ each. Why did I sell at such a ridiculously low rate when I could have gotten x3 of the value if I had waited for few more months?

You coins, your decision - I don't think finding other people's opinions in situations like this really matters. But I do not get one part of your story, you work in Dubai, and you get pay for your work? So why you did not use that money to take care of your family? From what I see you work and get pay in BTC, now you are sorry that you had to sell that BTC in wrong time?

You had an option to sell only 1 BTC, but for some reason you sell both - there is no way back now. Maybe you will make a new business deal again and get some BTC again, it is never late to invest in BTC.

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August 18, 2019, 10:28:46 AM
Merited by vapourminer (1)
 #9

Without a seller, there's no buyer. And sure, you could have held on and made more, just as easily lost aome.

I make all my income in Bitcoin and a smattering of other crypto, so I have to sell every fixed period to pay bills and eat... I've found that on a rough average, when I try to time sells to get the better price, the times I make more even out with the times I make less.

Essentially, if you need the money, just sell as and when you can. It all works out the same in the end!

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August 18, 2019, 10:40:42 AM
 #10

Did I make the wrong or right decision?
you didn't make a wrong decision by selling. sometimes we all are forced to liquidate things we  don't want to.
however the huge mistake you made was NOT BUYING BACK after you saw the rise. despite what your title says price didn't "bump" to $10k. it slowly went up from $3k to $10k over about 7 months. in other words you stayed around and did nothing for 200 days while bitcoin was rising. and that was the big mistake you made.

Quote
Well, no doubt I would have gotten $20,000+ if I had retained the coin till now, but what if my family died of hunger?
you don't need to invest your entire networth in bitcoin! it is not all in or nothing situation. you can always invest a little, aka as much as you can afford to lose.

Quote
The idea of hoarding Bitcoin and other Cryptocurrencies,
no other altcoin has ever done well in the long term!

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August 18, 2019, 10:53:00 AM
 #11

Impressive and I just could not help to send you 5 merits out of 6 sMerits I had.

The idea of hoarding Bitcoin and other Cryptocurrencies, waiting to sell at later times for higher returns is the reason Crypto is slow to be adopted in mainstream transactions. Anyone who gets it try to hold on to it, as long as possible, thereby depriving the market the needed circulation to keep these currencies viable and acceptable.  

This is a hard call even I am also mostly trapped here. I do sell my BTC when needed but most of my coins are in hold with this hope that price will spike and I will sell them then.

I think us the community needs a completely different mindset, culture to grow to help Bitcoin to be used for daily life trade. Those who believe in Bitcoin they can buy it whenever they will have cash and instead of spending from the cash, spend Bitcoin when a merchant accept it.

Yes we have high fees, transaction delay etc etc are there but once we start using it for daily life trade then I think we will get used to it. Perhaps people will accept Lightening payment more seriously.

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dantee1
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August 18, 2019, 11:21:00 AM
Last edit: August 22, 2019, 05:39:19 AM by dantee1
 #12

Impressive and I just could not help to send you 5 merits out of 6 sMerits I had.

The idea of hoarding Bitcoin and other Cryptocurrencies, waiting to sell at later times for higher returns is the reason Crypto is slow to be adopted in mainstream transactions. Anyone who gets it try to hold on to it, as long as possible, thereby depriving the market the needed circulation to keep these currencies viable and acceptable.  

This is a hard call even I am also mostly trapped here. I do sell my BTC when needed but most of my coins are in hold with this hope that price will spike and I will sell them then.

I think us the community needs a completely different mindset, culture to grow to help Bitcoin to be used for daily life trade. Those who believe in Bitcoin they can buy it whenever they will have cash and instead of spending from the cash, spend Bitcoin when a merchant accept it.

Yes we have high fees, transaction delay etc etc are there but once we start using it for daily life trade then I think we will get used to it. Perhaps people will accept Lightening payment more seriously.

Thank you @Royse777 for the selfless gift. I am truly grateful for the appreciation. And for understanding the context of my post  Grin Grin

If Bitcoin is to thrive, we are the ones to drive that adoption by pushing it into the mainstream commerce. While holding it my be profitable in a short term, It may not be good for the over all Crypto growths. We need to let loose and free it into circulation. After all, Bitcoin is money, and money comes in and goes out on daily basis.

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dantee1
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August 18, 2019, 11:29:17 AM
 #13

so my question is, do you have BTC again?
regret always comes later. why do you sell everything if there is a choice to sell half of it?

Yes, I still have some tiny pieces here and there but nowhere near the 2BTC. I had no choice to sell half and leave half and there was no means to raise dollar loan. Don't forget that getting loans to hold on to Bitcoin is risky too, because you never can tell (for certainty) the direction it will go at any point in time. So I had to sell all to meet my needs.

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August 18, 2019, 11:45:25 AM
 #14

I see it from a deeper point of view, buying and waiting for the price to rise is not a useless strategy or counter to the idea of BTC as a currency, but it is limited to the need, money created to meet the needs.
Speculation is what makes it difficult to use it in everyday life. Many people are speculating through bots for nothing but profit.
I have not thought of selling yet, but I think the price of $ 13,000 is a good price and I may sell once that number is exceeded.

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August 18, 2019, 11:48:25 AM
 #15

Big surge and drop in price is common with cryptocurrencies. I encountered similar thing, but it was quite a low amount compared to 2 bitcoin. My friend started a business, he asked me for help. I sold 0.5 bitcoin when the price was close to $5000. Within few days of time the price started to increase regularly reaching a value as high as $14000. As OP stated hoarding might profit with a big earning, but helping in need gives a big satisfaction.




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August 18, 2019, 11:52:46 AM
 #16

While that may be true, you still need to understand that Bitcoin is supposed to be money, not investment asset. It is meant to be spent on daily basis, to solve problems, and to be in constant circulation.
Big surges and drops in price are driven by pure speculation. Long term, steady, and sustained price increases are driven by adoption. If everyone in this space did nothing but hold and never use bitcoin, adoption would cease, growth would reverse, and the price would fall. The price depends on people using bitcoin, and those who do nothing but hold it aren't contributing to its growth.

As you say, bitcoin is first and foremost a currency. Use it. Spend it. Talk to merchants and retailers about accepting it. Pay your friends with it. Replenish what you've spent by buying or earning more if you don't want to deplete your stack. Spend more time learning and discussing why it is better than fiat, rather than just talking nonsense like "When moon?".

You got the point 100% correct. Without the usage, adoption would be slow or even ceases completely. Turning Bitcoin into an investment asset is not healthy to the currency. At least, while we hold some little percentage, let's release the bulk into circulation.

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August 18, 2019, 11:58:09 AM
 #17

I am on Telegram trading group what are making daily trading .His life is not sleep and is divided by short and long btc. Very nice people guided by one of the best trader but is very often that they are losing his life
I think that you have good choice and thanks for sharing your experience

You made a great choice buddy, health is wealth. Please, tell us more about the Telegram Trading Group. What do they do and how?

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August 18, 2019, 12:08:18 PM
 #18

Well, daily needs must take precedence, especially with regard to family and we are the only hope. I myself am the same as you, when there is an urgent need and my savings are not enough then I will give up my bitcoin. Actually those who say to invest and continue to hold bitcoin, it's not entirely wrong, it's just that they are not smart enough to understand, invest in part and save some for daily needs, I think this is the right one. But no, most people understand to invest everything so that when they are in a big situation they have to give up their investment.

so my question is, do you have BTC again?
regret always comes later. why do you sell everything if there is a choice to sell half of it?

Yes, I still have some tiny pieces here and there but nowhere near the 2BTC. I had no choice to sell half and leave half and there was no means to raise dollar loan. Don't forget that getting loans to hold on to Bitcoin is risky too, because you never can tell (for certainty) the direction it will go at any point in time. So I had to sell all to meet my needs.

You sell 2 BTC at $3000, which means you get $6000. Is the cost of living in your country very high? why don't you try to sell only what you need, not all of it, you won't use $ 6000 in one day right? So I mean, you can still enjoy trading and bitcoin increase for several weeks.




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August 18, 2019, 12:13:14 PM
 #19

Everything that we have, it always starts with an idea. One person could say that you HODL this one, and the other, sell it. No matter what decision you make, make sure you don't regret it because you decided on it. No matter the choices you have, it's best to consider what you are going through. Don't regret that, especially because you used the money for the right reasons. Imagine if you were that man you are talking about, died because of waiting for the price to go up, it would make your family feel even worse.

I did sell my BTC at a low rate and thinking that I should've just waited on the price to go up. My transaction wasn't that critical, but I bought a bag for 0.04 BTC ~ 100 USD (at that time) and somehow regretted it but now, I see it as a lesson that you should wait (depending on the event) and every time I use that bag, it's worth more than what I paid for, it's an expensive bag.




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August 18, 2019, 12:14:51 PM
 #20

I am on Telegram trading group what are making daily trading .His life is not sleep and is divided by short and long btc. Very nice people guided by one of the best trader but is very often that they are losing his life
I think that you have good choice and thanks for sharing your experience

You made a great choice buddy, health is wealth. Please, tell us more about the Telegram Trading Group. What do they do and how?
Healthy is wealth but you must not depend to anyone because they can give you any signal that can make you lose money, a very risky way of investing I believe. I do sold my bitcoin at a cheaper price but i don’t regret doing that, i choose that and I know selling your bitcoin is always ok depends on your needs. Buy and sell at your own and trade responsibly its like drinkih alcohol for sure.

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