Post
Topic
Board Beginners & Help
Re: Tips to Becoming a Successful Holder
by
Jon_Hodl
on 05/12/2022, 18:51:43 UTC
5. Be Strategic - Do not invest all your lifesaving, only save the amount you can afford to lose

The best strategy is dollar cost averaging and buy a fixed amount over a long period of time. For me, a reasonable amount of time is a 5-10 years but that's not true for everyone. I think buying for at least 210,000 blocks is a good start because it ensures that you are stacking sats through a halving.

6. Diversification- Diversify, do not put all your eggs in one basket

Bitcoin is the only basket worth butting your eggs into. It's the only truly decentralized "cryptocurrency". If you don't want to get rugged, stick to Bitcoin. 

What do you think? What other tips are there for becoming a successful holder?

I think the best tip to becoming a successful holder is to dollar cost average directly to a hardware wallet where your keys are stored completely offline. I personally use ColdCard and SeedSigner but to each their own.

If you want to preserve any privacy from your wallet, it's also a good idea to run a full bitcoin node.