Convert or HODL?

[Wysi]

After recent dump is it still safe to hodl on to our existing bitcoin or convert it to USDT? I have just converted my bitcoin into USDT and I will be monitoring the market closely with multiple reminders to buy back when the value starts increasing so that I don't use my existing balance and eventually buyback more than I have right now? How many of you agree with my idea? Kindly share your suggestions.

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[AB de Royse777]

Not long ago Bitcoin price was $3.3k. There were people who held. Bitcoin was over $10k, people held. Bitcoin was over $19k, people held.

So I do not think there is any reason to convert unless you are very sure that USD price will go down more and you can buy at cheap.

Just HOLD!

[Oasisman]

Why do you need to convert it? You doubt Bitcoin will going to have zero value? Or you can't stand looking at the price dump so hard? I mean the wisest choice is always "hold" until you reach the target range.
You will never know when will the market starts to pump even if you're monitoring the market regularly.
In fact, it is an opportunity to buy more during the price declines.

[Twentyonepaylots]

Always hodl, the spikes come fast a furious without warning, converting is just asking to lose out. Don't lose out.

Definitely, if you want to get out of the current situation because it isn't ideal then don't regret if it comes back and recover.

It all depends on you, if you really need your money badly then you can just pull it out with the value lesser than what it is back then. Converting now with the prices at the ground might be a crazy decision, so I guess holding is better. But converting and pulling out is good when you don't want to lose more, and re-enter when the market is giving a good sign of increasing.

[Rengga Jati]

Sure, I will HOLD. With the current drop: https://coinmarketcap.com/currencies/bitcoin/, the Bitcoin price is only about $7,800. It is too late if you want to convert to USDT now, why you didn't do it when the price was still above $9,000. I think it will be wiser to hold now than convert it at a low price. Better to hold and wait for the next rising moment.

[boyptc]

You should have done the conversion earlier but it seems too late. I will hold no matter how long this correction will take place. We can build our own strategy which will be comfortable for us so if that's effective and you are comfortable with that strategy, I understand you.

But I have never considered converting it to USDT.

[joniboini]

The answer depends a lot on each one context. If you need the money and need it quickly, but you don't have any money left, then holding would be terrible. On the other hand, recklessly selling the coins you just accumulate since a week ago is also a terrible move.

Ask a financial expert or better outline your financial life first before asking here. I bet you won't find answer here as most of them are just common sense.

[GreatArkansas]

This is the time for those people who telling before when Bitcoin pumps above $12,000 - "I'll buy at $9,000". So when Bitcoin visits again $9,000 and below, here are they afraid and feeling so down.
For what I experienced in this recent dump, I still don't sell my Bitcoins and still accumulating more. I understand the situation right now, it's not only in Bitcoin, but in almost markets worldwide, accumulation time.

[Twinkledoe]

The answer depends a lot on each one context. If you need the money and need it quickly, but you don't have any money left, then holding would be terrible. On the other hand, recklessly selling the coins you just accumulate since a week ago is also a terrible move.

Ask a financial expert or better outline your financial life first before asking here. I bet you won't find answer here as most of them are just common sense.

Totally agree! It depends on your current financial situation. If you have dire need of selling it because you need to pay your bills and food, and you still are holding, I don't think that's a good choice. Are you going to borrow money but you have crypto on hand? It's your choice! People here have different situations, so they will answer according to what they think is right but not really applicable to all.

[cryptoperkele]

After recent dump is it still safe to hodl on to our existing bitcoin or convert it to USDT? I have just converted my bitcoin into USDT and I will be monitoring the market closely with multiple reminders to buy back when the value starts increasing so that I don't use my existing balance and eventually buyback more than I have right now? How many of you agree with my idea? Kindly share your suggestions.

Are you saying that you think it could go lower? What's your chart for that? I wouldn't sell anymore. I think we are in the major resistance level.

[DarkDays]

I'm staying well away from the market right now. It's too uncertain.

I recommend placing some buy orders above strong resistance zones, e.g. $10,000, $13,000 etc.

No point playing around in the market right now unless you're scalping or arbing. It's just asking to get rekt.

[bhabygrim]

It would all depends on you if you think that BTC would continue to fall then convert and buy back at a low price.
But if you think that it would start to go up soon then why would you even convert?
And if you couldn't decide or doesn't know what to do then I suggest to just hold your BTC instead of converting it.

[Agios]

I think, because the price of Bitcoin is below $ 8k, it's better to hodl it than to exchange it with stable coins like USDT, but if you dare to speculate it can sell / exchange at current prices, and wait until tomorrow or a few days later until the price of Bitcoin goes back below $ 7500 , you can buy or exchange it again.

[rhomelmabini]

HODL if you want your coins not to lose even a satoshi. Convert if you think you can get more from your current balance right now. As what @kingcolex just said if you convert it then an unexpected spike comes you'll probably lose more sats. Both are not a bad thing to do but if you can take the risks then at least try it but always remember "always risks what you can afford to lose".

[meanwords]

Dude, why would you convert? this is probably a good price to buy more then wait until we reach $10,000 again. Why would you think that we wouldn't reach that price again when it was proven that Bitcoin could do it. The only reason why we are being held at around $9,000-$10,000 was because of the plustoken scam that is selling his Bitcoin since august. Just a few days ago, they already sold their most Bitcoin and with that, I'm sure the recovery will happen. Just hold and you won't lost anything.

If you are still deciding to do so, just relax for a bit and stay away from crypto and you'll be surprised and glad that you didn't panic sell.

[TheUltraElite]

I think, because the price of Bitcoin is below $ 8k, it's better to hodl it than to exchange it with stable coins like USDT, but if you dare to speculate it can sell / exchange at current prices, and wait until tomorrow or a few days later until the price of Bitcoin goes back below $ 7500 , you can buy or exchange it again.

Price currently shows a downtrend towards 7k though. If you had fiat to hold this would be a good time to buy based on indicators showing "oversold". Don't know about holding stable coins though, while bear market is going on.

Converting is needed if you want to keep the cash flow going. If you hodl stubbornly then it is your loss only. Recycle the money at the proper points and then use those lots to keep the trading going.

[pooya87]

After recent dump is it still safe to hodl on to our existing bitcoin or convert it to USDT?

first of all if you want to convert bitcoin to anything it must always be to fiat and not a centralized altcoin. specially not something as shady and risky as tether!

secondly whenever you see a big drop and want to think about selling you must do it in early minutes or hours of the drop and not 3 days after the drop started and price went down already. right now you have no way of knowing whether there is any more drops or not because there is no reason for it and there has already been a 30% drop which you missed. selling now is taking a huge risk.

[20kevin20]

The markets always went against my trades. I have no idea why the hell that happens, I may be extremely unlucky. Now I'd rather not trade at all than try my luck, because a simple paper calculus shows how much of a profit I could've made doing nothing and just letting my money sit in BTC..

[taufik123]

Convert or Hold is your personal choice.
I don't think holding it will be a problem if you already have a target price you want to achieve, the most important is the money you use, not the money you need at any time. Hold a few bitcoins and convert a few in USDT to make a backup.

Reserves are used to make buybacks at lower prices so that you will have more BTC at lower prices.
Hold and set targets, do not become weak hands by doing Cutloss, train your mentality, so that the target can be achieved.

[mahilchii]

In this tough market situation it's better to hold rather than selling in hurry, after this major drop panic sell has been extreme. Also buying BTC at this moment will be a great decision because you can sell them when it's price increases, BTC curve shows it the price may go down and anything can happen so just hold and wait for your turn.