Make bitcoin "untouchable" for a while - page 2.

retreat

sr. member

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Quote from: AHOYBRAUSE on November 14, 2023, 08:56:05 PM

-snip-

Well, I have my reasons.
Sometimes I tend to "panic sell" some when I see the market is going down. Or I am bored, deposit some at Poker or some sports bet site where there is a possibility to lose.
I basically want to lock it away for a certain period of time (not long, but continue locking it after the lock expired) since I don't need it at the moment and I don't want to have the "temptation" of using it for whatever.

I know how to store my bitcoin, I am not looking for that.

Well, if you panic, you should train yourself not to panic easily or be tempted to make deposits with your Bitcoin. You should be able to control yourself for this, because there is no other way than to control yourself. If that's all you can't do, I don't know what else to say.

naira

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Free Crypto Faucet in Trustdice

Quote from: AHOYBRAUSE on November 14, 2023, 08:56:05 PM

Quote from: CryptopreneurBrainboss on November 14, 2023, 08:30:29 PM

snip

Well, I have my reasons.
Sometimes I tend to "panic sell" some when I see the market is going down. Or I am bored, deposit some at Poker or some sports bet site where there is a possibility to lose.
I basically want to lock it away for a certain period of time (not long, but continue locking it after the lock expired) since I don't need it at the moment and I don't want to have the "temptation" of using it for whatever.

I know how to store my bitcoin, I am not looking for that.

You just need to strengthen your principles, believe in the long term where Bitcoin has greater value, you also have to make sure you have a stable income, not just from one source. In this way, Bitcoin ownership can be better protected from interference. Considering that you can't stop yourself from gambling, it is very difficult to become a long-term Bitcoin holder, especially if you want to gamble you have to use Bitcoin.

It sounds like what you are experiencing is the worry of not being able to protect Bitcoin. I understand very well and have indeed been in that position. The decision is yours, for example returning to the initial goal of why you should own Bitcoin and having big targets that you want to achieve in the future. Everyone needs bitter decisions in order to enjoy sweet results (whether they like it or not). Only that !!

One more thing, do not give your ownership to third parties. Try practicing as much as you can, gradually I'm sure you will be able to control it.

Darker45

legendary

Activity: 2576

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If you aren't after the kind of yield-earning staking, which is risky and doesn't even guarantee you of a profit, and you also don't like time locks, then consider putting your back up in a sealed container and then in a solid case and bury it. If not, cement it. Or bury it under a tile. I doubt if you would still dig it every time you feel a little panic when the price goes down or whenever you're bored and want to play poker or place a bet on a sports match.

AHOYBRAUSE

hero member

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Leading Crypto Sports Betting & Casino Platform

Quote from: Catenaccio on November 14, 2023, 08:16:34 PM

Use Lock Time.

Using Locktime for inheritance planning, backups or gifts
What Lock Time means in Bitcoin transaction: LockTime: Block height, Date?
[Tutorial] Making your crypto inheritible

I will look into that, thank you.

Quote from: CryptopreneurBrainboss on November 14, 2023, 08:30:29 PM

Bitcoin was created to give you total control so I don't understand why you'll want to give up that privilege through staking as I understand staking makes it impossible for you to have access to your coins during a particular period of time. Bitcoin doesn't have staking ability (and it doesn't need one) but the answer I can give to you for your problem is to download a wallet (possible electrum) store all your sensible information securely offline, get your wallet address and delete the wallet then just be stacking your Bitcoin in the wallet through the address untill when you need it before you can bring the wallet back online and gain access to your coins. You have to be disciplined not to get tempted to make the wallet active until you have reached your scheduled (untouchable) duration.

Hodling Bitcoin already gives you profits which you can sell to withdraw your profits or continue Hodling for more profits. Don't send your coins to exchange for their staking rewards, those are strategy the exchange are coming up with to have control over more Bitcoin so they can try to manipulation the price of Bitcoin to favor their agendas. Hodling your Bitcoin gives you profits as much as staking would have and you still have security over your coins.

Well, I have my reasons.
Sometimes I tend to "panic sell" some when I see the market is going down. Or I am bored, deposit some at Poker or some sports bet site where there is a possibility to lose.
I basically want to lock it away for a certain period of time (not long, but continue locking it after the lock expired) since I don't need it at the moment and I don't want to have the "temptation" of using it for whatever.

I know how to store my bitcoin, I am not looking for that.

CryptopreneurBrainboss

legendary

Activity: 2478

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eXch.cx - Automatic crypto Swap Exchange.

Bitcoin was created to give you total control so I don't understand why you'll want to give up that privilege through staking as I understand staking makes it impossible for you to have access to your coins during a particular period of time. Bitcoin doesn't have staking ability (and it doesn't need one) but the answer I can give to you for your problem is to download a wallet (possible electrum) store all your sensible information securely offline, get your wallet address and delete the wallet then just be stacking your Bitcoin in the wallet through the address untill when you need it before you can bring the wallet back online and gain access to your coins. You have to be disciplined not to get tempted to make the wallet active until you have reached your scheduled (untouchable) duration.

Hodling Bitcoin already gives you profits which you can sell to withdraw your profits or continue Hodling for more profits. Don't send your coins to exchange for their staking rewards, those are strategy the exchange are coming up with to have control over more Bitcoin so they can try to manipulation the price of Bitcoin to favor their agendas. Hodling your Bitcoin gives you profits as much as staking would have and you still have security over your coins.

Catenaccio

full member

Activity: 420

Merit: 120

Use Lock Time.

Using Locktime for inheritance planning, backups or gifts
What Lock Time means in Bitcoin transaction: LockTime: Block height, Date?
[Tutorial] Making your crypto inheritible

AHOYBRAUSE

hero member

Activity: 798

Merit: 896

Leading Crypto Sports Betting & Casino Platform

I have a little question.

For some altcoin we have staking, which makes them basically untouchable over a set period of time gaining some % as a reward for doing that.
Well I understand that bitcoin does not have any staking.

So what can I do, if I for example have some btc and I want to make it inaccessible for anybody (even me) for let's say 1 month or whatever period of time. Basically "staking" without the reward.

I read something about a time delayed transaction or whatever, so the recipient can use the btc after a set period of time. But I didn't really understand it and maybe that's still not what I am looking for.

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