The dark side of Bitcoin isn’t what you think it is.
It’s not the illicit activities that took place on websites such as the Silk Road. It isn’t making private transactions for services you don’t want to be public, or any of that. In fact, once you go down the rabbit hole of money you will quickly learn that the US dollar is the most prevalent in all of those situations above. The dark side to Bitcoin is actually something very different.
We all entered this market with one goal in mind; to change our lives financially. The world is difficult out there and could become even worse with the threat of an oncoming financial recession or depression. Many of us viewed Bitcoin as our one opportunity to have a real chance of having hope for the future. However, this is where the problem soon comes in.
We were told that Bitcoin would someday soon cause the largest transfer of wealth that the world has ever seen. We were also told that we need to accumulate as much as we possibly can before that happens. By any means necessary.
By drastically cutting back on your budget, selling everything around the house that isn’t needed, working a second job, and sacrificing heavily today for a better future. If you have full conviction in the future of Bitcoin, it makes sense that you would want to do all of those things. Short-term pain, for long-term prosperity. By sticking to this strategy during the market downturn when Bitcoin’s price dropped to its bottom, many have been able to build life-changing portfolios.
People have made enough money to significantly change their lives, and most would assume now is the time to enjoy the fruits of your labor. Now is the time to begin easing up on the sacrifices you have constantly made and begin enjoying your money.
However, that is often not the case with Bitcoiners. The dark side of Bitcoin and even crypto in general, is that greed begins to infect your mind. Your conviction in the market has been proven right, and your portfolio is evidence of this. But, now all you can think about is accumulating even more. Always feeling the sense of urgency or FOMO to maximize your portfolio before Bitcoin finally goes fully mainstream.
On paper, you are already rich, but you still consider yourself poor. Even though you may have several thousands or millions of dollars in crypto, because it is all wrapped up in crypto, you cannot even afford to splurge on yourself or others. Going to that nice restaurant, taking a trip, or even buying a few things that you have always been wanting. At this point, you have become so attached to the crypto in your portfolio, that you cannot fathom selling it. You either consider it to be like a member of your family, or you have grown to have a hoarder’s type of mindset.
You have become rich, but you are actually still poor.
The thing that you always need to remember about Bitcoin and crypto is that the future is not guaranteed. Even if you have full conviction in the future of this market, as I do, there is no harm in taking profits and improving your life. Never let your crypto portfolio define you. Greed is very powerful, and it is amplified even further in the crypto market.
How about you? Have you ever let Bitcoin greed get the best of you?
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It's the problem with a deflationary "currency". You don't want to spend it... 🤔