Everything you have to know about HODLing

Firstly, the term "HODL" was used in December 2013 when an online forum user named GamerKyuubi honestly confessed: "I AM HODLING". By the time Bitcoin's value decreased to just $1,100. In the post, he wrote that he had bad trading skills, which led to his unbreakable commitment to holding onto his Bitcoin. At this time, the whole "HODL" philosophy was born, and GamerKyuubi was convincing others to follow it by holding their bitcoin in a bear market.

"HODL" is also transcribed as "Hold on for Dear Life," and it quickly became a popular meme, symbolizing consistency, determination, and a never-giving-up attitude. HODL mantra isn't just internet slang - it became the strategy for holding onto digital assets for the long run, helping especially those who have no time to get deep into and monitor all aspects of the fast-changing cryptocurrency market, making fast decisions to get profit.

As in other investments, we can divide them into long and short terms, so this is a lighthearted yet powerful reminder that sometimes, holding steady is the bravest thing you can do in the volatile market of cryptocurrency.

The HODL strategy is as simple as you can imagine. It's only two main points:

1. Buying an asset, or perhaps a bouquet of them, and then you just... hold.
2. Resisting the temptation to sell, whether the price goes up or down.

While the cryptocurrency market is very volatile (you see prices going up and down in seconds), the secret of HODL lies in focusing on the distant horizon. As you can see, it is not a groundbreaking strategy, but you should consider detailed planning and a dash of thoughtfulness. In simpler terms, don't dive headfirst into the crypto pool without first testing the waters. For that, we have prepared HODL ABCs, after which you will be cherry-picking the shiniest coins and then gently guiding you to more complex tactics.

1. The first thing you should consider is picking the right cryptocurrencies. Dig deep into what the project can offer and its perspectives, and, of course, insist on buying if someone tells you that it is good - you have to believe in it based on in-depth analysis. There is only one way to do that - read articles and reports, monitor the market, and get courses if you are confused about any part of choosing the right cryptocurrency before buying.
2. When you have chosen what cryptocurrencies fit you best, there is another step - buying it. While user experience nowadays is on flow, there are a few ways to pay for it: bank transfers, credit/debit cards, and P2P trading. Remember the golden rule - buy only the amount that you feel comfortable losing in the worst scenario.
3. Next, what you will have to do is choose the right wallet to save your assets for a long period of time. You may consider choosing a basic account wallet or a self-custody wallet. The difference is that on the first option, you won't have full control of your funds, while on the second option, you will be responsible for saving your keys (losing the key is an absolute disaster because, without a key, all your investments will be lost).
4. If you're someone who's always racing against the clock, why not let automatic investment tools do the heavy lifting for you? A few quick clicks can save you a heap of time. Set up how much you want to invest, choose a frequency that fits your lifestyle, and pick your preferred cryptocurrency or assets.
5. Also, consider diving into interest-generating services for a full-on HODL experience. Here, your assets can earn for you while you kick back. Fancy the flexibility to access your earnings anytime? Opt for a flexible plan. Prefer to tuck your investment away for a while? A locked-in plan might be more your style. It's all about what works best for you. These interest-generating services are somewhat like the automatic tools we talked about earlier, but with a twist. Instead of buying cryptocurrency directly, they deal in tokens. Once you've done the legwork – reading all the fine print, picking a plan, and setting your asset and amount – all that's left is to sit back, relax, and watch your passive income flourish.

Remember, the courageous folks who started HODLing back in 2013 rode a wave of ups and downs before their crypto investments hit pay dirt. Embracing the HODL method isn't a universal solution. It's super important to consider your own financial situation and your comfort level with risk before diving into the crypto world. Sometimes, your financial instincts might prompt you to sell off your coins when the market is in a good mood or if your losses start weighing you down. And keep in mind that not every cryptocurrency is suited for long-term holding, particularly the smaller, more volatile ones.