I remember explaining all the risk to her but she wanted to roll with it anyway as a long-term investment.
She paid $2833 for her Bitcoin.
And look at Bitcoin now.
Incredible.
That same bitcoin is now worth $7269.
But there is more. Because she bought the Bitcoin before the split she also received 1 Bitcoin Cash.
Today I managed to separate the two and it's sitting in her wallet. That's another extra $600.
We talked about the investment yesterday on the phone.
The debate was if she should take the initial investment out or take some form of profit.
I think it's the best move. It's what I do with my other crypto.
There is nothing wrong with taking some profits.
If she sells 0.4 BTC she would be completely in the clear regarding her BTC investment.
The rest is pure profits.
She could also potentially use that 0.4 BTC to buy back more BTC if she wants in case it goes lower.
I saw Bitcoin crash from $1200 to $150 in 2013.
That crash is always in the back of my mind when trading crypto. It's a lesson I'll never forget.
Anyone who has gotten into Bitcoin for the first time this year only seen it go up. It's easy to get used to it.
That last feeling is very dangerous.
Even though everything seems ok at the moment I just think of it as something that can crash at any moment.
I still consider it very volatile.
Having a strategy to take profit is therefore very wise.
What do you guys think?
Yes it’s wise to recover your Mums investment and sit free carried. If BTC does continue to jump every month then she may never again be able to hold a whole coin. The other way to look at is, which currency do you sit your profits in? I also think about trading out, but not sure if there is really a better place to be right now. A few grand won’t change your life, but a hundred would.
I guess it all comes down to her personal situation. Does she need the money now? Could she afford to lose it? Of course theres nothing wrong with taking profits but if Bitcoin is one day 5 or 10 times the price it is now for example she will almost certainly regret selling now
Did your mother also get bitcoin gold? Cause she should. And now on 15-16 november, she will get segwit2x as well..
But most of the people are right here.. do not let that coin go.. do not be afraid of minor market fluctuations. Like you said, she bought it as long term investment.. let it be long term. Revisit that coin in 2020. May be you will get 50,000 dollars for it 😏
50,000???? Are you really that optimistic... i don't think so mate
1 year ago bitcoin was trading at less than 1000$. Now it is 7 times its price. Is it too hard to think that after 3 years, it can't go up as much as 50k?
Actually i am hoping and expecting that it will reach 100k by 2020.. 😏
Well that's great if it does so....but there might be some corrections as well
It could achieve a value of a couple million dollars.
Well, let's say the US switches all of it's currency over to Bitcoin and it's the only country in the world that uses it. On September 2017, there was 1.58 trillion US dollars in circulation. Let's convert that into the 21 million Bitcoin that will ever exist. 1.58 trillion divided by 21 million is a bit more than 75,000 US dollars per Bitcoin. But Bitcoin is a global currency, imagine how high that number would be if it was converted into the value of all the currency in circulation in the world.
i also think as like you...bitcoin can go 50,000 within 2020.it very possible
Yesss
Not anymore
@exyle If I was your MOM and I'm not I would just sit tight on her 1 Bitcoin right now and maybe revisit it in 2018. I do not see any hurry to take and sell any portion of it.
It is always better to take some profits at frequent intervals... Now when the Bitcoin has shoot up dramatically is very good time to book some profits.
If it falls back a bit then can re-invest back.
I tend to feel the same.
For what is it worth....
i think BTC will go higher until the next fork
The day after money will flow back to Alt's
BTC may or may not fall, it depends on the media attention BTC gets.
At some point the FIAT bankers will make a move to try & control BTC
probably with heaps of negative media....BTC price will drop & Fiat bankers will buy in!
China will be back!
BTC is only stage 1, a new gold backed coin will emerge sooner or later, giving it "real" value. (what is money anyhow? :-) )
$0.02
nice post, well i agree with your points, no doubt taking profit at the right time is very important in cryptos trading because you never know what's going to be happen in upcoming days, right now bitcoin is holding at it's peak and there is a chance that we see correction in bitcoin after that fork, so i think taking the investment out along with some profit now is a wise decision and once bitcoin done it's correction then buy back again, i think this is a great way to trading cryptos that buy low and sell at high, wishing you both a very cheerful & happy week ahead , Stay blessed
Damn good to read these kind of bitcoin stories while I'm just sitting here drinking tea and enjoying the moment!
Happy for you and your mom! Wish you success!
yeah as the prediction says that BTC price would go up and up so its good decision of your mom. dear @exyle
I have to agree, this is a HODL moment.
I'd take the Bitcoin profits but would leave the BCH there for longer or turn some of the BTC into BCH. :)
What do you like about BCH? I still have mine but still on the fence how I feel about it. At the moment I just see it as free money. I'm not complaining :)
I like that it follows Satoshis vision of letting anyone transact with it and as long as they are in no way connected to the Bitcoin Core team who are trying to turn Bitcoin into the next Paypal I'm holding. ;)
Seconded, but don't take my advice I'm really shit at trading :)
personally because it's your mum and i presume it's the same for other generations it's just numbers until it's real in real life cash, hard cash in the hand, maybe if she needs that money or just wants to have the original investment back she should cash that back out and sit on the profits and then it's just like she never invested but has this new asset to sit on -- if it helps her have a more enjoyable life, needs the funds or just wants to have the satisfaction of enjoyment of a successful investment that turned out great then i say go for it! :)
Great advice there! Don't forget there is a fork for BCH and Segwit 2X coming up next week.
that's true, so maybe after that!
If I were to be a father/parent in the future, I hope to have an offspring like you who are savvy enough to share em goodies with me !
lol :)
I completely agree with this being volatile, and your example of what happened in the past is essential because history can repeat itself. If you leave it, tomorrow it could be worth nothing and you lose out. Your suggestion to your mum is great because she doesn't make a loss if things go really bad tomorrow as all she would lose is the profit she had reinvested and not her initial investment. So either way, she is a happy lady :)
I'd take some profits, I was one of those that bought Bitcoin at $1100 a few years ago...
Did you keep them all those years?
Yup 😙
Just kept hodling...
I personally would let it there as a long time investment,or in the worst case i would just take my initial investment and let the rest there to keep growing, even if it will crash it will still get back stronger than before, bitcoin acts like a supersayan from dragonball, everytime it crashes close to death it comes back twice as strong.
Taking profits is never a mistake. I expect a pullback around 5000, so we could make a move to 10K. I will still sell only half of position and always have some Bitcoins for a long term.
I always keep some BTC too just in case :)
You must be aware of the whole Bitcoin scaling issue and high transaction fees. I feel that the current price of Bitcoin is quite speculative, mainly because of the upcoming forks. Don't get me wrong here, I love Bitcoin, but recently it has lost its true intention of being an electronic peer-to-peer cash. I feel that there are many other cryptocurrencies like Bitcoin Cash, Litecoin, and DASH that are much closer to the ideal electronic P2P cash.
I would recommend cashing out the initial investment and then just playing around with the remaining bitcoin. Save some for future blockchain splits, sell some for altcoins, etc.
I have a gut feeling that the value would dip after the hard fork, probably by beginning of Dec it may decline and raise later. It also depends on how investors react to the fluctuation of market. You can also liquidate some amount of BTC and diversify your investment.
My vote is for her to take the initial investment out and buy some Steem with it.
My logic is, if Bitcoin has a correction, investors will put their money in the Alt coins. This would drive the value of the Alt coins upwards.
The cryptocurencies are going to be volatile. This week alone Bitcoin has had lows and highs varying by over $1000. It seems like a speculators heaven. I rather not engage in speculation but rather use investment in crypto to hedge against the risk of holding fiat money. The long-run trend of holding crypto is upward and likely to remain that way as long as people have confidence in it.
Of course, bitcoin is an investment, a risk and well a bussiness minded person is a risk taker, well its time to enjoy the dividends of a well invested cash.
I enjoyed reading about your experiences.
Take the profit and invest in something else. You are right. Bitcoin hasn't stabilized yet. It still has chances to go down before it goes up and levels off.
You made a good point because it is about ROI for investors and people who put money into something in general. To pull out some money and some profit is proof that what you put money into is successful. You don't want to keep putting money in and never get nothing out because it could be a sign of a scam or worse you simply leave it there and it just sits there.
well ofcourse it can go 2 ways. But iF I had a full bitcoin I would hold on some longer to it. Even if bitcoin pulls back some it wont go lower then 3000$ I think. Possibly in some months from now it could be 10 000$ for 1 bitcoin. But the other side is true aswell, taking out half gives you no risk anymore
Very good question @exyle, according to forecasts, there will be a correction to $ 5,500, it can be used if you sell now and then quickly buy again, but my friend, you yourself understand that these are exchange games and no one will give you an ideal advice, without resentment :)
If there is no great need, you can do without selling. You decide .
Yes you are correct. I will suggest investing the profit gotten from bitcoin to another project outside crypto currency.
I feel bitcoin it's like a house of cards at the moment, ready to collapse at any time. But if goes really low I'll be there waiting :))
Your blog is so nice.very quickly increase your BTC earn.wish you best of luck.
That's a nice blog..
Informative....
Thank's for sharing
@followed and upvotef
I think it's a wise discussion.. I wish I could do that.. but I guess I have to wait very long.. I was stupid to go into alts..
https://steemit.com/steem/@rival/how-steem-can-change-your-life-by-rival
Welll it's really a great investment from your mother and you are really set at a great profile
Totally agree with you. This moment everything is ok but that can crash at any moment. Have to wait long period.
good post, sir
You've posted a lot of beautiful ones.
I liked your post.
Please upvote and comment in my post. And I will replay my comment.
Great investment you mom selected way. If this more risk, can choose out of suitable trade market.
very quickly increase. I guess your profit from that bit coin is 4000$+
My Dream A lote off Bitcoin save My wellet,,,you don awsome post off bitcoin
Even though everything seems ok at the moment I just think of it as something that can crash at any moment.
Just sit on it.
Yup, I guess this is the best time but instead of cashing out, I would suggest to buy another crypto after proper analysis if that current shoots up, your mom will enjoy double profits on her investment!
GREAT STORY, good job helping mom!
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You should take the initial investment out and let the rest as it is.
Cash out the remaining when it hits a specific amount - say $10000. Good luck!
@exyle what you have to realize is in 2013 BTC Bitcoin was the only crypto, now we have diversification. Two words come to mind Parity and Parabolic. In 3 years we all will look back and say. I'm so glad I HODL'd and deviserified my Crypto.
Your mom is a clever woman.
Wait for segwit 2x hard fork on 15/16 Nov... then u may choose as per your wants.!
You are right.she must book some profits and when BTC goes down she may start thinking of buying a new position.
i guess she should take the profit of segwit too and then take out some profit :)
@ Exyle's mom: you can buy a lot of Steem now!
Wow she is good taking investment