Bitcoin has seen a meteoric rise. Some people may be tempted to purchase bitcoin like monster hunter world gama coin, sell it, and stop caring about the fluctuations in its value. Of course, there is nothing wrong with making money off of an investment. However, if you want to keep your gains– instead of seeing them go up in smoke– here are 10 tricks to kick your worst bitcoin habits:
1. Stop checking the price on your phone!
When you are in the middle of a work project or presentation and hear your ringtone, it’s almost instinctive to check to see what it is. What could possibly be more important than hearing about the latest bitcoin price? Honestly, if you have time to check on the price of bitcoin during a meeting or dinner, you probably need to reconsider your priorities. Remember: having the best possible job matters far more than whether or not you made money in Bitcoin yesterday. And if you want to level up at work, stop caring so much about bitcoin and focus on making yourself into an unstoppable machine with no weaknesses.
2. Stop just looking at the price of bitcoin!
More than likely, you look at the price on your phone every time you send a text message or check your Twitter feed. Just because your friends are trading Bitcoin does not mean that you need to be engaged in the conversation too. If it doesn’t make sense to text about Bitcoin, then don’t send that text. You don’t need to know what a bitcoin is worth in order to survive in this world. Your day-to-day survival is far more important than any sort of financial gain.
3. Stop making decisions based on bitcoin price fluctuations!
Here’s a test. Go to a restaurant where the silverware costs $20 per fork. If the waitress asks if you want the silverware to be $5 or $15, which would you pick? If she asks if you want the silverware to be an iPhone or an Android, which would you pick? If she asks you if you want your steak medium well or well done, which would YOU pick?! And if she asks what kind of alcohol do you prefer and then serves a red wine for two people in front of you and says that it is $32 per bottle, how many times do YOU touch your phone in order for her to write it down?
4. Stop investing all of your money in bitcoin!
If you saved $1000 and purchased 20 bitcoins, you’d be worth $250,000 today. But if you invested the same amount of money with JPMorgan or Goldman Sachs, you’d have a lot more money in the bank ($1.2 million). Yes, the stash of bitcoins would have grown to $2.5 million. However, who wants to leave a lot of money on an exchange which can be hacked or just disappear at any time?
5. Stop checking your portfolio!
If you are checking your portfolio every day and it’s not going up in value, then you need to find a different hobby. It’s all about the long game in life and bitcoin is no exception. If you want to check the price of bitcoin, don’t go through an online brokerage service that charges you for every trade and instead check on your PortfolioView account so that you won’t be tempted to sell if it’s down for the day!
6. Stop checking your Bitcoin wallet at least once per week!
You probably don’t use your email address to check the price of bitcoin. You also don’t check your bank account balance every day, but you probably are checking the value of your bitcoins every week or month. You only need to check this once a week or month, and then you can stop for good! It’s not about how much money you put in the wallet. It’s about developing good habits that make a difference in life and not allowing yourself to be tempted by financial reasons to act impulsively.
7. Stop buying bitcoin!
As anyone who has bought bitcoin knows, it’s an incredibly volatile asset. You can get a lot of “profit” in one day or lose everything in the same day. While there’s nothing wrong with making money, it’s crucial to not get too emotionally invested in the price of bitcoin. This is because no one can predict when the price will go up and down. Person A might have bought $100 worth of Bitcoin and then sold it for $200 because they heard that it would go up to $220.
It’s important to not let short-term price fluctuations get in the way of having good habits. Be hyper-aware of your impulses and move yourself away from them. If you don’t want to dine with bitcoin in your pocket, then don’t get a bitcoin wallet. If you don’t want to check how much money is in your portfolio, then don’t set up an account with a brokerage service that charges a fee every time you trade. And if you would rather have one silverware instead of two, then avoid buying bitcoins altogether.
If you want to hold on to your bitcoins, stop checking the price. If you want to sell them, then don’t check your account obsessively!