Last updated on March 29th, 2024 at 04:17 pm
The term holding or “hodling” first came about as slang-term for those looking to buy crypto and hold it indefinitely. Some hardcore crypto enthusiasts hold on to this concept out of the belief that crypto will one day become a mainstream asset. And when that happens, prices will continually spiral upwards thus making their investment worth it.
Keep in mind that this was during the early days of cryptocurrencies where Bitcoin was still relatively unknown. Back then, many expected the market to fall out from under the floor without warning. But nowadays, we all know that the reality is very different.
Some long-term investors see crypto as a worthwhile asset to hold on to. This is due to the way prices fluctuate back and forth with time. And with each recover, the price of cryptos often seems to continually break new ground, thus inspiring them to “hodl” onto their currencies.
And so, this begs the question:
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How Long Should You Wait Before Selling Your Crypto?
The answer is it depends. It depends on what your investment goes are. Some are in it for the long-haul and have no qualms holding onto their tokens for an extended period of time. Other investors have less faith and are just looking to ride out the cycles. They enter the market with the intention to snap up coins at a low price and sell out once the market starts recovering gain.
We often hear this on forums where people talk about “buying the dip”. Keep in mind that the advice I’m giving you here is purely my opinion only. It is not reflective of the website’s policy and should not be seen as an offer to buy cryptos.
With an asset as volatile as cryptocurrencies, predicting which way the market is going to turn isn’t an exact science. In fact, many have lost fortunes or become millionaires overnight riding the wave. All I can say is that you should do your own research and come to a conclusion from there. The rest is all hearsay and should always be taken with a pinch of salt.
But let’s say you intend to wait the market out, and now you want to hold onto your cryptocurrencies. What should you do? What I’d tell you to do is to invest in one of the top 10 crypto wallets for business. Ideally, one that charges you minimal fees and is safe to use.
Why You Need A Decent Crypto Wallet
Here, I break down the top 3 reasons why it’s important to have a good crypto wallet, and not just any service.
1. Crypto fees can get expensive
Besides security, a good crypto wallet should be one that charges you minimal fees. Given how congested the blockchain network is nowadays, it’s no surprise to see that gas fees are on the rise. It also doesn’t help that most crypto wallets charge you a fee of some kind when you use them.
So, when you’re shopping around for a wallet, it definitely helps for you to choose one that has a more generous fee policy. This lets you save more and stops you from having to pay unnecessary fees. In the long-term, you’ll be surprised to see how much you can save.
2. Safety
Crypto wallets and exchanges have become a top target for cybercriminals given how valuable digital assets have become. Because of this, hardly a week goes by without news of how some crypto wallet or exchange has been hacked. And so, this is why you should take extra care to use a crypto wallet that’s safe.
3. User interface
The last thing you want to do is use a wallet which is poorly designed. Poor UI design can adversely affect your experience and cause you to make more mistakes. So, be sure to keep an eye on the wallet’s UI design when you’re making a choice.
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