You are not late for Bitcoin

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When first meeting Bitcoin, a mixture of feelings, actions and thoughts usually take place. They may feel entitled to have money that they can fully control or satisfied with having obtained some of the limited amount of bitcoin that will ever exist. But they can also feel both, and often a wide variety of other feelings find a new home in the now-Bitcoiner. However, everyone who buys bitcoin feels like they are late – that a bitcoin is now too expensive and the increasing number (NgU) will not work in the future.

The “I missed the bus” bias

When a Bitcoiner looks back, he realizes how much a bitcoin has ever risen in value against the dollar or other fiat currencies. The first recorded transaction of bitcoin for US dollars took place in 2009 through New Liberty Standard, a primitive bitcoin exchange created by a user of the BitcoinTalk online forum of the same name. In this transaction, 5,050 BTC was purchased in exchange for $ 5.02 paid through PayPal, bringing the first recorded bitcoin price to $ 0.000099.

In 2010, bitcoin was traded more widely and 1 BTC cost around $ 0.07. It was also in this year that bitcoin was first traded for everyday goods. BitcoinTalk member Laszlo said, “I’m going to pay 10,000 bitcoins for a few pizzas… like 2 large, so I have some left for the next day.” After the transaction, Bitcoin Pizza Day was established and is widely celebrated to this day. But perhaps one of the most iconic BitcoinTalk messages in 2010 was from a user, ichi, who said he felt like he was late to the party at the time and didn’t. not enough bitcoin.

That’s right – ichi thought they were already late and 600 bitcoins wasn’t much. But in dollar terms, it wasn’t really a big stack; 600 BTC would cost you less than $ 50. However, over the past 11 years, the price of bitcoin has risen by over 700,000% to reach the current level of $ 50,000. So now this stack of 600 bitcoins is undoubtedly a huge stack. Moreover, it may seem absurd to think that such an asset could continue to appreciate in the future, and it is just as plausible to believe that if you bought BTC in 2021, yes, you are late.

But you may be looking at it from the wrong angle. It’s critical to consider the appreciation Bitcoin has had since that forum post, but more importantly to realize that ichi really felt like Bitcoin was already overpriced, which made them feel like it was overpriced. missing the bus. Still, looking back, we see that ichi had in fact not missed the bus and that their “little” bitcoin stack grew huge about a decade later. So, thinking you’re late now, you might end up walking in ichi’s footsteps.

Pay attention to your point of view

Something that may be counterintuitive for newcomers but can help a lot in the process is to think of bitcoin in terms of bitcoin. We could now look back and judge that ichi might have been naive to believe that 600 bitcoins weren’t enough in 2010, but you see, we are doing it because those 600 bitcoins have gone up in dollar terms. They have not increased in terms of bitcoin. In terms of bitcoin, which is just the total fixed supply of 21 million BTC, 600 bitcoins were and always will be the same amount. Mindset is all divided by 21 million.

Although bitcoin is expected to continue to be adopted more widely as time passes and more and more people realize its distinctive characteristics and superiority as a store of value and medium of exchange, it is not possible to know for sure. So in 2010, when far fewer people knew and used bitcoin, 600 BTC was easier to obtain, compared to 2021 where 1 BTC costs almost $ 50,000 and it seems most countries around the world are already using it. a node, CoinJoins regularly and pay for their haircuts with sats through the Lightning Network. But this is not the case; we need to take a step back and assess adoption.

We are still ahead

In Bitcoiner circles, we can often forget how ignorant most of the people of Earth are when it comes to Bitcoin. And you don’t need fancy statistics to realize this; note how the mainstream media routinely say that Bitcoin has no use as money, citing the already too old arguments of volatility and scalability. Bitcoiners already know that volatility will regulate itself as adoption grows, and the Lightning Network is already solving scalability; however, the rest of the world does not.

In this sense, a recent Gallup survey found that only 6% of American investors – defined as adults with $ 10,000 or more invested in stocks, bonds or mutual funds – own bitcoin. That’s less than 10 percent of an already small universe of samples – those from one of the world’s most developed economies that also have a considerable amount of money invested. However, adoption may be higher in other countries. In Singapore, for example, 40% of citizens reported owning bitcoin, and awareness there is vast.

But, taking a step back, we notice how Bitcoin is only a little over a decade old. It is nascent money, still finding its way in a complex world with different cultures, backgrounds and needs. So, Bitcoiners, who have struggled to understand the network, economic incentives, game theory, societal and political implications, and the technical side of the protocol and its nuances, believe that Bitcoin is already well known to the world. . However, this is not the case.

Most people, businesses, and countries will adopt bitcoin as a result of a domino effect of adoption. And, naturally, it takes time for new entrants to fully understand what Bitcoin is, how it can improve humanity, and the things it can and cannot fix. But as more people fall into the Bitcoin rabbit hole, society will understand the benefits of holding onto the best form of money ever.

Think in terms of Bitcoin and stack the sats

Ultimately, beware of the “I missed the bus” bias, change your financial perspective to fix everything in bitcoin or satoshis, and take advantage of the fact that global adoption is still very low to stack good sats. Marlet. We may not be as early as 2010, but we are certainly not late. There are over 7 billion people on Earth, of which over 50 million are millionaires, but there will never be more than 21 million bitcoins. As more companies put bitcoin on their balance sheets, more billionaires are taking notice of the uniqueness of bitcoin, and the more education is spread about Bitcoin, the more adoption will grow and the less bitcoin there will be for it. interested people.

Do you remember the days when the internet was not widely used in the home and mainstream economists saw little value in it, but suddenly everyone and every place has internet connectivity, leading us where we are today? Bitcoin is not yet widely used and mainstream economists see no value in it, but it is being adopted faster than the internet. So maybe thinking about that the next time you feel like you’ve ‘missed the bus’ might help.

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