When investing in crypto, one of the biggest decisions you’ll have to make is if and when to sell your digital currencies. Since the market is relatively new, it may be hard for you to figure out its dynamics right away. If you are currently racking your brain with the big question, “Should I sell my Bitcoins ?”, here are a few things about the market that you should be aware of.
Related Article: Top Cryptocurrencies to invest in
Why holding on to your Bitcoins & AltCoins is the best decision that you’ll ever make
Cryptocurrency is currently thriving and shows great potential for further growth in the future
Cryptocurrecy is gaining popularity at an unprecedented pace. Its decentralized nature and the fact that its price is solely determined by market demand have made it extremely attractive to the new generation of investors. In addition, cryptocurrency has a number of other advantages when compared to conventional investment tools. It is soon becoming the new way of doing business on the Internet.
“Should I sell my Bitcoins now” is a question many people are asking. Make sure that you don’t simply follow the bandwagon.
Since the most recent crypto market dip, bitcoin holders have been massively influenced to sell off their bitcoins. At first glance, it may seem safer to trade your crypto for cash instead of relying on a rapidly fluctuating market.
However, it is vital to understand that a number of hidden players are waiting to buy bitcoins at extremely low costs during the aftermath of this crash. These individuals and entities indirectly encourage current investors to part with their crypto as a strategy to increase their profit margins.
Therefore, don’t be in a hurry to sell off your bitcoins just yet.
Wait and watch how the market behaves for some time before making a decision. Do your research on how best to buy and hold onto crypto for better understanding on the subject and make independent decisions on your bitcoins.
Bitcoin and crypto trading can be an alternative to completely selling off your bitcoins. However, in order to trade your crypto effectively, you need to have enough experience and adequate knowledge about the market and its behaviour. You can’t simply start trading bitcoin. If you aren’t confident about your ability to make timely and favourable decisions on the trading floor, it is best to reserve the strategy for future use.
There will come a time when selling your bitcoins is the right thing to do
You may want to sell you bitcoins at some point. However, make sure that you have gained enough profit on your initial investment before you do so. This profit will be gained by the value increment of the bitcoins itself. If you are new to the crypto market, it is essential that you be patient. It may take a while to make a significant profit via bitcoins, but it is always going to be less time than required when dealing with stocks or other investments.
When you have multiplied your bitcoin assets to a satisfactory level, you can start skimming profits by selling them in exchange for fiat cash.
DO NOT LEAVE YOUR COINS ON AN EXCHANGE, YOU WILL GET HACKED. GET YOUR NANO LEDGER INSTEAD
Bitcoin can be a powerful tool for investment in the current world
Should I sell my Bitcoins?
This was the big question that needed answering when you first started reading this article. However, if you decide to hold onto your crypto, you may now have a new question in mind.
What do I do with my Bitcoins?
While bitcoins are an asset themselves, they can also be put to great use by investing on ICOs.
A number of great blockchain platforms such as Soma are currently hosting their Initial Coin Offerings. By being a part of such projects with great potential during their funding phase, you can multiply your crypto in no time. The profit you make can be reinvested to purchase more bitcoins, further increasing your worth in the market as a crypto owner.
When investing on projects ensure to choose those with strong use cases. Soma is seen as one of the frontrunners in this aspect due to its highly dependable business model. It creates an e-commerce platform such as eBay and Amazon to allow trade using crypto.
The value of bitcoin is growing faster than any other form of investment
This is one of the most attractive features about bitcoin. Even though the value of bitcoin may plunge occasionally, the general trend shows an exponential increase in the value of the currency. Considering there are only 300,000 people that hold BTC, the market is still ripe for growth.
This means that you can get a good return on investment during a limited time via bitcoin.
The whole world will soon shift to a crypto dominated digital economy
This is another powerful reason to say no to your question of, “Should I sell my Bitcoins?” Cryptocurrency is safe and foolproof. It is also the most efficient way of handling transactions over the Internet. Even though certain countries aren’t expressing their confidence about the use of digital currency, a large segment of the world is readily embracing the concept. Therefore, it won’t be surprising if the whole digital economy turns towards cryptocurrency in the near future.
In the event of such a transformation, having bitcoins in your name will be a great advantage to you. You can buy whatever you need using this modern digital currency you have in your possession, without ever having to convert it to fiat money. This will save you time and money on your transactions.
Conclusion
It’s best to hold onto your bitcoins for a while
A lot is currently going on in the cryptocurrency scene. Things are getting intense with people expressing different views on the survival of crypto. However, the future of blockchain tech is as revolutionary as the internet was in the 90s. It’s just a question of time before mass adoption takes place.
If you currently own bitcoins, the wise decision would be to hold on to it for a while longer. If you are a new entrant looking to invest in cryptos, this may also be a good time to do so. First get up to speed on the interesting world of bitcoin and you will start to see its immense potential in no time.
