I missed the great run-up to the dot com era. I believe Bitcoin will prove to be the next great revolution. I have been waiting for decades for someone to usher in a new age of decentralization. (Centralization of governments, institutions and corporation are failing time and time again.)
Unlike most ‘self-proclaimed’ experts or early adopters out there. I was completely unaware of the presence of the cryptocurrency market for almost a decade. Only in November of last year while writing an article on my blog about how Einstein influenced my decision to be an entrepreneur, did I come across an article that talks about the coming of the age of decentralization. And all that good stuff that comes with decentralization could be achieved via Bitcoin.
Most people are only treating Bitcoin as an investment vehicle, that’s not the only point of buying and holding onto it.
The idea that an all-internet digital currency could allow consumers to buy things while sidestepping both the banking system and national governments is mind-boggling. Currencies were in effect government issued legal tender which meant we were forced to accept the fiat currency or else…
Bitcoin on the other hand is the first ever digital, trust-minimized and decentralized currency that people all over the world, (yes , even in Antarctica) would accept willingly. It does not have a single point of failure and cannot be hacked or destroyed by governments because its like Bamboo.
While most people are only buying because of the hype and publicity, most of them are only interested because they hear stories of people buying Lambo’s just after a couple of years, and therefore they keep looking for that magic pill that could help them get rich quickly.
Their high-time preference is frankly creating huge problems for their finances.
I’m reading stories and blogs about people boasting how they turned a couple of hundred dollars into hundreds of thousands of dollars. And that is dangerous publicity. You should never ever believe such statements anywhere you see on the internet.
That’s why many fall prey to scams and hypes and after that they just tell their friends and family that its all just a fad.
What follows is there’s currently an over-bloated speculation of the blockchain market. Essentially a blockchain is just a slow and useless form of database. Its inefficient and laggard, but institutions and governments keep spinning that narrative because they don’t want something Un-governed like Bitcoin to take a hold in their respective countries.
Many of these government issued cryptos and blockchain projects doesn’t even have their own whitepaper or their own original code (they just copy off the Bitcoin open source code and rebrand it with flashy logos and call that their own), and many people came to assume that its legitimate.
I saw how my very own government stole money from the public and misuse the public’s trust , and when things are going wrong, they would just lie and print more fiat money. Within months the cost of things were increasing by 100% – 500%. That’s how most governments operate. Absolute power corrupts absolutely.
Power tends to corrupt; absolute power corrupts absolutely.
As I studied and read more about Bitcoin, I grew more and more convinced that it was a world-changing technology and not just as a vehicle for speculation.
While most would tell you its okay not to learn about the ins and out of how bitcoin and crypto works, I urge you to learn a little each day about this amazing technology and why its giving back power to the people.
Meanwhile, I’m still learning to master some of the fundamentals of Bitcoin – I still have no idea how certain things work, I don’t need to; Bitcoin has been running non-stop for the past 10 years and it still is. Not even pausing once to take a break.
Do not take the advice of somebody telling you to buy cryptocurrencies just for the sake of making a killing. More often than not, you will lose you money.
Whatever the original intention might be, bitcoin still is the safest crypto to buy, accumulate and Hodle whenever there’s a sale going on.
As investors, you should be looking for things that generate sustainable returns for us in the long run. And not just making short term profit trades that allow you to hoard more fiat money. Hoarding and accumulating more paper currency will not bode well as a long term investment as it is always subjected to the whims and fancies of governments and their political agendas.
The strongest and hardest forms of money will always have the last laugh. That’s how some of the wealthiest people in the world store their wealth. Bitcoin is giving us this opportunity, because now, even you and I can participate with just a couple of hundred bucks.
I can imagine that for most people, it’s human nature to seek the reward without the risk. And that’s why there are still so many who cannot come to terms on Bitcoin’s success. They continue to label Bitcoin as a currency being used for illegal services and goods; a giant ponzi scheme that would one day come crashing down, rat poison squared. etc…
There’s nothing wrong with that. The majority of people are always wrong when it comes to adopting revolutionary technologies. Many people will continue to be lured into this space through cliches like “blockchain not Bitcoin”, a lot of them will be drawn by the price. “Well, $10,000 isn’t attractive, maybe when it’s @ $20,000… yeah… maybe.”
At the end of the day it is only the people with the lowest time preference who understands the potential of the Bitcoin technology. They will be the ones who will continue to hold on why it develops and matures, and that would create more multi-millionaires because they stayed for the principles and not the quick riches.