As the saying goes, “Everyone buys bitcoin at the price they deserve.”
You’re today years old. If you haven’t already, it’s about time you learned what money is and how the global financial system works. Research the history of the Federal Reserve to get started.
It’s all shared story telling. We made it all up. Money is a tool for keeping track of credits and debits, like a ledger, and Bitcoin is the first example of the best ledger humans have ever created. Don’t get stuck in the “okay, I see value in blockchains, but not cryptocurrency” fallacy because the value of the cryptocurrency given to the miners (or “validators” which provide the triple entry accounting validation feature) is what secures the ledger making it immutable and useful as a global, non-violent record of consensus.
The technology changes often (you may hear more about DAGs, directed acyclic graphs, in the future as an improvement on blockchains), but what matters most is the stories we choose to believe. The community who believes in a form of money makes it work as money.
Nothing but belief and trust backs the purchasing power of BTC.
Same for 💵💲💰. The belief and trust in the US dollar (being created out of nothing at an unprecedented rate) is decreasing. When BTC hits $500,000 or $1,000,000 per 100,000,000 satoshis (the smallest unit of BTC), it will be clear it’s measuring the fall of debt-based fiat currency.
If you see this message and ignore it, don’t complain to me in five to ten years that no one told you or I might repeat back to you another saying the BTC community uses:
“Have fun staying poor.”
And no, I’m not talking about gambling or going into debt to speculate, and I’m damn sure not talking about some shitcoin some degen is trying to unload on you. Start with not buying something you normally would and pick up a little BTC instead. For US citizens, you can easily use Coinbase (here’s a referral link). Get yourself out of debt so you can start to build wealth. Start small and learn about what BTC and cryptocurrency actually is and how to use it.
Those who have listened to me on this topic over the last ten years I’ve been talking about it regularly thank me for the information I shared with them. I look forward to your thanks in the future also.
Remember, investments are for three to five years at least. Speculation is for short term day traders and gamblers. I have zero sympathy for those who get burned speculating and don’t take it on the chin as part of their education.
If you have any questions, feel free to ask them here.
I've never bought Bitcoin. I had some small amounts from various places, but was never that interested. $HIVE is much more attractive to me as I can do stuff with it even if the price is not shooting upwards. I can be earning it every day anyway as well as helping others. This may be why I'm not rich.
Around July 11th, 2016, I put in 9 BTC into STEEM ($2.78 per STEEM at the time) when BTC was $664 each.
It was around $5,976 in investment. Roughly 2,149 STEEM. Today’s value: $469.27 + $913.11 (HIVE) = $1,382.38.
Bitcoin value today of 9 BTC? $274,563
Enjoy Hive, for sure. Also, own some BTC.
I've bought $STEEM/$HIVE with fiat and with other crypto from airdrops. I've seen all the ups and downs over the years, but I'm still up on what I paid in.
I just saw this from @taskmaster4450 with his thoughts on maximalism. I do wonder if BTC is the VHS or Yahoo or crypto and maybe people will move on, but there are a lot of vested interests who want to keep it high. We shall see.
@taskmaster4450 is quite the cheerleader. The truth is Steem and Hive would not have existed without BTC. BTC was the "Big Bang" which started the "Cryptoverse". I certainly like Hive more, but BTC is special
As I implied Bitcoin is special in similar ways to VHS, but who uses that now? Technology marches on and things can get left behind.
That interpretation couldn't be further from what I meant.
I wasn't thinking of Bitcoin's technology at all when saying that. The technology is secondary, it's the best Satoshi could come up with at that time to solve a fundamental problem.
Regardless of the quality of its technology, bitcoin is special because it remains, to this date the only successful solution to a fundamental problem of humankind.
Do other, more modern cryptos, have better technology? Of course! But they do not solve the same problem. They do not need to anymore. They build on the success of Bitcoin to tackle lesser problems. VHS wasn't proposing a solution to a fundamental problem of humankind.
Could the problem Bitcoin solves receive a better, more advanced solution? Perhaps, and maybe it will. But for the time being, and I'd dare say for the foreseeable future, none is proven like Bitcoin. Thanks to Bitcoin, all the other cryptos are (at best, when not scams) simply dabbling in matters as important to the fate and future of humankind as "home video" (id est not very important)
Sounds like a discussion for a whole new post. I think Bitcoin was something whose time had come and maybe someone else would have come up with something similar, but 'Satoshi' gave it away rather than trying to build a business around it. Maybe we will find out who he really is eventually. He has chose not to sell his stake so far. Crypto is certainly disruptive and has upset a lot of people who liked the old ways. I like that Hive is empowering people who could not afford to buy into crypto otherwise.
Bitcoin is the top crypto so investors should have some of it