Re: How to hold Bitcoin for long term without being tempted to sell.
⭐ Merited by EFS (1)
There is no guarantee that person would give you the bitcoin back once they see how much those can potentially be worth.
I had read some cases where family members have done this and refused to give access to the wallet where the bitcoins are held.
The second method you had mentioned would probably be better than trust anyone even a close family member with your bitcoin.
Have also read some cases where people have buried their flash drives which held bitcoin on in their backyards. Well secured from the elements of course.
It is very risky to let anyone else even family hold your Bitcoin because they might not give it back especially if its value goes up proving saying not your keys not your coins. To truly control our Bitcoin we need to keep our private keys safe possibly by using methods like hardware wallets or even physical storage like buried flash drive which shows how far people go to avoid relying on others or online services for their long term Bitcoin storage.I had read some cases where family members have done this and refused to give access to the wallet where the bitcoins are held.
The second method you had mentioned would probably be better than trust anyone even a close family member with your bitcoin.
Have also read some cases where people have buried their flash drives which held bitcoin on in their backyards. Well secured from the elements of course.
It was called Cold Wallet and yes it is what you think it is about. Crypto heist!
Here is the movie poster:
Transferring Bitcoin to a person you rely on is more appalling than using a centralized exchange is because you lose full control and your made vulnerable to credit risks. Multi-sig is an advanced, correctly configured to 2 of 3 or 3 of 5 wallets and distributes your keys all over your hardware wallet and parties you believe in so not a single person can drain funds alone. I know, it makes entry more complex but increases your security. Instead of surrendering to bitcoin control, safe returns via income diversity and depend on reinforcement, not just believing others won't panic and sell.
Multi-sig is the best method for long-term storage without fear of being tempted to sell, it's complicated but it will hinder transactions quite well and give more consideration to whether to sell it or not. But it is necessary to have a realistic target price to sell because in the long term there is a target that needs to be the main goal.
And transferring to someone else is very bad, because humans will change when they see a Bitcoin asset rise high enough that it can make a lot of profits.
But try to give it to your wife and your wife holds the hardware wallet, you certainly won't dare to ask for it again and without the need for Multi-sig anymore :v, What has entered and is held by the wife is her right, the wife is a better technology than multi-sig