Bitcoin is about power, not money. I repeat that constantly. Some may even find it annoying. Nevertheless, I am compelled to repeat it when I see newcomers coming into the Bitcoin world with dreams of becoming rich.
Many think that Bitcoin will get them rich quickly.
I have to bring them back to earth every time by explaining that Bitcoin is not a get-rich-quick scheme. Rather, Bitcoin is a scheme that allows you to get out of the circle of widespread impoverishment into which the current monetary and financial system has plunged us since August 1971.
The current chaos in the industry shows us why it is essential to understand the why of Bitcoin
If I insist so much on the importance of really understanding the purpose of Bitcoin, it is for a good reason: those who do not understand the why of Bitcoin always end up losing money.
The Elon Musk saga that we just experienced in the middle of May 2021 is a good example of why you need to understand what the real purpose of Bitcoin is. Elon Musk sends out the first tweet on May 13, 2021, to explain that Tesla was ending support for Bitcoin as a payment method.
The reason given? Elon Musk has doubts about the environmental impact of Bitcoin.
This was the beginning of chaos in the cryptocurrency industry. Some people who are looking to get Bitcoin at a discount always take advantage of these opportunities to spread FUD messages to further the chaos. Bloomberg published an article explaining that an undisclosed source said the IRS was investigating Binance in the U.S. regarding potential money laundering.
These rumors are never sourced. That's what should tip you off.
Some are taking advantage of the chaos to accumulate more BTC at reduced prices
As the price of Bitcoin begins to fall, some are taking the opportunity to reinforce the sense of fear with articles explaining that China was in the process of banning Bitcoin and cryptocurrencies. For those who took the trouble to dig, but unfortunately, they are rare, they realized that this ban has already been in place in China for several years, but that it had not changed anything to the rise of Bitcoin there and in the rest of the world.
Nevertheless, the damage was done, and investors panicked in the Asian market, which spread to the rest of the world.
Within hours, the price of Bitcoin dropped from $43K to $30K. Even better, the fall was even more violent between $38K and $30K. All the investors sold at a loss out of a sense of panic fear. These people have no vision of the purpose of Bitcoin. These people who sell their BTC at a loss simply imagine that they have entered a get-rich-quick scheme.
Bitcoin is not a get-rich-quick scheme, and it never has been.
Nothing is easy with Bitcoin. The power it gives you is earned over the time
Nothing is easy with a free market like Bitcoin. Users are free to set the equilibrium price at any time, which means that volatility is a feature, not a bug. You must learn to take advantage of this volatility in the Bitcoin price. This can only be done if you have confidence in the Bitcoin revolution.
Those who have moved beyond profit to see Bitcoin as their best chance to gain total power over the fruits of their labor never sell their BTC. They are HODLers no matter what who take the long view. When the price of Bitcoin drops, these HODLers look at the number of BTC they have.
They then think that they clearly don't have enough for the future. So this is an opportunity to buy more to secure a better future.
You can see the difference between those who fundamentally believe in the Bitcoin revolution and want to live their lives on their own terms, and those who only think about immediate wealth. On the one hand, you have those who will be able to live life on their own terms in the future.
On the other hand, you have those who will end up broke and will end up harboring animosity towards Bitcoin.
Final Thoughts
It would be a mistake to fall into this category of people. Bitcoin is not dangerous as long as you act intelligently in entering this market. This means taking the long view while keeping your emotions in check at all times.
If you can do this, then you will gain access to the power that Bitcoin has to offer. If not, you're not ready to enter the world of Bitcoin yet. It's best to stay on the sidelines and keep learning until the day you're ready to understand what Bitcoin is all about.
On that day, you can come into the Bitcoin world without fear of going broke. You will be ready to take control of your life.
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