We are all on a journey with Bitcoin – not just a journey of financial freedom, but one of enlightenment. As the adoption of Bitcoin increases day by day, we see some of Bitcoin’s fiercest opponents make their way into the world of Bitcoin.
As we appreciate the incredible adventure that we are on, it seems there are stages on this journey – 6 to be precise that most folks seem to follow. You’ve probably been on at least some of these stages yourself, or you can identify people around you stuck in one of these stages.
Stage 1: Non-Believer/Skeptic
You probably heard about Bitcoin from one of your over-enthusiastic friends saying how he made a lot of money, or you heard it from the media – probably putting Bitcoin in a negative light, focusing subjectively on the risks.
Following this, you are likely to take a skeptical stance towards Bitcoin or decide to ignore it. You might go ahead and decide to take the plunge (going straight to step 3) and learn more about Bitcoin, but it is more likely that you don’t fully understand Bitcoin or see it as a scam, or even worse a get-rich quick scheme.
Stage 2: Questioner
As you slowly hear about Bitcoin for the second and third time, you slowly start asking questions. You spend time understanding the current monetary and financial system, and realize the unfairness embedded deep into the system – which brings with it even more questions.
You see the constant inflation around you, and probably are in a constant state of battle to keep up your savings and investments with Bitcoin.
You look into the fundamentals of Bitcoin, it’s deflationary monetary policy and decentralized nature and understand how Bitcoin is bringing power back to the people, and is the far superior solution to save and invest in.
And yes, the numbers don’t lie. Bitcoin was the best performing asset of the last decade – far superior to how you’ve been saving, and your over-enthusiastic and risk-taking friends have made good on their investments thus far.
Perhaps, it is time to give Bitcoin a second chance.
Stage 3: Taking Action
You finally decided to take the plunge, and decide to invest in Bitcoin. Perhaps, starting off with a small amount so as to dip your toes in the water.
Now, there are 2 kinds of people that can be seen here: one, who invest in the start of a bull market and quickly see their investments rise and two, who invest at the top and are quickly frustrated to see their investment in Bitcoin lose value.
The first category of people may quickly shift to other altcoins in order to make even more quick money.
Either way, in time with a drop in the price of Bitcoin and other assets, you lose a significant amount of your portfolio due to a combination of greed and lack of knowledge.
And it is in bear markets like these, a lot of people lose faith in this space and give up on Bitcoin. The timing of the first big drop in the price of Bitcoin helps to sort out the investors who will go further and those who will drop off.
Stage 4: Increasing Knowledge Level
You stay on the journey with Bitcoin in possession and continue to deepen your knowledge of Bitcoin. The more you understand about Bitcoin, the more you realize that this path you are on is the right one and this is but a bump on the road.
The realization comes at different times for different people, but eventually you realize that Bitcoin is much more than an investment. You realize how Bitcoin has broader social and economic implications for the world – how it can act as a base layer upon which innovations can be built upon. You realize how Bitcoin represents a peaceful protest against an unfair monetary and financial system.
Eventually, you secure your Bitcoin on a hardware wallet and prepare to buy more Bitcoin.
Stage 5: Buy & HODL
Eventually, you reach a certain 3-step relationship with Bitcoin
- Buy BTC.
- HODL BTC.
- Repeat from Step 1
Month after month, you invest your hard-earned money to stack even more Bitcoin, on the road to financial freedom. As you do this, the price of Bitcoin keeps rising and falling through up and down cycles.
But having gone through drops in the past, you patiently HODL on. You are a believer in Bitcoin, and as every day passes – your confidence grows.
You slowly also try to get your friends and family into Bitcoin – often without much success. Eventually, you understand that each person has their own journey they must undertake and go through. All you can do is play your part and guide them on the way.
Stage 6: Bitcoiner
You have now reached the final stage of an ever continuing journey.
You are certain that Bitcoin is the future, and will play a prominent part in fixing a system that is currently flawed.
You detach yourself from the day-to-day price action, and stop looking at the prices. The price drops, and for that matter the price rises don’t have any effect on you.
You know that the price and potential of Bitcoin is yet to be unlocked, and you have a long-term mindset regarding Bitcoin. The days, months and years don’t matter. You are in it for the long haul.
You are a Bitcoiner.
As we end this, we’d like to know: What stage of the journey are you on currently? Did you have a different journey on the way to become a Bitcoiner? What stage are your friends and family on? What can we do more to onboard them to the Bitcoin revolution?