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I won’t keep you in suspense, I hate clickbait as much as everyone else does. The answer (in my opinion) is right now. Always… Right now. Go buy it right now. Again… This is my opinion, worded as a statement to answer the question I’ve always thought, and still hear people say today. Even my financial advisor, every time we get a chance to talk, has said the same thing a few times now, “I was waiting for it to get back down to about $6,000 to get in.” (this was back in March, after the crash and extremely quick rebound) and then we just kind of laugh. I believe our unspoken response that is better summed up into us laughing it off is a sentiment most people deal with on a daily basis. I believe there will always be a constant shrug of the shoulders and a “missed the boat” feeling so “oh well, it is what it is” that will keep people from adopting during this time where people are still trying to decide if they should “believe” in bitcoin or not, and soon, it won’t be a decision to believe or not, it will just be apart of our daily lives.
I’ll never forget the moment I was talking to my aunt’s boyfriend (may he RIP) about how ridiculous it was that Bitcoin cost $400 per coin. We were always having off the wall conversations about conspiracy theories, mass control of Big Brother over the general populous through subtle subconscious psychological manipulation (which is true, to what degree though is what we would debate upon, but I digress.) We were early adopters of crypto and blockchain technology because it was fun, and we were into stupid, weird, underground, crazy stuff that is very rare to find people conversable in such topics. But when I do, boy, it’s a gem.
Unfortunately, we had just slightly missed the Bitcoin mining train, so we started mining Dogecoin. Which still actually turned out to make us a pretty decent return, considering it’s 2020, and we started back in 2015? Rough guess. Give or take a year or two. I had a simple ASIC miner I plugged into my comp and let it run 24/7. I finally tossed it in the attic after accumulating around 500k DOGE. Boy, do I wish I bought 1 BTC back then, don’t you? Of course, you do.
Bitcoin is currently trading at just below $20k right now. I’m not going to check, but the last time I did, it was at around $19,600. Luckily I’ve loved the concept of cryptocurrency since I learned about it. So I bought my 1 BTC finally, during the rebound in March, and I bought it piece by piece as quickly as possible. I’d buy .1 here, .3 there, .2 again, etc., etc., $4,000 for a portion, $5,243 or whatever price for another portion, $7,200 for most of it, and maybe about $8,000 for the rest. The total average for my 1 Bitcoin came to about $6,800. So as you can tell, it’s been a pretty decent return for me.
This happened because when it crashed, I knew there was no chance in any universe that it was going to stay that low for long. I’ve been following it for too long. That same knowledge applies to myself today. If you think it’s impossible for bitcoin to cost $100,000 per coin or even more, then I can nearly guarantee that you are wrong.
If you can relate to numerous headaches dealing with your bank account and ridiculous charges, overdraft fees (which I always got reversed), and whatever else, then you can relate to the amazing idea of no one being in charge of your finances other than yourself. This is a huge incentive for cryptocurrency.
Opening up finances to parts of the world that previously either couldn’t access certain privileges that we take granted, or was extremely difficult to obtain, is probably a bigger incentive than the previous one I just mentioned. There are parts of the world where many, many people just can not get a bank account, but they have a cell phone, and that’s all you need for crypto.
Lastly, following the previous, crypto is borderless. It can be sent instantly to absolutely any point on the globe, as long as the address is correct, the person who owns the keys to the address could be a Buddhist monk on the highest mountain in the Himalayas.
It took me a lot longer than it should have to jump on the Bitcoin train. Mainly because I’m a “root for the underdog, stay away from main fads” kind of guy. Even though Bitcoin at that time was certainly not a fad and was an underdog. It was, is, and always will be the poster boy for cryptocurrency. It is the name, the face, and probably eventually a synonym for the word cryptocurrency itself (if it’s not already, colloquially at least for certain).
Now, finishing this article off and getting back to the main point. You don’t need to own 1 bitcoin to buy it, although I understand it may seem like that. Buying bits at a time is the best way to do it. It is extremely volatile, and I’ve tried selling and rebuying the dip. I was a little successful at first but eventually ended up losing around $1k and had to rebuy it to get back to 1 full BTC. I’ve learned now to HODL. Just HODL… It’s that simple.
Lastly, for those who don’t have any idea what bitcoin is: it’s nothing, just like the money in your bank account right now. It’s a virtual number that we look at, and the world decides what its value is. Bitcoin won’t replace the dollar or anything that provides the one super extreme aspect that any currency needs, which is stability, but that’s what stable coins are for.
We are heading more and more to a virtual world. Your finances are virtual, your dollars in your bank account are already cryptocurrencies at their very essence, but in reality, they aren’t. Which is why the government is working on its own stable coin to replace the dollar or coincide with it.
Blockchain technology is the true gem that bitcoin created and if you’re deep in the decentralized community, you know that it’s already beginning to consume everything we see more and more, exponentially, every single day. If you’re not in the decentralized community, it’s not far off at all where blockchain technology will an unavoidable term and technology that you see, hear, and use on a daily basis.
There’s way too much to fit into one article, so I’m going to leave the next chapter for our next topic. I hope this inspired some people into at least understanding where the world is heading and how important the decentralized movement actually is.
Until next time, my friends,
Sean “Legionz” Thomas