Note: This is not about how to identify good coins to HODL
This is about how you can be an excellent long term holder
Before I start this article let me state plainly that I question crypto as a long term hold. This is not because I don’t believe crypto is here to stay. Blockchain, in my view, is one of the most striking advances in both finance and the internet, to come our way in decades. And, this is not because I see existential threats to truly decentralized cryptocurrency by the likes of centralized blockchains like JPM coin, the mysterious Facebook blockchain project, or the laughable idea of the Amazon Coin. Those that consider these threats, don’t understand how crypto functions, and why many users have adopted decentralized blockchain.
1. You must have another source of income
Either in crypto space or outside crypto space, you must have other sources of income. There was a time when I used to rely on coins I hold for monthly income, but most time, they failed me because some altcoins take more than a month to add value. You can learn trading or find a better job to get constant income for your daily needs.
2. Not all altcoins are good for long term holding
Some altcoins are too weak to have better value over time; these coins only add value to price once in a blue moon, WHY?because the power of demand is too low and they have no working product, i believe that working product is what makes a coin have many more investors
3.HODL Only Altcoins With Real Use Case
There are different categories of coins with use cases, many use cases are a weak use case, for example using a fashion designer to back a token is a weak use case to me because it means you can only use the token to buy the designer wears. Many will call this a real use case? No, it won’t do very well.
Make sure that the real use case of every altcoin you hold will be very reasonable, the products backing them up must be something that is different and will catch the eye of investors, the users must be outstanding.
4. Stay Updated Always
Opportunity comes, but once as many know it, so always stay updated about crypto, read crypto news online and keep tracks on your altcoins so that you won’t miss future updated, or even token swaps, some altcoins I hold have already switched to MainNet. I’m glad I don’t miss the opportunity, you can use blockfolio app to track your altcoins.
Altcoin season is what many are waiting for, even new projects are waiting for altcoin season to return before they get listed on exchanges, I’m sure of one thing, and that is good things don’t come easily, today is bitcoin turn to reign and one-day altcoins will have its day as well.