Rethinking My Thinking, What I Missed About Bitcoin
I got involved in conversations about the Cryptocurrency space in late 2017 with a co-worker and my close circle of friends. As I reflect back on that time, I realize that I didn’t understand what the space was attempting to accomplish. I looked at it from a trading mentality. I missed the big picture.
What is going on today with central banks, the markets, and physical assets in general plays a large role into the why of Cryptocurrency.
If you take a step back and ask yourself what moves any of these markets and you can’t come back with a definitive answer along the lines of “a free market” that may signal a problem.
There are already thousands cryptocurrencies and I have dabbled in about a dozen of them. I did not go into Bitcoin because I failed to do the needed research to understand what was going on. I changed my stance in early 2019 and went all in on Bitcoin. The reason I did was an admission of I didn’t understand the space and by sitting in Bitcoin, I could take the time and figure it out. Then I got busy in life and very focused on Infinite Banking.
I came back to Bitcoin in late 2020. You see the trend here yet?
Here are some of the mistakes I have made due to not understanding Bitcoin.
- Used Bitcoin to buy things via BitPay (I thought it was cool…lol)
- I staked my Bitcoin (Is this secure? Maybe or maybe not)
- I didn’t accumulate nearly enough when Covid hit hard in March 2020
Then the bull run of late 2020 started and I thought here we go again just like 2017. Again this was an ignorant assumption on my part. I sat and watched but this time I decided to educate myself on the technology and the why.
As an IT professional I have been geeking out on the Internet since 1993. At one time I had 10 computers in my house…lol. As I went down the Bitcoin rabbit hole I realized my fatal error of looking at Bitcoin purely from a financial aspect and not a network protocol. Bitcoin is much like TCP/IP. No one owns TCP/IP, it is what ties www.websitehere.com to an Internet understandable number. Once this sunk in for me, I realized Bitcoin is never going away. You can’t shut it down anymore then you can shutdown the Internet. No one owns TCP/IP and no one owns Bitcoin.
Lastly I missed out on the global aspect of helping the unbanked. If you live in the US, UK or Canada (there are more), we have financial privilege. However there are many countries that do not and there are far more people (billions) not financially privileged.
Suddenly Bitcoin became for me what Infinite Banking is for me. A way to stop contributing to wealth inequality, financial suppression and monetary expansion. It became a medium to express my values. It became important not just for me but it hit the three things that touch a person in a good way. Humanity prospers when a human being does something and has clarity that what they are doing checks off these 3 boxes.
- Passion for what you are doing
- Fulfillment about what you are doing
- Knowing that what you are doing benefits humanity
It takes a curious and open mind, with the humility to admit you were wrong to change course. You have to rethink your thinking and make sure your ego is not the obstacle. If you can do that the truth will find you.
Have a great weekend!