From Skeptical To Bitcoiner: The 7-Steps Journey Followed By More And More People
Bitcoin changes your view of the world.
Bitcoin has become mainstream since 2017 and the euphoric end of the year for the cryptocurrency market. Since then, the general public has known what Bitcoin is. Everyone now has an opinion about Bitcoin whether it is positive, neutral or negative.
In my opinion, the most interesting thing is to see how more and more people are choosing to buy Bitcoins. While many were initially skeptical, these people finally give in to the temptation and buy Bitcoins. Once this buying is made, the most impatient will quickly give in and usually lose money.
The more intelligent people will wait and continue to learn more about Bitcoin, which usually leads them to join the Bitcoiners’ camp little by little.
This radical change from being a total Bitcoin skeptical person to a staunch defender usually involves 7 major steps which I will present in this story.
Step 1: Skepticism
The general public generally discovers Bitcoin through the mainstream media, which rarely provide quality content. Often, the media simply denigrate Bitcoin by denouncing the associated risks in a totally subjective way.
The general public’s first contact with Bitcoin may also come from the negative statements made against it by central bankers and governments in developed countries.
Following this initial contact, the general public generally tends to adopt a skeptical stance towards Bitcoin.
Indeed, since their governments tell them that Bitcoin is based on nothing, this must be true. In addition, Bitcoin is said to promote illegal activities and money laundering according to the governments of developed countries.
The first contact is therefore very negative and many people choose to put Bitcoin aside initially.
Step 2: Questioning
As the economic situation in their country deteriorates, some people are asking questions. The constant inflation of the U.S. dollar is devaluing more and more what people own.
Disappointed with the current monetary and financial system, some people come to question what money is and how it works.
University studies do not teach you what money is because the people who govern you, the central bankers or the economists find great interest in your ignorance.
Henry Ford once said:
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
If too many people were to realize that the current monetary and financial system is totally failing, a revolution would start in each of the most developed countries.
I would like to point out, however, that the situation is slowly approaching a revolution in many countries. When it is not a revolution that is approaching, we see that many people simply no longer have confidence in the people who govern them.
Step 3: Hesitation
The questioning step leads many people to understand that Bitcoin is currently the only credible alternative for the world to the current monetary and financial system.
No one says that Bitcoin is perfect but it builds block by block a fairer system for the future of the world.
People are realizing that they cannot be certain that 1 USD in 2019 will still be equal to 1 USD in 2050.
Decisions by central bankers and governments to use monetary expansion as the answer to all the world’s economic problems greatly devalue what they have.
Bitcoin guarantees them that 1 BTC = 1 BTC no matter what. In fact, the maximum amount of Bitcoin that can be put into circulation is 21 million and it will not change. This is a verifiable fact.
This intrinsic property of Bitcoin protects people better than fiat currencies have ever been able to do.
When you buy 1 Bitcoin in 2019, you will forever own 1 Bitcoin out of the 21 million that will be put into circulation.
Step 4: Taking Action
The Earth’s population is growing all the time. The latest estimates suggest that the Earth will have 10 billion inhabitants in 2050. If Bitcoin continues its revolution and is adopted by the general public, this will make 21 million Bitcoins for 10 billion people.
In 2050, we will therefore have the equivalent of 1 Bitcoin for every 476 inhabitants on Earth.
Owning 1 Bitcoin in 2050 will therefore put you among the richest people in the world quite simply.
This possibility therefore pushes people to step 4 to take action by buying Bitcoins. This action often consists of buying Bitcoins for between $500 and $1,000 just in case.
In case Bitcoin becomes the revolution that many Bitcoiners keep talking about of course.
Step 5: The Deepening Of Knowledge
Once the action is taken and the first Bitcoin is in their possession, these people will deepen their knowledge of Bitcoin. This will lead them to secure their Bitcoins on a hardware wallet as they will quickly understand the following fundamental truth:
“Not your keys, not your Bitcoins.”
The Bitcoins stored on the trading platforms are not really yours since these platforms could arbitrarily decide to block them or worse, get hacked as was the case with Mt. Gox in 2014.
If that happens, you will lose eventually all your Bitcoins.
As people become more knowledgeable, they realize that Bitcoin is much more than an investment. Bitcoin has broader social and economic implications for the world than traditional investments such as gold.
Bitcoin represents a peaceful protest against a monetary and financial system that is no longer at the service of the people.
The examples of Venezuela or Argentina in Latin America already show the value of Bitcoin in enabling people to escape the bad political and economic decisions of corrupt politicians.
At that time, the price of Bitcoin may have fallen by more than 100%. The timing of the first big drop in the price of Bitcoin helps to sort out the investors who will go further and those who will capitulate.
Those who surrender at this point make a bad choice guided by fear. Everyone knows that fear is the enemy of winning investments.
People who know how to control their emotions and who had bought Bitcoins in case they finally decide that they should continue to buy them and take advantage of the fear of others in the market.
Just in case, of course.
Step 6: Buy And Hold Bitcoin
Continuing to buy Bitcoiners is tipping these people from the category of investors concerned about not missing out on a technological revolution in Bitcoiners’ 3-step strategy:
1. Buy some Bitcoins; 2. Hold Your Bitcoins; 3. Restart to Step 1.
Month after month, these people will therefore accumulate more and more Bitcoins and keep them safe within their hardware wallet.
Time goes by, and the price of Bitcoin rises after falling. These up and down cycles are common, but these people are not afraid because HODLING Bitcoin has taught them the virtues of patience.
They’re becoming Bitcoin believers.
These people are developing a growing confidence in Bitcoin. Many of them even become strong advocates ready to evangelize their family and friends.
Often, all this is a waste of time since everyone has to make his or her own way with Bitcoin before reaching the status of Bitcoiner in my opinion.
Step 7: Be A Bitcoiner
The final step in this adventure within the Bitcoin world is to become a Bitcoiner. You become certain that Bitcoin will establish itself in the future as an alternative to the current monetary and financial system that is flawed and not fixable.
Bitcoiner defends Bitcoin because it is certain that Bitcoin is building a fairer world for the future and it wants to be at the heart of this construction.
Being a Bitcoiner allows you to detach yourself from the day-to-day price of Bitcoin. Indeed, the current price of Bitcoin is nothing compared to what Bitcoin will bring to the world in the future.
Under these conditions, Bitcoiners don’t have any particular stress when they see the price of Bitcoin drop below $7,000 or even $4,000. They know that Bitcoin will be even bigger in 10, 25 and 50 years.
Bitcoin can leave you initially indifferent. Some people will even be skeptical because of the strong smear campaigns against it. Little by little, disappointed with the current system, these people will start doing their own research and thinking for themselves.
A better understanding of what money is and how money works will lead many people to invest in Bitcoin to discover a different and fairer system.
Once the world of Bitcoin is discovered, some will capitulate out of fear. Those who stay and continue to buy Bitcoin will deepen their knowledge and eventually join the camp of its fiercest defenders: Bitcoiners.