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Navigating Bitcoin’s Harsh Realities

Bitcoin has some harsh realities. It’s wise to acknowledge them.

Photo by Alexander Andrews on Unsplash

As we learn and navigate our way around this new frontier of money, it’s important to acknowledge some of the harsh realities of the situation we find ourselves in.

You have probably come to Bitcoin because you have specific outcomes you wish to achieve that the legacy financial systems simply do not provide. As a result, you have voluntarily made the decision to participate in this global network. Bitcoin is first and foremost a voluntary participation.

Trade offs exist

Secondly, it’s important acknowledge that any practical application of Bitcoin has associated trade offs. There is no ‘perfect’ application of Bitcoin. Bitcoin in itself is not ‘perfect’. Anyone who tells you otherwise is doing so either out of (at best) naivety or (at worst) malice. Be wary of those who are unable to clearly articulate the trade offs of their products and services. There are no perfect solutions without associated trade offs. It is your responsibility to seek them out.

Do your own research

Our coaching sessions are designed to assist in your informed decision making on what to do with your money and to supplement your own research. A session may bring to light information you may not have considered or understood properly. As a result, it should prompt you to do your own research on products, services and projects that you want to utilise. Accordingly, understand the trade offs in the context of your security, privacy and sovereignty. All organisations and individuals (including Ministry of Nodes) offer one view in a sea of thousands.

We don’t know what we don’t know

In this new frontier of money, change is constant. Breakthroughs in technology, changes in people’s attitudes or new research highlighting deficiencies can occur. What we advocate the use of today may not be what we advocate tomorrow. Your decisions need to be reviewed and evaluated periodically according to these circumstances.

Personal accountability

As a financially free sovereign individual, the onus is on you to keep up to date with monetary matters and make your own decision on them. No individual or company can do this for you as best as you can, but only if you are informed and up to date. Consequently, this is the price you pay for freedom. Freedom does not come free. Personal responsibility should not be abstracted away or outsourced. Keeping your eyes and ears closed is how you end up back in master/slave relationships.

Be aware of conflicting views

Understanding Bitcoin is not easy. There are conflicting views everywhere. Here are a few examples.
– Going seedless vs having seed recovery words
– Metal plates for longevity vs laminated paper seeds for taking it through airport security
– Using Bitcoin Core directly vs Electrum style setup for hardware wallet integration

The right answer? It depends. Depends on what? That’s up to you to research based on your personal circumstances, capabilities and limitations. We can point you to guides and books that may assist, but again, that’s just one view in a sea of thousands. It is your call what you do with your money.

Conclusion

Bitcoin is fundamentally different and therefore requires a different approach. A bitcoin transaction cannot be reversed. There are no super user admin privileges. No exceptions. There is no official help desk, CEO or government agency you can call for help. What is available is sovereign individuals acting in their best interests. It might be wise to understand that.