Post
Topic
Board Altcoin Discussion
Re: How to prepare for long term HODL
by
Xcode7
on 01/11/2019, 07:49:28 UTC

4. Stay Updated Always
Opportunity comes but once as many know it,so always stay updated about crypto,read crypto news online and keep tracks on your altcoins so that you wont miss future updated or even token swaps,some altcoins i hold have already switched to MainNet and im glad i dont missed the opportunity,you can use blockfolio app to track your altcoins.


This is a great list BUT...

When long term holding, I'd like to think that you don't "always" need to stay updated about crypto. I'd actually think that I am long term holding exactly for the OPPOSITE reason which is because I don't want to need to be constantly updated with crypto news and shenanigans.

You will need to at least stay updated on your own coins. For example, if a coin swap happened due to a chain migration, you may lose all your coins if you do not claim them within a period of time. One recent case will be BTCP in February this year.
because it is important to maintain the funds owned, if you do not get the latest information you will lose a lot of knowledge about existing information, the worst that you say if you need to swap coins, if not done then the coins you invest can be lost and cause losses