Hodl: In the Bitcoin community it is Meme No. 1. The mantra is stoic expression for the deep conviction about Bitcoin’s strength. Because being Hodler is an obligation; selling the crypto positions is out of the question. The only thing allowed is to buy back. At least this is how it is written in the famous Hodler Manifesto. This term was once coined by Senior Member on bitcointalk.org “GameKyuubi”, who, after “some whisky”, was apparently no longer able to hit the “hold” right into the keys. In the semi-coherent post, he writes trading off because the market is not to be timed anyway. The rest is history. It’s about time to dedicate an article to Bitcoin-Meme No. 1.
“Shit, Bitcoin is crashing!”
For Hodler, falling prices mean one thing in particular: shopping time! Instead of falling into panic, the world”s Hodler is happy to receive discounts on Bitcoin. Because Hodlers are not here for the quick profits, they hodl because they know: winter follows spring.
“You should hesitate to sell”
Hodlers don’t sell. Never, never ever. They wait stoically for the time when they can do their daily shopping with Bitcoin.
In short: Hodlers think long term. They don’t trade, they hold. Hodling makes life easy, because even experienced crypto-analysts often overestimate market timing.
“Maybe Bitcoin Cash is the real Bitcoin after all.”
Hodlers are loyal to their currency. FOMO buying emerging stars from the crypto cosmos is taboo. Only re-buying your favourite currency is allowed. Hodling is a way of life, not an investment strategy. Once decided, Hodler no longer deviates from ” their ” coin. Exorbitant price gains of Rising Stars are demonstratively ignored, because the mean Hodler is confident: In the long run “my” coin wins.
“I just leave my Bitcoin on the Exchange. Nothing will happen.”
According to article four of the Hodl constitution, that’s a no-go. Exchanges can be hacked. We don’t like to remember the Mt.Gox hack that threw the crypto community into an ice age that lasted almost two years. Many investors lost their entire crypto possessions and assets as a result of the hack.
Therefore, the only person to whom Hodler would entrust her private key is himself. Ideally, the coins are stored in cold storage, so nothing can happen.
So-called paper wallets are also considered cold storage. How you create your own paper wallet can be seen here in the video:
Create, fill & use a Bitcoin paper wallet – secure against forks
Watch this video on YouTube.
If you don’t have your own hardware wallet yet, you are welcome to visit the BTC-ECHO shop.
“Bitcoin is a bubble.”
Hodlers don’t incur losses. If the crypto currency no. 1 should go to zero, then that’s the way it is. In no case they sell before and take losses with them. ” All or not at all” is the motto.
By the way: The crypto ETP, which investors can trade on the SIX Swiss Exchange, is listed under the winking ticker HODL.
— Jameson Lopp (@lopp) December 21, 2017