Bitcoin-glossary.com on Nostr: Is #Bitcoin fair? Becoming a Satoshi millionaire, despite the current high price ...
Is #Bitcoin fair?
Becoming a Satoshi millionaire, despite the current high price (~91.000 USD, 17.11.2024) is still a state that is achievable in someone's lifetime. At least if you are an average, young person living in a developed country with a job that provides you a decent income.
You need to invest roughly 910 USD at the current price during your whole lifetime to achieve that goal!
It is not easy, if you haven't implemented so far any habits to put money aside for saving and investing or if you aren't used to delay consumption into the future. Especially if you are trapped in the "rat race" with little time to think about other things than the next day, your job and personal problems.
Life passes by quickly. Those who managed to invest in the early times of Bitcoin a substantial amount of their savings and didn't sell on the way, are most probably in financial terms way better off than a couple of years ago.
Is this fair???
Well... This question firstly can be substituted by two more relevant questions:
1. Is life fair?
2. Should hard work, riskyness and dedication be rewarded higher than laziness, risk aversion and a lack of focus?
1.-> Life, looking from the perspective of a individual person, is not fair! One can not influence in which country or family he is born into, how rich they are and if he has some sort of limitations that might cause that daily things are more challenging for him than for others. BUT, most (not all) of the time, he can influence his faith, or at least manage how to react to it and live with it.
2.-> In my personal opinion, yes! One could argue with analogies of the animal kingdom, where just the fittest, strongest and and most dedicated animals are rewarded with a mating partner and food on the table.
At the bottom line, each decision is a two-sided coin. More risk means more return but also potential higher damage, if it fails. Risk, reward and the potential negative consequences should be granted to the individual who is eager to face them.
Is Bitcoin fair?
At the current point in time, most of the people around the world think Bitcoin is a scam, a pyramid scheme, that can be hacked by any institution or banned by the government.
In their perspective, people who got rich from Bitcoin a couple of years ago were just lucky. Those who are investing heavily right now are just crazy folks that do not understand how things work in life and will find this out by losing all of their investment (Spoiler: they might be the lucky guys in the next couple of years).
But being lucky might also be a result of constant trial and error, hard work (reading books) and failures (bad investment decisions) along a long journey.
Bitcoin in it's essence is neutral. It has no moral compass, does not distinguish between good or bad, right or wrong, fair or unfair. It is open for everyone and represents the antithesis in response to the current inflationary Central Banking System, that aims to manage and steer the monetary and financial system.
Bitcoin is still small and relatively irrelevant on the global financial landscape, but this could change sooner or later. For those who are willing to sacrifice present consumption and manage to acquire some Satoshis, they could be the lucky ones in the future.
Think for yourself:
- Quantify and rationalize the risk.
- Invest time in educating yourself.
- Write down your decision, and reevaluate it once a year.
- Most important: Stay calm and don't forget to enjoy life!
Follow me, leave me a like or #Zap me on valiantbeast71@walletofsatoshi.com
(By the way, if you would own 1 Mio Satoshis and all of the 21 Mio Bitcoin would have been evenly distributed among the world population, you would own the amount of Bitcoin of more than three people over their entire lifetime!)
Becoming a Satoshi millionaire, despite the current high price (~91.000 USD, 17.11.2024) is still a state that is achievable in someone's lifetime. At least if you are an average, young person living in a developed country with a job that provides you a decent income.
You need to invest roughly 910 USD at the current price during your whole lifetime to achieve that goal!
It is not easy, if you haven't implemented so far any habits to put money aside for saving and investing or if you aren't used to delay consumption into the future. Especially if you are trapped in the "rat race" with little time to think about other things than the next day, your job and personal problems.
Life passes by quickly. Those who managed to invest in the early times of Bitcoin a substantial amount of their savings and didn't sell on the way, are most probably in financial terms way better off than a couple of years ago.
Is this fair???
Well... This question firstly can be substituted by two more relevant questions:
1. Is life fair?
2. Should hard work, riskyness and dedication be rewarded higher than laziness, risk aversion and a lack of focus?
1.-> Life, looking from the perspective of a individual person, is not fair! One can not influence in which country or family he is born into, how rich they are and if he has some sort of limitations that might cause that daily things are more challenging for him than for others. BUT, most (not all) of the time, he can influence his faith, or at least manage how to react to it and live with it.
2.-> In my personal opinion, yes! One could argue with analogies of the animal kingdom, where just the fittest, strongest and and most dedicated animals are rewarded with a mating partner and food on the table.
At the bottom line, each decision is a two-sided coin. More risk means more return but also potential higher damage, if it fails. Risk, reward and the potential negative consequences should be granted to the individual who is eager to face them.
Is Bitcoin fair?
At the current point in time, most of the people around the world think Bitcoin is a scam, a pyramid scheme, that can be hacked by any institution or banned by the government.
In their perspective, people who got rich from Bitcoin a couple of years ago were just lucky. Those who are investing heavily right now are just crazy folks that do not understand how things work in life and will find this out by losing all of their investment (Spoiler: they might be the lucky guys in the next couple of years).
But being lucky might also be a result of constant trial and error, hard work (reading books) and failures (bad investment decisions) along a long journey.
Bitcoin in it's essence is neutral. It has no moral compass, does not distinguish between good or bad, right or wrong, fair or unfair. It is open for everyone and represents the antithesis in response to the current inflationary Central Banking System, that aims to manage and steer the monetary and financial system.
Bitcoin is still small and relatively irrelevant on the global financial landscape, but this could change sooner or later. For those who are willing to sacrifice present consumption and manage to acquire some Satoshis, they could be the lucky ones in the future.
Think for yourself:
- Quantify and rationalize the risk.
- Invest time in educating yourself.
- Write down your decision, and reevaluate it once a year.
- Most important: Stay calm and don't forget to enjoy life!
Follow me, leave me a like or #Zap me on valiantbeast71@walletofsatoshi.com
(By the way, if you would own 1 Mio Satoshis and all of the 21 Mio Bitcoin would have been evenly distributed among the world population, you would own the amount of Bitcoin of more than three people over their entire lifetime!)