You Want to Really Discover Bitcoin? Take Action by Buying Some Now
You will learn more by making a Bitcoin transaction than by reading articles or books for hours.
|Sylvain Saurel||May 6, 2020||4||1|
You have been investing in the traditional financial markets for several years now. You are not an expert, but you are beginning to get to know them. For a few months now, you have been reading up on Bitcoin.
You have read the Bitcoin white paper published by Satoshi Nakamoto on October 31, 2008. Discovering that the complete functioning of a Peer-to-Peer electronic cash payment system could be described in only 9 pages left you in shock.
Indeed, the monetary and financial system has always seemed too complex to you. You have never been able to discover its inner workings in depth. I can reassure you that you are in the same situation as many people.
To tell the truth, the problem is not with you, but with the monetary and financial system, which is much more complex than it should be.
In fact, everyone should be able to understand how it works without having to spend countless hours on the Internet searching for articles and books on the subject. Bitcoin already fixes this first flaw, and it’s already appealing to you.
You have understood the advantages of Bitcoin. You understand, for example, that Bitcoin is a real paradigm shift that gives power back to its users since it has no leaders and belongs to everyone.
Bitcoin has a unique quantitative hardening monetary policy which is the opposite of the quantitative easing practiced by central banks such as the Fed.
With its monetary policy, Bitcoin makes sense to save your money. Indeed, keeping your Bitcoins over time makes them more valuable. Bitcoin is therefore an ideal store of value.
Objectively, Bitcoin has many advantages over a more established store of value such as gold: better divisibility, portability, durability, recognizability, and even greater scarcity.
Bitcoin is therefore a perfect hedge against the currency devaluation we will experience in the coming months following the decisions of the Fed and other central banks to print fiat money almost ad infinitum.
In any case, this is what the Fed has announced it will be able to do in March 2020.
All the decisions taken by the central banks and governments of the major economic powers to try saving the current monetary and financial system at all costs leave you doubtful.
Your interest in Bitcoin has never been higher than it is now.
Moreover, Bitcoin third Halving, which is coming in less than 5 days now, seems to be an awesome moment to take action by buying Bitcoin.
You keep thinking, and finally you hesitate. You tell yourself that you still need to learn more about Bitcoin.
I don’t know what is really holding you back: a doubt? the fear of buying your “overpriced” Bitcoins at $9K?
The reasons given by people who always prefer to wait a little longer before taking action are multiple, and they all relate to the same psychological problem: the fear of failure.
In life, you should know that you will never get a reward if you don’t dare to take action. If you always stay on the platform of the station and watch the trains go by, you will never be on the train when a revolution takes place.
Bitcoin is a revolution. Its train is passing by. Bitcoin is still in its early stages as evidenced by its market capitalization of just $170 billion.
That’s already huge in just 11 years of existence. However, this is nothing compared to what Bitcoin can accomplish in the future.
Now that you have understood why Bitcoin exists, you will have to overcome this fear of failure by taking action.
In practical terms, this means buying your first Bitcoins.
It’s time to take the plunge. The advantage of Bitcoin is that it is divisible to eight decimal places. So you can start buying Bitcoin with a very small amount of fiat money such as $100.
The first requirement you will need to fulfill is to create an account on a trading platform such as Coinbase, Binance, or Kraken. This will allow you to exchange your fiat money for Bitcoin.
The second requirement is to purchase a hardware wallet to secure your Bitcoins. This step will allow you to apply what you have learned about securing your Bitcoins:
“Not your keys, Not your Bitcoins.”
As soon as you have exchanged your fiat currency for Bitcoin on Coinbase or Binance, you will be able to make a Bitcoin transaction allowing you to send your Bitcoins to your hardware wallet.
To perform these steps, you will need to practice what you have already learned about Bitcoin, and probably look for additional information.
It will be much more profitable for you to do this research for immediate real use. By doing so, I am sure you will remember everything you have done.
There is nothing better in life than to take action and practice to progress and learn new things.
Once your first transaction has been completed, you will be able to view it on a Bitcoin Block Explorer such as the one offered by Blockchain.com.
As an example, here is a transaction I just found at random. Yours will look the same:
Don’t worry if you don’t understand all the information associated with your transaction. Since you just bought $100 in Bitcoins, I’m sure you will continue to make the effort to find out what all this information are about.
Once you’ve done that, you will be really in the Bitcoin world.
Your learning will be far from over, because you never stop learning as you become a Bitcoiner. This is one of the great qualities of all Bitcoiners: the desire to learn more and more in order to understand how things really work.
Having made the decision to take action has allowed you to take the first step towards becoming a Bitcoiner. Of course, there is still a long way to go, but in a few minutes you will have learned as much as if you had read articles and books for several hours.
Afterwards, you will still be able to take stock of your situation after a week, for example.
It will then be time to decide whether you choose to continue the adventure in the Bitcoin world, or whether you prefer to leave it at that, because you think Bitcoin is not for you.
Since you have only committed $100, or even less if you wanted to, it won’t make much of a difference to your personal financial situation.
However, you will have taken a big step in your life. By finally taking action and buying Bitcoin, you will now know if you want to get on the Bitcoin revolution train.
I hope for your sake that you do. If not, you can move on with no regrets since it will be your personal choice.
If you want to create a Coinbase account, you can use my affiliate link. We will both receive the equivalent of $10 in Bitcoins as a gift.
If you want to buy a Hardware Wallet, I recommend you to buy the Ledger Nano X by following my affiliate link. There will be no additional cost to you, and it supports my work.