7 Bitcoin Lessons from a Crypto-Entrepreneur Who’s Been Around for 7 Years
“We will have at least another decade of this crazy rollercoaster”
Did you know that Coinbase’s co-founders met on Reddit?
They used to spend a lot of time in the r/Bitcoin community back in 2012. Nearly a decade later, their cryptocurrency exchange platform is worth $86 Billion. Crazy, right?
The story made me hop on r/Bitcoin to, see what it looks like a decade later. A quick scroll then I’d be out, I thought. I didn’t expect to bump on Godfree’s posts and spend two hours reading and rereading them.
Godfree is the founder of a Bitcoin start-up based in the Philippines. On occasions, he’d share lessons from his journey in the crypto-industry. “I grew many white hairs in the last 7 years,” he wrote in a viral post. “Bitcoin will keep surprising us.”
1. It’s not too late to join
The first thing Godfree said was “Stop thinking it’s too late.”
He recounted how 99% of his friends didn’t buy bitcoins at $200 nor $20,000. In both situations, they thought it was too late. “Don’t make the same mistake,” he wrote.
For him, Bitcoin isn’t a hype train. It’s more like a bus that goes around and back. Since more and more people are traveling down the cryptocurrency road, there are more buses, and nothing holds you back from catching one. You just have to be ready for a bumpy ride.
2. The past is gone so forget it
Whether you heard about Bitcoin in 2009 or 2021, it doesn’t matter. Focus on what you can do now, not what you’ve missed. Also, I know what you’re thinking and no. It’s not easy for me to say that.
I lost 1.54 bitcoins to a scam in 2020. That’s roughly $78,000. Gone forever. You could say I rode the wrong bus, but at some point, I got off to start a new journey. Sure, I still look back sometimes but I quickly bring my focus back to the present.
In Godfree’s words: “What should I do today, so that tomorrow, I won’t regret yesterday?”
3. Bitcoin is a remarkable phenomenon
Most of the noise around Bitcoin involves two words: “Dollars” and “Volatility.” Except, Bitcoin is more than that.
First, the decentralized nature of Bitcoin puts worldwide economic freedom within our reach. Second, Bitcoin proved that online communities are capable of real-life impact.
4. The show will go on
This lesson is the shortest. It’s also my favorite.
“We still have at least another decade of this crazy rollercoaster ride before Bitcoin starts to get even slightly boring. Just strap in and enjoy it.”
5. Watch out for hungry wolves and deadly traps
Whether you’re in or about to enter the Bitcoin world, keep in mind that it can be hostile.
There are scammers and hackers looking for ways to break into your digital wallet. There are also multi-billionaires ready to shake the entire market to serve their personal interests. And in between, you can find inaccurate and often misleading advice brought by clueless influencers.
Use approved platforms, keep your credentials safe, and double-check every piece of advice you see.
6. Make friends and enemies
In every adventure, you encounter fierce enemies and make life-long friends. The former taught Godfree resilience and how to be goal-centered. The latter brought him joy and exhilarating memories.
“ I have had a dedicated Buttcoiner hate group that created fake accounts similar to my name to try and embarrass me. Fake accounts, phishing, hacks, personal attacks,” he wrote.
“[But, most of my friends] are still sticking around, giving back, helping others, helping their communities, doing awesome shit,” Godfree added. “At the end of the day, life is all about the relationships you make along the way. Make sure they’re meaningful ones.”
Stand for something. You’ll make allies and foes, and both will make you stronger.
7. Take a deep breath
There’s tension around Bitcoin. Some expect it to reach $300,000 by the end of 2012. Others predicted a hard crash with no bouncing back scenario. In the meantime, your phone isn’t helping.
Our screens constantly chime with hyped tweets, harsh critics, predictions from pros, and personal opinions from amateurs. It’s easy to get flooded and forget to step back.
Make sure you keep your head above the surface. Turn off useless notifications, ditch clickbait content, and breathe. You’ll detach from external noise allowing yourself to be more objective in your judgment.
“When you’d rather have the truth, no matter how disappointing, over a false hope, no matter how desirable,” Godfree wrote, “then you will finally understand the true meaning of holding Bitcoin.”
Bitcoin is like blue jeans. Many people mistake it for fashion while it was invented to solve a problem.
The inventors of blue jeans gave farmers, cowboys, and miners the durable workwear they needed. Bitcoin’s founders saw an opportunity to free the economy from third parties like banks and governments.
It started as an idea written in a PDF and evolved into lines of code scattered around the globe. Twelve years of failure, sweat, and criticism later, Bitcoin and other cryptocurrencies started to make the headlines every day.
Don’t let these clickbaity headlines fool you though. The noise is only the tip of the crypto iceberg.
And cryptocurrency isn’t fashion. It’s the future.
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