What does HODL mean for cryptocurrency traders?

what does hodl mean

First of all, thank you Guys for keeping patience.I am back with yet another article.Many of my readers were interested in knowing 'what does hodl mean' in a practical way.Before writing this blog post I have searched on the internet and found that a lot has already been written about HODL.In fact, I was bit scared that I need to come up with something new else no use of writing this article for me and definitely you will also not be interested in reading the same old thing again and again.
Let me try and see whether I succeed or NOT.

hodling at twitter

#hodl at twitter

[What does HODL mean?]

HODL is an internet meme which is mostly used by cryptocurrency community when referring to hold the cryptocurrency rather than selling it.I am not sure whether you have heard the name of the person who is behind the term 'hodl'.The term was coined by Gamekyuubi by mistake.In fact, it was a typo error.
It's better you read the entire story yourself.

i am hodling

In his post-Mr. Gamekyuubi has expressed his thoughts about cryptocurrency trading.He further says that he is not a good trader.He is not able to understand the highs and lows of the market.Mr. Gamekyuubi emphasizes on the fact that weak traders give up easily when the times are tough.He also shares the thought about day trading.He initiates the discussion by raising an important point.He says that you can only lose money to intraday traders in case you are in hurry and plan to sell your cryptocurrency.It's always a better option to wait and watch the market by hodling your coin.By hodling your coin doesn't mean that you will be making a profit for sure but of course, it gives you an opportunity to make a profit.One thing is very clear in case you want to be a cryptocurrency trader.You need to leave your emotion or I will say control your emotion to be a superlative trader in cryptocurrency space.By the end of his rant, Gamekyuubi has also highlighted that he was drunk and he knows that he has misspelled holding as 'hodling'.
what does hodl mean in cryptocurrency world

Soon the post became viral and a new humorous backronym was born.

I hope the picture is clear now and if anyone will ask you 'Are you still not hodling' then you will be quick enough to respond to the query.

[Where should I HODL my cryptocurrency?]

hodl bitcoin

It's good to HODL your bitcoin or altcoin in case you are not getting early returns.Sometimes hodling of cryptocurrency can bring a lot of wealth.To be successful in hodling you need to now that cryptocurrency in-depth which you are planning to hodl.You can find the details of any cryptocurrency on CoinMarketCap.

I always prefer to hodl in hardware wallet because it is safe and perhaps the best way to hodl.
On the other hand hodling in an online wallet can be a risky affair because there are chances of hacking and other online threat.

I know that transfer of cryptocurrency to cold storage includes a transition fee but guys, it's worth spending rather I will say it's worth investing.

[How long should one HODL Ripple?]

hodling ripple

Hodling of any cryptocurrency varies from person to person.It totally depends upon an individual capacity to buy a cryptocurrency and forget it.I follow few steps while deciding on whether I have to HODL any cryptocurrency or NOT.I am sharing the steps and if you like it you can also follow it.

Hodling Step 1:

First and foremost thing is to study the cryptocurrency that you are planning to hodl.I will recommend you to study the graph of cryptocurrency.You can find it at coinmarketcap.To make you understand I will be taking Ripple(XRP) as an example.

hodling ripple

I have taken the data for all time of Ripple.By seeing the graph you can very well understand that this is not a pump and dump coin.Though the growth of the altcoin is not exponential the chart shows the stable growth.I will definitely recommend this altcoin for hodling.Trust me Guys, this is one of the best option available for hodling.In case you want me to explain the graph then I will definitely going to decode this graph for you.
Even before buying a cryptocurrency for hodling remember to check the growth curve.Anyone can understand by seeing this graph that the probability of Ripple price to skyrocket is very high.But at the same time, this is not gonna happen overnight.It will definitely take time.To be more calculative I worked on last one year data for Ripple(XRP).For me, the rank and stability of any cryptocurrency I am planning to hodl really matters a lot.In this case, it's Ripple so I just checked the rank of this altcoin on CoinMarketCap and it shows Rank 3 which is pretty satisfactory and I have taken a screenshot of Ripple data for last three years.

hodling cryptocurrency ripple

So, the graph is definitely self-explanatory.In between January and February 2018, you will find a sudden rise in the graph.So if you have hodl in the starting of  April 2017 then perhaps January 2018 would have been the best time to sell your Ripples.Anyone who would have hodl ripple for 9 months would have definitely made huge profits.We all can at least guess than Ripple is gonna stay in the cryptocurrency market so you can still buy Ripple but keep in mind to hodl it for at least a year.Ripple will definitely reap you profit in long run.

Let's HODL RIPPLE......

[Should I HODL bitcoin in the current scenario?]

what does hodling bitcoin mean to a trader

Let's decode the question 'Should I HODL bitcoin in current scenario?'. I have two options.The first one is NO and the second one is yes.If your answer is NO then you will definitely sell the bitcoin.In case your answer is yes and you want to hodl the bitcoin.Then the next question comes is for short term or long term.
We will discuss it later.First, let's make a logical argument on whether to hodl bitcoin or not.There are again two scenarios.Either you have bought bitcoin at a lesser price or at a higher price as compared to the current bitcoin market price.In case you have bought at a lower price then you might be thinking to sell it even though your profit margin is thin.I can definitely buy this idea and will agree to some extent that you are not making a loss and so you are selling your bitcoin.Let's have a look at the second scenario.Again in this scenario, you may be making a thin loss or a huge loss.So I will ask you only one question that 'Are you still NOT hodling bitcoin?'.Definitely, you should hodl bitcoin.I will say even you have 100 bitcoin then also please hodl.Already the market is in the mode of getting corrected and I hope within a time span of 12 months everything will be alright.I know it needs courage to hodl bitcoin when things are not happening in a positive sense.

I will say HODL HODL HODL................

You will definitely get a good return by hodling bitcoin.As of now, the market correction is in the process and once done I am damn sure again bitcoin price will rise.

                                                  [What coin should I HODL?]

My favorite choices are three cryptocurrencies for long-term HODL.
  • Bitcoin
  • Ripple
  • Cardano ADA
There are many other altcoins which can be hodl for a long term.I have just listed my favorites.

Conclusion: Folk, it's totally your choice to HODL or NOT but I will recommend everyone to know the meaning of hodling and other related terms to be a superlative cryptocurrency trader.


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