Continue to accumulate and hold 1 BTC
The third thing to do to become a Bitcoiner: continue to accumulate and hold 1 BTC.
1 BTC is not too much, but not too little either. Currently, its value has exceeded 500,000 RMB per coin. Moreover, in this volatile market, it is not as easy as it seems to be to resist temptation and keep buying and holding. Only by doing it yourself can you truly understand the saying: hoarding coins is like being a widow.
I still remember when I first entered the crypto industry, like most investors, I didn’t understand the meaning of hoarding coins. Why hoard such a perfect speculative asset? Wouldn’t it be nice to buy low and sell high to make a profit?
For a while, I did this, always watching the K-line, buying and selling frequently, and even carefully analyzing the trend of Bitcoin every day and summarizing the market trend, as well as my own trading strategy and areas that need improvement and optimization. But after a period of time, in addition to paying tuition, I did not make money as I wished by selling low and selling high in this volatile market.
As I read more articles about Bitcoin and my understanding of Bitcoin continued to improve, I began to reduce my trading frequency, and the direct result of this change was that my losses began to narrow and even turned profitable. This also shows that this low-frequency trading strategy is more suitable for me. After a while, around 2020, I learned about the concept of hoarding coins. This time I learned that there was a group of people in the world who, like Pixiu, only bought and did not sell Bitcoin. It was also at that time that I began to have the idea of hoarding Bitcoin. Instead of being stuck in the quagmire of ups and downs every day, it is better to muster up the courage to buy and hold Bitcoin, and devote yourself to the Bitcoin experiment to see where Bitcoin will go?
Hoarding coins is not easy
So, in early 2020, I started to transfer the bitcoins I bought on the exchange to my own wallet. I still remember that my first transaction was to buy 0.26 BTC with about 3,000 U, and I immediately transferred it to my wallet. This was my first transaction on the chain, and I was very excited at the time, after all, from then on, there was a transaction of my own in the Bitcoin ledger...
In the following month, I bought some more BTC. Around April 2020, the balance in my wallet was about 0.46 BTC. In the middle, I experienced a new round of Bitcoin bull market. As the price of Bitcoin rose, I also stopped hoarding coins. Under the huge pump of altcoins, I was once again lost in the ups and downs of the market, and began to immerse myself in various fomo in the bull market. Today I rushed into DeFi, and tomorrow I participated in various IDOs, IEOs and various NFTs, and completely forgot about hoarding coins. Although the money-making effect of altcoins is higher in the bull market, I did make a lot of money through some new concepts and popular hype projects. The most impressive one for me was a Polkadot ecological project RMRK. I spent 2KSM to buy an NFT, and then airdropped the governance tokens. I sold these tokens almost at the highest point. This project brought more than 30 times the income. Of course, I also took advantage of some benefits of the popular DeFi liquidity mining. But these gains were eventually spit out after the market correction. It is more practical to hoard Bitcoin honestly.
It was not until May 2022, at the end of this bull market, that I started hoarding coins again. Finally, on July 31, 2022, I had enough to hoard 1 full Bitcoin. I am very honored to own 1/21,000,000.
For someone like me who doesn’t use all of my income to buy bitcoins (most of my income is turned over to support my wife, children, mortgage, and parents, it’s too hard for middle-aged people…), there is not much left after deducting my living expenses every month. I roughly calculated that 1/10 of my monthly salary can be used to buy bitcoins. So for me, it is really hard to hoard enough bitcoins. Looking back now, what makes me most happy about the process of hoarding bitcoins is not that I have achieved my goal, but the improvement of my cognition and the growth of my mind along the way.
Being able to hoard enough Bitcoin is inseparable from continuous and persistent learning.
Hoarding coins is more important than learning
Because only by constantly improving your cognition can you continue to hoard coins, otherwise you will give up halfway like most people. Just like me at the beginning, although I already had the idea of hoarding coins, during the execution process, due to the fomo sentiment and many temptations in the bull market, I also stopped hoarding coins for a while.
Fortunately, I have found my original passion for hoarding coins in the articles and books of various big names and returned to the right path. Here, I would also like to express my deep gratitude to the big names. The content they wrote is like a beacon in the dark night, illuminating my way of hoarding coins. If you also want to hoard coins, I recommend you to read them carefully. They will give you a new perspective on Bitcoin. A systematic understanding of Bitcoin is of great help to hoarding coins.
The first book I came across was Mastering Bitcoin, which explains all the technical details and implementation logic of the Bitcoin payment system in a simple and easy-to-understand way. Even if you don’t have a technical background, you can understand it. It is one of the best introductory books for a deep understanding of “what Bitcoin is”. This book also sparked my interest in Bitcoin and my admiration for Bitcoin technology. It also laid a solid theoretical foundation for me to hoard Bitcoin, because through it I learned that Bitcoin is technically impeccable and can fully realize its vision.
The second book that helped me the most was "The Bitcoin Standard", which explains why Bitcoin will become the currency of the future from the history of currency development and the impact of currency on human society. It refreshed my understanding of currency history and sound currency, and also made me understand many things that I couldn't understand before: why inflation is not a good medicine to stimulate the economy, why the economy is cyclical, and whether a fixed supply of currency will cause inflation. The book also explains many interesting things, such as how personal time preference affects the development of the economy and even society; high time preference will even affect marriage and fertility in the entire society, etc. Many views in the book have overturned my original knowledge. For example, we always stimulate consumption for economic recession, but we don't know that savings and investment are the engines of economic recovery, and stimulating consumption by increasing debt is just eating up the grain in the next year. It was also this book that made me more determined to hoard coins, and began to measure my wealth in Bitcoin.
Around 2022, I started reading the book "21 Lessons" on the recommendation of a community expert. It was originally written by the author to answer a question: What have you learned from Bitcoin? The book has a total of 21 lessons, answering this question from three aspects: philosophy, economics, and technology. These courses inspired me to think deeply about Bitcoin. For example, immutability, true scarcity, the existence of Bitcoin, and the limitations of knowledge, etc., made me understand Bitcoin while asking deeper questions: Bitcoin is not as simple as it seems! And most importantly, and what I empathize with is that the author wrote in the book: The goal of writing these articles is not to convince readers to accept any point of view. The author's goal is to trigger readers' thinking and show readers that Bitcoin is far more complicated than what they see. What exactly is Bitcoin? It requires every reader to explore it for themselves.
Recently, I read the book "Hoarding Bitcoin" by 9shen. It's amazing that I didn't read this book when I started hoarding coins, but I started reading this book after I had completed my hoarding goal. It is this magical experience that allows me to understand many of the views in this book more deeply. The words written by 9shen in the book are also a true portrayal of my personal hoarding of coins. Many views are my personal feelings about hoarding coins, especially the sentence: "There are coins in my hands, but no coins in my heart." There is a sense of returning to nature. Although I have coins, I will not show off, nor do I want others to know that I have coins, and I will not persuade my friends around me to buy coins like a cx leader. It's good for you to know about hoarding coins.
Before, I had imagined how happy I would be after hoarding 1 Bitcoin. But I wasn’t that excited after hoarding enough. On the contrary, the improvement of my knowledge during the process of hoarding Bitcoin is what I personally think is the biggest gain and the most valuable wealth. I have to thank Bitcoin for all this. Bitcoin has changed me and allowed me to observe the world from another perspective, and this perspective allows me to see the world more clearly and thoroughly.
Hoard coins, you will pay the price if you miss it
I believe that many veterans in the industry have gone through these stages. When they understand the technical principles of Bitcoin, they think Bitcoin is awesome. But after they get in touch with blockchain, they think Bitcoin is outdated and blockchain is the future. And after experiencing a bear market, they will find that blockchain is a scam, Bitcoin YYDS! So there is the following magical cycle in the currency circle:
BTC Hodler Create Good Time
Good Time Create Shit Coin
Shit Coin Create Hard Time
Hard Time Create BTC Hodler
I also went through such a growth process. When I first understood Bitcoin, I thought it was awesome. But after I read about various blockchain technologies, especially when various new concepts started to attract investors, I thought Bitcoin was outdated. Later, when the trend of investors receded, I realized that Bitcoin was not as simple as it seemed at first, and I understood it better. When we woke up, we found that we had missed the opportunity to buy Bitcoin. Perhaps this is the price we have to pay for growth.
Let’s get started
People always ask, when is the best time to buy Bitcoin?
There are only two best times to buy Bitcoin, one is 10 years ago and the other is now. So start now and accumulate and hoard 1 Bitcoin. Of course, you will definitely encounter various challenges and difficulties in the process. Market fluctuations may make you panic. You may feel excited when the price goes up and feel scared when the price goes down, which is very normal.
However, as a true Bitcoiner, you need to learn to overcome these emotions. No matter how the market changes, you need to stick to your investment strategy and transfer a portion of your wealth and value to the Bitcoin network every month.
In addition, you also need to learn patience. Accumulating Bitcoin is not something that can be done overnight. It takes time and perseverance. It may take you several months or even years to accumulate 1 Bitcoin. However, as long as you are patient and as long as you stick to it, you will eventually reach your goal.
Finally, and most importantly, keep learning. Only by constantly improving your knowledge can you hold and persist in holding Bitcoin. I also wish everyone can achieve their goal of hoarding Bitcoin as soon as possible.
Nick, an ordinary person who strives to become a Bitcoiner
