October 1, 2022
HODL Coin

How to Buy HODL Coin

The term “HODL,” which refers to purchasing and holding cryptocurrencies like Bitcoin and other cryptocurrencies, is a misspelling of the word “hold.” Among crypto speculators, it has also come to mean “hang on for dear life.”

People were encouraged not to sell and told they were “hodling” by the poster. Although HODLing is typically associated with bitcoin investors, it is a buy-and-hold investing approach that is applicable to many types of investments.

Although stock prices are typically less volatile than the pricing of crypto assets, many stock investors “HODL” their investments for extended periods of time. When buying and holding stocks, investors can profit from long-term price growth with far less price volatility than is typical of cryptocurrencies.

Key Highlights of HODL

HODL, a crypto slang phrase, stands for “buy-and-hold forever.”It suggests holding off on selling when markets decline or become erratic. It is also interpreted as “hang on for dear life.”

A 2013 online article that misspelled “holding” as “hodling” gave rise to the term HODL.It is now a fundamental principle of many Bitcoin and cryptocurrency supporters.

As a tactic and guiding principle, HODLING.Hold on for dear life, or HODL, has become a catchphrase among cryptocurrency fans, signifying a long-term strategy for cryptocurrency trading. This strategy supports GameKyuubi’s argument in the original post that beginning traders should avoid trying to time the market because they are likely to fail and should instead just retain their coins.

For cryptocurrency maximalists, HODL stands for more than a method of controlling profit-eroding emotions like FUD, FOMO, and other similar feelings. Because they think cryptocurrencies will someday replace government-issued fiat currencies as the foundation of all economic structures, long-term crypto hodlers continue to invest.

The optimal moment for HODL is right now, always, and forever, according to these rules. True believer would never sell their tokens, even if the market tanked or became wildly unstable. HODLing develops into an ideological perspective on the long-term potential of cryptocurrencies, blockchain technology, and the communities that have sprung up around them.

A HODL Coin

Another possible meaning of HODL is a DeFI token on the Binance Smart Chain (BSC). In May 2021, HODL Coin (SHODL) was introduced. Similar to the phrase itself, HODL urges users to hang onto their tokens for the incentives that are given out every three days in the Binance coin (BNB). Taxes received from user transactions, such as the sale, purchase, or transfer of HODL tokens, are used to fund the incentives. A portion of the gains is handed back to users from the communal liquidity pool after the tax amount is converted into BNB tokens.

What Exactly Does HODL Mean?

In an online post by a pioneering Bitcoin investor, the term “HODL” was first used as a typo of “HOLD” (written in all caps). However, “HODL” has evolved to imply “hang on for dear life” among crypto fans as it has grown in popularity. Like buy-and-hold stock investors, cryptocurrency hodlers take pride in “hanging onto their coin despite fluctuations in the market.

Who Said HODL First?

The individual who unintentionally invented the word “HODL” is unknown in real life. On December 18, 2013, at 10:03 a.m. UTC, the user “GameKyuubi” posted a message on the Bitcointalk.org online forum using the incorrect spelling of the word.

What distinguishes HODL from a buy-and-hold strategy?

HODLing a cryptocurrency is the same as using a buy-and-hold method. You can hold onto a stock despite its volatility if you have faith in the future prosperity of the business. Similar to this, if you think a cryptocurrency will do well in the future, you can store it for an endless period of time through numerous price swings.

What Is a HODL Coin, Exactly?

HODL ($HODL) is a cryptocurrency that takes its name from how widely used the phrase “HODL” is in the cryptosphere. Owners of HODL tokens can get incentives in the form of Binance Coins because the HODL token utilizes the Binance Smart Chain.

How to buy HODL tokens?

The list of cryptocurrencies that can be utilized on the Binance platform is constantly being updated by Binance. The detailed instructions are below if you want to purchase HODL Token, which is not currently available on Binance. By linking your cryptocurrency wallet to a decentralized exchange (DEX) and using your Binance account to purchase the base currency, it will demonstrate how to purchase HODL Token.

Step 1: Get a Metamask wallet now.

Within the Ethereum network, there are a number of crypto wallets to select from, but Metamask seems to be the most integrated. You can download Google Chrome and the wallet Chrome extension if you’re using a desktop computer. If the wallet is available, you can download it from the iOS App Store or Google Play if you prefer using your smartphone. Visit the Metamask website to make sure you are getting the genuine Chrome extension and mobile app.

Step 2: Install the Metamask Register extension for Google Chrome or the mobile app you downloaded in Step 1 to register and configure the cryptocurrency wallet. You can use the support page for the wallet as a resource. Make a note of your wallet address and keep your seed phrase secure. Later, when you are on Steps 4 and 6, you will need it.

Step 3: Purchase ETH as your primary currency.

You can buy Ethereum by logging into your Binance account after setting up your wallet and going to the Buy & Sell Crypto page. If you have never used Binance before, you can read our How to Buy Ethereum guide to learn how to sign up and purchase your first cryptocurrency.

Step 4: Binance may send Ethereum to your cryptocurrency wallet.

Go to your Binance wallet section and search for the Ethereum you bought after purchasing it. Click on “withdraw” and provide the necessary data. Set the network to Ethereum, enter your wallet address, then enter the desired transfer amount. When your Ethereum is ready, click the withdraw button and wait for it to show up in your Metamask.

Step 5: Decide on a decentralized exchange (DEX)

There are several DEXs available; you only need to confirm that the exchange supports the wallet you choose in Step 2. For instance, you can go to 1inch to complete the transaction if you utilize the Metamask wallet.

Step 6: Set up Your Wallet

Using your wallet address from Step 2, link your Metamask wallet to the DEX you wish to utilize.

Step 7: Exchange your Ethereum for the desired cryptocurrency.

Choose the HODL Token as the coin you want to buy and Ethereum as the payment method.

Step 8: If HODL Token Is Missing, Locate Its Smart Contract

You can use https://etherscan.io to find the smart contract address if the coin you desire is not listed on the DEX. Afterward, you can copy it and paste it into 1inch. Be on the lookout for frauds and confirm that you have the correct contract address.

Step 9: Use the Swap

When you are finished with the preceding procedures, select the Swap button.

What was the lowest HODL coin price?

On May 17, 2021, HODL reached an all-time low of $0.000000000196. (over 1 year).

What was the highest HODL coin price?

On May 29, 2021, HODL reached an all-time high of $0.000000272061. (over 1 year).

Conclusion:

Hold On for Dear Life, or HODL, is an abbreviation. It is a term used in the cryptocurrency ecosystem to describe a tactic for maintaining bitcoin holdings despite the volatility and price swings of the cryptocurrency. A user on an online forum misspelled the word “held” to create the acronym. A HODLing technique is comparable to the traditional buy-and-hold investing method and is frequently adopted by Bitcoin maximalists. HODL may also refer to the HODL token on Binance’s Smart Chain, a cryptocurrency exchange. By putting their tokens in a liquidity pool, users can receive incentives in the Binance coin.

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