Nicholas Antonopoulos on Nostr: A Newcomer’s Perspective on Bitcoin What is the value of Bitcoin? Very simply: the ...
A Newcomer’s Perspective on Bitcoin
What is the value of Bitcoin? Very simply: the idea. The idea is what drew me into Bitcoin and I have stayed for the philosophy (and number go up). The brilliance of Bitcoin is that while I impatiently wait for the number to go up, I build my conviction through hundreds of hours of podcasts, diving deep into the philosophical principles held therein.
One could argue it is perhaps a self-serving delusion, especially considering its monetary implications–yes, I check the Bitcoin price on Coinbase at least a few times an hour, and yes I use Coinbase and don’t self-custody yet, don’t kill me–but it feels much deeper than that. I have listened jealousy to podcasters extolling the virtues of Bitcoin, sometimes dismissing their opinions and persuasion because they just happened to buy Bitcoin early, but this misses the point. These people have been rewarded for their conviction. However, this argument of a lucky bunch saying how great and life-changing Bitcoin has been because they got in on it early must be taken seriously. Newcomers and normies are likely to treat this bunch with hostility, as they see it as a lucky investment. I know I did, and let's be honest, it is easy for you to espouse the greatness of Bitcoin, because it has already worked for you.
There will be a wave of newcomers like myself who come to Bitcoin with the expectation of exponentially growing their money. For years I heard about Bitcoin and listened to random podcasts talking about it, but there was one problem; I didn’t have any money to put into it. Most people think you can only buy a whole coin, I did, and even when I discovered you could put any amount of money into it, I still didn’t. Because what is a measly $100 dollars worth putting into Bitcoin? I had no savings to even think about buying Bitcoin, nevermind an index fund. I didn’t even know what an index fund meant (and still don’t really) a year ago. However, I was lucky to come into a decent chunk of money after my grandfather passed away. Only then did I jump on the opportunity to buy Bitcoin, and of course bought the top of this latest bull run in 2024. Now I am waiting for my faith to be rewarded.
I am not just here for number go up, but it sure as hell is a big part of it. I find the whole ecosystem of Bitcoin fascinating. I find the ideas extraordinary and I want to be a part of seeing them manifested. However, the store of value proposition is paramount for me at the moment, as it will be for most newcomers to Bitcoin. The assumption that everyone who buys Bitcoin will be orange-pilled seems false. Most people will not care about the Libertarian ideals attached to Bitcoin, the real power is in the time they will gain. That is what we are buying with Bitcoin: time. Time to have enough savings to not work your life away. Time enough for a writer like myself to actually spend his working hours on the next book, not running a painting business just to make ends meet.
My creative mind yearns for the ideas being thrown around in the Bitcoin space. It is an inspiration for me, but most people are not like me and will not be drawn in by the philosophy. Most people just want to get by, and right now Bitcoiners seem to be ignoring those very people who will bring about a hyper-Bitcoinization world. This seems to have always been a bottom-up movement, but the bottom feels as though they are priced out. The way to truly get these people on board, in my opinion, is by telling them to use Bitcoin as a small savings account and explain how they are being robbed by inflation. We now live in a time when inflation is obvious to everyone, and we need to explain how inflation is robbing them via the money printer. Let them build their conviction first through this understanding and then remind them of the virtues of having low time preference, however meager the manifestation of that preference may be. Let them use Coinbase for chrissakes, just get them in first, then badger them about self-custody.
The truth is that however appealing number go up is, it always comes at the expense of excess envy from those who see their number stay stagnant, or go down. We need to eliminate that envy by extolling the virtues of an honest ledger, a sound inflation-resistant money, and then, much further down the line, the power of self-custody. The idea of Bitcoin is why it is so successful, it is like a virus with no vaccine. I still have many questions, like how will it scale? I cannot fathom it as the best store of value ever created, and a means to buy a breakfast sandwich in the morning. Let it be a secure store of value, a scarce asset, for a long time. Don’t confuse people by claiming it will be the world’s currency, that is too daunting an idea for the average person to wrap their head around. Let it be the ultimate savings account, let Ethereum or stablecoins be the checking account.
While I wait for my number to go up, I will continue to stack Sats and build my conviction further by combing through the archives of “What is Money” and “What Bitcoin Did” and all the other superfluous podcasts, because honestly, I still cannot get enough. Hopefully in the next four years my conviction will be rewarded and I can buy the time I so desperately need and want, and if my number doesn’t go up, well, I can always blame you guys, the disciples of a false-prophet.
What is the value of Bitcoin? Very simply: the idea. The idea is what drew me into Bitcoin and I have stayed for the philosophy (and number go up). The brilliance of Bitcoin is that while I impatiently wait for the number to go up, I build my conviction through hundreds of hours of podcasts, diving deep into the philosophical principles held therein.
One could argue it is perhaps a self-serving delusion, especially considering its monetary implications–yes, I check the Bitcoin price on Coinbase at least a few times an hour, and yes I use Coinbase and don’t self-custody yet, don’t kill me–but it feels much deeper than that. I have listened jealousy to podcasters extolling the virtues of Bitcoin, sometimes dismissing their opinions and persuasion because they just happened to buy Bitcoin early, but this misses the point. These people have been rewarded for their conviction. However, this argument of a lucky bunch saying how great and life-changing Bitcoin has been because they got in on it early must be taken seriously. Newcomers and normies are likely to treat this bunch with hostility, as they see it as a lucky investment. I know I did, and let's be honest, it is easy for you to espouse the greatness of Bitcoin, because it has already worked for you.
There will be a wave of newcomers like myself who come to Bitcoin with the expectation of exponentially growing their money. For years I heard about Bitcoin and listened to random podcasts talking about it, but there was one problem; I didn’t have any money to put into it. Most people think you can only buy a whole coin, I did, and even when I discovered you could put any amount of money into it, I still didn’t. Because what is a measly $100 dollars worth putting into Bitcoin? I had no savings to even think about buying Bitcoin, nevermind an index fund. I didn’t even know what an index fund meant (and still don’t really) a year ago. However, I was lucky to come into a decent chunk of money after my grandfather passed away. Only then did I jump on the opportunity to buy Bitcoin, and of course bought the top of this latest bull run in 2024. Now I am waiting for my faith to be rewarded.
I am not just here for number go up, but it sure as hell is a big part of it. I find the whole ecosystem of Bitcoin fascinating. I find the ideas extraordinary and I want to be a part of seeing them manifested. However, the store of value proposition is paramount for me at the moment, as it will be for most newcomers to Bitcoin. The assumption that everyone who buys Bitcoin will be orange-pilled seems false. Most people will not care about the Libertarian ideals attached to Bitcoin, the real power is in the time they will gain. That is what we are buying with Bitcoin: time. Time to have enough savings to not work your life away. Time enough for a writer like myself to actually spend his working hours on the next book, not running a painting business just to make ends meet.
My creative mind yearns for the ideas being thrown around in the Bitcoin space. It is an inspiration for me, but most people are not like me and will not be drawn in by the philosophy. Most people just want to get by, and right now Bitcoiners seem to be ignoring those very people who will bring about a hyper-Bitcoinization world. This seems to have always been a bottom-up movement, but the bottom feels as though they are priced out. The way to truly get these people on board, in my opinion, is by telling them to use Bitcoin as a small savings account and explain how they are being robbed by inflation. We now live in a time when inflation is obvious to everyone, and we need to explain how inflation is robbing them via the money printer. Let them build their conviction first through this understanding and then remind them of the virtues of having low time preference, however meager the manifestation of that preference may be. Let them use Coinbase for chrissakes, just get them in first, then badger them about self-custody.
The truth is that however appealing number go up is, it always comes at the expense of excess envy from those who see their number stay stagnant, or go down. We need to eliminate that envy by extolling the virtues of an honest ledger, a sound inflation-resistant money, and then, much further down the line, the power of self-custody. The idea of Bitcoin is why it is so successful, it is like a virus with no vaccine. I still have many questions, like how will it scale? I cannot fathom it as the best store of value ever created, and a means to buy a breakfast sandwich in the morning. Let it be a secure store of value, a scarce asset, for a long time. Don’t confuse people by claiming it will be the world’s currency, that is too daunting an idea for the average person to wrap their head around. Let it be the ultimate savings account, let Ethereum or stablecoins be the checking account.
While I wait for my number to go up, I will continue to stack Sats and build my conviction further by combing through the archives of “What is Money” and “What Bitcoin Did” and all the other superfluous podcasts, because honestly, I still cannot get enough. Hopefully in the next four years my conviction will be rewarded and I can buy the time I so desperately need and want, and if my number doesn’t go up, well, I can always blame you guys, the disciples of a false-prophet.