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Author Topic: Cash out or keep bitcoins?  (Read 4170 times)
humanage
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February 01, 2012, 08:46:14 PM
 #1

Here's the deal, there are websites that pay the current value in cash/gift cards for bitcoins. The bitcoin exchange rate is falling lately($7.1 USD to $5.5). What do you think is the best option is?:
1.Cash out now
2.Hope exchange rate rises
I'm going with option 2, as prices have been fluctuating A LOT lately?
Just opinions here. Smiley

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Lostdog
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February 02, 2012, 02:35:48 AM
 #2

it's not hard to find someone willing to exchange a visa gift card for BTC, check bitcoin-otc
TheHeroMember
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February 02, 2012, 02:58:32 AM
 #3

Keep bitcoin and wait till values soars high.

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February 02, 2012, 04:40:16 AM
 #4

I think that if people dump their coins it will send values down as this would be perceived as no confidence ... I am stock piling my coins as i am looking at more of a long term thing ,

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memvola
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February 02, 2012, 05:04:23 AM
 #5

Keep the coins, spend them whenever you see something you'd like which you can purchase with Bitcoin. This also helps the economy and gives you a warm and fuzzy feeling. Wink Besides, market always knows better than you, so your "potential" gains/losses will be almost uniformly distributed. After a large number of exchanges, you'll see that they cancel out.

P.S. I really don't like the phrase "cashing out". Not sure why though...
the joint
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February 02, 2012, 05:42:44 AM
 #6

In my opinion, cashing out has it's merits.  

I look at it as "locking in" my profits, or locking in at a price.

Suppose you buy at $5.50 and the price goes to $6.  In this market, one rich man's decision can cause that price to fall just as fast as it rose.  Holding could mean losing an opportunity for a profit that you have evidence for in the present moment.

I often cash out at times like these to "lock in" my profit.  If the price continues to climb, I can still hop back on board and lose out on the transaction fees.  The hardest part about this is knowing when it is, in fact, continuing to climb.

Nonetheless, while I'm disappointed that I've missed some good climbs that occurred after cashing out (hindsight is always 20/20), I'll tell you one thing: It always hurts less to miss out on a climb than to miss the right time to sell.  

ZooKeeper74
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February 02, 2012, 06:40:05 AM
 #7

wheres a good place to research the market value? I havent been around long and so far to me, the changes seem completely random.. anybody got a good site with day by day charts,etc?
BadBear
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February 02, 2012, 07:16:14 AM
 #8

http://bitcoincharts.com/markets/mtgoxUSD.html

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Anon136
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February 02, 2012, 05:49:12 PM
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P.S. I really don't like the phrase "cashing out". Not sure why though...


how about golding out or silvering out? would that make you feel better? =P

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wachtwoord
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February 02, 2012, 06:04:06 PM
 #10

No,you cannot cash out as Bitcoin is cash.

If you have left over Pound Sterling from your trip to Brittan and convert them back to your home currency you would not refer to this as cashing out as well, would you?

memvola
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February 02, 2012, 06:44:10 PM
 #11

If you have left over Pound Sterling from your trip to Brittan and convert them back to your home currency you would not refer to this as cashing out as well, would you?

Cashing out sounds like something you would do with casino chips and such.
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February 02, 2012, 08:01:45 PM
 #12

Sell your coins, so I can buy them. But make sure to sell cheap, so I can afford it.   Tongue

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Eisenhower34
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February 02, 2012, 08:49:18 PM
 #13

Dont think that anybody can help you here.

Do you think the USD / BTC value rise? keep it, otherwise get your money out.
HeyRon
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February 02, 2012, 09:39:06 PM
 #14

I'd imagine that right now you should hold on a bit. It's going to stabalize soon to around $6 soon.
TheHeroMember
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February 03, 2012, 03:11:42 AM
 #15

I think that if people dump their coins it will send values down as this would be perceived as no confidence ... I am stock piling my coins as i am looking at more of a long term thing ,

Yup, the more it become rare the higher the value.  Smiley

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ChanceCoats123
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February 03, 2012, 03:35:42 AM
 #16

I like to keep a portion of my coins while I sell another portion once I reach a certain total value (something like $100 is when change my BTC to USD). Wink Notice my word choice.
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February 03, 2012, 02:53:39 PM
 #17

how about latly, you goto admit its been strange, last week, 5.21,5.41,5.47,5.80,5.95,...6.10 next??

Lucky u didnt cash out at 5$ wait for 7?

minivan81
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February 03, 2012, 02:58:10 PM
 #18

I believe in the Bitcoin system.  However, I still want to lock in any gains that I can get.  So I've been holding half and selling half of my coins. 

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boozer
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February 03, 2012, 03:34:47 PM
 #19

I'm selling 'em every two weeks (to hopefully cost average a bit) until my hardware is paid off (took a lot of convincing for my wife to let me buy a rig)... but once thats done I'll probably hold some and sell some (to cover electric) like others have mentioned.

Now I just need to convince my wife to let my by about 10 more rigs (and a loan officer, lol).
pskonejott
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February 03, 2012, 10:11:25 PM
 #20

I've been holding most of my coins but every once in awhile, I'll come across something I really want to buy Tongue
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