Bitcoin can play tricks on your mind

[tinopener]

After this latest run I thought about taking profit to get my original stake back, which is about 25% of the current value.

But then I start thinking "No, that 25% could eventually be worth many times more in a few years...".

... but then I think "What if bitcoin crashes to zero, isn't it best to take my original stake out now?"

... and then I think "no, don't bother, if it does crash to zero, it won't happen in a flash, and you could still take your original stake out on the way down."

Sheesh! Apart from Bitcoin, I've always bought risky shares, and I've gambled on sports... but I've never suffered these sort of mind games as you do with Bitcoin, and I imagine the only similar thing is penny stocks.

Does anyone else play these scenarios out in their head?

[Hamphser]

All of us would really be having those kind of doubts in their minds where we dont know on where prices can possibly end up.If we do saw that we are already profiting
then we have those thoughts that we should really cash it out instead of getting those profits back into negatives when the price tend to revert or go to the opposite side.
If you do come into this market and have that only one goal is go HODL! then you wont really be bothered on these things.You would hold no matter what and what price
you had bought your coins.You do aim for more years to come and wait for that significant target that you've been or all of us waiting.

[Zemomtum]

There is no possibility of Bitcoin crashing to zero. You just needs to be cautious and not be taken away with the present surge in price. Where possible, always take profit.

[Baofeng]

That's why being a holder is a mental game, you really need to be tough as nail because for sure those ideas are going to pop in your mind. So psychologically, it will be a battle inside of you. But you are going to overcome it eventually. You will just have to think of the long term scenario. Just think of how many early bag holders have regrets selling their bitcoin prematurely, specially seeing two bull runs. So there could be more bull runs to come. So look for the long haul.

[Japinat]

I certainly drag you into doubts if you will keep asking yourself about "What If?" You can't live crypto with that but making you out, you can't make the right decision if you feel like that. I suggest to OP is to keep calm in every dump you see, avoid FOMO, and you should trust Bitcoin.

You can certainly hear bad news around, ignoring them is the best solution to make you straight of what you are aiming to happen. You can't expect a good result if you keep bothering your mind with doubts. Just think about the positive sides and tried to know the life of successful Bitcoiners.

[TravelMug]

Does anyone else play these scenarios out in their head?

Yes, definitely it's normal for us to think about different scenarios in our mind, specially if you are about to sleep, that's why there are people who says that crypto is dangerous to our health, Lol. Other's though just eat, sleep and trade.

But I would say it is normal though, every investments not just in crypto will give this kind of effect. It's really up to you, how you responds with this kind of mind tricks. If you are weak then and emotionally then definitely you might push the sell button the moment you see your profits going down. But your scenario though of bitcoin going to 0 is slim, so you have nothing to worry about.

[Casdinyard]

Yeah had these scenarios for 7 years and haven't cashed out a bit. HODL!

Indeed! If you are that worried about something, let it go. Do not wait for that thing to consume you afterwards. 7 long years were surely tough.

 What you have experienced are also evident to other investment and even in gambling. That's simply taking the risk. But I want to know, have you earned your profit yet? That should be the highlight in order to be inspirational in the eyes of other investors especially in this industry.

[DannyHamilton]

Does anyone else play these scenarios out in their head?

It's been hell for 9 years.  It doesn't get any better.

Then, this one happens too...

Oh my, my dog has fallen ill.  I need $500 to pay the vet, and I just don't have it in my bank account right now.  Oh! I've got a Bitcoin and it's worth $500!  I'll sell the Bitcoin and pay the vet, then I'll buy back the Bitcoin over time instead of paying interest on a credit card.  Brilliant!

1 year later...

Bitcoin price has been going up faster than I can buy it back.  I've spent $1500 trying to buy back that 1 Bitcoin, and so far I've only managed to buy back 0.1 Bitcoin.  Bitcoin is currently worth $20,000 per bitcoin?! So my $1500 spent has grown by $500 to $2000 in value, but that means (compared to if I had just skipped the treatment and euthanized the dog) that dog cost me $19,000!?!?!

Comparison:

• Use bitcoin to pay vet, spend $1500 to buy back 0.1 bitcon, bitcoin value grows $500 to $2000 in bitcoin value. Result = 1 dog + $500 growth
• Euthanize dog, keep $500 bitcoin, bitcoin grows $19,500 to $20,000. Result = 0 dogs + $19,500 growth
• $19,500 - $500 = value of dog ($19,000)

That's one expensive dog!

Now everytime I spend ANYTHING, I have to stop and think...  Well, if I bought bitcoin with that money INSTEAD of whatever I'm about to spend it on, and Bitcoin increases 100X in the next few years, then I'll effectively have spent 100X as much for that thing I was about to spend money on (since I could have had that bitcoin growth instead of that thing).  Is that thing worth (a few years from now) 100X the amount I'm about to spend on it?

Buying a $5 cup of coffee?  You could have bought $5 worth of bitcoin that might grow to $500!  Is that coffee really worth $500?
Buying a used car for $1500?  You could have bought $1500 worth of bitcoin that might grow to $150,000! Is that broken down old car really worth $150,000?

[tinopener]

Comparison:

• Use bitcoin to pay vet, spend $1500 to buy back 0.1 bitcon, bitcoin value grows $500 to $2000 in bitcoin value. Result = 1 dog + $500 growth
• Euthanize dog, keep $500 bitcoin, bitcoin grows $19,500 to $20,000. Result = 0 dogs + $19,500 growth
• $19,500 - $500 = value of dog ($19,000)

That's one expensive dog!

Indeed. There was a story in the UK press about a guy who made some good money and the only time he had previously used bitcoin was 7 years ago to buy a microwave meal at the supermarket, which he now realizes cost him $300.

[vintages]

When your mind keeps playing games on you like this is when you worry constantly that the price will go down to "zero". That alone can make your heart race, especially if you buy Bitcoin when the price is way higher.

When you hear people say that bitcoin investment is not for the soft-hearted; they were not kidding. Just for your mental stability, have a long term goal for it and be ready to ignore all the noise when prices are dumping.

[rokon1234]

Very few people are currently thinking that bitcoin will crash.Because bitcoin is now at a very good level and has gained the trust of many.As a result, many people are now coming forward to invest in bitcoin.So, now my idea about bitcoin has also changed and I think the price of bitcoin may go up a bit but it will not crash and become zero.

[tabas]

I've been with the same mindset when I was still new and on 2018. Thinking that it can go to zero was due to those predictions and negative thoughts of the community. You'll absorb those if you keep reading negative insights about the market and so I did avoided them and whenever I knew it that they're explaining their negative thought about bitcoin's market, I'll skip it immediately. But needless to say, bitcoin is here to stay and it's probably just the beginning of another great run.

[Wexnident]

Just don't think of what ifs, easy to say, hard to do, yes, but just make a move, one that you have confidence in, and then don't regret it. It's rather hard to not regret when it comes to money though, especially if that regret came from a possibility of making it big. But hey, nothing we can do about that, heck it only breeds more negative thinking which would probably damage you and your financial life if continued to do so. Heck, we probably experience this in Bitcoin since it can make you profit from 0 to 100 real quick, maybe even more. But it is mostly just pure speculation, not to mention that most of them happen only a few years after, and not in the short term.

[Hippocrypto]

Currently, there is always a situation of sinking and exiting both in the crypto money market and in normal business life. The main purpose here is not to be greedy. When you see that you have made a significant amount of profit to earn more money, you will know how to come out. You will be able to afford to continue later if it makes sense to you. But after this time, bitcoin will never drop to zero.

That's absolutely imposible if others would think about bitcoin become undervalued, because this time it became the core of all cryptocurrencies. Becoming smart enough to handle your asset at times of fluctuations is the most certain actions to do,  and once there's an opportunity to earn once it gained enough profit don't be hesitant to decide. Price would always change while market volatility occurs, particular during corrections.

[tinopener]

When your mind keeps playing games on you like this is when you worry constantly that the price will go down to "zero". That alone can make your heart race, especially if you buy Bitcoin when the price is way higher.

When you hear people say that bitcoin investment is not for the soft-hearted; they were not kidding. Just for your mental stability, have a long term goal for it and be ready to ignore all the noise when prices are dumping.

Well, the funny thing is I can afford to lose the money anyway and therefore my goal was and always will be to hold for long term speculation.

However, unlike any other investment, with Bitcoin there is some sort of voice in the back of my head saying "I told you so" if I lose money on it.

It's almost like there's a part of me that doesn't take it seriously and therefore doesn't want to be made a fool of by it - even though I've been a made a fool of by things like shares, oil and gold before.

Does anyone else know this feeling  

[Trinx01]

I am thinking the same way as yours, that is what a beginner would think, everyone is afraid of losing of money o they always think whether it is time to pull out the money or not but with the advice that I have heard from many experts I can say that investment and hodling would be the best thing to for now.

[Lorence.xD]

There is no possibility of Bitcoin crashing to zero. You just needs to be cautious and not be taken away with the present surge in price. Where possible, always take profit.

The only way for the price to go to zero is for the Internet to go down indefinitely which means that as long as there is no war or global scale catastrophe, bitcoin prices will be swinging up and down the market. I do agree, being cautious is a good thing but you also need to trust bitcoin because this is not the first time that a surge in bitcoin has happened, how many times does bitcoin need to prove itself, try to cash in some of your hodl and continue hodling, a half and half will be a good thing.

[mk4]

Always had those thoughts in my first year with bitcoin. And almost like 90% of the time? Selling ended up being a really BAD decision because I could've had more money if only I waited longer. Hence why today, I sell bitcoin ONLY when really really necessary; pretty much only when I'm in dire need of money.

[carlisle1]

After this latest run I thought about taking profit to get my original stake back, which is about 25% of the current value.

But then I start thinking "No, that 25% could eventually be worth many times more in a few years...".

Just in this part you prove that it was not the Bitcoin who controls your Mind but you know what ? "IT IS YOUR GREEDINESS" so please dont Blame Bitcoin on this.

... but then I think "What if bitcoin crashes to zero, isn't it best to take my original stake out now?"

You think too much please stop drinking Coffee or other drinks and food that has coffee substance ?

... and then I think "no, don't bother, if it does crash to zero, it won't happen in a flash, and you could still take your original stake out on the way down."

Sheesh! Apart from Bitcoin, I've always bought risky shares, and I've gambled on sports... but I've never suffered these sort of mind games as you do with Bitcoin, and I imagine the only similar thing is penny stocks.

Does anyone else play these scenarios out in their head?

You are a Risk taker type of investor and nothings wrong about that , Just do your expertise and never go with FUD and Panic buying or selling because this will end your career in crypto.

[doctor877]

Regular investors and traders are already used to it. Taking out your stake is what you should do and leave the rest to be used for holding and trading purposes. You will have a free open mind to do other things without any thought of Capital loss.