Greed Is the Number One Enemy in the Bitcoin World
Don’t let this sin make you miss out on the Bitcoin revolution.
In the Bitcoin world, an interesting sociological experiment is to ask Bitcoiners what led them to buy Bitcoin for the first time. Some will tell you that it was the revolutionary technology behind Bitcoin that drove them to buy Bitcoin.
These people were simply trying to find out how Bitcoin works.
Others will tell you that it was the monetary revolution side of Bitcoin that drove them to buy Bitcoin. These people had already realized that the current system was flawed, so they were looking for an escape from this vicious circle. Bitcoin was the opportunity they had been waiting for for a long time.
I may shock you by saying this, but the vast majority of people who give you these kinds of answers are lying to you.
Indeed, apart from the cypherpunks who came to Bitcoin to discover the revolutionary technology developed by Satoshi Nakamoto, the vast majority of today’s Bitcoiners came to buy Bitcoin attracted by the ultra profitable financial investment aspect.
And that’s a great thing.
99% of people come to Bitcoin because of its profitability
There is no shame in coming to buy Bitcoin attracted by the possibility of becoming rich through the preservation of its wealth. Bitcoin was created so that you can have a weapon at your disposal to guard against monetary inflation which erodes the value of what you own over time.
However, for many people, the problem comes after they buy Bitcoin for the first time.
Some will not make the effort to continue learning more about Bitcoin. These people will simply get stuck on the financial investment side of things. They will miss the real revolution. Indeed, Bitcoin is much more than just a highly profitable investment.
To discover this, you will need to be interested in learning more about how money and economics work. People who take the first step in this direction almost always end up becoming Bitcoiners.
Others get trapped by greed, and can never become Bitcoin HODLers.
Greed is the feeling that will make them want to make more and more money from Bitcoin. This problem is not limited to Bitcoin. People who allow themselves to be blinded by the deadly sin of greed will go on a lifelong quest.
Unfortunately, they will never know true wealth, as Seneca explained:
“The highest wealth is the absence of greed.”
If you want to get seriously involved in the Bitcoin world, then you need to realize that greed is the number one enemy you will have to fight every day.
Greed will drive you to become a Bitcoin Trader rather than a Bitcoin HODLer
People who are too greedy usually opt for trading rather than HODLing.
After a successful first purchase of Bitcoin, these people think that it would be a shame if they didn’t try to get rich quickly with Bitcoin. They will, therefore, imagine that trading is the ultimate solution to get rich with Bitcoin.
Unfortunately, they lose sight of the fact that trading is a discipline in its own right that requires very specific skills. Not everyone is capable of becoming a successful trader. A majority of people won’t make it.
Rather than wasting your time and a lot of money, you should forget Bitcoin trading.
By choosing to be a Bitcoin HODLer rather than a Bitcoin Trader, you will have one essential advantage: you will be more Zen daily, and you will have more time to deepen your knowledge of Bitcoin.
You will minimize your risk of loss with Bitcoin. HODLing Bitcoin strategy has been profitable more than 92% of the time since the creation of Bitcoin.
The best solution to maximize your profits with Bitcoin in the safest possible way is to apply the 100–10 rule that I invented, which is based on two principles:
- No more than 10% of your time should be spent monitoring Bitcoin price
- You must HODL 100% of the Bitcoins you have purchased
The strict application of the principles of the 100–10 rule should already allow you to become a true Bitcoin HODLer.
However, you will not be completely free from the risks that greed brings upon you.
Greed leads some to buy Sh*tcoins
When Bitcoin price stagnates as it is now, some beginners become impatient. They don’t understand the importance of enjoying those quiet moments and focusing on the real signal.
The real signal in these quiet moments is to look at the fundamentals of Bitcoin. You have to learn to see the bigger picture.
Those who can’t do that make the mistake of going to the Sh*tcoin side.
They eventually give in to Sh*tcoins who promise that their technology is superior to Bitcoin.
The marketing teams of these projects manage to convince them, and instead of continuing to accumulate Bitcoin, these people will buy tokens from these Sh*tcoins.
In some cases, you may even be able to make a profit. However, this will not last.
More than 99% of those Sh*tcoins will see their price go towards zero in the future. Ten years from now, Bitcoin will still be around. It will be even stronger than ever. Those cryptocurrencies that claim to be technologically superior to Bitcoin probably won’t have been around for long.
Buying tokens from these Sh*tcoins is like gambling. Those who buy these Sh*tcoins get trapped in different types of scams and loses a lot of money.
They blame others for their mistakes when in reality they are solely responsible for what happens to them. Indeed, people who fall for Bitcoin or Sh*tcoin scams are victims of their greed.
By wanting to believe that the impossible is possible, i.e. that you can make a lot of money without doing anything very quickly, these people put themselves in ideal psychological conditions for scammers to take advantage of them.
The golden rule you should always keep in mind is this:
If it looks like a scam, it is a scam.
In that case, go on your way.
Don’t make the mistake of those who send Bitcoins to third parties in the hope of getting double the amount in return.
Whenever you are asked to send Bitcoins for no reason, you already know it is a scam. You should always be in control of your private keys. This is what every good Bitcoin HODLer has to do to ensure the security of what they have.
The pursuit of profit at all costs leads some to lose control of their private keys
By accumulating Bitcoin regularly and then keeping it no matter what happens, you will end up with much more than just a whole Bitcoin. Time will help you in its essential quest for your future.
After crossing this important threshold, some people find themselves caught up again by their greed.
Indeed, they let themselves be convinced by third parties that it is a pity to have so much Bitcoin available without taking advantage of it to generate dividends.
Again, it is the desire to make more and more money that will put their Bitcoins at risk.
They will find platforms that offer to pay them dividends on the condition that they deposit their Bitcoins with them. Those who do so will indeed receive dividends. That will allow them to earn more Bitcoins.
Unfortunately, by doing so, you will no longer own the private keys associated with your Bitcoins.
In most cases, this will be fine. And then one day, one of those platforms will run into trouble. Maybe it will get hacked. It will have a technical problem, or it will decide to block your assets deposited on its platform.
It will have the right to do so because it is a private company that can apply the rules of its choice.
From that point on, your Bitcoins deposited on the platform could be lost forever.
Your efforts to accumulate all those Bitcoins would then be undone by greed. Do you think the game is worth playing?
Do you want to take the risk of losing all your Bitcoins just to earn a little more?
For many people, the answer is unfortunately yes. When Bitcoin reaches $1 million in 20 years, you will tell me that having 0.01 BTC more will make a huge difference. I understand that you can reason like that, but when you think about it, it’s not worth the risk you’re taking.
Owning 0.01 BTC will indeed make a huge difference in the future. But ultimately, to generate these 0.01 BTC, it implies that you already have in your possession much more than 1 BTC.
You are already well prepared for the world of the future where Bitcoin will play a central role in the economy. You don’t need to take reckless risks to get even more as greed drives you there.
Bitcoin is an incredible monetary revolution that will change the world tomorrow. It is already changing today’s world for millions of people in countries under authoritarian regimes where hyperinflation is raging.
Owning at least 1 full Bitcoin is essential for the world of the future.
All this could be enough to exalt you and let greed take over. You must avoid it, and keep in mind that Bitcoin is more than just a highly profitable financial investment.
There is nothing better than continuing to learn more about Bitcoin, money, and the economy in general. This will make it easier for you to be a Bitcoin HODLER, and keep your feet on the ground to protect yourself from the number one enemy in the Bitcoin world: greed.