Never Sell Your Bitcoin: Is This Idea Foolish or Smart?

[hyudien]

I think the OP has a reason to ask this question because as far as I remember correctly, I have seen some people also claim that they will hold bitcoins forever and will not sell them under any circumstances. In fact, there are many people who are so crazy about bitcoin that they even consider it a religion to worship rather than just seeing it as a means to make our lives more stable.

Considering bitcoin as a cult, I have seen such references previously, but these are just exaggerations and not reality. In fact being obsessed over something is a bad, whatever it might be. Selling is a part of the market and those who need the money should sell.

The point of having that notion previously was to allow people give time to bitcoin and observe how it goes over the years. Newbies would often buy at the high prices and sell before it broke even. That is why such statements were previously made.

Yes I think so too, they just want to say how valuable bitcoin is so they say the analogy, so they say that. But if we just hear it without digging deeper into what they mean, then we will conclude like that. In other words there is a meaning behind what they say. You are right, in general, being overly obsessed with something will actually cause something bad. Because they will justify any means for whatever they want, and when they fail to get it they may be psychologically disturbed. In relation to bitcoin we also have to be able to control ourselves, for example about the target. If our target has been achieved, then it would be better to take it. Don't let our obsession make us forget about the risks that come. One of our goals in investing in bitcoin is to make a profit and we have to keep that in mind.

[Promocodeudo]

Since I understand Bitcoin better than I did before, my opinion has always been and will remain that every Bitcoiner had motivation that prompted them to invest in Bitcoin, and every Bitcoin investor also has a goal that they have set for their Bitcoin investment. That goal of investment is what can help a bitcoiner decide if they must sell their coin or not; it's the goal that will help them determine when to sell and when not to sell (perhaps a wise and patient investor only wants to sell when they have made a satisfying profit). 

There is no one who makes an investment without having any plans or goals in regard to that investment. Some people are investing in Bitcoin just so that their children can inherit it, while others are still holding unto their Bitcoin because they are so rich, and even if they sell their coin, they don't know what to do with the money at the moment. So, it all depends. 

You made a very good point, individuals selling their Bitcoin is a personal decision, as you said, every investor has a reason for investing in whatever they chose to invest in and I think without satisfying their curiosity withdrawing or selling some fraction or the whole asset as the case may be won't be an option for them.
It is only an investor without direction that make quick decision about selling their Bitcoin whenever there is drop in price, what makes us good investor is the plan we had before involving ourselves in any investment.
If am to respond to the question of the op, I will say that never sell your Bitcoin isn't a smart advice because no matter how long we decide to hold in the future, we must surely sell one day even though we keep it as inheritance for our children as you said our children may decide to sell it when they finally gain control over the asset, Bitcoin is a profitable investment and the purpose for any investment is to make money, individiduals decide to sell some amount in the future when the investment has matured and reinvest some since the future benefit is assured.

[GeorgeJohn]

In reality, such an approach benefits the large Bitcoin holders the most, and it can be quite unfriendly to smaller Bitcoin holders.

Some persons sell their bitcoin because of their problems at hand, and some people sell their bitcoin because of panic, so therefore every one have a reason why their sell bitcoins, so what I want you to believe and understand in anything that has to do with bitcoin is that, bitcoin has it own ways of operation

So if you notice that best thing to do is to sell your Bitcoin it will profit you, its better you sell off your bitcoin.

[EarnOnVictor]

In reality, such an approach benefits the large Bitcoin holders the most, and it can be quite unfriendly to smaller Bitcoin holders.

The idea is definitely foolish as people often use Bitcoin's past performance to judge its future performance which is against the ethics of trading and investment. I am glad that the reality has dawned on people already as they are highly disappointed with the way Bitcoin is performing, however, this is the beginning of the disappointment because we can't compare Bitcoin of now with when it was still super-cheap and with low market capitalization. Also, most of those who are interested in buying Bitcoin have already purchased it, even as many are liquidating at times due to FUD, just as we experienced in August. We should often expect rollercoaster rides for the coin which is a very good reason for us to avoid a too rigid belief that we should always keep our coins.

As I often advise people, it's better we are friends with our trading charts and the latest economic events as they unfold so that they will be the best guide for us to know the time we will buy Bitcoin and also the time we will liquidate it. If I had been doing that with all my Bitcoins since I started amassing them, I would have gained more than what I have in my current portfolio. If you have a large sum of Bitcoin, this approach of mine is equally good for you, but of course, those who have started buying it when it was still at $500 or lower will be more confident than you who just purchased it at $65,000. So why won't they give such an advice? But unfortunately, they are confusing people.

[gunhell16]

I guess for long term holders who have held for more than 4 or 5 years and have seen a lot of profits from holding, they can decide to sell off a bit of their Bitcoins. But then everyone has their own personal reason to hold or sell. This is why as a bitcoin investor, you should have a good source of income, to avoid selling of your coins at the wrong time. For small scale investors, who have barley seen good profits from their initial capital, it would be foolish to sell off.  But dont also be foolish not to sell your coins for money when it comes to a situation of life or death. Only the living will hold Bitcoin and enjoy its profit. You can always buy more when you are alive.

Well, if 4 years ago you were able to start saving Bitcoin, you can be sure that somehow the other amount of Bitcoin will sell now somehow because the profit is big. But you will always wait for the bull run right now because the earnings we will get from our holdings are really bigger.

It's also possible to start saving, because it's possible that in the coming bear market, the one that will be the most all-time low will probably fetch 60,000–70,000 dollars from what I can see or visualize.

[justdimin]

I guess for long term holders who have held for more than 4 or 5 years and have seen a lot of profits from holding, they can decide to sell off a bit of their Bitcoins. But then everyone has their own personal reason to hold or sell. This is why as a bitcoin investor, you should have a good source of income, to avoid selling of your coins at the wrong time. For small scale investors, who have barley seen good profits from their initial capital, it would be foolish to sell off.  But dont also be foolish not to sell your coins for money when it comes to a situation of life or death. Only the living will hold Bitcoin and enjoy its profit. You can always buy more when you are alive.

4 to 5 years were so long and you even said that they already saw a lot of profits, so why will they only sell-off a bit when it sounds better if they can sell more? They need to compensate their hardwork or patience. Each of us might has their own uniqueness but I think all are the same on why they HODL and sell and that is they HODL because they either won't need a money yet or their investments haven't matured yet, while they sell because their investments have already matured or even if not but it's just that they badly needed the funds. They are also selling because they are afraid of what can come next.

It's hard to have a good source of income but maybe we can just say that we should not put all of our eggs in one basket or invest all of our money, but we must have an adequate funds too offline, for us to have something to use.

[Samlucky O]

In reality, such an approach benefits the large Bitcoin holders the most, and it can be quite unfriendly to smaller Bitcoin holders.

Actually it depends on the level of your bitcoin holding and how long you have Able to accumulate. If your a long term holder with a plan of about 5 to 10 years and Maybe you are still in your 4th year, you may find it hard to sell it off totally because you haven't met your target yet. But that doesn't mean a holder can not sell a little. Yes you can shave your profit if worse case should happen. But not advisable for beginners who had bearly started  accumulating bitcoin about 6months or 1 year to sell off.

[SamReomo]

In reality, such an approach benefits the large Bitcoin holders the most, and it can be quite unfriendly to smaller Bitcoin holders.

No, such approach not only benefits the benefit the huge amount Bitcoin holders but to the whole community. If you really want to see some asset's value to grow then you need holders of that asset and we now see Bitcoin's value at its current rates only because of the holders.

If everyone makes their mind like yours and start selling Bitcoin and other assets that they hold then not only Bitcoin will lose its value but all those other assets will also continue to lose their value. Even stocks are gaining value because of the holders and investors. That's the power of holding.

I know that when you make good profits then it's better to sell with profits but holding is the most important thing to make such profits because without holding and investments you can't really make profits.

[Dr.Bitcoin_Strange]

If am to respond to the question of the op, I will say that never sell your Bitcoin isn't a smart advice because no matter how long we decide to hold in the future, we must surely sell one day even though we keep it as inheritance for our children as you said our children may decide to sell it when they finally gain control over the asset, Bitcoin is a profitable investment and the purpose for any investment is to make money, individiduals decide to sell some amount in the future when the investment has matured and reinvest some since the future benefit is assured.

Yeah, the purpose of investing in Bitcoin is usually to make a profit, and even if we don't sell it now, we definitely will in the future. On this same kind of topic, which has been discussed before now, I remember the comments of two old members on this forum. One said that the only reason he will feel tempted to sell is if Bitcoin gets to $500k, and the second member said that even if he sold his Bitcoin as of then, he don't have any need for the money at that moment. Those two comments don't suggest that they don't have interest in selling their bitcoin, but just that the time has not yet come.