How to hold Bitcoin for long term without being tempted to sell.

AirtelBuzz

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Quote from: ? on January 26, 2025, 07:47:46 AM

Holding Bitcoin for the long term without being tempted to sell is very difficult it requires a combination of mindset, strategy, and security measures to be able to hold for a very long period of time, below are some measures that will help you.

1. Backup funds.
Make sure you have an emergency, reserve and float funds, this funds will help you when ever you are in an emergency and you don't have finance which is what is needed, instead of dipping hands into your Bitcoin by selling it you can just use your backup funds to settle the emergency.
Having a backup funds will reduce the emotional pressure to sell during market downturns also.

I think Bitcoin investment is good for every investor for a long time. However, this is very difficult for every investor because many are forced to sell Bitcoin out of greed. OP According to the points you mentioned, we first need to become financially independent and then we need to create a backup fund. Backup funds are the most helpful when you don't have the necessary money. Even if the investor does not have the money to purchase Bitcoin, he will be able to purchase Bitcoin using the backup fund.

Quote

3. Set a Clear Time Horizon.
Make up your mind and decide how many years you want to hold your Bitcoin if it is 5, 10 or 20 years, and tell yourself you will reach that time you have set for yourself, see your Bitcoin as an investment.

Actually, your point here is to set a goal before investing. Maybe investors plan to hold their investments for 5, 10 years, during this period, investors will regularly purchase Bitcoin and can sell their investment when the right target is reached.

bitzizzix

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In my opinion, the most important thing is to have a strong belief and also strong patience towards Bitcoin in the long-term process that must be instilled in us, because both will support and fight for what makes us able to do everything with what OP mentioned with effort and also will not be tempted by any temptation as long as the desired long-term goal has not been achieved and will do it with high discipline because they always assume that by instilling a strong belief in Bitcoin will provide extraordinary profit results if everything goes well and also with patience.

And if they do not instill the two things I mentioned, they will definitely falter at the beginning, in the middle, even when they have made profits many times over before reaching their initial goal, they will definitely be tempted.

Menerever

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Frankly speaking, if you are not in the actual situation, it's easy to give advice on what to do.

But if you are on the actual situation, I doubt most people will be able to follow those advices. Even putting bitcoin on something you can't access easily, you will do everything just to access it especially during a crazy bull run since you don't want to missed it.

sunsilk

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Quote from: betswift on January 31, 2025, 02:28:22 AM

Quote from: sunsilk on January 30, 2025, 06:50:57 PM

Having a back fund is nice to see that it's on the number 1 list. Everyone who's tempted to sell has got reasons and one of it is when we do it, we need funds.

Because of lacking of back up funds, we tend to choose to sell for some things that we will never have money for. And that is the reason why we end up selling despite that we don't want to but we have to.

But, we can't also invalidate those that have sold for a better purpose. We will never know how long they've been holding but as long as they still hold some, I think that it's all that matters to them and they can always buy them back what's sold for.

Agreed. Proper risk management gets rid of most of such things, however, if a person really wants to sell and has already hodled for long enough in her mind - no one would stop her from doing so.

No one can stop that person who has held for so long and it's tempting to sell when he's got more than 10x or even held for years. But if the holder isn't needing any capital or money for themselves then that's fine, keep holding.

Quote from: betswift on January 31, 2025, 02:28:22 AM

Surely, having a plan ready if the worse comes is a great idea, on any market.

This isn't planned by many.

That's because they thought that it will be a straight line going up forever without having the need to catch some volatility.

red4slash

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Quote from: ? on January 28, 2025, 06:37:09 AM

Setting a clear time horizon works well for me. I've decided to hold my bitcoin for at least 10 years and I keep reminding myself to stick to the plan no matter what happens in the short term

But sometimes even good intentions like this will always get obstacles, 10 years is actually quite ideal but not everyone can do that because after all with the current conditions we must realize that in the end the calmness in thinking to reach a peak is not easy.
Heavy temptation especially when the price of bitcoin soars or decreases drastically is always one of the things that sometimes cannot be dammed to let go of bitcoin for some people so that in the end it is true what many people say today where “buying and selling bitcoin is easy but maintaining with a strong hand is a different condition and it is difficult to do”.

When it is our intention to collect bitcoin and hold it for a certain period of time it is indeed very good and what needs to be considered afterwards when we already have a good goal like this is how we survive and become one of the many strong hands in the hodl portopolio that we have.

Orpichukwu

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Among everything that you have mentioned, emergency funds and having a stable source of income are the most important tools for holding your bitcoin for a long time. Once you have where you are earning stable income from and emergency funds, then you won't have to worry about how the price of bitcoin is moving until you have been able to hold it till the exact date you want to sell it. Your income will sustain your income expenses, and if there are any expenses that you did not budget for, you can always take from your reserves instead of selling your bitcoin holdings.

Perfectbaby

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Quote from: ? on January 26, 2025, 07:47:46 AM

4. Surround Yourself with Like-Minded People.
Surrounding yourself with people who are also holding for long term are very helpful, since you are in this forum you can always visit thread where they discuss and encourage long term Bitcoin holding.

If so WO could be ideal for you to be visiting since they mostly talks about long term and doubling ones investments when the market may be witnessing a short pull-back or corrections, you may used that medium to increase your portfolio. Again one doesn't need to be checking the market that much except they are looking out to have some little buy back from the dump.

Zackz5000

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Quote from: Egii Nna on January 26, 2025, 01:40:40 PM

One thing I was expecting to see was: PUT A BLIND EYE TO LUXURY ITEMS.

I know a lot of people will be surprised why luxury items. But I have ever witnessed a man fall off his bitcoin investment just to keep the standard of his luxury lifestyle. That is why I think it will be very nice if we let people know about it. Luxury items do not only mean jewellery, clothes, or other things but also include phones. Some people tend to follow the trend to get the most updated items, and this will not lead you to the right path but the wrong one, and it will let you go broke with no options other than to cash out from your investment.

Long-term investment goes beyond determination but also financial and behavioural self-discipline, which is only a few that have that, and the best method for you to hold for the long term is by teaching yourself the ability to accept defeat rather than losing your investment, so you will have to endure hard times when it is necessary for you to be able to secure your bitcoin investment for the time plan; that is why we call it patience. But if you have a bit of greed, then get ready to lose your investment.

That you are investing into Bitcoin doesn't mean you shouldn't enjoy your self if you have the income to buy luxury items then why will bitcoin investment stop you from doing so unless you don't have the income to buy luxury items may be you are struggling to accumulate Bitcoin as long as you have set aside your discretionary income which is suppose to be your leftover income after you might have settled your pressing needs then you can start accumulating Bitcoin and leave your life in a way it won't affect you selling out in a short while, investors who can afford luxury things can still buy and still be accumulating Bitcoin investing in bitcoin shouldn't take away what makes us happy.

DaNNy001

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Quote from: $weetne$$ on January 31, 2025, 01:43:51 PM

Quote from: ? on January 26, 2025, 07:47:46 AM

1. Backup funds.
Make sure you have an emergency, reserve and float funds, this funds will help you when ever you are in an emergency and you don't have finance which is what is needed, instead of dipping hands into your Bitcoin by selling it you can just use your backup funds to settle the emergency.
Having a backup funds will reduce the emotional pressure to sell during market downturns also.

I think this is the most efficient way in avoiding to sell your Bitcoin because when I also had problems holding, I had to improve my search for a job to enable me to continue to hold. Having a job that serves as your backup fund or having money that you have kept aside as your back up fund will help you to avoid panicking when the market is falling. Your mindset has to be also programmed to holding for long term or all your efforts will still be a waste as you will always want to sell the Bitcoin you have in your belonging. Have several sources of income and you would not be bothered about the price of Bitcoin as you will then see it as a future investment that you will only sell in the future that the price will give you a better profits.

Sometimes its not just other panic that the market is dipping thats the reason why you would be tempted to touch your portfolio, I believe sometimes life itself can happen and when you are not prepared for it you can just fall back to that same bitcoin that you are planning on holding so dearly so in whatever we do having a backup funds and other means of funds to cover for most unplanned event is the right and only to save up efficiently your bitcoin.

$weetne$$

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Quote from: ? on January 26, 2025, 07:47:46 AM

1. Backup funds.
Make sure you have an emergency, reserve and float funds, this funds will help you when ever you are in an emergency and you don't have finance which is what is needed, instead of dipping hands into your Bitcoin by selling it you can just use your backup funds to settle the emergency.
Having a backup funds will reduce the emotional pressure to sell during market downturns also.

I think this is the most efficient way in avoiding to sell your Bitcoin because when I also had problems holding, I had to improve my search for a job to enable me to continue to hold. Having a job that serves as your backup fund or having money that you have kept aside as your back up fund will help you to avoid panicking when the market is falling. Your mindset has to be also programmed to holding for long term or all your efforts will still be a waste as you will always want to sell the Bitcoin you have in your belonging. Have several sources of income and you would not be bothered about the price of Bitcoin as you will then see it as a future investment that you will only sell in the future that the price will give you a better profits.

Jon_Hodl

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Quote from: ? on January 26, 2025, 07:47:46 AM

Holding Bitcoin for the long term without being tempted to sell is very difficult it requires a combination of mindset, strategy, and security measures to be able to hold for a very long period of time, below are some measures that will help you.

6. Time-Locking Solutions.
Some platforms allow you to lock up Bitcoin for a specified period to prevent impulsive decisions.
This will really help you, when you have set out plan to hold for 10 years and you lock it for that 10 years you can only deposit more Bitcoin but you cannot withdraw or sell it till that 10 years is over.

I think this is possibly the best solution for people who don't have the discipline to HODL for the long term. Sparrow Wallet (https://sparrowwallet.com) has the option to use timelocks and they're very easy to use. This is how I would help new users who want to HODL for like a decade. They still need to write their seed phrase down and store it somewhere safe but that is already common practice.

ndutndut

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Quote from: ? on January 28, 2025, 06:37:09 AM

Setting a clear time horizon works well for me. I've decided to hold my bitcoin for at least 10 years and I keep reminding myself to stick to the plan no matter what happens in the short term

What you are doing is right. You have implemented all the important things to be able to store bitcoin in the long term without being tempted to sell it, of course you already have high confidence in bitcoin and to achieve financial freedom it cannot be in the short term but must be in the long term. The point is, all of this goes back to your mindset about bitcoin, if your mindset is wrong, you will definitely panic when the price drops, and will be tempted when the price goes up. So your mindset must be solid towards bitcoin so that you will not be tempted until your target is achieved.

If you are not sure about bitcoin, it is better not to try it because to get into crypto, of course you have to be mentally strong. Why? The ups and downs are crazy. The problem is, if your mentality is not strong when the price drops, you are afraid of losing, so you sell it in large quantities. Even though if you save it, the price will go up again. Next, don't be greedy. Take it easy, buy when the price is stable or about to go up. If it goes down, just hold on and invest bitcoin not using hot money, money not for daily needs but money that is ready to lose. If you have a mindset like this, I'm sure you will avoid the temptation to sell bitcoin.

michellee

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All the things you mention can be the way for those who want to hold their Bitcoin for a long term. Yes, they must have a strong hand to hold Bitcoin and not tempting to sell their Bitcoin although the market is down. They will only see the chance to buy back Bitcoin at a lower price in the down moment time.

Set a clear time horizon and time locking solutions will help you to remind that you must still hold your Bitcoin until the time comes for you to sell your Bitcoin. You should have many things to distract your minds from the temptation to sell your Bitcoin.

betswift

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Quote from: sunsilk on January 30, 2025, 06:50:57 PM

Having a back fund is nice to see that it's on the number 1 list. Everyone who's tempted to sell has got reasons and one of it is when we do it, we need funds.

Because of lacking of back up funds, we tend to choose to sell for some things that we will never have money for. And that is the reason why we end up selling despite that we don't want to but we have to.

But, we can't also invalidate those that have sold for a better purpose. We will never know how long they've been holding but as long as they still hold some, I think that it's all that matters to them and they can always buy them back what's sold for.

Agreed. Proper risk management gets rid of most of such things, however, if a person really wants to sell and has already hodled for long enough in her mind - no one would stop her from doing so.
Surely, having a plan ready if the worse comes is a great idea, on any market.

justdimin

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Quote from: lixer on January 30, 2025, 01:15:35 PM

On the bolded part, I thought they don't resort or rely on their investments? Remember, you said earlier ' those ' , so meaning this includes other investments and not just Bitcoin. But if they also invest on others, then they will only give and take. Like for example they will use the profit of their other investment in BTC today and then next time they will now sell their Bitcoin as it have matured already and then some these profits are now going on to their other investments. After all, it is not only about having enough money but it is also about having a long patience and I think this is something that can't be matched by any amounts of money.

That is true, having the patience to be able to wait is the thing that drives an investment bigger. If anyone ever calculates how much their investment can grow in compound if they keep investing and not take out, then they will realize that after 10 years it may not be much, but in 15 years it's a lot and in 20 years it's huge. Why that much difference between year 1 to 10 versus year 11 to 20? Because you are not making the same return, you are compounding. Just think of this, if you take from 2 to 4, and then 4 to 8, and then 8 to 16, it took you 3 years to go from 2 to 16, it's 8 times bigger and you just turned 2 thousand to 16 thousand in 3 years.

However, if you take 16 to 32, and 32 to 64, and 64 to 128k, suddenly you went from 16 to 128 in three years too, same amount of time, but suddenly it's 100k+ more income. And to prolong it further, 128 becomes 256 and that becomes 512 and that becomes a million. So as you can see, the growth is exponential, so waiting is VERY important.

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Surrounding myself with like minded people has been a game changer. Talking with others who believe in long term holding keeps me motivated and less likely to ack impulsively

Jegileman

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Quote from: Frankolala on January 26, 2025, 08:05:55 AM

It's good that you buy bitcoin with your extra cash after taking care of your basic needs and monthly expenses. Most newbies fail to understand this, and they use money for important purposes to buy bitcoin thinking to make profit in a short-term before the need of the money invested arises. You need to have a good financial management practice to be a long-term hodler, don't get carried away with little profit.

Long term holding is the best for every bitcoin holder, when you want to invest in bitcoin for the long term, you’ll need to strategize to have patient that will guide you through holding those funds. You will have a lot of temptation when you hold bitcoin and you’re seeing your account growing in profits, you’ll be tempted to sell most of your holdings. Some people may think the opposite way and have most of their funds sold due to panic of the losing those funds as a result of losses in the process. The market is very volatile and I think it is very risky to get yourself moved by the market also. A strong and stable mind is most important for holders and when you have some of this features in you, you’ll be able to make a good success in the market while holding for the future.

topbitcoin

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Convincing yourself to stay focused on the ultimate goal that we want to achieve in long-term investment must really be considered because indeed holding for a long period of time or vulnerable for several years is not as easy as imagined and indeed not a few of us are currently trying to continue to do so.

It is important not to be easily tempted to let go and not to worry too much about the volatility that occurs especially when there is a correction and decline because indeed the main problem of hodlers sometimes always occurs when the price increase is very high and when the decline is too far away so that those who really want to invest for a longer time are tempted to release their bitcoin because the profit is enough or indeed do not want to lose too much because of the decline.
Even so, for now there are still quite a lot of people who are and remain firm in their stance because they really think that their goal in investing is still not here.

sunsilk

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Having a back fund is nice to see that it's on the number 1 list. Everyone who's tempted to sell has got reasons and one of it is when we do it, we need funds.

Because of lacking of back up funds, we tend to choose to sell for some things that we will never have money for. And that is the reason why we end up selling despite that we don't want to but we have to.

But, we can't also invalidate those that have sold for a better purpose. We will never know how long they've been holding but as long as they still hold some, I think that it's all that matters to them and they can always buy them back what's sold for.

GeorgeJohn

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Let me just brief you op about long-term investment and short-term investment the both is being determined bio personal decision because it is decision we make during our investment that with the mind if we are going to run a long time investment or not but some people does not have the decision already before them venture into investment that is why I've been bias whenever they says that their investment is going negatively and they will be tempted to sell, but when you gather yourself and decide not to sell you will not sell, that's I said long-term investment is done by mindset or determination.

Topic: How to hold Bitcoin for long term without being tempted to sell. (Read 445 times)