your bitcoin is not yours.

[Stalker22]

I guess that means I need to pull all my assets from Vanguard, Capital One and Fidelity brokerage, Charles Schwab brokerage and Wells Fargo brokerage - because I've been trusting them to babysit a whole lot of my valuable financial assets for a L-O-N-G time without any issues..

Nope, I never said that. You should do whatever you think is right. Its your money, after all. I just gave you my opinion in response to your question.

[GeorgeJohn]

In my opinion, if someone wants to hold their money well through Bitcoin, then they should hold it like a bank fixed deposit. Think of a 3 year or 5 year term. During that time, you should not move any of your held assets. Because checking the market too much automatically creates confusion in your mind. However, in my opinion, setting a specific goal is the best option. When your goal in mind is complete, you will start spending your assets.

Your suggestion is good, but to hold bitcoin for long time is an easy thing as we may think from my perspective, so theirs something I want us to understanding concerning holding of bitcoin for long-term

If you don't have another thing that gives you money and you sustain from the thing, I don't think that we can hold bitcoin for long-term, people who hold bitcoin for long periods of time are people who have another thing that regenerate funds for the person. So if you hold bitcoin without having extra thing that sustain you, it's obvious that that person will end up holding nothing, because it will surely interrupt the long-term holding

[jackpotmaster]

In my opinion, if someone wants to hold their money well through Bitcoin, then they should hold it like a bank fixed deposit. Think of a 3 year or 5 year term. During that time, you should not move any of your held assets. Because checking the market too much automatically creates confusion in your mind. However, in my opinion, setting a specific goal is the best option. When your goal in mind is complete, you will start spending your assets.

Your suggestion is good, but to hold bitcoin for long time is an easy thing as we may think from my perspective, so theirs something I want us to understanding concerning holding of bitcoin for long-term

If you don't have another thing that gives you money and you sustain from the thing, I don't think that we can hold bitcoin for long-term, people who hold bitcoin for long periods of time are people who have another thing that regenerate funds for the person. So if you hold bitcoin without having extra thing that sustain you, it's obvious that that person will end up holding nothing, because it will surely interrupt the long-term holding

Investments are not replacements for a job, at least investments that don't generate cash flow. As such yet again the problem is not that holding Bitcoin is hard, the problem is that the people are doing everything wrong. For me and many people who I know holding Bitcoin is very simple, we never want to use it. Why would I spend the best thing that I own?

[Z_MBFM]

In my opinion, if someone wants to hold their money well through Bitcoin, then they should hold it like a bank fixed deposit. Think of a 3 year or 5 year term. During that time, you should not move any of your held assets. Because checking the market too much automatically creates confusion in your mind. However, in my opinion, setting a specific goal is the best option. When your goal in mind is complete, you will start spending your assets.

Your suggestion is good, but to hold bitcoin for long time is an easy thing as we may think from my perspective, so theirs something I want us to understanding concerning holding of bitcoin for long-term

If you don't have another thing that gives you money and you sustain from the thing, I don't think that we can hold bitcoin for long-term, people who hold bitcoin for long periods of time are people who have another thing that regenerate funds for the person. So if you hold bitcoin without having extra thing that sustain you, it's obvious that that person will end up holding nothing, because it will surely interrupt the long-term holding

Investments are not replacements for a job, at least investments that don't generate cash flow. As such yet again the problem is not that holding Bitcoin is hard, the problem is that the people are doing everything wrong. For me and many people who I know holding Bitcoin is very simple, we never want to use it. Why would I spend the best thing that I own?

Job is a source of passive income because there has a guaranteed income in a specific time. but when you will invest on crypto then you have to hold that for long time. you can think investment as a assets which will help you to increase your financial wealth. But from here you will not get money for a fixed period of time. So a job can never be compared with an investment. Yes, it is never possible to become rich by working and earning a fixed income, but here you will get a guarantee of living by fulfilling your basic needs. So every person needs a source of passive income and at the same time there is an investment that can give a better life.

[Franctoshi]

Out of sight, out of mind.  Keep keys very hard to access that would require doing something other than the most fun thing there is to do, and that is sitting on your computer.

Out of site is not out of mind, the only practice that I believe works best investing into Bitcoin, is investing money you don't need, taking you for instance, If you have 1million and use $100 on Bitcoin you won't be bothered about anything ,volatility or being tempted to sell your Bitcoin because you're at peace with that amount of money and can leave months off thinking about using it to solving your problems. This is when what the op is trying to say would align.

[JuxtaposeLife]

There is a certain kind of joy that comes with recognizing how little you actually own in the world... and then seeing real ownership in your BTC.

I recently consolidated two utxos from my cold storage into one because the network fees are so low (cost about 25 cents total to get onto the next block). I connected to my node (running on a headless server in my basement - connected to the world through Starlink), and only had to wait 3 minutes to see the block post. I searched for the transaction ID and right there I could see verification myself of the movement I made and the control I have of the Bitcoin network in digital form.

I didn't need a website.
I didn't need a phone.
I didn't need an ID.
I didn't need a bank.
I didn't need permission.
I didn't need anyone else.

I just needed a connection to the internet... and my hardware.

I think sometimes people lose sense of just how amazing true ownership can be. I feel like I own my house, but it can be taken from me. I feel like I own my life, but that too can be taken... I only really know a few things in this world. One of them is that I have ownership of this...

it is mine.

(If you don't run a node, I highly recommend trying it... it's not as difficult as you might think. If you have never consolidated UTXOs and verified a transaction yourself from your own node, those are two things worth doing)

[Y3shot]

Out of sight, out of mind.  Keep keys very hard to access that would require doing something other than the most fun thing there is to do, and that is sitting on your computer.

Out of site is not out of mind, the only practice that I believe works best investing into Bitcoin, is investing money you don't need, taking you for instance, If you have 1million and use $100 on Bitcoin you won't be bothered about anything ,volatility or being tempted to sell your Bitcoin because you're at peace with that amount of money and can leave months off thinking about using it to solving your problems. This is when what the op is trying to say would align.

Another thing too that will also help one in keeping eyes and mind from bitcoin is to focus on how to make income. The reason why people have it mind to want to sell their bitcoin is because of low income and lack of fund but when their is increase income you don't need to put your eyes on your investment.

Investors needs to understand selling out their bitcoin to spend won't solve all other problems , and when bitcoin investment is tampered their is nothing to rely on but hoe to make income,  it is just better never to rely on your  investment,  instead focus on how to make money because one will always need income to fix things up and not always on bitcoin hodling.

[fikrett]

I guess that means I need to pull all my assets from Vanguard, Capital One and Fidelity brokerage, Charles Schwab brokerage and Wells Fargo brokerage - because I've been trusting them to babysit a whole lot of my valuable financial assets for a L-O-N-G time without any issues..

Nope, I never said that. You should do whatever you think is right. Its your money, after all. I just gave you my opinion in response to your question.

Yep, here, all share their views on the matter, and it's in no way financial advice to follow word into word..

[bettercrypto]

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?

When you buy Gold and pay for it and they give you the Gold, do you think you're the owner or the one you bought it from is still the owner? Now, the same goes for Bitcoin. Where do we buy Bitcoin? Isn't it from exchanges? And once we buy Bitcoin on a CEX platform and let it be stored on the exchange, maybe that's where what OP is saying comes in,
that Bitcoin is not yours, because on CEX platforms, it's 'Not your key, Not your coins'.

Now, if we can transfer the bought Bitcoins from the exchange, and move them to non-custodial wallets or hardware wallets, who would be the true owner of the Bitcoin or the one with real access to the Bitcoin once it's transferred to the mentioned wallets? Isn't it us who can now be considered the true owner and in control of our Bitcoin,
and not the CEX platform anymore?

[GeorgeJohn]

In my opinion, if someone wants to hold their money well through Bitcoin, then they should hold it like a bank fixed deposit. Think of a 3 year or 5 year term. During that time, you should not move any of your held assets. Because checking the market too much automatically creates confusion in your mind. However, in my opinion, setting a specific goal is the best option. When your goal in mind is complete, you will start spending your assets.

Your suggestion is good, but to hold bitcoin for long time is an easy thing as we may think from my perspective, so theirs something I want us to understanding concerning holding of bitcoin for long-term

If you don't have another thing that gives you money and you sustain from the thing, I don't think that we can hold bitcoin for long-term, people who hold bitcoin for long periods of time are people who have another thing that regenerate funds for the person. So if you hold bitcoin without having extra thing that sustain you, it's obvious that that person will end up holding nothing, because it will surely interrupt the long-term holding

Investments are not replacements for a job, at least investments that don't generate cash flow. As such yet again the problem is not that holding Bitcoin is hard, the problem is that the people are doing everything wrong. For me and many people who I know holding Bitcoin is very simple, we never want to use it. Why would I spend the best thing that I own?

If we wants to hold bitcoin, we can hold a bitcoin, but have what you are doing that gives you daily income or weekly income, so that you will not withdraw when you're not supposed to make a withdrawal from your wallet, I have outlined this before, one of the major thing that put so many people in trouble is when they use the funds they supposed to another thing and invest in Bitcoin, but in normal norms investing in bitcoin you have use a spare funds so that whenever the price drops it will not affect you you, but people always make a huge mistake by using their capital and invest, which they can't withhold of keeping the funds in bitcoin wallet, that's is good to invest with you spare funds so that won't be curious to hold.

[2Pizza410000BTC]

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 arguments are really amazing because I work in Bitcoin and I have to sell the Bitcoins I earn for my needs and the needs of my family. Now no matter how much I say I will invest and hold it, it may not be possible for me because this Bitcoin earning is playing the biggest role in meeting my needs. If I had any other means, maybe I could have provided the money I need from some other means. Since I have no other means, I have to rely on my Bitcoins and sell these Bitcoins to meet my family and my expenses. But if I did not need it, of course I could have gone ahead and held the Bitcoins.

[Makus]

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?

This strategy is only exceptional to those who invest using the lump sum or buy the dip or even both strategies combined. But it's  not possible  for those using the DCA strategy. No matter how you try hard you'll definitely  get tempted to see your portfolio, now what  matters most is being disciplined  not to touch your coins prematurely. And the only way to do that is by by creating an emergency  fund that will enable you to have spare cash for emergency  needs when they arise instead of you going to your bitcoin portfolio  to withdraw  some Bitcoin on small issues  that requires a finger tip for them to be solved.

[As-Soon-As]

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?

To invest in Bitcoin, you must have confidence in yourself, and you must have high income growth so that there is no pressure on my Bitcoin investment. But it is also true that when you look at your Bitcoins again and again, the shortcomings will float around you like a movie, which means that good deeds are repeatedly hindered. So I want to say that you must not look at Bitcoin investment lightly and just think about investing, if you can maintain your Bitcoin investment in this way, then you are definitely successful.
Looking at Bitcoin investment again and again is foolish, because the more you look at the saved money again and again, the more often you may think of selling your holdings.

[Outhue]

Is the Bitcoin you bought using PayPal and held in your custodial account by PayPal not yours?  

Nope, not really. That Bitcoin you buy and hold on PayPal? Its kinda like youre just borrowing bragging rights. You dont actually own it, at least not in the old-school, "not your keys, not your coins" sense. PayPal got the keys, they are holding your crypto. You are basically just trusting them to babysit your stuff, which kinda defeats the whole "be your own bank" vibe.

I guess that means I need to pull all my assets from Vanguard, Capital One and Fidelity brokerage, Charles Schwab brokerage and Wells Fargo brokerage - because I've been trusting them to babysit a whole lot of my valuable financial assets for a L-O-N-G time without any issues..

Wait till something bad happens to one of these companies one day and you will know how valuable it is to keep your assets safe by yourself, people in the US are very lazy when it comes to getting things secured by themselves, they are always fine giving their assets to a company to guide for them.

I know this because I have friends in that country and they trust their banks even more than anything that's privacy or decentralised, the numbers of users from the United States that fall into the trap of FTX years ago are larger than those from other countries.

I am pretty sure that they never learned anything and some are still giving up their assets to other new centralised digital currency companies, I won't pity those who will fall victim again because sooner something bad will happen again, it happened in the past and it will happen again.

When the bull market is finally over or over heated, something very bad will happen to one big giant company or project in crypto space that will flush away massive amount of liquidity, FTX collapse won't be the last.

[mak013]

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 arguments are really amazing because I work in Bitcoin and I have to sell the Bitcoins I earn for my needs and the needs of my family. Now no matter how much I say I will invest and hold it, it may not be possible for me because this Bitcoin earning is playing the biggest role in meeting my needs. If I had any other means, maybe I could have provided the money I need from some other means. Since I have no other means, I have to rely on my Bitcoins and sell these Bitcoins to meet my family and my expenses. But if I did not need it, of course I could have gone ahead and held the Bitcoins.

It looks like situation with any type of money. I`m sure that all of know that "we have to invest 10% from any income we have". It is true for BTC to, as for me - just move 5-10% of your income to another wallet. It is possible to move it to some cryptocurrency exchange to earn some small percent.
PS. Long ago i was spending all my salary. When i moved 5% of salary to another pocket first time, i thought how awful that month would be, but as result i didn`t see any changes in my life.

[betswift]

It looks like situation with any type of money. I`m sure that all of know that "we have to invest 10% from any income we have". It is true for BTC to, as for me - just move 5-10% of your income to another wallet. It is possible to move it to some cryptocurrency exchange to earn some small percent.
PS. Long ago i was spending all my salary. When i moved 5% of salary to another pocket first time, i thought how awful that month would be, but as result i didn`t see any changes in my life.

Moving a percentage to a different wallet is better and more stable in the long run, imo.

It's easier

[Butterfan]

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?

To invest in Bitcoin, you must have confidence in yourself, and you must have high income growth so that there is no pressure on my Bitcoin investment. But it is also true that when you look at your Bitcoins again and again, the shortcomings will float around you like a movie, which means that good deeds are repeatedly hindered. So I want to say that you must not look at Bitcoin investment lightly and just think about investing, if you can maintain your Bitcoin investment in this way, then you are definitely successful.
Looking at Bitcoin investment again and again is foolish, because the more you look at the saved money again and again, the more often you may think of selling your holdings.

I believe it can be helpful to forget about your bitcoins and take some period of time. Being in control over the price all the time may create some anxiety and a feeling to sell when it is not the good time. Thinking of it as money you will not need very soon eases the hold over the ups and downs. The pressure is definitely lessened with confidence and other income to fall back on so you do not have to sell due to temporary changes. It is also a fact that, the longer you stare down the price, the more doubts and worries will be generated and that is something that will cost you in the long haul. So take a courageous breather and put some distance between you is one good way of not getting flustered.

[john_egbert]

I believe it can be helpful to forget about your bitcoins and take some period of time. Being in control over the price all the time may create some anxiety and a feeling to sell when it is not the good time. Thinking of it as money you will not need very soon eases the hold over the ups and downs. The pressure is definitely lessened with confidence and other income to fall back on so you do not have to sell due to temporary changes. It is also a fact that, the longer you stare down the price, the more doubts and worries will be generated and that is something that will cost you in the long haul. So take a courageous breather and put some distance between you is one good way of not getting flustered.

Your BTC is your ticket toward a good ending of the Bull run.

So if the targets you've set are not met - we just need to wait, not sell due to dips and so on.

When we know and learn about BTC enough, we understand this on a go.

[beveryu778]

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?

Do you think it will work? I have never done it. How can a person forget about his investment? When I invest in Bitcoin, I will definitely remember it. It is not easy to forget. The more you try to forget about it, the more you will remember it, especially when you enter the crypto market and see the price of Bitcoin higher or lower than the price you bought it for, that is when you will remember your own investment. So I think this is a completely ineffective strategy. I have never thought of such a strategy. And this seems ineffective to me.

[Dareo]

 In my case, I find it easier to think of it as a saving towards the future, almost retirement savings, something you will only use when all other options are exhausteed. I do not want to monitor its price more often, as the more you see it change, the more emotional decisions may trickle in. It is better to forget about it and concentrate on other issues rather than to watch the price. Discipline and that long-term perspective is what it is all about.