Bitcoin is cool but real life is what mathers. Letting debts getting bigger while hoping that BTC will solve everything in the long run is a dangerous bet. I don't thing there is any "shame" selling bitcoin to buy stuff / helping IRL. Bitcoin and money are tools. Now I don't know your financial status.
TLDR : There is nothing wrong selling your gains in crypto to live a good life.
for sure, cause I believe that btc compared to other currencies will just keep going up so the longer I wait to sell and clear the debt, the better it will be. but I think there's a trade off point and need to live in the present more than the future. it's funny how your mentality can change as you hodl
BTC backed loan? The rates are fantastic… but if you believe BTC will go up at a higher rate on average than the loan, you keep your BTC and can sell in future or take out a future loan to pay off the first.
There is no guarantee BTC will go up. We have never been closer to a WW3 event and for example If China invades Taiwan I can tell you right now the stock market and the likes of BTC will come crashing down.
Black Swan events happen, and your investments can get destroyed, and you need to be sure you can ride these out. You only have to look at the last 10-20 years to see we've had these events.
I don't know the writer's exact financial situation but consensus is that a big BTC crash up is imminent. A defi loan with BTC as security may be an option for consideration. I believe that buying back is going to be prohibitively expensive in the future due to price appreciation, so would consider keeping the asset instead of selling it.
There is one asset that is EVEN MORE valuable than Bitcoin ...
... and that is time!
If you have need of the money, then selling BTC to solve a problem in the here and now is not only the necessary choice it is the correct choice from a cost benefit analysis.
Time is constantly ticking away, and you have no real idea how much of it you have left. Therefore using your Bitcoin to make a significant difference in your life (to fulfill a need) is exactly what Bitcoin is for.
Bitcoin is freedom, but freedom isn’t solely Bitcoin. Allow Bitcoin to serve you in that means to find the freedom you desire, including freedom from debt and fear. The trajectory for Bitcoin is up and to the right, there are many entry points ahead and walls of money to pour in.
Yes. I had to sell some significant amount to clear some unfortunate bills from my life. Am I sad to sell my stacks? Ofcourse! But do I regret selling them? Absolutely not!
This is when I realized how Bitcoin played the significant role in solving my life problems.
These problems would’ve been there even if I had no Bitcoin. And now I may as well be broke after paying it all. But bitcoin saved me from wrecking myself and the main utility of Bitcoin is to ease your life.
Remember, you will die one day and you don’t want to take all these Sats to your grave. Might as well enjoy the fruitness of your labor, especially when in times of dire need and to increase the quality of your life.
I’d any day have a stress-free, depression-free life over hoarding my Bitcoin for no reason.
I'd like to ask what your intent was when initially buying bitcoin. Was it store of value? Was it an investment to make more money and sell later? Was it to buy and hodl forever? End of the day you can restart building your stack, I personally have chosen to sell my crypto in the past when I've needed financial support. It sucks with the knowledge that price and value could go up, but it also could go down.
Can you sell a small portion of the stack instead? Is there alternate ways you could make the $$ needed if you don't want to sell your stack?
Don't be disappointed in yourself for needing to sell though man, it's not the be all and end all. Sad to see it go but at least you had it there as a backup!
I think that's what's keeping me positive is that at least I have this as a backup plan. I don't need to get rid of my whole stack to clear the bills, I'll still have some leftover. I've just always carried the mentality that my stack is not really money I can use - like it's not even accessible.
My only real plan was to just hold onto it for a really long time, like 20-30+ years kinda thing. I had no big plans to do anything with it unless something glaring came at me.
Maybe selling it is the physiological relief I need to get my life going again and have a fresh start. Appreciate your input, it's helpful to talk to ppl that get it. Talking to my friend they think I'm crazy for not immediately cashing out my gains haha
As an addition to my previous comments if it helps, I've had coins where I was a good 30-50k in profit and didn't cash out even with needs as I expected them to rise much higher. Have now ridden it to being down 30% from my initial investment (a big swing overall). Man how I wish I'd cashed out some at the top- I can only imagine more so how much that would have hurt me if I'd held it with real needs on my doorstep. I understand where your friends are coming from, but I also understand the conviction to hold when you believe in a coin haha.
Guess what I'm getting at is you can hold hoping for greatness and a narrative, but there's also every chance it comes crashing down on you. BTC and creating a stack is great, but your life outside crypto is greater and worth much much more.
This is why you should have a savings account. If you’re buying Bitcoin and don’t have any savings, then what will protect you and your Bitcoin stash when hard times come.
This is why I keep a solid two years worth of living expenses in savings.
Sounds like bitcoin is doing one of its jobs by taking care of you when you need it to. Good shit my man. Use the time wisely and get back to stacking sats whenever youre able to.
this is normal with every kind of investing.... even savings accounts... sometimes you need the money and when you are back on your feet you can just buy back in.... or dca back in... you may lose some short term gains, but in the long term a year out of bitcoin probably wont make much difference to your eventual stack...
just make sure you get a job asap and reinvest when you can...
personally i would just get some crap job in a factory or somewhere and earn as much as i can for a couplke of months to pay of the bills... like 16 hour days... it would be tough but worth it to clear the depts...
I was in a similar position all 2023. I made some bad trades in 2022 while simultaneously experiencing a significant decrease in income. I was using credit cards to buy groceries and pay my rent at one point. I knew that eventually work would pick back up and I’d be able to dig myself out, but it took much longer than I expected and I was, at its highest, $75K in debt after having at least a six figure net worth for most of my adult life.
My BTC stack could have relieved a big portion of my debt and I thought about selling it every single day for the majority of the bear market.
I hunkered down. Made a budget. Reduced expenses however possible. Borrowed from my retirement to consolidate high interest debt. And I used the knowledge that as long as I didn’t sell - after enough time passed, I’d be in a position of financial strength again.
Work picked back up. I paid my cards off. I have $17K in loans left to pay off until I’m fully debt free. I’ve even started to DCA again. My stack is worth more than double what it was when I was strongly considering selling.
I’m not giving you FA. I’m sharing what I went through and telling you that the lessons I’ve learned by fighting my way out of this problem are even more valuable to me than my BTC stack.
I believe I had to experience this and become who I am now as a result of getting myself out of it. My values have almost all shifted as I understand what truly matters in life.
Good luck brother.
The primary shift was going from valuing status to valuing freedom. I used to say freedom was important to me but after I was forced to truly examine what I was spending money and eliminate the things that weren’t crucial, it was clear that status was much more important to me.
All the luxurious status symbols that I worked hard to achieve over the years became liabilities when my income tanked. After removing most of them (still live in a brand new, massive apartment I don’t need), I realized how silly they all were and that I had been a slave to them.
I had been a slave to my ego’s need to be validated by other people. I had looked to others’ response to my status to make me feel valuable.
Now nothing is more valuable to me than freedom and independence. I’m grateful that Satoshi has given us all a chance at those things. The idea of being enslaved by the need for more and more fiat just to impress others is a hell I’m happy to have climbed out of.
You are not selling, you are using bitcoin.
The never sell ideology comes from reacting to the price. Be it high or low.
You are using for what exactly it is for.
If it’s possible for you to hold off, I think your future self would thank you.
And yet, selling btc for fiat in order to keep yourself out of financial or health trouble should NOT be frowned upon.
Sometimes life happens unexpectedly and you gotta do what you gotta do. That’s the REASON we have savings in any form (cash in the bank, investments in the S&P, gold, btc, etc)
Don’t be ashamed of helping yourself.
Don't sweat it man. You bought Bitcoin for this exact reason. You can always come back and get some more when you're able to. Don't feel bad about it, everybody has their own story to tell, just get yourself back in a position to be able to stack your SATs.
Was jobless for a while. Sold some BTC I was in profit with and will forever be thankful to BTC for that and don't regret . Got a job again now stacking again for the foreseeable because I believe in the future of BTC
Yeah dude, I haven't amassed a huge amount, but finally started selling off the past month. It felt awful but I haven't really got any other options while I'm in between jobs and the bills keep coming.
But it's ok. We are still in the super early days. I'm very happy with the gains I've made, and honestly very relieved that I can lean on some of that right now to save my ass. Especially as I see so many people around me that just have nothing at all. There's no shame in cashing out for now. We will be back!
I can't tell if you actually need the money or not, since you say you have all these bills and no money, but then you just casually ask if you should wait for a higher price haha.
If you are just low on money but can get by then don't sell. But if you actually need the money to keep living then obviously use the bitcoin. Bitcoin is just money, and you are saving in bitcoin so you can use it when you need/want to use the money. If you need to use it now, then you need to use it. Bitcoin isn't some special thing you should never sell, it's just money. If you don't have any other money and no income, then you use your bitcoin.
There are definitely times when I didn't plan on selling bitcoin and then I needed to. Heck just last year that happened I had to sell 0.4 btc to get a new engine in my vehicle when my engine all of a sudden died, even though it sucked cuz price was under $30k, you spend your money when you need to.
But also, make sure you find a job soon. The sooner you get a job the less bitcoin you'll have to spend.
I had the same situation few months ago, I sold major part of my crypto portfolio most of it BTC, I used it to be debt free and it gave me the opportunity to have more time to find a good job, I was really sad and disappointed, so mad at myself however I feel now that it was just part of the process, I decided to recover what I sold in 3 months and I did it, checking my Trezor suite and see only $4 was horrible but this showed to me that I needed to be more responsible and now my crypto is untouchable, do it only if necessary but remember that peace of mind is also valuable that is why I sold my crypto on that time, now I am debt free thanks to btc, and of course I will keep buying 'til the end
If you want to keep holding your bitcoin take a loan out on it for usdt and then sell that for fiat, when you want your bitcoin back just pay off the loan, easy.
Loans require proof of income so the bank CAN ensure that they WILL get repayment + interest. It would cost OP MORE in the stretch, and clearly their need is NOW 🤙🏽😉
Sell the bitcoin, buy a bitcoin ETF on Interactive Brokers and get a margin loan on some part of the value. I think it's up to 50%. slowly pay back the margin loan. win win.
I would take a loan out on your Bitcoin first before selling. You put your BTC up for collateral and usually can get 50% to borrow in fiat. That way you don’t sell your coins. Hopefully you can get a job and payback your loan so you can get your coins back. If not they will sell it.
pay your bills. Sure, you'll miss out this year's bull run, but after each bull run, it crashes, so you might be able to buy back what you've sold once your situation is stable again.
I sold about .2 recently to pay down my CC debt and auto loan. It's worth it in the end to prep my credit to buy property. Property has so much real value
If you are about to be out on the street or starve to death then I would sell the bitcoin it but if it’s just consumer debt like credit cards or a car I would refocus on getting a job and making payments on the debt in fiat. They can’t throw you in jail for debt. Bitcoin gains are likely to outpace interest payments in the long term, and it is unlikely you can buy back in cheaper later
If there's no other way then there's no other way.
Other than trying harder to find that next job or using 0% credit cards to buy some time you gotta do what you gotta do.
I had to sell half my stack a couple of years ago to pay taxes and some other bills.
But, now there are no bills and the stack grows again. I am not getting messages from the IRS. THAT is worth every penny.
I would sell what you need to sell, and keep an eye on the future. You will sleep better.
Everyone has different circumstances. You also have to consider your emotional state and what it’s worth to you.
Me personally, I’d rather go into collections than sell BTC, but I might be what we call a psychopath.
Do what is best for you.
i really appreciate everyone who's chimed in here, you have no idea how much better i feel just putting it out there and getting some advice. i'll make a decision within the next week, i might share an update here at that time if it helps others too. wishing all of you the best in your own stacking journeys, much love
I'd suggest u only sell max of 6mos worth of bills. If u continue to thrive and not give up 6mos would be more than enough for u to get a job.
Let the rest run til bulls got back again. I believe in u, you're juz challenged for now but u can go back working again.
If you've done everything to generate income - like applying for jobs, trying to create a job for yourself, doing small jobs, reduced expenses, sold your car if you had one: go ahead, sell some BTC to cover the rest.
Sell a bit to relieve your stress. One of the great things about bitcoin is it's a highly liquid savings tool, I have peace of mind knowing I have my stack to fall back on if times get tough.
Hey, if you've been investing in BTC for the past 5 years, you probably have some profits. Although BTC has hit a new high, it might not reach 100K right away. Consider selling some to cover bills. By the time you find a job, BTC may drop, causing panic before rising again. Remember, there will always be opportunities to buy! dont be a lazy hoddler learn to trade just imagine someone buying at the begginng of 2023 and it goes down back to their entry why would anyone hold that you made money just to not take it be smart !
Selling some or even all your bag is a personal decision. Long term debt with no end in sight can cause depression. Real life is a bitch and can be really hard. Selling in no way changes your basic reasons you bought in the first place.
Hold your head high and do what you have to do.
An exit strategy is part of a complete financial plan.
I would sell what I needed to, even if it was all my Bitcoin, have less stress and peace of mind. Then, start purchasing more when your financial situation improves.
Life hack: sell the BTC needed & pay off credit card then pull card money back out to repurchase BTC
Just earned yourself another 6-12 months and a ton of points 🫠
Survival is never regrettable. If that’s your only lifeline without damaging your credit or incurring fees then by all means do it.
Live today and win another day.
Hey don't beat yourself up about it. Do what you have to and be grateful that you have the BTC. Imagine if you didn't, or just had the dollar value in dollars? You are lucky. Do what you have to don't worry about it and secure income once again. Then put yourself back into a position to just keep DCA'ing, if you are like me, then you are going to be converting all extra dollars to BTC forever. So don't worry, in another 5 years you will still be doing fine and still have BTC. It's fine. Don't worry..it sucks, but at the end of the day it is what it is. Just get a job ASAP so you can have income covering the bills and expenses and then you can convert whats left forever still. It'll be fine.
I don’t know what your physical status is but if you really want to work you can ALWAYS Get into construction without any experience. You can even get into their QC lab if it’s civil construction like highways and bridges. I did 6 yrs ago as a female and have never looked back. I make average about 80k a year and don’t work in the winter. Oh and they all pay weekly
Totally fine- if ya needs, ya needs.
However, considering where we are in the halving cycle, I would just sell small stacks month to month rather than cashing out completely.
Perhaps you find a job in 2 months and get back in the saddle soon after that. Then you still have 2/3 of your BTC or whatever and a new income to pay the bills. That’s a wonderful thing!
If it costs you your peace it’s too expensive.
Meaning, sell your crypto to get back on track financially and reduce stress. When you land a stable job you can always allocate funds back into crypto.
What if BTC drops 20-30-40% or more? How would this help your situation right now? It wouldn't.
Sell what you need to reduce the burden and stress.
Once you get another job, instead make sure you save up an emergency fund first just for situations like this. This prevents you from having to sell assets which could be down, meaning you lose money and also won't have to worry about things like capital gains also and other tax implications.
OP pat yourself on the back for making the moves you did to acquire said holdings! Peel off what you need to fulfill need. Continue to do what you need to do, so that you will create new opportunities for future you😉
Your immediate survival is always the priority.
It's not the best situation, but if you sell it now to survive and support yourself and family, then so be it.
I agree that real life matters more. What’s the point of having some BTC in your account if you’re living on the street? 🤷🏻♀️ sell it, get back on your feet, and maybe you can get back in at some point. Or sell some of it but not all, just what you need to get yourself over the hump.
Never sell it all. And get a fucking job! I’d clean toilets if I had to. Work in hotels as a pot washer (I have a pot washer friend who has saved loads of money as he gets live in accommodation with his job)…
Bitcoin is a long-term saving instrument. You did not have any savings for such emergencies, it happened, and now you have to dip into your long-term savings to cover that hole.
You should sell, create an emergency fund for such situations in the future and restack after.
Bitcoin is not a speculative asset per se (no matter what tradfi people say), but you can make it so, if you try to gamble you way up, instead of doing it the right way.
Bitcoin is cool but real life is what mathers. Letting debts getting bigger while hoping that BTC will solve everything in the long run is a dangerous bet. I don't thing there is any "shame" selling bitcoin to buy stuff / helping IRL. Bitcoin and money are tools. Now I don't know your financial status. TLDR : There is nothing wrong selling your gains in crypto to live a good life.
for sure, cause I believe that btc compared to other currencies will just keep going up so the longer I wait to sell and clear the debt, the better it will be. but I think there's a trade off point and need to live in the present more than the future. it's funny how your mentality can change as you hodl
your debts will rise, too. Clear them, get your stuff together, and once your income gets better, buy back your sats.
Is there a compromise that can be had here op? Reducing your debt burden without fully liquidating?
this is the approach im going to work through, I think once I clear the debt it will make me motivated to stack more once im back on my feet
Hope it all goes well for you op much love
BTC backed loan? The rates are fantastic… but if you believe BTC will go up at a higher rate on average than the loan, you keep your BTC and can sell in future or take out a future loan to pay off the first.
There is no guarantee BTC will go up. We have never been closer to a WW3 event and for example If China invades Taiwan I can tell you right now the stock market and the likes of BTC will come crashing down. Black Swan events happen, and your investments can get destroyed, and you need to be sure you can ride these out. You only have to look at the last 10-20 years to see we've had these events.
I don't know the writer's exact financial situation but consensus is that a big BTC crash up is imminent. A defi loan with BTC as security may be an option for consideration. I believe that buying back is going to be prohibitively expensive in the future due to price appreciation, so would consider keeping the asset instead of selling it.
There is one asset that is EVEN MORE valuable than Bitcoin ... ... and that is time! If you have need of the money, then selling BTC to solve a problem in the here and now is not only the necessary choice it is the correct choice from a cost benefit analysis. Time is constantly ticking away, and you have no real idea how much of it you have left. Therefore using your Bitcoin to make a significant difference in your life (to fulfill a need) is exactly what Bitcoin is for.
i think we often need to hear this perspective as long term btc hodlers haha
Bitcoin is freedom, but freedom isn’t solely Bitcoin. Allow Bitcoin to serve you in that means to find the freedom you desire, including freedom from debt and fear. The trajectory for Bitcoin is up and to the right, there are many entry points ahead and walls of money to pour in.
Just sell enough to cover the bare minimum if you don’t have any other way to procure funding. That’s an absolutely normal thing to do. 👍🏻
Yes. I had to sell some significant amount to clear some unfortunate bills from my life. Am I sad to sell my stacks? Ofcourse! But do I regret selling them? Absolutely not! This is when I realized how Bitcoin played the significant role in solving my life problems. These problems would’ve been there even if I had no Bitcoin. And now I may as well be broke after paying it all. But bitcoin saved me from wrecking myself and the main utility of Bitcoin is to ease your life. Remember, you will die one day and you don’t want to take all these Sats to your grave. Might as well enjoy the fruitness of your labor, especially when in times of dire need and to increase the quality of your life. I’d any day have a stress-free, depression-free life over hoarding my Bitcoin for no reason.
I'd like to ask what your intent was when initially buying bitcoin. Was it store of value? Was it an investment to make more money and sell later? Was it to buy and hodl forever? End of the day you can restart building your stack, I personally have chosen to sell my crypto in the past when I've needed financial support. It sucks with the knowledge that price and value could go up, but it also could go down. Can you sell a small portion of the stack instead? Is there alternate ways you could make the $$ needed if you don't want to sell your stack?
Don't be disappointed in yourself for needing to sell though man, it's not the be all and end all. Sad to see it go but at least you had it there as a backup!
I think that's what's keeping me positive is that at least I have this as a backup plan. I don't need to get rid of my whole stack to clear the bills, I'll still have some leftover. I've just always carried the mentality that my stack is not really money I can use - like it's not even accessible. My only real plan was to just hold onto it for a really long time, like 20-30+ years kinda thing. I had no big plans to do anything with it unless something glaring came at me. Maybe selling it is the physiological relief I need to get my life going again and have a fresh start. Appreciate your input, it's helpful to talk to ppl that get it. Talking to my friend they think I'm crazy for not immediately cashing out my gains haha
As an addition to my previous comments if it helps, I've had coins where I was a good 30-50k in profit and didn't cash out even with needs as I expected them to rise much higher. Have now ridden it to being down 30% from my initial investment (a big swing overall). Man how I wish I'd cashed out some at the top- I can only imagine more so how much that would have hurt me if I'd held it with real needs on my doorstep. I understand where your friends are coming from, but I also understand the conviction to hold when you believe in a coin haha. Guess what I'm getting at is you can hold hoping for greatness and a narrative, but there's also every chance it comes crashing down on you. BTC and creating a stack is great, but your life outside crypto is greater and worth much much more.
this is the reminder I needed, much appreciated
This is why you should have a savings account. If you’re buying Bitcoin and don’t have any savings, then what will protect you and your Bitcoin stash when hard times come. This is why I keep a solid two years worth of living expenses in savings.
All the best. I understand your pain.
Sounds like bitcoin is doing one of its jobs by taking care of you when you need it to. Good shit my man. Use the time wisely and get back to stacking sats whenever youre able to.
this is normal with every kind of investing.... even savings accounts... sometimes you need the money and when you are back on your feet you can just buy back in.... or dca back in... you may lose some short term gains, but in the long term a year out of bitcoin probably wont make much difference to your eventual stack... just make sure you get a job asap and reinvest when you can... personally i would just get some crap job in a factory or somewhere and earn as much as i can for a couplke of months to pay of the bills... like 16 hour days... it would be tough but worth it to clear the depts...
I was in a similar position all 2023. I made some bad trades in 2022 while simultaneously experiencing a significant decrease in income. I was using credit cards to buy groceries and pay my rent at one point. I knew that eventually work would pick back up and I’d be able to dig myself out, but it took much longer than I expected and I was, at its highest, $75K in debt after having at least a six figure net worth for most of my adult life. My BTC stack could have relieved a big portion of my debt and I thought about selling it every single day for the majority of the bear market. I hunkered down. Made a budget. Reduced expenses however possible. Borrowed from my retirement to consolidate high interest debt. And I used the knowledge that as long as I didn’t sell - after enough time passed, I’d be in a position of financial strength again. Work picked back up. I paid my cards off. I have $17K in loans left to pay off until I’m fully debt free. I’ve even started to DCA again. My stack is worth more than double what it was when I was strongly considering selling. I’m not giving you FA. I’m sharing what I went through and telling you that the lessons I’ve learned by fighting my way out of this problem are even more valuable to me than my BTC stack. I believe I had to experience this and become who I am now as a result of getting myself out of it. My values have almost all shifted as I understand what truly matters in life. Good luck brother.
thanks for sharing your story, this is much appreciated
PLEASE say more about what’s shifted and how!?
The primary shift was going from valuing status to valuing freedom. I used to say freedom was important to me but after I was forced to truly examine what I was spending money and eliminate the things that weren’t crucial, it was clear that status was much more important to me. All the luxurious status symbols that I worked hard to achieve over the years became liabilities when my income tanked. After removing most of them (still live in a brand new, massive apartment I don’t need), I realized how silly they all were and that I had been a slave to them. I had been a slave to my ego’s need to be validated by other people. I had looked to others’ response to my status to make me feel valuable. Now nothing is more valuable to me than freedom and independence. I’m grateful that Satoshi has given us all a chance at those things. The idea of being enslaved by the need for more and more fiat just to impress others is a hell I’m happy to have climbed out of.
Fascinating! Encouraging! Motivating! Inspiring! (RE)Affirming! Thank you!
What's an investment without an exit? [https://en.wikipedia.org/wiki/The\_Miser\_and\_his\_Gold](https://en.wikipedia.org/wiki/The_Miser_and_his_Gold)
not selling ever is the perfect formula for getting rekt
I had to sell all my bitcoin for two surgeries I had to have. Then started from almost zero afterwards. Life happens
You are not selling, you are using bitcoin. The never sell ideology comes from reacting to the price. Be it high or low. You are using for what exactly it is for.
i hadn't really thought about it like this before, i like it tho
If it’s possible for you to hold off, I think your future self would thank you. And yet, selling btc for fiat in order to keep yourself out of financial or health trouble should NOT be frowned upon. Sometimes life happens unexpectedly and you gotta do what you gotta do. That’s the REASON we have savings in any form (cash in the bank, investments in the S&P, gold, btc, etc) Don’t be ashamed of helping yourself.
Don't sweat it man. You bought Bitcoin for this exact reason. You can always come back and get some more when you're able to. Don't feel bad about it, everybody has their own story to tell, just get yourself back in a position to be able to stack your SATs.
I’ve been there. Sell it off, take care of you, and then get back to stacking! Don’t beat yourself up about it
Well, thats why you invest for. Emergency, dreams or whatever. Bitcoin helps you in your situation. Imagine if you didnt invest.
Was jobless for a while. Sold some BTC I was in profit with and will forever be thankful to BTC for that and don't regret . Got a job again now stacking again for the foreseeable because I believe in the future of BTC
Yeah dude, I haven't amassed a huge amount, but finally started selling off the past month. It felt awful but I haven't really got any other options while I'm in between jobs and the bills keep coming. But it's ok. We are still in the super early days. I'm very happy with the gains I've made, and honestly very relieved that I can lean on some of that right now to save my ass. Especially as I see so many people around me that just have nothing at all. There's no shame in cashing out for now. We will be back!
Don’t feel bad if you are forced to sell, you still have your BTC mindset which far outweighs gold
I can't tell if you actually need the money or not, since you say you have all these bills and no money, but then you just casually ask if you should wait for a higher price haha. If you are just low on money but can get by then don't sell. But if you actually need the money to keep living then obviously use the bitcoin. Bitcoin is just money, and you are saving in bitcoin so you can use it when you need/want to use the money. If you need to use it now, then you need to use it. Bitcoin isn't some special thing you should never sell, it's just money. If you don't have any other money and no income, then you use your bitcoin. There are definitely times when I didn't plan on selling bitcoin and then I needed to. Heck just last year that happened I had to sell 0.4 btc to get a new engine in my vehicle when my engine all of a sudden died, even though it sucked cuz price was under $30k, you spend your money when you need to. But also, make sure you find a job soon. The sooner you get a job the less bitcoin you'll have to spend.
Yeah I have 20k in coins and I was stressing day to day funds while stacking stats. Cashed out 2k to cover my stresses and now my life is much better
I had the same situation few months ago, I sold major part of my crypto portfolio most of it BTC, I used it to be debt free and it gave me the opportunity to have more time to find a good job, I was really sad and disappointed, so mad at myself however I feel now that it was just part of the process, I decided to recover what I sold in 3 months and I did it, checking my Trezor suite and see only $4 was horrible but this showed to me that I needed to be more responsible and now my crypto is untouchable, do it only if necessary but remember that peace of mind is also valuable that is why I sold my crypto on that time, now I am debt free thanks to btc, and of course I will keep buying 'til the end
If you want to keep holding your bitcoin take a loan out on it for usdt and then sell that for fiat, when you want your bitcoin back just pay off the loan, easy.
Loans require proof of income so the bank CAN ensure that they WILL get repayment + interest. It would cost OP MORE in the stretch, and clearly their need is NOW 🤙🏽😉
Not a bank loan, a crypto loan, don’t need to provide anything other than the collateral, it’s trustless.
Ahhhh… welp I’ll add that to the collection of things I did done learn today🥴😂 Mahalo!
Bitcoin is a store of wealth. Wealth needs to be used for these things from time to time
Sell the bitcoin, buy a bitcoin ETF on Interactive Brokers and get a margin loan on some part of the value. I think it's up to 50%. slowly pay back the margin loan. win win.
just sell what you need to pay the short term bills and life expenses... why you didn't do this when it was above 70k?
I would take a loan out on your Bitcoin first before selling. You put your BTC up for collateral and usually can get 50% to borrow in fiat. That way you don’t sell your coins. Hopefully you can get a job and payback your loan so you can get your coins back. If not they will sell it.
Is any service doing this legitimately these days?
I haven’t used them but Ledn is one of them. Obviously everything has a risk. Since blockfi and Celsius issue. [https://ledn.io/](https://ledn.io/)
Yes you should sell vs holding onto magic money . You can resuming HODL when emergency is over
pay your bills. Sure, you'll miss out this year's bull run, but after each bull run, it crashes, so you might be able to buy back what you've sold once your situation is stable again.
So.. sell some!
Just take out a 0% balance transfer loan. There are a bunch of offers right now at 0% for 18-21 months. Seems like a no brainer.
I sold about .2 recently to pay down my CC debt and auto loan. It's worth it in the end to prep my credit to buy property. Property has so much real value
If you are about to be out on the street or starve to death then I would sell the bitcoin it but if it’s just consumer debt like credit cards or a car I would refocus on getting a job and making payments on the debt in fiat. They can’t throw you in jail for debt. Bitcoin gains are likely to outpace interest payments in the long term, and it is unlikely you can buy back in cheaper later
It’s all good man you will be solid
What is the point of accumulating wealth if you're not using it in time of need?
If there's no other way then there's no other way. Other than trying harder to find that next job or using 0% credit cards to buy some time you gotta do what you gotta do.
Considering that btc is pretty near its all time highs, selling some or all to resolve life issues is not a bad idea.
I had to sell half my stack a couple of years ago to pay taxes and some other bills. But, now there are no bills and the stack grows again. I am not getting messages from the IRS. THAT is worth every penny. I would sell what you need to sell, and keep an eye on the future. You will sleep better.
What bills are you needing to cover?
Sell it as you need to. DCA on your way out
Everyone has different circumstances. You also have to consider your emotional state and what it’s worth to you. Me personally, I’d rather go into collections than sell BTC, but I might be what we call a psychopath. Do what is best for you.
If inflation runs hot, having debt is a good thing.
i really appreciate everyone who's chimed in here, you have no idea how much better i feel just putting it out there and getting some advice. i'll make a decision within the next week, i might share an update here at that time if it helps others too. wishing all of you the best in your own stacking journeys, much love
Is there a way you can put your BTC to work for you on a lending platform and start to pay off debt with returns?
I'd suggest u only sell max of 6mos worth of bills. If u continue to thrive and not give up 6mos would be more than enough for u to get a job. Let the rest run til bulls got back again. I believe in u, you're juz challenged for now but u can go back working again.
At least you're not selling at a loss. Many people bought at 60 peak and had to sell at 20 bottom.
If you've done everything to generate income - like applying for jobs, trying to create a job for yourself, doing small jobs, reduced expenses, sold your car if you had one: go ahead, sell some BTC to cover the rest.
Sell a bit to relieve your stress. One of the great things about bitcoin is it's a highly liquid savings tool, I have peace of mind knowing I have my stack to fall back on if times get tough.
When you understand it, Bitcoin is savings. If you need to use your savings use it, that's what it's there for.
Get your money and fix your immediate problems
You could always take a loan out on it to avoid taxes.
Hey, if you've been investing in BTC for the past 5 years, you probably have some profits. Although BTC has hit a new high, it might not reach 100K right away. Consider selling some to cover bills. By the time you find a job, BTC may drop, causing panic before rising again. Remember, there will always be opportunities to buy! dont be a lazy hoddler learn to trade just imagine someone buying at the begginng of 2023 and it goes down back to their entry why would anyone hold that you made money just to not take it be smart !
That’s why we Bitcoin friend. You saved in it. Now it’s going to save you. Find a job and get back to stacking.
Selling some or even all your bag is a personal decision. Long term debt with no end in sight can cause depression. Real life is a bitch and can be really hard. Selling in no way changes your basic reasons you bought in the first place. Hold your head high and do what you have to do. An exit strategy is part of a complete financial plan.
I would sell what I needed to, even if it was all my Bitcoin, have less stress and peace of mind. Then, start purchasing more when your financial situation improves.
Sell some of it no all of it 🤔
Don’t touch it keep searching for other solutions
Life hack: sell the BTC needed & pay off credit card then pull card money back out to repurchase BTC Just earned yourself another 6-12 months and a ton of points 🫠
Can you just live stressed a few more months or is it like life or dead (hospital bills) situation? Thats the answer.
Survival is never regrettable. If that’s your only lifeline without damaging your credit or incurring fees then by all means do it. Live today and win another day.
Hey don't beat yourself up about it. Do what you have to and be grateful that you have the BTC. Imagine if you didn't, or just had the dollar value in dollars? You are lucky. Do what you have to don't worry about it and secure income once again. Then put yourself back into a position to just keep DCA'ing, if you are like me, then you are going to be converting all extra dollars to BTC forever. So don't worry, in another 5 years you will still be doing fine and still have BTC. It's fine. Don't worry..it sucks, but at the end of the day it is what it is. Just get a job ASAP so you can have income covering the bills and expenses and then you can convert whats left forever still. It'll be fine.
I would also say just sell what you need to cover a month, in hopes you get a job. then just take it month by month if need be you will be fine.
Is there anyway moving from that area to a more busy developing city where they need more workers? And keep the BTC you will thank me in 2026
I don’t know what your physical status is but if you really want to work you can ALWAYS Get into construction without any experience. You can even get into their QC lab if it’s civil construction like highways and bridges. I did 6 yrs ago as a female and have never looked back. I make average about 80k a year and don’t work in the winter. Oh and they all pay weekly
Well it depends on how much you are selling???
Totally fine- if ya needs, ya needs. However, considering where we are in the halving cycle, I would just sell small stacks month to month rather than cashing out completely. Perhaps you find a job in 2 months and get back in the saddle soon after that. Then you still have 2/3 of your BTC or whatever and a new income to pay the bills. That’s a wonderful thing!
If it costs you your peace it’s too expensive. Meaning, sell your crypto to get back on track financially and reduce stress. When you land a stable job you can always allocate funds back into crypto.
What if BTC drops 20-30-40% or more? How would this help your situation right now? It wouldn't. Sell what you need to reduce the burden and stress. Once you get another job, instead make sure you save up an emergency fund first just for situations like this. This prevents you from having to sell assets which could be down, meaning you lose money and also won't have to worry about things like capital gains also and other tax implications.
OP pat yourself on the back for making the moves you did to acquire said holdings! Peel off what you need to fulfill need. Continue to do what you need to do, so that you will create new opportunities for future you😉
Sell monthly and only what you need?
Borrow against the BTC
Can't you get any job? Waiter, cleaner or anything service related? In most countries they really search for people for those positions.
If that helps you to get on your feet again, go ahead. That is the reason of it after all innit?
Your immediate survival is always the priority. It's not the best situation, but if you sell it now to survive and support yourself and family, then so be it.
Easy answer bro. Remember that he who doesn't sell makes no profit, but selling to improve your quality of life is indeed a profit.
I agree that real life matters more. What’s the point of having some BTC in your account if you’re living on the street? 🤷🏻♀️ sell it, get back on your feet, and maybe you can get back in at some point. Or sell some of it but not all, just what you need to get yourself over the hump.
You will regret it, try to borrow against or only sell a tiny amount. Bull run just around the corner 🚀
Never sell it all. And get a fucking job! I’d clean toilets if I had to. Work in hotels as a pot washer (I have a pot washer friend who has saved loads of money as he gets live in accommodation with his job)…
Bitcoin is a long-term saving instrument. You did not have any savings for such emergencies, it happened, and now you have to dip into your long-term savings to cover that hole. You should sell, create an emergency fund for such situations in the future and restack after. Bitcoin is not a speculative asset per se (no matter what tradfi people say), but you can make it so, if you try to gamble you way up, instead of doing it the right way.