Moe on Nostr: During the end of my haircut this afternoon, my barber brought up #Bitcoin. He asked, ...
During the end of my haircut this afternoon, my barber brought up #Bitcoin. He asked, "Do you know anything about Bitcoin?" I couldn't help but smile and replied, "A little bit, why?" He then mentioned, "I saw the halving is coming up in a few days, should I buy some now or wait?"
After some discussion, it became evident that he thought the price of Bitcoin would be cut in half during the halving. I took this opportunity to explain what actually occurs at the halving without diving too deep into technicalities. I explained that there will only ever be 21 million Bitcoin, unlike the government's ability to print infinite dollars, which he connected to inflation.
To illustrate, I pulled up the #BTC-USD price chart and showed him the spikes that happen with each halving, cautioning him to expect short-term volatility. I shared that personally, I am holding Bitcoin for the long term and am curious to see what happens in 5, 10, or 20 years.
Realizing I was the last customer and he was finishing up cleaning the shop, I didn't want to take up too much of his time. I encouraged him to text me if he had further questions. I also offered wallet suggestions in case he didn't have one, mentioning that I would tip him in Bitcoin next time I visited.
Reflecting on the conversation later, I found it challenging to explain with enthusiasm while also conveying the risks involved. I emphasized that Bitcoin investments are not without risk, and I would hate for someone to lose money based on a brief conversation we had.
We are still early.
After some discussion, it became evident that he thought the price of Bitcoin would be cut in half during the halving. I took this opportunity to explain what actually occurs at the halving without diving too deep into technicalities. I explained that there will only ever be 21 million Bitcoin, unlike the government's ability to print infinite dollars, which he connected to inflation.
To illustrate, I pulled up the #BTC-USD price chart and showed him the spikes that happen with each halving, cautioning him to expect short-term volatility. I shared that personally, I am holding Bitcoin for the long term and am curious to see what happens in 5, 10, or 20 years.
Realizing I was the last customer and he was finishing up cleaning the shop, I didn't want to take up too much of his time. I encouraged him to text me if he had further questions. I also offered wallet suggestions in case he didn't have one, mentioning that I would tip him in Bitcoin next time I visited.
Reflecting on the conversation later, I found it challenging to explain with enthusiasm while also conveying the risks involved. I emphasized that Bitcoin investments are not without risk, and I would hate for someone to lose money based on a brief conversation we had.
We are still early.