Bitcoin Forum

Original Topic: HODL is purely a mental challenge (https://bitcointalk.org/index.php?topic=5468668.0)
Author:1miau

Anybody wey don been hear of Bitcoin for don hear about HODL too . Because say  people Sabi am well well (HODL) and na better way to take think of how you go take they get gain wella from Bitcoin for long time but they no go tell you how the things go long ooo.


HODL don de since  Bitcointalk  post wey Dem do for 2013 (https://bitcointalk.org/index.php?topic=375643.0), where dey talk say make person no sell em Bitcoin even though say e no dey get gain na so so lose e lose but make e wait until e don rise again.

But e dey very very important say make we wait because some kind error from HODL na:

-To quickly sell BTC con get small gain
-To quickly sell BTC sake of say make you reduce the way wey you go take lose Incase say them reduce price


Another mistake na dangerous coin storage wey we dey do, for example now for file sharing platform, which dey increase risks wey go get am hacked. But for my post and for big Bitcoin HODLers dey assume am say our coins dey store well well, wey be say HODL dey also invite us say make we do, Neva say HODL go only need make we dey transfer our coins some times no be all the time wey go reduce our transfer or storage errors.

Make we put am for mine after we don't talk am: mistake wey de common pass for this HODL be say we de quickly sell our valuable BTC. So we ghat know and ready our sef say HODL na pure mental challenge.

Person wey good for HODL go fit resist temptation to take get small gains early and person wey good for HODL fit keep em Bitcoin.
Good HODLer go dey cool even when e get loss.
Best thing wey we fit do na to move our valuable Bitcoin go where we know say e go de hard to sell am.
And make we no store am for file-sharing network at all and for place like centralized exchange sake of say we no get our private key for that kind platform (no be you key, no be your coins).

After all ,na very important lesson to know say HODL na pure mental challenge. If you know say you wan do HODL wella you suppose know and you suppose pay attention to all this wey dey mention above. :)

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As a holder sometimes you need to think out of the box and look at the challenges that will prevent you from holding Bitcoin till the appropriate time.
Just as what the op has said, taking small profit from your holding wouldn't give you the right results, another thing i also recommend is, to be a good holder, you must have a source of income so that you wouldn't be looking at your Bitcoin holdings anytime you go broke or you have to settle some basic needs like feeding or rent.
Concerning our choice of storage, the op is really spot on, in a centralized exchange your holding is always at risk, because it's not your key, it's also not your coin.

as far as it is necessary to encourage holding and put out modalities in place that will prevent you from selling your holdings in times of minimal challenge, it's necessary to also know that one of the essence of making an investing is to have something you can run back to in cases of emergency and you don't want to have an asset you can sell off to offset your predicament and find out that you cant do so as at the time you want.

Holding is good but you should also think on being flexible with it, I feel that you can just hodl much and make it a necessity that you wouldn't sell off from a certain amount so that way you're sure that if unforeseen circumstances come in, you already have a means of protecting yourself and helping yourself with your accumulation.

To succeed in hodling Bitcoin their is a need to understand the market of bitcoin,  without understanding of the market it is impossible to hold Bitcoin. After getting understanding of the market another thing one must have for hodling to be successful is to get a source of income , atleast this will enable one not to always think of making money from bitcoin.  When one depends on Bitcoin profits with no other source of income it is impossible to exercise patience to wait for the investment to be profitable.