Ofcourse. But I would prefer to use one that unlocks automatically when price reaches to a certain level.
And I wouldn't lock more than I can afford to risk
Topic: Would you use locktime for hodling? - page 2. (Read 277 times)
I don't like it. I don't like the idea of losing control on my coins, I don't like the idea to leave a transaction hanging around unconfirmed for too long. I don't know what the future holds and I see it as an unnecessary risk.
Not my preferred method since I never know when I'll need to liquidate for an emergency perhaps. I suppose there are ways to write in an override but I'll admit I'm not daring enough to use even if I could find a reliable guide.
I trust my self-discipline. It's worked well for me through the bear winter and through 3k BTC after seeing 20k, so I'm pretty sure I can withstand another 85% drop.
I trust my self-discipline. It's worked well for me through the bear winter and through 3k BTC after seeing 20k, so I'm pretty sure I can withstand another 85% drop.
I'm a proponent of applying willpower over forcing yourself by external means. I'm not good at it, but that's one of the reasons why I wouldn't go so far as to timelock my own funds. Another reason is emergencies or other black swan events in which having access to these funds would be crucial.
On the other hand, making it harder, but not impossible, to access your long term funds may already be beneficial. That way you can still access them if need be but have some time to think it through before selling coins on impulse. I'm not sure how such a set up would ideally look like though. But think of it as storing your cookie jar in a hard to reach place rather than locking it up and throwing away the key.
Other than that, do you have an exit strategy? Not in the sense of leaving Bitcoin completely, but as in certain price points where you'd be willing to sell parts of your holdings? If not it might be time to consider it, because staking these things out ahead while you have a clear head and are not clouded by the heat of the moment -- be it FOMO or panic -- can help immensely with keeping your feelings in check.
On the other hand, making it harder, but not impossible, to access your long term funds may already be beneficial. That way you can still access them if need be but have some time to think it through before selling coins on impulse. I'm not sure how such a set up would ideally look like though. But think of it as storing your cookie jar in a hard to reach place rather than locking it up and throwing away the key.
Other than that, do you have an exit strategy? Not in the sense of leaving Bitcoin completely, but as in certain price points where you'd be willing to sell parts of your holdings? If not it might be time to consider it, because staking these things out ahead while you have a clear head and are not clouded by the heat of the moment -- be it FOMO or panic -- can help immensely with keeping your feelings in check.
Why would you want to lock it if you can just hodl it the traditional way. What if there is an emergency and you really need the money for that emergency, wouldn't locking it make it difficult? You can also invest your bitcoin in gambling sites so your hodling can help you make more money. Also, if you can control your urges then you don't really need a locktime just to hodl.
Well for some of us it is hard to control it so we might need the locktime to successful HODL our crypto.But I don't also like the idea of locktime specially if you would lock all of your crypto and something came up that you would need a money.
We should be the ones holding it and that's why we have the option to hold it on our cold storage which we also hold the private keys, so if the times that we have to spend it, there's no lock time that we're going to think of.
How long you're planning it to lock? I guess we have our own strategy how we should deal with our own coins but it's better that you're free to touch it anytime you want.
How long you're planning it to lock? I guess we have our own strategy how we should deal with our own coins but it's better that you're free to touch it anytime you want.
NEVER! I want to be fully in control of my Bitcoins, even during the times I’m only HODLing them. I like the feeling of power it gives me that no one can consfiscate my coins anytime, or that no one can censor my transactions anytime if I decide to buy Heroin from the dark market dealer.
Why would you want to lock it if you can just hodl it the traditional way. What if there is an emergency and you really need the money for that emergency, wouldn't locking it make it difficult?.....
I think this question was asked somewhere i can't remember and this was some answers presented. Locktime is good but mostly dangerous to those who don't have other sources of income, emergency is inevitable in the world we live in and for anyone to solely follow the Locktime rule might have self to blame when these unforeseen emergency emerge. The only advise i would give to any HODLER out there is always to hold unto what he's hodling right now and always remembering the future. This is liken to more reasons why Savings accounts are more in use in the Banks than the fixed deposit or current accounts.
Why would you want to lock it if you can just hodl it the traditional way. What if there is an emergency and you really need the money for that emergency, wouldn't locking it make it difficult? You can also invest your bitcoin in gambling sites so your hodling can help you make more money. Also, if you can control your urges then you don't really need a locktime just to hodl.
Hodling bitcoins seems a pretty profitable business. You just earn/buy them and then you send them on your cold storage thinking that you'll spend them in the distant future. In the April Fools of 2020, bitcoin's price was around €6k and today it has jumped to €50k. I didn't even catch it up, it just happened from one moment to the next one!
I then realize that if I keep on hodling until the late '20s I'll most likely have a sufficient fortune, assuming that it'll reach €1M, which doesn't seem that impossible. What is the problem: I'm not sure that I'll be strong enough to withstand my feelings and thus, in the last days I have been thinking of time locking my funds. If you rethink it, it's like inheriting your own funds.
Thoughts?
I then realize that if I keep on hodling until the late '20s I'll most likely have a sufficient fortune, assuming that it'll reach €1M, which doesn't seem that impossible. What is the problem: I'm not sure that I'll be strong enough to withstand my feelings and thus, in the last days I have been thinking of time locking my funds. If you rethink it, it's like inheriting your own funds.
Thoughts?
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