Thought I'd post this here to give people an overview of my experience (maybe this will help others) of how I went from:
Ignoring Bitcoin and not understanding it, to:
Rushing to buy some because price keeps going up, to:
Understanding it, appreciating it and continuing to allocate the remainder of my paycheck to it instead of a regular savings account.
Long story short, or more accurately, slightly less long, I heard about Bitcoin around 2013, but never thought anything of it, mainly because I didn't know what money was. Yes I worked, got paid, saved some of it and spent the rest, but I never really thought about what this paper cash or digital number in my bank account was. So, I would say, understanding what money really is, is crucial.
Fast forward to late 2017 and 2018 when Bitcoin's price was crashing all the way from $20,000 down to $3,500, like most people I assume, I was saying to myself things like "good thing I did not buy any" or "it's definitely going to 0, it has no value and it's a pyramid scheme"... again, mainly because I didn't understand anything about money.
Fast forward to early 2021, when Bitcoin reached $65,000, I was so frustrated that I'm missing out on all the gains, when Bitcoin started going back down in price, I thought to myself, this is a good opportunity for me to get in, and I started buying around $42,000. But I was only buying because of FOMO.
But, things quickly started to change, when I joined r/Bitcoin because I wanted to see what other people thought about Bitcoin, and I thought "well, I invest in index funds, because I understand the basics of investing in the stock market, but now that I'm putting money into Bitcoin, it's probably best to understand the basics of it as well". In the process, I got to read "The Bitcoin Standard" book by Saifedean Ammous. This was crucial. I now understood a little bit about the history of money, what money is, the difference between hard money and easy money, the problems of our current fiat systems and the federal reserve, and why Bitcoin is the solution to the problem. This gets me to start buying Bitcoin with every paycheck, not because of FOMO, but because I understand WHY I'm buying Bitcoin.
Next, the research continues, I'm reading more and more about Bitcoin, watching YouTube videos, and I find https://learnmeabitcoin.com and what a wonderful source of information on how Bitcoin actually works. Now I'm starting to really get it. A lot of things are starting to click. I believe understanding how it works is critical (in my humble opinion at least), because I didn't think it was enough to just understand WHY I'm buying it, I also needed to understand the basics of how it works.
Great, now I understand why I buy Bitcoin, how it works, but one question remained: why not buy any of the other coins that have a lot of hype? why Proof of Work and not Proof of Stake? This was a tough one but this article by Lyn Alden helped tremendously https://www.lynalden.com/ethereum-analysis and I was now fully convinced that I'm only interested in Bitcoin and no altcoins.
Finally, I stumbled upon the Robert Breedlove/Michael Saylor 9 part series on the "What is money" podcast, about 10 hours or so, but I thought it was absolutely valuable as it helped me understand the significance of the Bitcoin invention.
So to put this all together:
Read "The Bitcoin Standard" book by Saifedean Ammous
Read about how Bitcoin works at https://learnmeabitcoin.com
Read about what separates Bitcoin/Proof of Work from altcoins/Proof of Stake at https://www.lynalden.com/ethereum-analysis
Understand the significance of the Bitcoin invention by listening to the Robert Breedlove/Michael Saylor series on the "What is money" podcast
Don't stop learning
Note: I also think it helps to be more on the libertarian side politically and an independent thinker, more so than being on the left or right.
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