literally, the perfect image for this article. (source: http:// i.imgur.com/megRsjk .jpg
Yesterday, as you saw we dipped below 1800. Many, including myself, thought that price wouldn't above until after August 1st. Sure enough, today as of writing, it's 2223. Bitcoin is unpredictable. It's bubble ( is it a bubble?) Is something that has never been seen before in growth, yet continues to grow. It's users are what I like to picture as "average joes". Someone who could be a teacher, a farmer, hell even a ex welder ;). What I'm trying to get at is why? Why does this "hodl" mentality exists?
Let's rewind the clocks back to 2013. One man, someone like you and me, was quite possibly was drunk, either filled with rage or just didn't give a shit posted on Bitcoin.org with his thoughts.
And with that, "hodl" was born. It became a meme with everyone on Reddit, along with me, posting on sites deliberately misspelling hold, as it's our word now.
With that out of the way, lets get back to the whole point of of the article. Why does the hodl mentality exists? Well, for one Bitcoin is unpredictable. Bitcoin itself is a currency , I truly believe many people tend to forget that , and view it as an asset, or a stock. Compared to a stock, I can actually use it to make a purchase on Newegg, or even overstock.com. What the fuck can you do with a stock? Well, it sits.... Or you trade it in, that's it.
Now comes the hodl part. Many of us aren't exactly professional traders. We can't read the ups or downs, and wouldn't know when to buy in unless it hit us in the face. So the safest way is to have it sit and let it ride. Case in point, when. I first started writing this article a few days ago( yes I'm slow) as stated in my article, was 2223. Well, now it's 2356. I actually wrote a lil reminder early during these drops to hodl! (Check it out :D ) if you listened to me, you would be in a good position .
The hodl mentality exists because we aren't professionals. We aren't day traders , and we know it's better to leave it sit than to gamble in a market that is unpredictable. So take my advice here and now, stop worrying , and Hodl!!
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