your bitcoin is not yours.

[Alpen]

i am aware we all have different strategies and goals for our investments but i am sure that a lot of us are planning to hold bitcoin for the long term and it got me thinking what ways could we do to prevent us from being tempted to sell our bitcoins and spend it on unnecessary things

one way is writing off your bitcoins as not yours. that money is not yours to spend. just forget about it. the more you look at it, the more you will just want to sell it especially when you see the value of bitcoin.

do you also do this and does it really work for you?

Wouldn’t it be easier to just stake your Bitcoin? That way it’s locked up for a while and you simply can’t touch it even if you feel tempted.

[EarnOnVictor]

one way is writing off your bitcoins as not yours. that money is not yours to spend. just forget about it.

This is good, but it doesn't always work my friend, it's easier said than done even if the person means it 100% at that time.

Some people had that strong determination and discipline not to spend their asset, but in the end, they found themselves spening it. Do you know why? "Overwhelming resposibility" that requires money.

This money is not spend on frivolities or wants, but necessities, and at times, on unplanned emergencies. This is why we should pray we have a stronger income source than our savings and investment. This is the only way one would say he is determined 100% to keep his Bitcoin. Life happens!

[₿itcoin]

i am aware we all have different strategies and goals for our investments but i am sure that a lot of us are planning to hold bitcoin for the long term and it got me thinking what ways could we do to prevent us from being tempted to sell our bitcoins and spend it on unnecessary things

one way is writing off your bitcoins as not yours. that money is not yours to spend. just forget about it. the more you look at it, the more you will just want to sell it especially when you see the value of bitcoin.

do you also do this and does it really work for you?

My BTC is mission-critical retirement savings. Not for regular day usage. You know emotionally driven selling is habitual in bitcoin, so giving my coins a locked motive helps. It is always better to remove emotion from hodling. I've seen many trader to use DCA + trailing-limit orders to down temptation and pull out emotion from hodling. Psychologically, adopting the diamond hands mindset and joining HODL gang give strength to long term resolve. So making your BTC untouchable does work, but integrating that with rules, community support, and distraction-free strategies is even more functional.

[Kelward]

one way is writing off your bitcoins as not yours. that money is not yours to spend. just forget about it. the more you look at it, the more you will just want to sell it especially when you see the value of bitcoin.

do you also do this and does it really work for you?

I've never tried this strategy before and I don't know how effective it'll be for me because I like to remember my Bitcoin stash, it makes me to feel good that I'm keeping something aside. I understand why you can tell yourself that your Bitcoin is not yours inorder not to tamper it on the short term. But if you're met with a financial problem that you don't have a any other sources to cater for it, you'd be compelled to remember that your Bitcoin is yours. But whatever strategy that works for you abide by it.

[shield132]

i am aware we all have different strategies and goals for our investments but i am sure that a lot of us are planning to hold bitcoin for the long term and it got me thinking what ways could we do to prevent us from being tempted to sell our bitcoins and spend it on unnecessary things

one way is writing off your bitcoins as not yours. that money is not yours to spend. just forget about it. the more you look at it, the more you will just want to sell it especially when you see the value of bitcoin.

do you also do this and does it really work for you?

If you really want to feel like your Bitcoins are not yours, then you can deposit them on an exchange and lock in stacking. I would risk small amounts on Nexo but as it has been said, not your keys, not your coins in the end. Btw it's hard to give an advice. You can create a multi-sig wallet and trust someone with the second sig to not let you confirm transaction, so it will feel like you can't touch your coins but if something bad happens to that person, it creates a danger for you.
My approach is that I have coins on one of my wallet that I have secured and I simply don't touch it, I forget that it even exists because I have two wallets, one for holding and one for every day transactions. Since my holding wallet is on its own and I haven't touched it for a long time, I feel like it's forgotten and don't want to touch it, I only use money from my everyday use wallet and this strategy works fine for me.

[Blueburst]

i am aware we all have different strategies and goals for our investments but i am sure that a lot of us are planning to hold bitcoin for the long term and it got me thinking what ways could we do to prevent us from being tempted to sell our bitcoins and spend it on unnecessary things

one way is writing off your bitcoins as not yours. that money is not yours to spend. just forget about it. the more you look at it, the more you will just want to sell it especially when you see the value of bitcoin.

do you also do this and does it really work for you?

Yeh I do the same thing. I use Bitcoins as though they were already out of my hands to avoid the thought that I was spending money. I even transferred it to a wallet that I hardly open just to make sure I do not see it on a daily basis. It is really helpful since after letting it becomes easily understood that one can stop looking at the price all the time, then one cannot feel the desire to follow every little action. It does not come easily but that mind game that can be applied that it is not yours does really help to hold longer.

[WatChe]

one way is writing off your bitcoins as not yours. that money is not yours to spend. just forget about it. the more you look at it, the more you will just want to sell it especially when you see the value of bitcoin.

The best investment is which is "out of sight, out of mind" whether it's Bitcoin, equity, or any other asset. If you can invest in Bitcoin and lock these Bitcoin so that you can't touch them before a certain time only then one can see full potential of Bitcoin. We now have price history of Bitcoin that spans over 15 years and if we spend some time in analysing that price history then it's clear that price of Bitcoin increases with time and after every 4 to 5 years their is enormous increase in price of Bitcoin.

[aylabadia05]

i am aware we all have different strategies and goals for our investments but i am sure that a lot of us are planning to hold bitcoin for the long term and it got me thinking what ways could we do to prevent us from being tempted to sell our bitcoins and spend it on unnecessary things

one way is writing off your bitcoins as not yours. that money is not yours to spend. just forget about it. the more you look at it, the more you will just want to sell it especially when you see the value of bitcoin.

Simply save the seed pharse and wallet password. The exchange password and email where you buy is enough to use when you want to buy and send it to the wallet only.
Next, uninstall the exchange app to avoid looking at the market unnecessarily.

It will be effective as a Bitcoin investment solution in the long run so that it is not easily tempted to take unwanted actions such as the temptation to sell before the time comes.
If you are not busy with other daily activities, the attitude that the money is not to be spent will not be able to because the thought will still strengthen again.

[mr.mister]

I’ve considered setting up a time lock on my Bitcoin, but only if it can be done directly from my Coldcard MK4. Ideally, I’d like to create a wallet that functions like any normal wallet — able to receive funds at any time — but with the ability to restrict spending until a specific date or block height. That would be perfect.

That said, I don’t feel it’s strictly necessary for me. I already use a two-wallet system: one for long-term holding, and another for spending. The long-term wallet is exactly that — set aside for 10 years or more. I continue to add to it whenever I can.

The key to preserving long-term holdings, in my view, is budgeting. You need to be honest about your upcoming expenses and avoid sending money you might need to your long-term wallet. Keep that money in fiat or your spending wallet instead.

[red4slash]

At the end of the day, the most difficult endeavor to conquer is not how much you buy and sell because that's the easy part, but how much you hold on to what you already have.

I think it all comes back to the goal because after all if we remember the goal we want to achieve then there is nothing that is considered unnecessary when letting go although maybe some people will consider that this is quite unfortunate but when we already have a goal where you will start and where you will let go then you can do everything even though for some people who did it before there were some of them who regretted it but when they saw the achievements they made of course there was no reason to regret it.

I know this is sometimes quite hated by some bitcoin holders but when we know our focus and goals then what others say is wrong everything is definitely in our consideration and we are ready with all the risks. Holding back is difficult but when our goal to hold back is over then I think it's okay to let go because indeed our goal has been achieved unless maybe there are still some things we haven't aimed for and succeeded.

[FortuneFollower]

I’ve considered setting up a time lock on my Bitcoin, but only if it can be done directly from my Coldcard MK4. Ideally, I’d like to create a wallet that functions like any normal wallet — able to receive funds at any time — but with the ability to restrict spending until a specific date or block height. That would be perfect.

That said, I don’t feel it’s strictly necessary for me. I already use a two-wallet system: one for long-term holding, and another for spending. The long-term wallet is exactly that — set aside for 10 years or more. I continue to add to it whenever I can.

The key to preserving long-term holdings, in my view, is budgeting. You need to be honest about your upcoming expenses and avoid sending money you might need to your long-term wallet. Keep that money in fiat or your spending wallet instead.

As far as I've read (and I can be wrong), your wallet supports the creation of a time-locked address, CLTV (checklockTimeVerify).

So there would be an unspent output that cannot be spent before a timestamp or a block height, but: there is catch.

Each time you add up funds, you would need to reconstruct the whole thing.

[retreat]

-snip-
one way is writing off your bitcoins as not yours. that money is not yours to spend. just forget about it. the more you look at it, the more you will just want to sell it especially when you see the value of bitcoin.

do you also do this and does it really work for you?

Some people use this method to pretend they don't own any Bitcoin. They pretend they don't hold any, and even uninstalling their wallet and forgetting about it. This method might work, but I think the best way is to learn to restrain yourself from selling and always remember that you won't lose money if you don't sell because the market will always recover and hit a new ATH. And make a clear investment goal, for example 5-10 years or longer. If someone understands this, they won't panic and try to sell whenever they feel the urge.

[FortuneFollower]

-snip-
one way is writing off your bitcoins as not yours. that money is not yours to spend. just forget about it. the more you look at it, the more you will just want to sell it especially when you see the value of bitcoin.

do you also do this and does it really work for you?

Some people use this method to pretend they don't own any Bitcoin. They pretend they don't hold any, and even uninstalling their wallet and forgetting about it. This method might work, but I think the best way is to learn to restrain yourself from selling and always remember that you won't lose money if you don't sell because the market will always recover and hit a new ATH. And make a clear investment goal, for example 5-10 years or longer. If someone understands this, they won't panic and try to sell whenever they feel the urge.

I stay on that side too - you don't need to think those BTCs are not yours.

You need to use and hodl them properly, because they are yours, they are in your custody.

[Hazink]

one way is writing off your bitcoins as not yours. that money is not yours to spend. just forget about it. the more you look at it, the more you will just want to sell it especially when you see the value of bitcoin.

do you also do this and does it really work for you?

One thing that led to some people forgetting about their bitcoin wallet backup where they save it is as a result of them trying to keep it where their mind might not easily recall so as to save and hold it for a long period of time, but it’s a personal choice and something of determination.

If you have it in mind to hold your coin, you can, as many as you can, take the access key away from your reach where you will need to rethink each time you want to spend it and leave only your watch-only wallet in your device so that it will be easier for you to monitor and fund if you want to.

[Bitcoin_people]

i am aware we all have different strategies and goals for our investments but i am sure that a lot of us are planning to hold bitcoin for the long term and it got me thinking what ways could we do to prevent us from being tempted to sell our bitcoins and spend it on unnecessary things

one way is writing off your bitcoins as not yours. that money is not yours to spend. just forget about it. the more you look at it, the more you will just want to sell it especially when you see the value of bitcoin.

do you also do this and does it really work for you?

Basically, I think that those who invest in Bitcoin must have a long-term plan. When a long-term investor buys and holds Bitcoin, he must have a different plan, he keeps Bitcoin for the future. However, sometimes we know that the price of Bitcoin increases a lot at that time there are many investors who sell, they sell according to their profit. However, if you have a specific goal that you will hold Bitcoin for a decade or more, then you should definitely make such a plan. If you can hold such a plan, then in the future he can definitely own good money, an investor must always hold his Bitcoins with patience.

[Tungbulu]

It's simple OP, have a solid Backup fund, and by backup funds, it should include emergency fund, reserve and float funds. These funds offers you financial cushion covers whenever you have financial needs, because the major reason why investors are mostly tempted to sell off their coins is due to emergencies, when an emergency arises and there's no backup fund to cover those emergencies, then certainly, the next option would be to dip into your investment for financial backup.

Another reason that'll make investors feel tempted to liquidate their investment would be to diversify to other investments, which I wouldn't recommend, especially when they're still in their accumulation stage, except maybe they've actually reached an overaccumulation.

[john_egbert]

i am aware we all have different strategies and goals for our investments but i am sure that a lot of us are planning to hold bitcoin for the long term and it got me thinking what ways could we do to prevent us from being tempted to sell our bitcoins and spend it on unnecessary things

one way is writing off your bitcoins as not yours. that money is not yours to spend. just forget about it. the more you look at it, the more you will just want to sell it especially when you see the value of bitcoin.

do you also do this and does it really work for you?

Basically, I think that those who invest in Bitcoin must have a long-term plan. When a long-term investor buys and holds Bitcoin, he must have a different plan, he keeps Bitcoin for the future. However, sometimes we know that the price of Bitcoin increases a lot at that time there are many investors who sell, they sell according to their profit. However, if you have a specific goal that you will hold Bitcoin for a decade or more, then you should definitely make such a plan. If you can hold such a plan, then in the future he can definitely own good money, an investor must always hold his Bitcoins with patience.

To hold like that is to understand BTC and not hold any hard feelings about the spikes that may occur.

The knowledge builds up confidence, and its provides you the ability to hold without fear.

[mirakal]

i am aware we all have different strategies and goals for our investments but i am sure that a lot of us are planning to hold bitcoin for the long term and it got me thinking what ways could we do to prevent us from being tempted to sell our bitcoins and spend it on unnecessary things

What makes people tempted to buy unnecessary things instead of putting their money into investments is their mindset. A person who makes that right investment will sell their bitcoin for another investment, not for nothing.

Therefore, make your goal firm and straight. Make a decision that you can benefit from rather than regret. If you are planning to have passive income from investing in bitcoin, then never think of selling it for useless stuff. Focus on your goals and you're free from temptation. We don't make ourselves hard about it, because we can do it if we are 100% committed to our goal.

[john_egbert]

What makes people tempted to buy unnecessary things instead of putting their money into investments is their mindset. A person who makes that right investment will sell their bitcoin for another investment, not for nothing.

Therefore, make your goal firm and straight. Make a decision that you can benefit from rather than regret. If you are planning to have passive income from investing in bitcoin, then never think of selling it for useless stuff. Focus on your goals and you're free from temptation. We don't make ourselves hard about it, because we can do it if we are 100% committed to our goal.

Yep, people that are stress-free are those who understand BTC and hodl it without the nerves and FOMO attached.

They know they will eventually get their BTC to a bigger value naturally, and everything will be alright in the long run.

[Hewlet]

do you also do this and does it really work for you?

this strategy works very well regardless of the investment strategy you are using. it is same as doing proper budgeting for your expenses and allocating a certain percentage of your income for your bitcoin investment. so if for instance you allocate 20% of your income into your bitcoin investment and what you are earning for instance is $200 per month, you just take out the 20% of $200 which is equivalent to $40 and meaning that what you are earning $160. with that $160, you can easily build your life around it and adapt to what is available so you can comfortably continue investing with the $40 for as long as you want.

with discipline and this kind of strategy, it becomes easier o reach your investment goal very fast.