I remember rushing to the Bitcoin store back in 2017 to secure my slice of the existing bitcoins. I can't say for sure if there were already 19 million bitcoins circulating at that time, but I was determined to get mine. However, I encountered some bank transfer hiccups on the way to the Bitcoin store, which led me to abandon my pursuit of Bitcoin.

A few months later, I realized that I couldn't afford to miss the crypto train, so I bought ten LTC for myself. I eventually sold them for a $50 profit, driven by fear of losing my investment. Unfortunately, my lack of understanding about Bitcoin and the broader crypto landscape caused me to fumble my way through my first crypto bull market.

I admit that sometimes I'm a slow learner, but despite these experiences, I've managed to stay committed to crypto for about six years now. This journey has transformed how I perceive money, spending, investing, and the potential of digital wealth if we navigate the game skillfully.

At present, there are approximately 19,469,831 bitcoins in circulation, with the exact number of irretrievably lost coins remaining unknown. The blockchain offers transparency, enabling us to scrutinize certain transactions, but determining the precise quantity of bitcoins in circulation remains uncertain.

We're also uncertain whether all the bitcoins traded on exchanges are genuinely backed by tangible coins. If the traditional banking system can conjure money out of thin air through fractional reserve principles, why would crypto exchanges not resort to similar tactics?

We haven't yet confronted a situation where a substantial number of bitcoin holders attempt to withdraw their coins entirely from exchanges. Accusations of wash trading and concerns about "paper bitcoins" being introduced alongside physical coins have surfaced, potentially pushing the 21 million coin cap.

While we can't be entirely certain, one thing is clear: humans are driven by greed, fear, and deception. Therefore, it's wise to consider all possibilities. Personally, I'm inclined to believe that exchanges utilize what's colloquially known as "paper bitcoins." If exchanges were fully transparent and only listed the amounts they genuinely held, prices would likely soar.

Attaining such a level of control over exchanges seems unattainable, underscoring the need for DEXs to become the standard for crypto trading. On the other hand, excessive transparency and regulations within CEXs could expose us to the aforementioned issues, which I find concerning.

In an unfair world, we shouldn't anticipate the crypto realm to be any different. Thus, I mentioned in the beginning that I veered off the path to the Bitcoin store and became an altcoin enthusiast. Do I regret not going all-in on Bitcoin? Not at all...

During certain periods, like bear markets and early bull market phases, it's often more profitable to focus on Bitcoin rather than altcoins. However, as the saga unfolds, altcoins tend to outperform the king by a considerable margin. As coin valuations climb higher and higher, achieving substantial ROI with Bitcoin becomes increasingly challenging.

Currently, the only viable path to turn a modest investment into a million-dollar fortune in crypto is by selecting the right altcoins and holding them long enough to make a substantial difference. Beyond that, Bitcoin reigns as a symbol of security, resilience, and a hedge against the flawed fiscal policies prevalent worldwide. Yet, if your goal is to multiply your sats between cycles or accumulate wealth, altcoins are your ticket.

Nonetheless, if the concept of "paper bitcoins" were non-existent, perhaps due to CEX practices, it's plausible that we would already be celebrating a $100,000 BTC. Perhaps... What are your thoughts?

Thanks for your attention
Adrian