HODL is purely a mental challenge

[Ojima-ojo]

Question is, will the mental challeges equal the risk of not taking the tough rout of getting the basic knowledge that will sustain you along the line as you accumulate more bitcoin and keep Hodling and reducing the risk of losing control of your funds.


While we prepar for long term hodling we might ought to make provisions and preparation for how best to secure the Bitcoin we intend to hold for so long and having a securely protected personal wallet is the best thing to do in that regard.

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[letteredhub]

Let's be realistic and keep grammers aside it's ain't easy to hold for a very long period of years, except there's any HODLer here that will say he he is with no any financial challenges for over the years like in the past 5-10years and hasn't tampered a bit with his HODLing. The mental strength in HODLing is not in a HODLer not taking a profit from his long time HODLing buy him not completely selling it all out of fear or due to a little too up profit made. I would rather be that HODLer that can be taking a little profit from my HODLing to meet my financial challenge while I still DCA when am able to.

[bhadz]

I was an idiot before when I had my old wallet's private key on my email, yeah that was literally an idiotic move but thanks to the people here like miau who have been reminding everyone that it's not a good practice. Also about holding, it is true that this is a mental challenge you're already seeing the profit if you're going to sell now but then what's next upon selling? Are you going to buy and take those sold Bitcoins of yours or do you have no plan at all because you're just happy holding that cash then? This is the mental challenge that it's gonna make you happy and satisfied upon seeing that stack of cash upon selling but these days, cash is too quick to be gone because of how things have gone up in prices.
I have managed to survive this market and then stayed for a while when I don't feel that it's good for me to look at it once in a while. We need some distractions to get out of the market temporarily based on our attitude towards it. When we're feeling that we should sell because of how bad the market is, you're just being forced to do that and it ain't good at all when you've got a longer term plan which is the better idea that surely will work for me and to everyone else.

[Baofeng]

While we prepar for long term hodling we might ought to make provisions and preparation for how best to secure the Bitcoin we intend to hold for so long and having a securely protected personal wallet is the best thing to do in that regard.

Of course, it entails a lot of preparation for being a long term holder. So in order to secure it better, have a hard ware wallet and keep everything there. You just need to backup everything.

True, and I will say that the pandemic really thought me a lesson about holding. I mean you are just alone and can't get out, so that's already a mental challenge. But then again, you have a lot of time to think about your bitcoin investment and so with the pandemic, I was able to hold for so months or even years and accumulate decent to good amount of BTC. So it's very hard if you look at it on paper, but I can attest that anyone can do it and HODL for a long time.

Good for you if you were able to get everything started during the pandemic and the positive effect it did bring to you. For my case, I started much earlier to test myself on how to be a holder. And I can also says that it's a mental game as you have to take a grind week by week, month after month just to be able to stay with your goal of saying and accumulating for the long term and it's going to be worthy in the end or at least if you were able to get at "almost" the top price in a bull run.

[Mr.suevie]

Let's be realistic and keep grammers aside it's ain't easy to hold for a very long period of years, except there's any HODLer here that will say he he is with no any financial challenges for over the years like in the past 5-10years and hasn't tampered a bit with his HODLing. The mental strength in HODLing is not in a HODLer not taking a profit from his long time HODLing buy him not completely selling it all out of fear or due to a little too up profit made. I would rather be that HODLer that can be taking a little profit from my HODLing to meet my financial challenge while I still DCA when am able to.

Yeah I think many of us are actually class in that category of holders that do such. I even praise those that were able to achieve such high level of holding,  I mean it's definitely not easy not to temper with your coins because challenges always come although it's advice that a holder needs to have a sufficient means of living so that the thought of tempering with his coins will be at a minimal but even at that I can still say this holding game is still not an easy one

[Nheer]

Anyone who has ever heard of Bitcoin may have heard of HODL as well. Because HODL is a very famous strategy to speculate on long-term price gains of Bitcoin, whereby "long term" is not defined in detail, how long it really is.

Every bitcoiner knows the meaning of HODL but the major problem we face when HODLing is knowing how long to Hodl. Bitcoin volatility makes it difficult for us to know whether it’s early to sell or not. I have not been too long into bitcoin and Hodling but I do wonder when the right time to sell is but i feel it based on individual perceptions of how much temptation they can resist (when price is moving up). When price going down panic sell never an option HODL is the only way.

After all, it's a very important lesson to know that HODL is purely a mental challenge. If you want to HODL correctly, you should know and pay attention to all points mentioned above.  

HODLing is truly a mental challenge and it takes a strong and determined mind to withstand the temptation it carries. This post will help prepare us properly of what is ahead because HODLing for as long as God knows when is not easy.

[Agbamoni]

A good HODLer can resist any temptation to make (small) profits prematurely and a good HODLer keeps his Bitcoin.

Bitcoin is revolutionary, and if we understand that feature of Bitcoin, then we would know why we shouldn't sell because of temptation. Selling may offer you instant profit, but hodling will provide you with long term profit.

A good HODLer stays cool even in case of losses. Best we can do is to move our valuable Bitcoin somewhere where it has a high resistance of being sold.

it depends on their emotional and self control, looking at chart patterns are important too, but without solid discipline most persons will panic sell when in loss.

And we shouldn't store it on file-sharing networks anyways and also not on centralized exchanges because we don't have our private key on such platforms (not your key, not your coins).

Yes, this is one of the best precautionary measure to practice as Bitcoin hodler. And as well ensure we are buying it from a legitimate exchange. I've heard many stories of people buying BTC and it ends up being from some untrusted broker which is really just one of those scammers trap that will never let you withdraw the funds.

If it's not too complicated I also suggest after we purchases the BTC we should withdraw it to a private wallet off the exchange to ensure maximum safety in the event the CEX goes insolvent, or trading is halted due to violation of various laws as per the local law enforcement. Its best we withdraw it, perhaps any one is afraid of withdrawing then they should learn it.

[paid2]

Let's be realistic and keep grammers aside it's ain't easy to hold for a very long period of years, except there's any HODLer here that will say he he is with no any financial challenges for over the years like in the past 5-10years and hasn't tampered a bit with his HODLing. The mental strength in HODLing is not in a HODLer not taking a profit from his long time HODLing buy him not completely selling it all out of fear or due to a little too up profit made. I would rather be that HODLer that can be taking a little profit from my HODLing to meet my financial challenge while I still DCA when am able to.

I agree with 1miau's post, and yours too.

The hardest part, and the biggest challenge for me, was not NEEDING to cash out. I'm extremely patient, but to be able to afford to be patient, you need to build up a very stable financial and personal situation.

It took me a while at first to realise that I needed to improve my personal situation to be able to hold out for very long. Patience has a considerable cost: personal stability, which is neither acquired nor free for everyone.

For me, HOLDing is the art of investing as much in yourself as in BTC.

[stadus]

From the word HODL, it means long-term hold. So if someone panics when seeing the price drop significantly and decides to sell his Bitcoin, that isn't its characteristic. The same goes for investors who sell when they see some profit, as they are afraid the price will drop.

I think the most important factor to consider when HODLing or holding for the long term is to be specific with your target.

It's undeniable that no one would hold forever. While we are still alive, we like to enjoy the profit from holding. So without a target, it might affect our decision-making in the long run, as you know, emotions could affect our game plan or investment strategy.

[Lida93]

After all, it's a very important lesson to know that HODL is purely a mental challenge. If you want to HODL correctly, you should know and pay attention to all points mentioned above.  

It takes the strong to keep HODL even in daunting times where the market is threatening with a falling profit. Imagine seeing the profit you've made over a few years HODL going all the way down due to some uncommon market news while you watch. It takes only those with a strong mental psychology to not only pay attention to all the points OP stated but to also keep to it in such conditions.

That's why it's good to have a good understanding and knowledge about past and current events in the market they could always be a reference point to help keep our resolve strong not to be forced to sell but to keep HODL extensively cause the market will absolutely rise again no matter how long it took the fall.

[Rupok]

Investors now have very little patience to hold. This is indeed a very popular strategy to speculate on the long-term value gains of Bitcoin. However, many cannot define "long-term" in detail, how long it actually has to be.  I think holding that is a huge challenge in itself.  Because many fail to hold long term and most of the time they become unstable.  It is not easy for all investors to hold for a long period of time. It may be possible for those with more capital.

[icalical]

It's a mental challenge indeed, but I think it's more than that. HODL need a deep understanding on the market, not just believe in product, after all investment is not a religion, it's supply and demand, it's a free market. Understanding when to enter the market, and understanding what is going on with the market will put a HODLer mind at peace.

And on the contrary entering the market and buying any investment recklessly, without understanding, will make HODL very hard even for a mentally strong person.

[ScamViruS]

Investors now have very little patience to hold. This is indeed a very popular strategy to speculate on the long-term value gains of Bitcoin. However, many cannot define "long-term" in detail, how long it actually has to be.  I think holding that is a huge challenge in itself.  Because many fail to hold long term and most of the time they become unstable.  It is not easy for all investors to hold for a long period of time. It may be possible for those with more capital.

There are many long-term investors who know very well how the crypto market actually works and what to do to stay in this market. Those who are short-term investors who tend to make various wrong decisions to make quick profits, because they have limited knowledge, do not try to learn about Bitcoin. Before investing in any sector, it is the most positive thing for an investor to try to know about that sector well. And this is why a crypto investor should also try his best to know about the crypto market so that at least he knows about the crypto market before investing.

In fact, those who come to invest in short-term bitcoin, have little idea about bitcoin, they come to invest after hearing the name of bitcoin from different places. As a result, inexperience makes them suffer in many ways.

[1miau]

If it's not too complicated I also suggest after we purchases the BTC we should withdraw it to a private wallet off the exchange to ensure maximum safety in the event the CEX goes insolvent, or trading is halted due to violation of various laws as per the local law enforcement. Its best we withdraw it, perhaps any one is afraid of withdrawing then they should learn it.

Of course, it's another big advantage of HODL vs. Trade. Traders need to have their coins on an exchange to be able to make trades and that's always a huge risk. While in opposite, HODLers can just send their coins to an offline wallets, where it's very safe (cold storage) compared to an exchange (hot storage). HODL is beneficial from many perspectives. 

Understanding when to enter the market, and understanding what is going on with the market will put a HODLer mind at peace.

But HODL is also a good strategy, when we don't know when to enter a market. For example, in 2022, at 50k USD, it was impossible to say if Bitcoin will increase to 100k or if it would be going down to 25k USD next (it's never possible to make a safe prediction). In such situations, HODL might be our best bet because HODL is a long-term strategy.

[Altryist]

It's a mental challenge indeed, but I think it's more than that. HODL need a deep understanding on the market, not just believe in product, after all investment is not a religion, it's supply and demand, it's a free market. Understanding when to enter the market, and understanding what is going on with the market will put a HODLer mind at peace.

And on the contrary entering the market and buying any investment recklessly, without understanding, will make HODL very hard even for a mentally strong person.

If you are buying an asset for the long term, then everything is important, starting with a thorough study of what you will invest in, and an understanding of the market, its cycles, and everything that concerns it.

In addition, the holder must be prepared for the fact that the market may change, cycles may increase significantly when the asset rises in price. I think the more expensive Bitcoin becomes, the more difficult it will be for it to rise in price, in addition, now many people believe in the cyclical nature of Bitcoin and will wait for the cycle to repeat in the coming years, but what if the cycle does not repeat itself, but instead the next bull market increases significantly will begin not in a year, but in 5 years, how many holders will remain who will wait all this time and wait for Bitcoin to reach a new ATH?

[cryptoaddictchie]

Being a holder is a talent where you could literally say thay you are a brave person. Some people might fall into such panic when everything tremble in fear but honestly how could you resist those heartbreaking paper loss? Its quite hard right, since its literally something you could not just handle easily. OP is right on the part that to avoid those panic selling is to put up your bitcoin to some wallet that arent prone to direct liquidity like an exchange or wallet app where it can be converted right away since its a temptation we are prone to make.

[Frankolala]

HODL only required to transfer our coins on very rare occasions (if at all), which minimizes transferring or storage errors.

You are right, but HODLers are also very careful with their recovery seeds cause if we don't use it more often then chances of losing it.

I disagree with you on this, not using your recovery seed often is even the best, and that doesn't mean that you won't always or once in a while check where your recovery seed is to see that it is still safe from third party since you know that you are hodling for long and your recovery seed is your funds. When you are only hodling it less the risk from Hackers as said by the OP. The way you do keep your recovery seed of the wallet that you are using to sell your coins and make profit is the same way you would keep your recovery seed if you were a hodler.

Hodling is the most difficult thing when you are not prepared mentally and financially for it. If you have a target amount of bitcoin that you want to accumulate, this can also help you hodli because you will be busy piling up your coins until it gets to that level. Even when it has gotten to that target amount, you might still choose to increase your bitcoin investment portfolio, and this can make you continue hodling and jeep on accumulating to your new target. The challenge that some hodlers are facing is that they bought bitcoin too aggressively and when they are short of fiat, they sell and lose focus of the original idea which is to hodli.

[Alpha Marine]

A good HODLer believes even if the price of bitcoin drops their is no permanent loss in his investment because the price of bitcoin will come up even if it goes down.  A true HODLer does not get intimidated by volatility of the market no matter how the price falls their will still be increase by the time he waits for the market volatility to increase again.  Real hodler are not scared of losses, they do not panic of volatility, so patiently waiting for the bull market,  they always succeed because they throughly understand bitcoin market.

From this, you're saying a true HODLer is devoid of emotions and that's not entirely true.
You can get scared of losing your Bitcoin when the price dips. You can get worried but the ability to control those emotions and hold on is what determines a true HODLer. I don't believe there's anybody that doesn't give a shit about the price.
We all do but we control our emotions, that's why it's a mental challenge.

To be a good HODLer you need to have a lot of trust in Bitcoin. Market analysis is good, but if you don't trust the coin it will be so hard to see a coin drop down from $60k to $19k and not panic. I said trust because even if it's a certainty that it will go back up, you don't know when you can only speculate.
It takes a lot to HODL Bitcoin and it's truly a mental challenge.

[lionheart78]

I think it is not only a mental challenge but also it is an emotional challenge.  Many have the mind set of hodling but most of them give up on emotional challenges due to fear of lossing when Bitcoin plummets to a certain degree.  Also, we know that in an investment and trading, not only mental capability is important but also the emotional capability plays a significant role in how a trader maintant their composure in Hodling.

Many investors gave in to fear and became weak hand, selling their stash the moment the price of Bitcoin take a dip.  FUD will never be called FUD if it does not affect the emotion of a trader.

[GeorgeJohn]

Holding of bitcoin for long time is base on someone who had budgeted for that for period of time. I know quite that allowing your bitcoin to stay long for investment is good but anyone who doesn't not another source of survival is not supposed to keep its bitcoin for long times, sometimes some people sell off their bitcoin because of challenges and their is no way of replacement funds whenever they lack funds,so that is while I always emphasising on people who invest and make profit, it depends on individuals target.