Remember when your friends used to ask you about Bitcoin?
If you were around during the 2017 crypto bubble, you probably remember the first time a friend, family member or even just a loose acquaintance, asked you about Bitcoin. It was a strange feeling, talking to a real flesh and blood person about this obscure, potentially illegal thing that I had become obsessed with.
Then suddenly it seemed like every one I was working with was either buying bitcoin, trading altcoins, or USI-Tech was going to make them mega rich......it was crazy times.
Of course as the bubble burst, Bitcoin went from something your work mates were openly discussing in the smoko shed (or with your family over Christmas lunch).
To an embarrassing secret, that was as conversationally welcome as that story about, "that time when you ....( insert your own embarrassing secret, I am sure yours is a real doozy)".
That was the Crypto Winter. A time of hibernation and accumulation.
The First Signs Of Spring
The tulips are flowering and
- Grayscale is Buying More Bitcoin Than There Is Mined
- Bitcoin Mining Block Rewards Halved
- Glassnode Reveals Over 60% BTC HODL 12 Months
- Rumour is PayPal, Venmo to Roll Out Crypto Buying and Selling
- Samsung’s Blockchain Wallet Now Integrates With the Gemini Mobile App, Allowing Users to Buy and Sell Digital Currencies
- The Best Performing Asset for 2020 is Bitcoin
In My Little Fish Pond
- A friend asked me to contact a work-mates daughter who was wanting to get into Bitcoin and needed some guidance. Turns out she already had a coinspot.com.au account and had bought a Ledger Nano S. She just hadn't taken that initial step of purchasing some Bitcoin. But I was impressed by how much DYOR she had already done prior to actually purchasing. She was quite knowledgeable for some one who still didn't have any Bitcoin.
- At our first Post Covid Lockdown social gathering, the subject of Bitcoin was bought up at the dinner table. And not by me but the conservations were directed at me.
What Do You Say When Friends Ask You About Bitcoin?
After the Crypto Winter, I had come to prefer not discussing Bitcoin and crypto with people whose crypto knowledge is limited to a couple of sound bites or the media headlines.
It is just too damn hard to explain.
Case in point. Recently the author J.K.Rowling asked Twitter to explain Bitcoin to her.
Despite the best efforts of the Bitcoin Twitter brigade, who all jumped in to offer various explanations and summaries to the legendary fantasy writer.
J.K.Rowling ultimately concluded that she just couldn’t understand Bitcoin no matter how people try to explain it:
People are now explaining Bitcoin to me, and honestly, it's blah blah blah collectibles (My Little Pony?) blah blah blah computers (got one of those) blah blah blah crypto (sounds creepy) blah blah blah understand the risk (I don't though.)
So what can you say next time some one asks you about Bitcoin?
Bitcoin is the best performing asset of the last decade.
Do you feel the current financial system is rigged to ensure the rich get richer? Bitcoin allows you to keep some of your wealth outside the traditional financial system. Bitcoin lets you take a position against rampant inflation and economic uncertainty. Bitcoin stands for a fairer, less easily manipulated vision of money.
Isn't It Still A Bit Dodgy?
The scams and hacks will always get the headlines, thats what the media does, they need a sensational headline.
But the evidence suggests that right now we are witnessing an explosion in both regular and institutional interest. China’s in the advanced stages of developing a digital yuan, stablecoin issuance is surging by billions each month and a recent survey by Fidelity Investments suggested that one-third of all large institutional investors already own digital assets
The dark net may have given Bitcoin its start, but Wall Street could take it to the next level.
But The Price Is Already So High.
It is easy to feel that you are too late. I think that is true for most asset classes. If only the family had bought that old beach shack, all those years ago for $500.
Or more to the point had we taken the plunge and bought our first piece of Bitcoin when it was still around $700 AUD (2016). And not fluffed around for a year and ended up paying $3,300 AUD (2017).
The most important thing is to open that first account and start the process. If Bitcoin does what it always has in the past, then it won’t really matter how much you paid on day one.
Now would be a good time to mention to your friend the concept of Dollar Cost Averaging as an investment strategy for beginners.
Bitcoin Is The Gateway Crypto
The reason people only ask about Bitcoin is that's all they really know about to start with.
Once they have got their head around what Bitcoin is, have some sats stacked. Then hopefully they will be ready to venture out into the wider crypto verse.
Thats assuming of course that they weren't been put off by over zealous Bitcoin fans or the numerous scammers trying to take their money or their Bitcoin.
So when your friend asks you about Bitcoin, be prepared with some standard stock standard off the shelf replies, keep it simple and to the point.
I hope you found this post interesting and informative. I always enjoy doing the research and putting it all together.
Feel free to post comments, as a publisher all feedback is greatly appreciated.
Or a thumbs up if you enjoyed your read.
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