Throughout the last several years Bitcoin has taken over my life. It is the thing that I’m most passionate about and look forward to seeing the latest newest and developments each day. I have completely fallen down the rabbit hole of Bitcoin and believe that it is the future. That those who are accumulating today will be greatly rewarded in the future. The lives of Bitcoiners will be changed financially forever.
With all of that said, there are still things in and around Bitcoin that I’m not a fan of. Things that I wish would change or be improved. Thankfully Bitcoin is young enough that it can do both of those.
These are the things that annoy me the most about Bitcoin and its market.
1. Greed & Leverage
One of Bitcoin’s biggest strengths is human greed. It is what attracts people to this market, with hopes of making a lot of money. Those of us who have been in the market for a while, hope these newcomers who come for the money will eventually research and realize Bitcoin's real importance and value.
Greed is also the largest weakness of Bitcoin’s market as well. People want to make large amounts of money as quickly as possible and take on extreme leverage. While in recent months macro events have affected the Bitcoin price in a major way. Traditionally it always leveraged long or short liquidations that moved Bitcoin’s price in a major way. When the price begins moving up people become too greedy, which eventually causes us to move back down.
2. Lack of an Open-Mind
Over the years something in Bitcoin changed. What used to be a market where we loved to educate people about Bitcoin, hoping they would understand why it's great and decide to join in the monetary revolution. That was a time when we were excited about the technology of Bitcoin, and the possibilities of what could be built with it. While Bitcoin was valued, it wasn’t treated as a holy chain that shouldn’t be touched. That has changed over the years.
It also wasn’t a place where there were purity tests of what it meant to be a real Bitcoiner. There was no such thing as Bitcoin Maximalists. There were just Bitcoiners and people who were passionate about the potential this project had. With the recent implementation of Ordinals and BRC20, I’m thankful to see that this might finally be changing.
3. Not Taking Self-Custody
One of the core qualities that Bitcoin offers is the ability to take self-custody of your coins. You no longer need to trust services to not only keep your funds safe but also return them to you upon request.
Bitcoin and even crypto in general should be taken into self-custody, especially if you have a significant amount. This is a safety practice that many learned the hard way during the year of crypto service insolvencies in 2022. With services like Celsius, BlockFi, Voyager, FTX, and several more going under. And user funds are frozen without ever knowing if they will be returned to them. Unfortunately taking safety precautions is something many people fail to think about until they actually need it. By that point, it is already too late.
4. Misinformation in the Media
There is a saying in this market, that once you have fallen down the rabbit hole of Bitcoin, there is no going back. Before the world seemed like an innocent or even great place. But now you can see how corrupt and rigged the game is. How narratives are being pushed by certain groups. There is no place that is a better example of this than Bitcoin.
For example Democrats in the US. A political party that is for the small people, and is a party that is supposed to be all about equaling the playing field, and taking power away from corrupt companies like banks. However since many Republicans have come out in support of Bitcoin, Democrats have automatically come out against it. Even with it fitting their party morals to a T.
And then there are the news media that craft stories to throw FUD toward Bitcoin and project it as facts. Even though it can easily be proven false if simple research had been done. FUD stories are recycled on a yearly basis. The longer that you are in Bitcoin, the more evident it becomes that some powerful players just don’t want it to win.
These are just a few of the things that annoy me about the Bitcoin market. But they can’t even come close to shaking my conviction in Bitcoin. It is the future, and you need to accumulate as much as you possibly can.
How about you? What annoys you about the Bitcoin market?
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