Topic: How to hold Bitcoin for long term without being tempted to sell. - page 4. (Read 455 times)

You have to sell your bitcoins, if you need money.

This is key point for your investment plan if you don't want to sell your bitcoin, you actually must have money so that you won't have to sell your bitcoin when you don't want to sell it.

Investment with own money, reserve part of your money for use like urgencies, spendings, and you will be able to hold your bitcoin a very long time.

Make your withdrawal plan, like this one.
[ANN] JJG Sustainable Bitcoin Withdrawal Strategy
https://bitcoindata.science/withdrawal-strategy

If you compare the profitability of Bitcoin with other investments, you would be motivated to keep holdling for a longer time. I checked how profitable investing in real estate and Bitcoin for eight years and it was clear that Bitcoin was better. You make profit without stress, maintenance, public attention, etc investing in Bitcoin. I am motivated to keep hodling because Bitcoin has proved to be one of the best investments.  

Investors usually sell off not because of greed but fear. If you are greedy, you will keep hodling regardless of the pressure to sell because you want to make more money. It is FUD that is the main reason why people don't follow stated plans.  

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.

The easiest way to succeed is discipline. If you’ve created a plan for long-term holding, you need to stick to it with discipline. There’s always an opportunity to hold, as the market still has room to grow, which should motivate us to hold even longer.

One of the main reasons people fail to stick to their targets is greed or panic. They either get greedy and sell too soon or panic when the market turns bearish. I’ve seen this happen so many times before, people get excited and invest during a bull market (like now) because of FOMO. But when a bear market hits, they lose hope and sell at a loss. Which is why it’s easier to invest when you don’t put the majority of your money into Bitcoin as the more you can afford to lose, the better your chances of holding for the long term.

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.

2. Develop a Strong Conviction.
Understand that Bitcoin investment is one of the best investment right now in the world and holding Bitcoin for long term will be more profitable, and always remind yourself that Bitcoin is still growing and selling now means you have lost the future benefit of enjoying the big price.

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.

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.

5. Stay Away from Daily Price Movements.
I'm not saying you shouldn't check the price movement of Bitcoin but don't do it daily to avoid being tempted, you may set a 10 years plan for holding and in the next 5 years you saw that Bitcoin has increased dramatically in price now seeing how big  your money is every day may tempt you to sell.
Check but once in a while.

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.