Don’t Waste Your Time Buying Bitcoin if You Don’t Have These 5 Essential Qualities
This will prevent you from losing money as well.
Bitcoin is becoming more and more talked about. A sign that something important is happening in this year 2020, the criticism of Bitcoin is becoming less and less virulent. More and more people are choosing to opt for Bitcoin.
Those who have not yet taken the step remain more discreet than before because they now have real doubts about the current monetary and financial system.
These people are finally beginning to open their eyes to the flaws of the current system, which will celebrate its 50th anniversary in August 2021. Temporarily introduced by Richard Nixon, this system can be compared to an experiment that goes wrong. Its injustice becomes blatant. Worse still, it wreaks havoc by harming hundreds of millions of people on Earth.
Bitcoin as the only alternative for the future
Bitcoin is increasingly seen as the only credible alternative available to leave the vicious circle in which the current system locks us.
This vision is the right one. It is driving many people to buy Bitcoin. If you are in this situation where you are ready to take action to buy Bitcoin, I would like to alert you one last time so that your journey into the Bitcoin revolution is truly exceptional.
To succeed in enjoying Bitcoin to the fullest, you will need to demonstrate 5 essential qualities. If you don’t feel up to it, I can already tell you that you would make a mistake by buying Bitcoin.
Since I am a Bitcoiner, my goal is certainly not to discourage you from buying Bitcoin for the rest of your life. On the contrary, I believe that buying Bitcoin and engaging in this incredible revolution will change your life.
However, for the Bitcoin revolution to change your life, you will have to enter it in the right way. This means being aware of your current limitations. If that is the case, you will need to work on those weaknesses by deepening your knowledge.
Then, you can take action with the best possible chance on your side.
1. Motivation to learn always more things
The traditional education system taught you the knowledge you needed to get a job at the end of your studies. This is a good thing because it allows you to live a decent life every day.
However, this educational system has probably also locked you into a very specific way of thinking.
Things about money or economics have never been taught to you. Everything is done with the educational system to leave you in complete ignorance of these essential things.
The famous Henry Ford once explained very well why:
“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.”
— Henry Ford
The current monetary and financial system is so unfair that if the people were to notice it, a real popular revolution would take place as early as tomorrow morning.
This is what Henry Ford said at the time. And he was right!
Before you buy Bitcoin, you’re going to have to find out for yourself why the current system is flawed. You will need to do the research necessary to open your eyes to this ugly truth: the current system is not fixable.
You can only reach this level of understanding if you have a deep desire to learn more and more new things.
This comes through reading. You will need to be able to read a lot. Bitcoin encourages you to make up your mind about things. The success of Bitcoin lies in the fact that everyone is free to form their own opinion about the truth with Bitcoin.
Bitcoin’s Success Lies in the Fact That Everyone Can Form His or Her Own Opinion of the Truth
Don’t trust, Verify.
If you don’t have this fundamental quality, you shouldn’t buy Bitcoin. Sooner or later you will end up making bad choices.
2. Real confidence in Bitcoin
Those who do not have a sufficient desire to learn to make bad choices with Bitcoin because they have not been able to gain real confidence in the Bitcoin revolution.
When the Bitcoin price reaches $3.8K and loses more than 50% of its value as it did in March 2020, you should have full confidence in its revolution.
Those who do not trust Bitcoin will sell what they own in BTC and lose money.
You must open your eyes to understand that Bitcoin is a true monetary revolution. More than technology, Bitcoin is money. Don’t be afraid that Bitcoin will be replaced by another cryptocurrency that launches itself with a technology allegedly better than its own.
Few Understand That Bitcoin Is Money, Not Just Another Technology
The stability of the Bitcoin protocol is a necessity.
The real competition is not in technology but in monetary attributes. And in this area, the real revolution has already taken place with Bitcoin.
Bitcoin is a unique invention in the history of mankind. From now on, Bitcoin will be progressively improved to become a better version every time.
This total confidence in Bitcoin will help you to adopt the best possible strategy. It is also the simplest: becoming a Bitcoin HODLER.
3. The ability to be patient
To become a Bitcoin HODLer, you will need to be patient. Many consider HODLing Bitcoin to be a boring strategy. They are right! And that’s why HODLing Bitcoin works so well.
Remember what billionaire George Soros once said:
“If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring.”
— George Soros
Bitcoin is not a game. It is a very serious thing. A real revolution is taking place before your very eyes. By buying Bitcoin, you are choosing to support this revolution that wants to build a better world for all in the future.
It will take time for the Bitcoin revolution to reach its full potential. If you are not able to be patient, do not buy Bitcoin. You may make bad choices because of your impatience.
Some of the bad choices you might be tempted to make include:
- Buy Sh*tcoins that claim to be the next Bitcoin. As a reminder, Bitcoin is already the next Bitcoin.
- Becoming a Bitcoin Trader when you probably don’t have the required skills for being a trader.
- Selling your Bitcoins at a loss for fear of seeing Bitcoin price go to zero.
So think twice before buying Bitcoin. If you are not able to be patient enough, it is because you haven’t learned enough about Bitcoin and money in general. See the first point of this story.
The day you are ready to enter the Bitcoin revolution, you will appreciate the fact that HODLing Bitcoin is a boring strategy. It will give you more time to learn always more things about Bitcoin.
4. Total control of your emotions
In the previous quote by George Soros, he explains very well that investing should not be fun. A winning investment is a boring investment. The fun side is in the search for the investment. This is 1% of the time in a winning investment.
The remaining 99% of the time is about being patient and waiting for the right choice to pay off.
With Bitcoin, you have already found the winning investment. You’ll be sure of that if you’ve gained full confidence in the Bitcoin revolution. The rest will only be a matter of patience.
If you are patient, you will be able to control your emotions.
Would you like an example of the mistakes that some people make that show they can’t control their emotions?
Recently, Internet celebrity David Portnoy revealed in a hugely publicized video that he bought over $250K worth of Bitcoin. Known for his exuberance, he explained that he plans to make millions of dollars with this investment.
And then, less than 15 days after he bought Bitcoin, David Portnoy got scared after the Bitcoin price dropped from $12.4K to $11.2K. This volatility in the Bitcoin price in a few hours is not extraordinary.
Those who have taken the time to study Bitcoin and how it works know very well that Bitcoin’s price volatility is a feature, not a bug.
You can make volatility your best ally, but you need to have real confidence in Bitcoin. Unfortunately, this volatility of Bitcoin price has become the worst enemy of David Portnoy who sold his Bitcoins at a loss. In this story, he lost more than $25K.
He then explained that the stock market was much better than Bitcoin…
For me, this is an example of someone who bought Bitcoin without really understanding what the Bitcoin revolution was. When the Bitcoin price dropped, David Portnoy let his emotions take over and lost money.
If you can’t control your emotions and make your choices based only on your sense of logical reasoning, Bitcoin is not for you.
5. Having a long-term vision
The first four essential qualities that I have just presented to you will allow you to have this last essential quality: to have a long-term vision.
With Bitcoin, you must have a long-term vision.
If you buy Bitcoin thinking that you will make a fortune in one year, you are mistaken and you are facing serious disappointments. Bitcoin is much more than a get rich quick scheme. It is your way out of the vicious circle of impoverishment into which the current system plunges you.
Bitcoin Is Not a Get Rich Quick Scheme, It Is Here to Avoid You Get Poor Slowly Over Time
Bitcoin is your best weapon facing the current system.
Second, Bitcoin aims to build a better world for everyone. A fairer world where everyone will have the same opportunities.
This will not happen overnight. You need to be able to take a long-term view when buying Bitcoin. That way, you will be able to apply the best strategy available in the Bitcoin world:
- Buy Bitcoin.
- HODL Bitcoin.
- Iterate from Step 1.
This strategy is simple, but it is the one that has been proven since the creation of Bitcoin. Often the simplest strategies are the best. This is the case with Bitcoin.
If you apply this strategy to the letter, you will be on your way in the long run.
The more time passes, the more you will understand that Bitcoin offers you an incredible luxury in this uncertain world: the possibility of opting for low time preference.
Bitcoin is changing the lives of those who understand its potential for the world of the future and choose to fully support its revolution. All Bitcoiners will tell you that Bitcoin has changed their lives forever. Faced with the flaws of the current system, we now have an alternative with Bitcoin.
If you have the 5 essential qualities that I have just revealed, you will be able to buy Bitcoin and fully enjoy its revolution. If you don’t already have them, I urge you not to rush.
Keep on learning, and when the time comes, you will see that Bitcoin is our only alternative in today’s world.