How to Hold Bitcoin Long Term and Earn a Big Payday
Bitcoin is a booming market that people can’t wait to get in on. But the question arises: how to hold Bitcoin long term and earn a big payday? As Bitcoin grows in popularity, it also grows in confusion. There is an influx of new investors wanting to know best practices when it comes to trading Bitcoin and day traders are wondering if it’s worth it to diversify their trading with long term holding. Is the best option with the biggest payday to trade Bitcoins quickly during the day? Is the path to being a Bitcoin millionaire paved by long days in front of your computer screen? Or, are you wondering how to hold Bitcoin long term? This article can be your go-to for learning about the benefits of holding Bitcoin for a long period of time, so you can jumpstart your profitable journey in Bitcoin.
How to Hold Bitcoin Long Term
Although there are many different styles of cryptocurrency trading, there are key benefits to simply “holding” your bitcoin for the long term. Some investors even find themselves dabbling in long term investing, rather than short term investing, which is perceived to be the Bitcoin standard. That’s not true, however. Bitcoin can be a long term investment to stand the test of time and traders are finding this strategy the most profitable. With a flexible portfolio, traders can maximize their return and relish in Bitcoin heaven. Before we dive into some of the advantages of holding Bitcoin for a long term, let’s look at what it means to hold Bitcoin long term.
What Is Long Term Bitcoin Holding?
For an investment to be considered to be “long term,” Bitcoin must be held for at least a year. While not as time consuming as avid day trading, investors have learned to earn big by holding their Bitcoin for longer periods of time and keeping an eye on trends. This practice is gaining popularity among investors as short term Bitcoin fluctuations prove to be volatile. Many crypto-newbies are wondering how to hold Bitcoin long term and need to know where to start.
HODL
This misspelling of the word “hold,” or the acronym for “Hold On for Dear Life” is a funky way that cryptocurrency investors describe this strategy for long term Bitcoin holding. These kinds of investors miss some of the risk by hanging onto their Bitcoin and not having to practice predicting the best time to sell. By retaining your Bitcoin through fluctuations in the cryptocurrency market, traders can combat the rash decision making common to Bitcoin trading. These traders don’t have to worry about buying too high or selling too low based on these fluctuations and keep their Bitcoins out of the playing field.
Benefits of Holding
According to the CoinTelegraph, the majority of Bitcoin, a whopping 11.4 million, is held by long term investors. As the first ever cryptocurrency, Bitcoin has been able to become a more reliable monetary system over time for those who understand its curves and has successfully outperformed oil, stocks, and gold. So, if you’re considering how to hold Bitcoin long term, you need to know some of the perks of this plan. Long term holding is a perfect strategy for investors who want to passively trade because they are too busy to truly dedicate themselves to short term Bitcoin trading. Since long term Bitcoin investors tend to keep their investments longer, they perform extensive research and refuse to make rash decisions with their Bitcoin. These investors aren’t impacted by the pitfalls (or the increases) of prices in the crypto market. Trading fees also don’t affect long term Bitcoin holders as they do short term holders. Since traders are only expected to pay trading fees for the first time they purchase the Bitcoin, it is the only cost they’ll pay until they decide to trade.
The Process
So, you’ve decided that it is in your best interest to hold Bitcoin long term. You might be wondering about the next steps in your Bitcoin journey. Luckily, Pelicoin outlined a few tips to help Bitcoin beginners get started. Here are a few suggestions to get your portfolio up and running and ready for a big payday:
Buy A Cryptocurrency Wallet - After deciding that Bitcoins are the best option to build your cryptocurrency portfolio with, you need to invest in a cryptocurrency wallet. For the most secure protection, it is recommended you purchase a cold wallet. These aren’t connected to the internet and are great for holding Bitcoin long term because they decrease your chances of trading Bitcoin you’re committed to keep and also protects your coins from hackers. Another option is the paper cryptocurrency wallet, but these are easy to lose or get damaged.
Enter the Exchange - Once your wallet is acquired, it’s time to get some Bitcoins. While it’s easiest to find a secure Bitcoin exchange website, another option is to locate a cool and convenient Bitcoin ATM, such as the many provided by Pelicoin. Pelicoin’s ATMs process Bitcoin transactions in the fastest and most secure way.
Forget About It - After a speedy Bitcoin purchase, go ahead and transfer your Bitcoins to your cryptocurrency wallet. Once your Bitcoins are secure, let them sit for a few years and reap the rewards. No need to even think about your bitcoin or the price for the next year(s).
Your Long Term Bitcoin ATM, Pelicoin
When it comes to handling your long term Bitcoin investments, let Pelicoin be a part of building your cryptocurrency portfolio. Whether you’re just beginning to build Bitcoins or have been trading for a long time, trust the security of your local Pelicoin ATM. These convenient and accessible ATMs make buying and selling cryptocurrency a smooth process no matter where you are. With locations all throughout the Gulf South, Pelicoin is the most secure Bitcoin ATM network that’s rapidly growing the community around us. Contact us today to learn more about our convenient crypto ATMs.