Bitcoin Q&A: HODL strategies and their drawbacks



How should I prevent myself from being tempted to spend or sell my bitcion savings? Should I store my keys in a place that is far away or difficult to access?

44 Comments

  1. The number 1 reason why it's a bad idea to lock your funds away until 2030. You're assuming Bitcoin will still have value then.

    I hope it does, but a few government bans and a few confiscations by police will drive crypto to the ground

  2. Are you promoting a Mining program with Blockchain ? I have been approached by someone that claims to be Andreas Antonopoulos BUt I am having grave concerns it may be an imposter as I am constantly being asked to add more funds to the project ? Can I call you to discuss this issue as your name may be compromised and damaging your reputation

  3. Hey Andreas! Do you know? If I scan my ColdWallets to just check they are fine, will they still be Cold after that? Or will they in that moment become Hot, even if I not redeem the coins? Thanx

  4. It's short term thinking because what about emergencies? It's always a good idea to have a savings/emergency account/or even a special wallet that you make a bit more hassle for yourself to use. Then if you don't have an emergency, it's becomes retirement money. Or in other words, there is no vacation at the end of this account, which is called mental accounting and another way to make sure you don't spend it too soon.

  5. You could loan it out through a crypto banking platform so it’s locked up for a predetermined amount of time that way you earn interest on your crypto without being able to spend it I know it’s not the same as holding your keys but it achieves the goal of locking up your funds in a way that allows you to earn interest.

  6. 2 comments:

    1 – bitcoin must always remain backwards compatible otherwise Sathosi's coins would be rendered useless considering they have not moved and considering he was the creator!

    2 – time lock is beyond stupid. Suppose you fall on hard times and need to access your coins…..you're screwed. Suppose the price suddenly soars to 10 million per btc. If you have 2 BTC and you wanted to sell one because you don't know where the price will be in a year – YOU'RE REALLY SCREWED. NEVER —- EVER — GIVE UP YOUR ABILITY TO ACCESS YOUR COINS! Doing so is as dumb as it gets!

  7. Props to Andreas for admitting he'd be "too scared to use time locks for fear of messing it up". He is smart enough to know that mistakes happen and he is not perfect. Timelocks *lock* your BTC, and permanently locking your coins forever is very easy. There is no undo in Bitcoin.

  8. Andreas thanks for the education you provide. You're my absolute role model and I follow you everywhere. I hope we can sit down for a chat when you come to Nairobi, Kenya – the home of Mpesa. Whatsapp +254 722 803 061 By the way, that talk you gave to the Senate of Canada in 2014 is my very favorite video. You were confident, articulate and a great educator. The senators were so impressed, they applauded you at the end! Your predictions 5 years later are coming true!

  9. I wish there were different kind of crypto youtubers. The standard model of looking at coinmarketcap, acknowledging the daily winners and losers, looking at the chart, drawing a couple of triangles, and getting to the news–it just doesn't work. That's for a very specific niche of people–gamblers. I bet there are lots of people even in the developed world who want to use BTC as a checking/savings account. Sure, it doesn't sound sexy but neither does "leverage trading using Mac D RSI strategy" whatever the hell that is. Kids nowadays…

  10. I think @andreas got the question wrong when I listen to his first answer. The viewer asked about "keeping the bitcoin safe from himself", so putting the keys somewhere difficult to get, is an idea that would work if the viewer remember where he put them. Also, do not work well for inheritance.

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