i am aware we all have different strategies and goals for our investments but i am sure that a lot of us are planning to hold bitcoin for the long term and it got me thinking what ways could we do to prevent us from being tempted to sell our bitcoins and spend it on unnecessary things
one way is writing off your bitcoins as not yours. that money is not yours to spend. just forget about it. the more you look at it, the more you will just want to sell it especially when you see the value of bitcoin.
do you also do this and does it really work for you?
I think that if someone doesn't have that much willpower and discipline to not touch Bitcoins that he/she intended for storing long-term, then the first thing that these people have to do is to work on it because it will help them in life and boost them in every way.
Anyways, there is one option for those who don't have high self-control. You can use timelock in this case. Timelock allows you to create a Bitcoin transaction in a way that the recipient of the output won't be able to spend them for a specific time. If you choose 5 years, you wont' be able to spend them for 5 years, doesn't matter how much you want it, so, it's a nice deal in this situation.