MustHaveMoreSats on Nostr: Perfect Money, Perfect Discipline: Bitcoin Tought Me How To Save Before finding ...
Perfect Money, Perfect Discipline: Bitcoin Tought Me How To Save
Before finding Bitcoin we could never seem to save any money. But we found it and it changed our time preference.
Having a low time preference is a crucial mindset for achieving financial stability and security. It means prioritizing long-term goals over immediate gratification and being willing to delay spending to save and invest for the future. 1700 Satoshis for a candy bar today will almost certainly afford more candy bars in the future. Bitcoin's scarcity, divisibility, and durability make it an ideal store of value for those seeking to adopt a low time preference. By holding a currency with a fixed supply, individuals are incentivized to save rather than spend. Bitcoin challenges one's perspective on the importance of a purchase. Will I sell? Yes, I have in the past. The last time my family sold Satoshis was to cover the cost of repairing our flooded basement. We sold 2% of our stash to do so. There is nothing wrong with selling Bitcoin to buy something. Convert it to fiat and ensure you report the loss or gain on your taxes. It's your property; you can sell it. The point here is that Bitcoin is superior savings technology, protecting one's purchasing power over time. So, don't save in fiat; save in Satoshis. If given the chance, Bitcoin will alter a person's time preference, thus creating an incentive to save. More often than not, I still pass on the candy bar and stack some Sats instead.
TLDR:
Bitcoin's unique properties as a store of value, particularly its scarcity and durability, incentivize individuals to adopt a low time preference, prioritizing long-term savings and financial security.
Before finding Bitcoin we could never seem to save any money. But we found it and it changed our time preference.
Having a low time preference is a crucial mindset for achieving financial stability and security. It means prioritizing long-term goals over immediate gratification and being willing to delay spending to save and invest for the future. 1700 Satoshis for a candy bar today will almost certainly afford more candy bars in the future. Bitcoin's scarcity, divisibility, and durability make it an ideal store of value for those seeking to adopt a low time preference. By holding a currency with a fixed supply, individuals are incentivized to save rather than spend. Bitcoin challenges one's perspective on the importance of a purchase. Will I sell? Yes, I have in the past. The last time my family sold Satoshis was to cover the cost of repairing our flooded basement. We sold 2% of our stash to do so. There is nothing wrong with selling Bitcoin to buy something. Convert it to fiat and ensure you report the loss or gain on your taxes. It's your property; you can sell it. The point here is that Bitcoin is superior savings technology, protecting one's purchasing power over time. So, don't save in fiat; save in Satoshis. If given the chance, Bitcoin will alter a person's time preference, thus creating an incentive to save. More often than not, I still pass on the candy bar and stack some Sats instead.
TLDR:
Bitcoin's unique properties as a store of value, particularly its scarcity and durability, incentivize individuals to adopt a low time preference, prioritizing long-term savings and financial security.