Start with the why

In this article, Ketan takes you through the motivation to use Bitcoin as your monetary system.

Photo by Gia Oris on Unsplash

If you don’t understand the why of Bitcoin, there is no motivation to progress. You need the desire to escape the current financial system and do so with you being in control every step of the way.

Precoiners and newcoiners commonly arrive at the following conclusions, hindering their progression:

Precoiners (those yet to acquire bitcoins)
1. I don’t need Bitcoin, there’s nothing that needs fixing. I’m content with the money I earn. 
2. Bitcoin looks to be a scam or ponzi scheme.
3. A fixed supply of money can’t work. There’s not enough to go around.
4. Bitcoin isn’t distributed evenly enough. It’s in the hands of too few people.
5. I’ll wait for the next thing that will surpass Bitcoin and invest in that. I’m too late to the party.
6. It’s not Bitcoin, it’s Blockchain that’s the real innovation.
7. Bitcoin is slow and clunky. It can’t scale.
8. Government monetary policies are decisions that act in my best interests so that’s my default position.
9. Bitcoin is wasted electricity and harmful for the environment.

These statements are akin to the kinds of excuses I give for not going to the gym.

Once you’ve changed your mind about some or all of the above statements, there are more hurdles to deal with as a newcoiner.

Newcoiners (those who have newly started down the Bitcoin rabbit hole)

1. My coins are safely kept on a reputable long standing exchange. I’m happy to keep them in full custody with someone else, whom I don’t know, but think I can trust.
2. I’m happy with someone else’s Bitcoin node enforcing the consensus rules I agreed to and verifying my transaction balance and the bitcoins I have received and hold.
3. I’m happy connecting to other people’s nodes to retrieve information about the status of my transactions.
4. I’m doing my bit to help out Bitcoin by simply running a full node on my computer.

Most newcoiners won’t even be aware the above are problems in the first place.

These conclusions are harmful to your progression in properly transitioning over from your government issued shitcoins to Bitcoin.

If you’re a newcoiner, our workshops are designed to quickly advance you up that learning curve and take you to the next step.

If you’re just starting out, I recommend two quick resources to read. They’re short and sharp. There’s no fluff and they’re well worth the investment of your time.

  1. Wiz’s Why Bitcoin? Medium article
  2. The Little Bitcoin Book

You need the motivation to leave central banking and exit the financial system, and it’s not because you plan on doing something shady or illegal. Personally, I choose to exit because it’s difficult to plan for a future with key monetary decisions and rules being changed all the time. Decisions such as modern monetary policy, talks of negative interest rates, quantitative easing, financial surveillance, capital controls and control over assets don’t appeal to me as a solution for my long term financial well-being. It doesn’t exactly inspire much confidence either. I am also not keen on having my finances tracked, logged and sold to people I don’t know.

I need long term financial stability, irrespective of what governments decide. I need a financial system that sets rules, enforces them, and sticks to it for long periods of time. That system to me, is Bitcoin. I need to be able to plan a life ahead without worrying about what someone else decides is in my best interests financially. This is sovereignty. This is freedom.

Once you’re fixated on making Bitcoin a priority you want to voluntarily and peacefully participate in, you’ll have the motivation to do what it takes to become sovereign and immune to poor decision making from governments, central banks and financial institutions. Once you’ve understood the why and that there are no other viable alternatives other than Bitcoin, you’ll find yourself on a mission to learn with a sense of urgency.

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