HODLing, or Holding On for Dear Life, is a well-known acronym in the world of cryptocurrencies. The idea is to hold on to your crypto with no intention of letting it go until its gets to the moon. Here are a few ways you can HODL like an expert:
The first thing you need to do as a HODLer is shifting your focus and attention onto holding. Instead of looking for the next Bitcoin or the next big thing, turn your focus onto your core purpose. Is it educating others on why crypto is so important? Is it simply adding to your stacks so you can realize even more gains? Whatever it is that you believe in, focus on doing that thing.
Along those same lines, when it comes to focusing, maintain that energy when things take a downturn. Don’t worry about what happens with the market or which countries are banning your coin. Forget about those things and do what true HODLers do: focus.
This isn’t necessarily a conviction in the coin you’re HOLDing, but rather a conviction in yourself. If you’re into crypto you’ve heard all the negative things naysayers put out there. ‘Crypto is a bubble,’ ‘You should cash out,’ ‘It’s all just a scam,’ and of course, ‘Bitcoin is dead.’
No matter what coin you’re HODLing, remember that Fear, Uncertainty, and Doubt (FUD) are all things you welcome. As a matter of fact, they usually lead to cheaper coins, which any true HODLer will buy up during lean times.
Having a firm foundation and strong convictions means that when temptation rears its ugly head, you’ll stand strong in your belief.
Another key aspect of HODLing successfully is learning to delay. Delay instant gratification. If your profits double, are you ready to pull out your returns, or are you in it for the long haul? The key is to value the future more than you value the present. When you do that, amazing things can take place, including incredible returns on your investments.
So, when it comes to HODLing, ignore the noise and the desire to withdraw your funds and cruise around in a brand new Lambo. Avoid the temptation to show off your wealth. The HODLer is interested in building wealth slowly, not pump schemes that take advantage of other investors.
For those serious about HODLing, it’s never about selling. It’s about the belief that crypto will eventually become the currency everyone uses. When the time comes, HODLers won’t sell their crypto for millions because crypto will be the status quo. That’s what it means to HODL.
If you’re interested in HODLing a cryptocurrency and need a place to get started, check out Blackfort Exchange Network. This exchange network lets you buy your favorite digital asset, then store it in a client wallet where you can HODL it until you’re ready to use it.