I bought Bitcoin and then the Price dropped! How unlucky can you get?
I presume that you have been a part of the crypto world for quite some time. And you are own, let’s say the king of them all, Bitcoin. Have you been in a situation where you sold bitcoin or bought some and the prices went in the wrong way? I think everyone who is a HODLer and waits for the right moment has been in this situation, including me and many of my colleagues. In this article, we will be discussing exactly this.
I Bought Bitcoin And…
Have you been in a situation where you are ready to invest? You have some money and waiting for the absolute right moment to buy a crypto coin. You wait and you wait. Then you decide to buy and when you do, right afterward the prices start to go down? And right away you start to think: well, what if I had waited a few days more, a few weeks more. Would the price go up even sooner or not. You have a lot of questions like this.
But what is the worst-case scenario? That would be to sell bitcoin and then the prices rise really high, as bitcoin loves to do that. Or to buy it and then prices to drop, really badly.
I can imagine those people who bought around the end of 2017 and still waiting for the prices to go up so they can be able to sell and at least return the investment. And I bet they have had many sleepless nights. I can just imagine the stress they went through.
Are you one of those people? Please share with us if you are, and how do you feel. Shared pain is half pain, some people say.
I Sold My Bitcoin and the Prices Went Up
Personally, I believe this is the worst scenario. If you ask why I would say that, it is because we at iCE3X always say to invest money that you are willing to lose. So if we establish this as a fact, even if the prices go down, that’s okay because you have invested money that you have extra (if we can use this term).
But what if you have sold bitcoin and prices went up by 2x, 3x or even more in just a few weeks or a month? This is something that bitcoin does really often. Let’s have a look at the last time, in August. Before that, in May bitcoin was roaming around $3000. Just in a month or two goes by, and then boom: $12000. Imagine if you had sold your bitcoins for $3000 and the month after you see prices $10000+? I bet you will feel bad.
Personally, I believe if you are selling a bitcoin there has to be a solid reason. What I mean is when a HODLer sells, there is a reason. And I am sure it’s far from the thinking “this is the highest bitcoin will ever be sooner or later”. Everyone knows that when the prices are low for a very long time, it’s not good to sell. This is bitcoin, it never steps back, if it does, it’s because it gains power for a higher jump.
History has proven that!
My Personal Story and Some Other’s Stories
Before talking and sharing some other people’s story, let me share mine with you. I had a few bitcoins and I was a proud HODLer. I was waiting quietly for the prices to go up from $3000. Which has happened, finally. And I was like, okay, it’s time to sell and when the prices go down I will re-buy.
What has happened is I sold out for $8000 and the prices went up to $12000 in just a week. Since then I have not seen the prices go below $9200. That sucks. I am telling you.
And there was no reason for me to sell. It was just some nebulous idea to sell and re-buy. I wasn’t financially pressed or something similar. I still could have been a proud HODLer. Now I have a few bucks and no bitcoins because I am waiting for the prices to go down. But will they?
Other people’s story
When I was looking for people with the same faith as mine I found a story of a person who sold two bitcoins for the price of $3000. And same like me, after a month or two the prices went up to $10k+. And he kind of regrets that. Simply, because he could have $20k+ instead of $6k.
I was curious why he would sell 2 bitcoins when the prices were that low and for that long a period of time. There was a solid, sad reason behind it. Instead of me re-telling you the whole story. Here are his words, quoted:
He got a point there. Maybe I would sell just one bitcoin, or part of a bitcoin if my family was suffering. I would go part by part, not selling it all in one go. But you know, in a bad situation it is not always clear what we should be doing. I do not blame this person. He did what was best for him and his family.
Support from the people
I was flattered and pleased to see that many people cheered him for the decision. No one ever criticised him for the decision. I’m included. Here and there, there were some questions about why would you sell all of your bitcoins, not just part of it, but there is a reason for that too. I am sure.
I liked the way how the people were united, behind the idea of using the bitcoin as a tool and thinking in a more humane way. Family comes first, then the money. Many related to the story and many said that they would do the same in that situation.
It’s a good thing. Bitcoin unites us, gives us something common to talk about. To use it as a tool for a better life or helping ourselves and families. It’s not something that causes stress in a matter of fighting each other.
People are more supportive and open to give advice and being sorry for someone who eventually has, kind of made a mistake in selling or buying out of desperation.
Many also related that they have been in the same situation. I already have shared with you my sad story. And again, I didn’t have any reason to sell, yet I did it anyways. Do I regret it? Yes, I would say I do, but I am waiting out my time to see what the future will bring.
Do not forget that bitcoin is a tool. Use it wisely. Do not accept it as something that will “fix” your issues or life. It’s something that can help you for a better life eventually if you are smart enough and do not rush in your decisions. And again, our two golden rules and advice:
Do not keep your cryptocurrencies in any exchange, because of my keys – my assets!
Do not invest money that you are not willing to lose!
What is your experience with selling and buying? Did the prices go up or down after your purchase? Share with us and let’s talk about it!