Nonsensical ideas about Bitcoin

Most often, people invest in bitcoin without even adequately researching it or comprehending the technological benefits it offers.

You may be aware of the dramatic increase in the price of Bitcoin if you have been watching the news networks lately.

You might have considered selling your Bitcoin at a profit in light of the current circumstances, especially after hearing about Peter Schiff, a renowned stock broker, and financial commentator.

Although, if you have unfortunately missed the chance to, then it only makes sense to confirm with an expert first and then purchase an expensive asset.

Regardless of your story or place, one thing I am sure of is that purchasing Bitcoin will not make any difference to your life.

Yes, you have read that accurately. Physically speaking, trading your hard-earned cash for Bitcoin will not achieve anything for you.

If you don’t account for the minimal 37% in short-term gains taxes, you might earn only a few dollars in the near future. You could possibly even buy a Ferrari or BMW. Or live like a superstar for a while?

However, all of this does not mean anything since Bitcoin’s value is not quantitative but measured qualitatively. For this, you will need to put in extra effort.

Integral information to know regarding Bitcoin

To fully comprehend Bitcoin, you need to put in your precious effort and time to study it. This will prove to be quite beneficial to you in the long run.  Although, in order to go through this, you need to experience misery for some time.

It can take you several months, or even years, to learn about monetary theory, cryptography, game theory, game theory, and so on.

But, there is a limit to it. I, for one, have come very close to knowing the majority of what there is to learn about Bitcoin.

Which, technically speaking, this makes sense because I have been exhausting myself ever since the year 2018. In addition to it, the reasoning that is linked to Bitcoin has everything to do with logic.

This acts as a support system because everything in the world around us is constantly being exploited by the ones in authority, a.k.a the bourgeoisie. So, it truly comes in handy when you come to think about it.

In the beginning, it can be difficult to deal with the idea that you now think of things in a short-term manner.

The short-term mindset that I have just mentioned, is known as the “high-time preference” by Bitcoiners. In simple terms, it means to give more attention to one’s present goals compared to the future.

In order to comprehend why Bitcoin is the ideal form of money, first you need to interpret the way the money that is chosen can alter individuals’ incentive structure. This can take an ample amount of time, but it will be totally worth it.

People get better at organizing their future goals when there is a disinflationary bitcoin, which is an increase in the value of a bitcoin due to a decrease in the number of bitcoins.

As opposed to the former, inflationary bitcoin encourages people to prioritize their short-term objectives above their long-term objectives.

Several years of mine were spent to fully get a hold of it and apply this useful piece of information to our lifeworld.

You cannot hope to come across it through random podcasts, news, or a conversation with an expert. It can rarely be found anywhere and requires an extraordinary mindset.

However, several people, even a few of your relatives or friends, might act like they know what they truly have little to no idea about.

Thoroughly research before reaching a conclusion

The Dunning-Kruger (DK) effect states that people who have less knowledge regarding a particular task tend to overestimate their expertise, according to Wikipedia.

Because of arrogance, several novices do not want to put in the effort and time required to learn about Bitcoin.

An incident related to this occurred only recently. Peter Zeihan, a geopolitical analyst and New York Times bestselling author, showed to his audience that he lacks integral information about Bitcoin within three minutes.

Even though, he appears to be quite knowledgeable and smart when it comes to such matters.

If you want to know more about it, listen to the podcast – “Bitcoin Audible” by Guy Swann. This podcast will reveal to you in what ways Zeihan has the wrong idea of Bitcoin.

Although, the point is not to make fun of Zeihan. Mistaking things for something else only makes us more human in fact.

Instead of assuming things, or reading wrong information, one needs to dive into the world of Bitcoin with full humility and thoroughness. Generally, people tend to come across news and information about Bitcoin on social media.

Sorry to burst your bubble, but many times the news you read is not accurate. This is because people do not bother doing in-depth research. You need to verify the information related to Bitcoin before trusting it.

It is quite convenient to accept the information provided by random people on the internet, but this can prove to be very dangerous. Instead of that, look it up yourself and read as much as possible.

This will definitely take up your time, but prove to be fruitful in the longer run.

The advantages of going beyond conventional thinking

To sum it up, purchasing Bitcoin is not the end of the story. If you truly want to benefit from Bitcoin, you need to put in the required effort.

Even that will help you to an extent. Several of the novices around you will not bother to. But do not get influenced by them.

People like to follow others blindly because it is easy to follow the rules that have already been laid out, rather than going out of the way.

People usually just follow the norms. Though, they have their reasonings behind it.

However, you do not have to live under a rock like everyone else. You have the chance to look past conventional thoughts and focus on what is right.

Get rid of your addictions. Work on your flaws. Conduct research and read as much as possible. Learn from your mistakes. For now, just inquire about Bitcoin. Do not purchase it.