Is holding Bitcoin harder financially or psychologically?

[Silverstonez]

merry Christmas and Happy new year in advance my fellow Bitcointalk's.

Please I will like to hear some opinions from members of this community on this debate, especially from those members who have held Bitcoin for at least two to three cycle. Today myself and three of guys were just having some argument until this particular question  was asked by one of guy, if holding Bitcoin is harder financially or psychologically? And Frankly speaking I and my friend haven't held Bitcoin for one cycle, we are just new to the space. Although many people often say just hold, but in reality holding Bitcoin through volatility is not easy. As we all know people loose money because: they sell in panic during crashes, they overthink short term price action, and finally they loose conviction when narratives change.
So now here is the question, is investing in bitcoin harder because of lack of money or lack of emotional discipline?
And if you have been through a full cycle, what was your biggest psychological challenge?

[SilverCryptoBullet]

if holding Bitcoin is harder financially or psychologically?

is investing in bitcoin harder because of lack of money or lack of emotional discipline?
And if you have been through a full cycle, what was your biggest psychological challenge?

Holding is holding by itself but how did you prepare your finance, your investment capital and how did you buy bitcoins in relation with your finance, will mainly decide how comfortable or not comfortable holding experience you have.

If your finance is bad, and you hope that by betting in bitcoins, your finance will be changed from in debt to rich with profit from Bitcoin investment, I am sure that your holding experience will be very stressful and most likely you will end with loss, not profit.

If your finance is good and you have good preparation from finance to investment capital with reserved funds for your life and emergency, your Bitcoin investment and holding will be very comfortable. It will likely result in good investment result with profit and enhance your financial condition, make you richer in no stressful way.

Psychological pitfalls of a market cycle.

[Luzin]

, if holding Bitcoin is harder financially or psychologically?

Of course it's difficult when your financial side doesn't support it and you really have to sell Bitcoin to meet basic needs—that's hard. You need a patient mindset and at least have a realistic target for one cycle. The temptation to sell will keep coming when the price goes above your purchase price. So it's important to set a 1-cycle target to buy and sell again. It might be different if you are a trader who has the skills not just to hold for a long time.

So now here is the question, is investing in bitcoin harder because of lack of money or lack of emotional discipline?
And if you have been through a full cycle, what was your biggest psychological challenge?

When you have sold Bitcoin at a certain high price, but the price keeps going up and you are waiting for a new short-term price, we must be able to be patient, waiting for a time that tests emotional endurance. The best approach is to divide your assets into several pairs or you can DCA method, which in the end can help you gain more profit.

[MusicLand]

it is definitely psychological for me because every time i see a green candle i want to click sell so fast, how do you guys stay so calm when the market is moving like crazy

[Alpha Marine]

Different people, different answers to this.
Personally, the biggest challenge is financial. I don't panic too much when the bitcoin price dips, not because I am rich, but because I understand that it will do that, and I also understand that it will get back up, and I just have to hold on. When the price is going up, I happily old and expect more. So even if my emotions may get in the way, it is easier for me to control them. Maybe it's because I don't hold 6 figures and above worth of bitcoin yet, but I usually don't over-panic. If I say I remain completely unfazed when the price dips, then I would be lying, but I don't panic.
The only times when I become really bothered are when I have plans to sell at a certain time, and towards the date, the price starts dipping.

So the psychological challenge is not my biggest challenge. My biggest challenge is financial. There are times when something unexpected comes up, and you have nowhere else to turn to aside from your bitcoin holdings. Sometimes it might be an emergency or a life-or-death situation; other times it might not be, but it's something you have to fix now. It is situations like this that test me the most. I am getting better at this tough, and I am setting up a plan to avoid this in future. Hopefully, it works out well for me this new year.

[Botnake]

I think it’s mostly psychological. Anyone can think about investing, even if they’re struggling financially. It always starts with mindset, because if you’re really serious about investing, it’s like a law of attraction, eventually you find a way to make it happen.

It’s the same with starting a business. You begin with planning, then move to implementation, and that’s basically it.

[YellowSwap]

You really haven't made up your mind, that's why Bitcoin holding is not going to be easy for the likes of you, some people don't have money and they work too hard on themselves to still buy Bitcoin and they held even while they struggled, I read similar stories in here, yet they don't panic because they knew what they doing.

We are all desperate for Bitcoin in different ways, someone on here said they trek miles everyday to school and starve themselves just to have some Bitcoin and it worked for them, their main concern was never about the price action of Bitcoin but rather to be a part of holding some Bitcoin.

So even if you are making good amount of money if you don't have a solid reason why you want to hold Bitcoin you won't be able to, holding Bitcoin is not for everyone, either they have a job or not, but I can't cut off the part that jobs makes investment easier, the more money flows in the less you will worry about your Bitcoin bags.

We are no longer on that level of doubting about Bitcoin, I don't see reasons why anyone should panic because of Bitcoin volatility, if you don't understand Bitcoin make sure you understand it first, do not buy because others are buying, it will help your holding journey and make sure you have a good income stream, you won't depend on how to make money from your Bitcoin to survive, which has been the reason why many people lost their Bitcoin.

[EluguHcman]

So now here is the question, is investing in bitcoin harder because of lack of money or lack of emotional discipline?

First of you have built interest to invest in Bitcoin and does not have money to buy Bitcoin, surely the dream will die.
If you have the money to buy but your emotions is not nurtured matured enough to bear the risks of volatilities, you can not still make it to buy Bitcoin.

Even if you have to buy Bitcoin when your emotions is not in your control to overcome the challenges of short term volatilities, you .at either likely sell at profits or lost and exit out of FOMO. That of course is not a good behavioral investors characters because you end up regretting at most times.
There are also certainly others who have the capital to buy for too long now but their emotions could not bear the risks as Bitcoin is being speculated and still end up regretting why they did not buy at the very dawn.

So in all, the state of your emotions is what is most difficult to become a Bitcoin investor while capital is always the basic task because I'd you don't have money you won't buy. If you also have the money but your emotions is not in control you won't still but.
So, capital and psychology is what actually makes it better and possible to be a Bitcoin investor.

[kotajikikox]

Psychologically.

Yes it’s hard to earn money which is why you often find yourself a little extra careful with what you do with it. You put it in bitcoin, you are scared to lose it and too excited when it doubles. You have to keep being logical all throughout your holding process. Money makes us crazy which is hard to surpress sometimes.

[Hewlet]

Today myself and three of guys were just having some argument until this particular question  was asked by one of guy, if holding Bitcoin is harder financially or psychologically? And Frankly speaking I and my friend haven't held Bitcoin for one cycle, we are just new to the space.

Both financial and psychological aspect of bitcoin investment is very important because money provides the foundation for investment while the psychological strength of the person investing determines how long an invested stars invested.

If you invest without a good psychological strength, you will invest and easily sell at the slightest profit you're in. Both finance and psychology helps create a balance for the investor.

[Patikno]

So now here is the question, is investing in bitcoin harder because of lack of money or lack of emotional discipline?

Yes, we must prepare for both, which means we must be prepared for all consequences, and the ultimate goal is to hold. If we force ourselves to invest in Bitcoin (unprepared to be patient, or financially unable), we will potentially fail. Therefore, we must not do it immaturely, or without preparation, because otherwise, we may quickly suffer losses when Bitcoin drops, or even sell Bitcoin when we only make a relatively small profit.

And if you have been through a full cycle, what was your biggest psychological challenge?

I don't fully understand the psychology of the full cycle, but I think that once someone has made a fortune in Bitcoin, they should be able to enrich themselves with those profits, whether by diversifying into other types of investments or continuing to hold. Well, it all depends on each individual discretion, but personally, I think saving in Bitcoin is better than saving in cash or fiat. So, my suggestion is to only use the profits you earn, while keeping the rest on hold.

[rat03gopoh]

The real question is, does financial hardship affect your psychology? You shouldn't hold Bitcoin if you only have enough money to last 2-5 months. Even more conservative investors have a stable savings plan for up to 5 years. Then, financial stability is no longer an issue for them.

Your question is like, does cycling require energy or balance? If you don't have energy, you won't even be able to carry your body.

[Itz-prisigold]

First off, I think  holding on to Bitcoin becomes financially hard only because it is psychologically hard first.  It's not just the lack of money that is holding people back.  It's the self doubt, the fear, the comparison, and everything else that is going on in the mind. People think that money is the issue. The real issue is the mind.

One of the worst things is time mismatch.  Bitcoin rewards patient, and gives big returns after a long time. While people think about money in a matter of weeks, or just a couple of months. When someone is holding what looks like a dead asset for a long time, it feels extremely irrational.

Social pressure is another big one. In a bear market,  it feels like you're the only one going through it. People lose interest, and headlines turn negative and you'll see people being to question decisions they were once confident about. People sell not because they need the money, but need the money to justify losing money.

Finally, to understand something is to build conviction.  The more people understand Bitcoin the less people panic. With more protection,  less people lose to the bear market.  Emotional discipline is what sets people apart.

[EarnOnVictor]

So now here is the question, is investing in bitcoin harder because of lack of money or lack of emotional discipline?

The lack of money is not hard, with respect to Bitcoin. But it becomes hard to keep it if you do not have the psychology for it. Many liquidated their Bitcoin prematurely and regret it later.

And if you have been through a full cycle, what was your biggest psychological challenge?

Of course, it's common with ungrounded Bitcoin holders. I mean the urge to liquidate the asset after some initial peaks. This is why holders could be so many, but the true HODLers are few.

[fikrett]

You can invest in BTC with an amount starting from around 5 or 10$.

The question would be how you hodl it, how many you get each week or month, and if you understand why you do it at all.

[lovesmayfamilis]

It’s the same with starting a business. You begin with planning, then move to implementation, and that’s basically it.

No, that's just the beginning. You plan, calculate, network, invest, and, okay, open a business. And then events begin, which some call "black swans." Things or events you couldn't have foreseen or predicted. The same applies to investing in Bitcoin. You may not need the funds, and you may have a strong hand at first, with a firm desire to hold on no matter what, but something goes wrong, and your weaknesses become apparent.
So I would say this: as long as you can and want to invest, don't stop yourself. If you have to sell, sell. We can't be prepared for the unexpected. But it's always better to do something and regret it than not to do it and wonder if things could have been different, and we never took the risk.

[Ishicryptic]

I think holding Bitcoin is much more harder financially than psychologically, you need money to buy Bitcoin not phycology, when you are financially capable you won't have a serious psychological problems about the market. If you have a functional discretionary funds you won't bother about price fluctuations because you are not in panic about price or planning to sell in a hurry. I think psychological stress affects traders most than investors, if you are a trader you would monitor the market frequently to know when to sell but investors that are on DCA method will keep buying. Long term Bitcoin investment is all about having money to buy and increasing your income so that you won't sell prematurely.

[crwth]

What is hard for me might not be hard for everyone, but personally, I find it harder to hold onto Bitcoin due to the psychology I have with it. Given that the price is already relatively high, it could potentially decrease in the current market, and you are now doubting whether you should sell your bitcoin or not. I guess it's for both.

I suppose deciding whether to sell it is up to you, but if you can still survive without converting it, it may be better to HODL on to it.

[Nathrixxx]

To hold Bitcoin is not something that should be difficult to achieve, this is all about what our mind first conceived at, which is the same thing we acted up on with our mentality because it's preset right from our minds, that is why some have already failed even even before they started, we must plan things well with our investment decisions with bitcoin, everyone should afford investing as they are capable of and hold.

[Die_empty]

So now here is the question, is investing in bitcoin harder because of lack of money or lack of emotional discipline?
And if you have been through a full cycle, what was your biggest psychological challenge?

Since your question is directed at those who have held Bitcoin for two cycles and above, money would be the main challenge. Volatility or FUD wouldn't have much psychological effect on someone who has experienced the bull run for two or more sessions. This set of people is already used to the ups and downs of Bitcoin, so they wouldn't panic sell. I had my own share of psychological problems when I was new to the system. I was always checking the price of Bitcoin every day. Price drops will bring joy, while price drops will make my day bad. But it changed when I began to gain more knowledge.

The high cost of living, rise in unemployment, and other economic problems may force experienced Bitcoin holders to dispose of their coins due to psychological distress.