your bitcoin is not yours.

[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

[Drnice]

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?

I see your point, but one thing about investment is that what you put in stays in, and you need to have something that keeps you going without touching what has been kept in for the long run. It is okay to stop adding into the investment plan for the reason of needs, but don't take off from the investment if the need is not very crucial and necessary. Taking some discretion in one's investment is very crucial and here in the crypto industry, we know very well the importance and power of patience.

[EFS]

I get what you mean. The buy-and-hold strategy is especially valid for Bitcoin and has been a proven way to make gains for years. But Bitcoin has different uses. It's not just an investment tool. I've been buying and selling things with Bitcoin for 12 years. For me, Bitcoin is money.
Some people see it like a stock, some see it like gold. But as it was originally intended, Bitcoin is a means of exchange that can stand strong against inflation. If you clearly separate the coins you keep for investment from the ones you use in daily transactions, you'll be more successful.

[SUPERSAIAN]

It's best not to sell Bitcoin while you have it; imagining its value as higher can motivate you more. Holding Bitcoin with motivation only lasts so long. You'll want to use it when you need something or want to buy something, so willpower and discipline are crucial. Saving isn't as easy as it seems. I understand you're saying it's not just about saving; it's about ignoring your Bitcoin.

But forgetting about it isn't that easy. If you hold onto it for a few years and it yields a good profit, you'll want to sell it without further ado.

[MainIbem]

I get what you mean. The buy-and-hold strategy is especially valid for Bitcoin and has been a proven way to make gains for years. But Bitcoin has different uses. It's not just an investment tool. I've been buying and selling things with Bitcoin for 12 years. For me, Bitcoin is money.
Some people see it like a stock, some see it like gold. But as it was originally intended, Bitcoin is a means of exchange that can stand strong against inflation. If you clearly separate the coins you keep for investment from the ones you use in daily transactions, you'll be more successful.

I totally understand your point mate, infact the point you made, I mean your preferred use case for Bitcoin is the reason why Satoshi created it, a means of carrying out transactions that's more secured and don't involve any third party but lately, Bitcoin has evolved beyond that and now mostly seen as a stored of value that's why you see some whales all over the media advising folks to hodl it instead of selling, as you can see the numbers keep increasing overtime, what the price was 4 years ago is not same or close to what it is currently there's a big gap, which shows that if one can built a portfolio for 12 years and hodl for that long without selling, there's lots of profits to be made but the big questions is if people can be that patient.

[peter0425]

I see your point, but one thing about investment is that what you put in stays in, and you need to have something that keeps you going without touching what has been kept in for the long run. It is okay to stop adding into the investment plan for the reason of needs, but don't take off from the investment if the need is not very crucial and necessary. Taking some discretion in one's investment is very crucial and here in the crypto industry, we know very well the importance and power of patience.

This is why it must be emphasized that savings and investments are not the same thing. Savings you can get from when you need the money but investments, unless you are ready to take out everything and you are already content with what you have made as profit.

[leonair]

I see your point, but one thing about investment is that what you put in stays in, and you need to have something that keeps you going without touching what has been kept in for the long run. It is okay to stop adding into the investment plan for the reason of needs, but don't take off from the investment if the need is not very crucial and necessary. Taking some discretion in one's investment is very crucial and here in the crypto industry, we know very well the importance and power of patience.

This is why it must be emphasized that savings and investments are not the same thing. Savings you can get from when you need the money but investments, unless you are ready to take out everything and you are already content with what you have made as profit.

A person needs both savings and investment because in an emergency, money may be needed which can be supported by savings because investment can never be withdrawn at any time. Investment is made for profit and until the expected profit is not obtained from it, that investment cannot be withdrawn or should not be done. If my investment has to be broken in an emergency, then it is better not to have such an investment. That is why we have to keep some savings along with investment which will support us in an emergency moment.

[DeathAngel]

I can see what OP means but no, I don’t need to pretend my coins are not mine. I have a stash that a certain % will probably never be sold but I don’t need to trick myself into believing they are not mine. If a method works for you though & removes temptation to sell it all then by all means, continue with what you are doing.

[CryptoYar]

[...]

Good observation how Bitcoin purpose has changed. While it started as way to make secure payments without banks it is now mostly seen as store of value. This is why many big investors tell people to hodl it instead of selling. Huge increase in its price over just four years shows that holding Bitcoin for long time maybe even 12 years could lead to big profits but real question is if people have patience to wait that long without selling.

[yhiaali3]

This is what long-term Bitcoin holders typically do, but if an investor is unable to forget about the Bitcoins they hold in their wallet they can't be called a long-term investor at all.

But, not everyone has this option. I, for example, have often had to sell my Bitcoin for reasons beyond my control. This was my fault, of course. I should have forgotten about them and tried to find another way. But life is tough, and circumstances sometimes force you to do things you don't want to.

[CryptSafe]

I get what you mean. The buy-and-hold strategy is especially valid for Bitcoin and has been a proven way to make gains for years. But Bitcoin has different uses. It's not just an investment tool. I've been buying and selling things with Bitcoin for 12 years. For me, Bitcoin is money.
Some people see it like a stock, some see it like gold. But as it was originally intended, Bitcoin is a means of exchange that can stand strong against inflation. If you clearly separate the coins you keep for investment from the ones you use in daily transactions, you'll be more successful.

Your point is very clear, and to be frank, people see Bitcoin in different ways, as it pleases them just as you have said, but the real purpose of Bitcoin is to transact with it, and by so doing, it is circulating very fast and also increasing the value and adoption rate, which was the real goal for which satoshi invented it. Imagine if Satoshi had not done an airdrop to the early adopters, Bitcoin would not have gotten to this point, it is now, but Satoshi made sure it circulated far and wide for even distribution across the globe. It is not all about just keeping it at a particular place where it would not be seen, but rather to be able to separate a little portion that one can use for transacting, and also leave the remaining for savings, just as you have said, and by so doing, the ecosystem would keep growing as expected.

[BitBastard]

I thought you were going in a whole other direction based off the topic.

I was thinking more the fact that those 80k BTC are essentially unspendable and washed. The moment anyone tried to cash them out the exchange will freeze it and the glowies will be all over it. Despite it not being linked to any verifiable crime and is seemingly the private property of someone. So, do they truly own them?

[The Cryptovator]

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.

How is it possible to think it's not my Bitcoin when I am holding it in my wallet? In the case you are holding your Bitcoin with a centralised exchange or web wallet, then you can't claim it's your Bitcoin. I can understand your thoughts; you just want to prevent spending your Bitcoin. This isn't really an easy task unless you are a professional holder. Because it's hard to control our emotions.

However, we can't hold Bitcoin for a lifetime. We should have a goal to sell our Bitcoin. Then probably buy back when the market starts dumping again. Make your own target and don't sell before reaching the target. That's actually how you can prevent selling your Bitcoin. Just don't be greedy when the price pumps until you reach your goal.

[john_egbert]

This is what long-term Bitcoin holders typically do, but if an investor is unable to forget about the Bitcoins they hold in their wallet they can't be called a long-term investor at all.

But, not everyone has this option. I, for example, have often had to sell my Bitcoin for reasons beyond my control. This was my fault, of course. I should have forgotten about them and tried to find another way. But life is tough, and circumstances sometimes force you to do things you don't want to.

It's hard, but you do need to remember about your BTCs - and to hodl them even knowing about them.

Otherwise, how would you remember them? By accident? 

[DubemIfedigbo001]

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.

Yeah, Psychologically and during my financial plannings, I do not include my bitcoin in the finances I reference upon when drawing out expenditures/savings. I love to do that from my earnings from a particular income source and gladly, it is very enough for me. I have a separate source that is channeled directly to my holdings which I do not touch, instead I use it to invest into bitcoin and build out reserve funds and the reserve funds goes to yet separate bank accounts depending on its variance.

I try to discipline myself to hustle more to increase income from the source designated to my expenses if I want to travel for a holiday or have a major flex, as I'm able to separate these concerns, my holdings became safer, but I must comment its very tempting at times to take some little profits and spend on yourself, but that is where discipline comes in and we always try our best to uphold it, even though we end up failing slightly at times.

[0t3p0t]

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 money is not a problem to you, there is no need for you to worry about your Bitcoin holdings because no matter what you are not gonna touch it since you already have everything on you but if you are not that well off and have no stable source of income then that would be hard to do. That is what I am right now since I don't have stable source of income I can't hold my Bitcoin portions for so long because anytime I am gonna withdraw it all for me and my family's needs.

[jackpotmaster]

This is what long-term Bitcoin holders typically do, but if an investor is unable to forget about the Bitcoins they hold in their wallet they can't be called a long-term investor at all.

But, not everyone has this option. I, for example, have often had to sell my Bitcoin for reasons beyond my control. This was my fault, of course. I should have forgotten about them and tried to find another way. But life is tough, and circumstances sometimes force you to do things you don't want to.

Of course you can be called a long-term investor. A diamond holder long-term investor is aware of his Bitcoin at all times and he does not care. That is much better than the people who have to use manipulations to not sell their Bitcoins. Many of you have not learned any lessons from Saylor. Borrow money from friends, family, the bank, but do not sell your Bitcoin. It is the last option only after you have exhausted everything else.

[GigaBit]

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

It is true that when your Bitcoin portfolio grows, your interest in that portfolio may increase. Even if you do not want it, you may suddenly have the urge to sell Bitcoin. And to protect yourself from such situations, you can store your Bitcoin in a safe wallet. Though wherever we store our Bitcoin, if we do not want it ourselves, we will never be able to hold it, but if we want to build a large Bitcoin portfolio in the future, we must be patient and grow it.

[Maslate]

I guess this won’t work for me, or maybe in majority. People are born greedy, especially for a highly profitable coin like bitcoin. Once the price increase, for sure it creates a new urge to sell our coins. If you are not patient, you will be easily get influenced by others who want to sell off, and eventually lose your future profits.

What’s work for me is actually my sincerity with my bitcoin investment. I invested because I want to prepare for my retirement, because I want to gain financial stability in the future, and because I want to create positive changes in my life, thus having all these reasons then I know I should always stick to my goal and hold bitcoin patiently no matter what. But of course, I also take time selling a portion of my bitcoin if there is emergency case suddenly arise especially if I have no available fiat at the moment.

[Donneski]

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?

I totally get where you’re coming from and yeah, I agree to an extent that it’s very important to stay disciplined with Bitcoin especially if your plan is long-term holding. But personally, I don’t belong to the school of thought that says I should live in abject lack or even go hungry today just to preserve my investments for tomorrow.

I believe in balance. It’s one thing to save and be strategic and it’s another thing entirely to deprive yourself of basic needs or ignore serious financial responsibilities all in the name of “hodling.” What if something happens to me before that future comes? What happens to the same asset I was protecting so tightly?

For me, Bitcoin is a tool not a god. It should serve my life not become the reason I suffer through it.