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?
This might work if you’re buying Bitcoin for the long term 10 years or more. In that case, you can buy it and forget about it for all that time. But I think it depends on your strategy. If you’re not just buying, but also tracking cycles monitoring bull and bear markets, then you can benefit from that as well.
If you sell Bitcoin during a bull run near its all-time high and then buy it back during a bear market, you’ll be able to get more Bitcoin. But I understand that this is very difficult, and not everyone does it. You need to be good at analyzing the market and understanding when to sell and when to buy. If you’re not very good at that, then I agree that simply buying and holding for a long time can also work well.