As I went down the Bitcoin rabbit hole I discovered why bitcoin was created. It was invented by Satoshi Nakamoto. I beca

Author : 5fathy.ab
Publish Date : 2021-01-07 14:18:58


As I went down the Bitcoin rabbit hole I discovered why bitcoin was created. It was invented by Satoshi Nakamoto. I beca

Then I became overconfident and started buying all the small coins nobody had ever heard of. Most of those coins today are worth 80–90% less than what I paid for them. I see those investments as forced learning.

At the height of the cryptocurrency bubble in 2017 I made a decent amount of money quickly. Everybody was buying it. The IT guy at work who fixed my laptop for minimum wage was going all in. He was mortgaging his house to buy coins.

Then… it all came crashing down. The price of all cryptocurrencies collapsed. I’m not going to lie: it felt terrible. I sold a little bit of my portfolio so I only kept the profits invested. That way, I didn’t care what happened going forward.

I feel a bit like an ass when I write about money. Because the truth is I really don’t care much about it. There’s no physical possession I want that I don’t have. And that’s because there’s not much I want.

Like a good mentee I took the time to understand why. My mentor took me out to lunch one day at the cafe next to our office. They were accepting a new shiny orange currency as payment: Bitcoin.

In 2012 I was working in a bank. One day a call came through from a young entrepreneur. They wanted to sell what they described as internet currencies. It was my job to assess their application and either approve or decline their request.

I said to him “how do you know how much our sandwich costs?” He then attempted to explain to me how Bitcoin derived its value. It seemed as though, one minute the sandwich costs half a Bitcoin, and the next minute it costs a full Bitcoin. I was confused.

At the end of every month, I sit down at my computer and fill in a spreadsheet I keep where I track how much I’ve spent that month, how much I’ve saved, and what my net worth is currently at.

I feel a bit like an ass when I write about money. Because the truth is I really don’t care much about it. There’s no physical possession I want that I don’t have. And that’s because there’s not much I want.

Only weeks after, the finance industry banned all cryptocurrency. You couldn’t buy, sell or be a business that accepted digital currency. My mentor and I were devastated. Still, I held onto a few coins.

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Winter set in. People stopped talking about Bitcoin. People said it was dead. People said governments would ban it. Still, an underground community kept the flame of Bitcoin and Ethereum going. I decided to do a crazy amount of research into the field.

Not long after, one of my colleagues (turned mentor, who was more senior than me) overturned my decision and accepted their application. The company became one of the very first cryptocurrency exchanges.

20% of my money goes into Bitcoin and Ethereum, and it has for a very long time. I’m going to share with you why I do this, and how I came to make this decision. Before you think I’m crazy, at least take the time to understand why I do this, even if you have no intention of ever doing the same.

It was 10% cheaper to pay for my sandwich with Bitcoin than it was with dollars. The problem was buying Bitcoin was a pain in the butt. You needed to have a digital wallet and it was easy to lose your coins. My mentor bought some coins and paid for my lunch. I paid him back in dollars.



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