With the price of Bitcoin going to the Moon, then onto Mars and out of the Milky Way I've been thinking what would be a price where I would sell my Bitcoin for fiat?
The ideal situation would be Bitcoin being used as an actual payment method and therefore the need to change back to fiat wouldn't be an issue, but with the crazy transaction fees that isn't going to happen anytime soon.
As we have seen with Steam who no longer except Bitcoin as a payment method because of fees. This is actually a massive step backwards for Bitcoin being used as a payment method.
I've always said I would sell when it got to a life changing amount, but then obviously there is that fear of selling then watching the price double or even triple.
So if you had only 1 Bitcoin, what would be your price to sell?
As usual thanks for listening
Happy Steeming Steemers and Steemettes.
To me a life changing amount is when I can pay off a big chunk of, if not all, of my mortgage. But then again what if it doubles from there. I could buy a better house 🤔. Even if you set a number you will always be thinking what if
My goal was my mortgage as well. But as you say there is always that what if. Thanks for the comment.
I heard an interview with the creator of Litecoin today in which he suggested that he would consider selling his Bitcoin if it reached $50,000 and his reasoning was interesting because he equated it to the relative price of gold.
Sorry I've only just seen this. I didn't hear that one. I'm guessing the creator of Litecoin has enough money already though :)
Thanks for the comment.
@originalworks
I always think of purchasing bitcoin as buying a lottery ticket, or gambling. One should be prepared to lose every cent, so only invest what you can afford to lose.
I think it makes sense to sell just the amount of your initial fiat investment, once the value has grown significantly. That way, you didn't lose any money on your bet.
Then, if some other technology comes over the horizon that looks like it's going to displace bitcoin, trade the rest before too much of the value is lost.
Yes that makes sense, only problem is selling any Bitcoin at this point for the fear of the price rising after you do. But it is the smart thing to do.
Thanks for the comment.
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