your bitcoin is not yours.

[EluguHcman]

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

First you need to understand that the fact someone who had initial plans of holding their Bitcoins for the long term but sold in the short term does not mean unnecessary expenditures.
They sold for vital and necessary reasons that are best known to them but we can only say they deviating from your investment plans of long term to Short term is not encouraging. Especially to those who takes the decision out of emotions.

So literally if you want to be strictly abides to your long term investment goal, build your emotions resist FOMO and investors sentimental behaviors and also strive on maximizing your source of active Income so that you either don't have to sell out of emergency needs.

[kotajikikox]

A possible solution to it is you have different portions of your money like this portion is for investment and the others are also for different purposes like to spend on something, emergency funds, daily necessities funds and more. In order to do that is to have a good fund management, patience and discipline to do it. We know that it's not easy to do it especially if you don't have discipline as it could result to spend your money to unnecessary things that you shouldn't have done.

This is the ideal way to manage our funds of course but I guess some people can't really help themselves. If they think they still have bitcoins to spend, they might not budget well and just go and spend on whatever things they want to buy necessary or not.

[hero_the_bossman]

This is the ideal way to manage our funds of course but I guess some people can't really help themselves. If they think they still have bitcoins to spend, they might not budget well and just go and spend on whatever things they want to buy necessary or not.

That's a weak mindset toward BTC - if you spend it on something not worth the while, but you just want it here and now.

[Pablo-wood]

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?

Can one own bitcoin and goes out of funds to sort some major bills without been tempted to sell some off just to offset the bill?. Spending is something that has to do with human existence, what I feel every investor should rather do is get busy with other things that takes care of their needs and wants that way it will be more easier to neglected market sentiment and volatility while focusing on long term yields and returns.

[EluguHcman]

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.

I disagree with the motion of forgetting it is yours because, you can not be regularly depositing on the wallet holding your assets with your hard earned funds and have such mindset that it is not yours.
It is your and it is yours which will even give you a more zeal to keep holding in the long term because it would be your hope in the uncertain future.
On that note, if you are a consistent and undistractable investor, it would encourage you to keep up holding and hopeful in the long term. But I agree on the side that we have to regularly paying attention on the market price because it drives the act of emotions exempt for those on the accumulation strategies of buying at the dip.

[Mate2237]

I think that this issue about holding Bitcoin for the long term has been over flogged by many persons on this forum and the answer that I always give is that selling or hodling your Bitcoin assets either on the long term or short term is an individual thing because alot of person's has different views and plans while investing so it will depends on the plans of the investors, while we encourage people to invest for the long it should not also be seen as an abnormality if anyone invest in the short term.




We should not forget that the reason why people do invest is for profit making which will be used in solving immediate problems so until an individual grows up to attain a particular level in their financial life people will always invest in the short term

[uneng]

I prefer to just draw long term plans, like for an example, telling myself I won't touch my coins until determined year or determined event happens. Then I just have to be disciplined enough to follow the initial plan without falling for temptations along the way. Personally, I've never feel tempted to sell before the right time, so it's not an issue for me to hold for long periods of time. And that is probably due to the fact I know where I want to reach, and if I sell earlier, I won't be able to reach there.

That is why you have to develop goals you want to achieve and keep them active on your thoughts or on the paper. Without long term mindset, nobody reaches too far... And ends wasting money for any and every banal reasons.

[m2017]

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?

What kind of "self-deception" are BTC-holders ready to go to in order not to succumb to the temptation to sell the accumulated assets ahead of time. At the same time, the strategy is quite simple. Just set yourself a conditional price at which you will sell bitcoin and wait for this price. Something like a business plan or investment strategy. That is, make a plan and stick to it. Why complicate things and come up with "tricky" investment strategies?

Regarding "spend it on unnecessary things", for this it is enough to have self-control and abstract yourself from the industry of mass consumption of unnecessary junk. What could be worse than to endure restrictions for a long time because of the money invested in bitcoin (reduce your consumption), in order to later spend all the profit on "useless junk"?

[GiftedMAN]

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.

Holding your coin for a long term requires a lot of determination and you can only achieve that if you make plans and have back up plans for funds that can be used to take care of emergency needs when they arise you don't necessarily need to keep your access key away from you when you can misplace it if it stays long before accessing it. You can hold your coin for a long term without selling from it all you need is to have the mind of a holdler which is the buying mindset and not touching when it is not needed.

[Hazink]

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.

Holding your coin for a long term requires a lot of determination and you can only achieve that if you make plans and have back up plans for funds that can be used to take care of emergency needs when they arise you don't necessarily need to keep your access key away from you when you can misplace it if it stays long before accessing it. You can hold your coin for a long term without selling from it all you need is to have the mind of a holdler which is the buying mindset and not touching when it is not needed.

The mind of a hodler is the key to long-term holding, and anyone who doesn’t have a good-paying job is not even supposed to be talking about holding. Those unforeseen circumstances that will come when you least expect them can make you spend your holding without thinking twice about them if it appears that it’s the only source of money that can reach that moment.

Safekeeping your key and keeping it close to you is also a personal decision depending on what the person thinks is best to help hold for the long term; that’s what they are going to do. Every option has its own merit and demerit.

[salad daging]

Don't think that way - your bitcoin is still your bitcoin.
But if you store it on the exchange then it's easier to sell it than you store it in a hardware wallet that is stored and hidden then at least it won't sell bitcoin.

But back to ourselves and depending on how good management is, as long as you are not tempted by consumptive goods then it will not affect. So for several years storing bitcoin in the hardware wallet did not sell it.

So if bitcoin is not yours - meaning your coin is on the exchange, it's the same as not your coin.

[GiftedMAN]

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.

Holding your coin for a long term requires a lot of determination and you can only achieve that if you make plans and have back up plans for funds that can be used to take care of emergency needs when they arise you don't necessarily need to keep your access key away from you when you can misplace it if it stays long before accessing it. You can hold your coin for a long term without selling from it all you need is to have the mind of a holdler which is the buying mindset and not touching when it is not needed.

The mind of a hodler is the key to long-term holding, and anyone who doesn’t have a good-paying job is not even supposed to be talking about holding. Those unforeseen circumstances that will come when you least expect them can make you spend your holding without thinking twice about them if it appears that it’s the only source of money that can reach that moment.

Safekeeping your key and keeping it close to you is also a personal decision depending on what the person thinks is best to help hold for the long term; that’s what they are going to do. Every option has its own merit and demerit.

Holding is not for the weak infact it is not for those who doesn't have a job and also a good business that can serve as a support system when they go broke so it is those who are capable of doing it that should think of holding their coins for a long term. Bad omens do happen and it can lead to you spending from your funds but you should think of emergency funds that's why it is created it saves you from tampering your investment funds.

How you safeguard your funds shouldn't be anyone's business but anyone with the best approach can as well give you information if it will help you to secure your funds.

[Issa56]

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

Firstly you have to make up your mind that you going to be holding for a long term, you shouldn’t be tempted to sell just because of the slight increase in bitcoin price. Also if you have a source of income, then you wouldn’t really be worried about the bitcoin which you holding in your wallet, so you should try and work towards having multiple sources of income. Make sure you have emergency funds, incase whenever there is any emergency, then you won’t have to start thinking about selling your bitcoin. But make sure you have a target, and if the target isn’t reached yet, then make sure you don’t sell.

[coolcoinz]

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.

I don't feel like that. At some point, when you've acquired some wealth, you begin to run out of the things you want to buy.
Of course there are still things I might buy, things I might want, but all these things are things that I don't really need, therefore I'm happy holding my BTC regardless of the price.

Imagine that you have a house. At which point you stop craving for a bigger, more luxurious one? When you have a family of 4 and you have a 4 bedroom house, do you really need to spend more money to get one with 5 or 6 bedrooms? There are many people who don't want to buy new stuff because they have everything, at least everything they can find time to manage.

[alastantiger]

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 don't write the Bitcoin that I'm hodling as not mine instead I make it my responsibility to remind myself that what I'm hodling is the key to me having a good future hence I don't joke with the Bitcoin that are in my personal wallets. When I'm hodling them on exchange or casino and to be used for the various purposes why people use those platforms, I don't consider those Bitcoin as mine but the ones that have made its way into my personal wallet are considered to be mine that I protect with everything I have. It isn't easy to have 100% security but I try my best to make my security up to a good standard that not any random hacker can get access to my Bitcoin.

[Dzwaafu11]

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?

Regardless of how how knowledgeable you are about Bitcoin investment,, I don’t think it will be so easy for you to just leave your Bitcoin in there and forget it it as if it’s not yours,, although I understand what you meant by to forget about it as if it it is not your own. But one thing is the most important thing for a Bitcoin holder, which is patience.

As an investor who wants to hold for a long period of time, even if you are looking at your wallet every day, you won’t touch it because you already set a target for the market that if it reaches that, that is when you will sell your Bitcoin, so there is no need to say you should act as if you have forgotten about it.

Just make sure you are knowledgeable and invest the amount you won’t need in a short period of time because that is the best thing.. Don’t invest the money you will need in a year; make sure you invest the money you can leave in there for a long period of time.

[Franctoshi]

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 will get tempted at some point then you actually did not follow the proper method of investment into Bitcoin.
You shouldn't use money which you can't afford to lose to buy Bitcoin or money you will be needing in the shortwhile, this is where the major problem lies, many who has invested into bitcoin used the money they need tomorrow and that why they won't be patient enough to hold their Bitcoin should  hold and wait for the right time to sell.

[mindrust]

I don’t see anything wrong with wanting to sell bitcoins. As long as the purchase justifies it, there is no problems. For example if you want to own your own house, that’s a great idea. Everybody should own the house he/she is living in imo.

But never sell all of it. That’s not wise. I am not against selling it partly but selling it all is a completely different and unwise behavior.

Always keep holding some because you’ll never know when will it become handy or do another moonshot again.

[Natalim]

That may probably work for you, and that’s good. However, for me, it’s certainly a matter of patience and discipline. I invested into bitcoin because I have future aims and goals, and for that to achieve, I should stick to it and get rid of greediness because that’s the reason why a lot of bitcoin investors fail, they chose to be impatient and greedy especially if the market turns unstable or when bitcoin price is crashing.

Also, one shouldn’t monitor the price of bitcoin oftentimes. You are here to hold bitcoin for long term, so stick to it no matter how bitcoin price crashes or reaches another all time high.

[Zoomic]

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?

Ironically you are advising that someone should have bitcoin and probably be on profit and yet live as if they lack in order to profit on the long run. Bitcoin represents liberty and it is not like fixed deposit account. What is Bitcoin investor needs is patience and discipline in order to manage their portfolio and withdraw it when necessary. I am not an advisor or fan of those that will have stash of Bitcoin in their wallet and be living  miserably or cannot solve any financial problem they have just because they perceive that bitcoin would worth more in the future.

The life will live is too short, no one knows tomorrow. You can have those bitcoin growing in your wallet and you will not live to enjoy them. So if you want to hold your bitcoin forever, you can do it yourself and not advise everyone to own bitcoin and behave as if they don't own it