The Bitcoin Plan

To know your past, is to see your future.  To change your future, requires changes be made starting today. Bitcoin has changed my financial life forever in so many ways, and I am sure that many of you are just like me.  Even if bitcoin were to go to zero, I would be okay.  But it won't, in-fact, it will go places most of us could never have imagined.  Most people get into bitcoin for the potential financial gains, but many are surprised to see that bitcoin has changed them.  The way they think, their outlook on life, how they value money and purchasing items, and much more.  There is a before bitcoin, and after. They are never the same again.

Unfortunately these amazing changes only happen to those who do open up their mind to bitcoin.  The people who go deep down the rabbit hole, not knowing where it will lead them.  It's these people who took a risk, and had an open-mind that have been rewarded.  Those who HODL through the euphoric times and also the difficult days that will be able to watch their portfolio value increase, and life fortunes look much brighter too. 

But, those amazing changes don't happen to everyone.  The people who are quickly in and out of bitcoin, trying to get those quick profits that will quickly be put towards their newest purchase.  Not researching what they are putting their money towards and just following the recent trend.  Unfortunately for them, things will still the same.  Life in the rat race, working the 9 to 5, spending money on things they don't need and then wondering why they can't save any money.  Wondering why things never get easier for them.

This article will tell you how it really is.  I won't shy away from telling the hard-to-hear facts.  Years ago I used to be just like that last group that I described.  It wasn't a great place to be.  And that is why this article is of importance, getting into bitcoin being even more important.  Now matter how grim things may feel, you can change things.  If I was able to do it, so can you.  But you have to start changing today.  Bitcoin may or may not make you rich, but having the bitcoin state-of-mind will put you on the correct path.

I call this "The Bitcoin Plan."

Getting rich is almost never an instant type of event.  Building wealth that lasts takes a long time.  Nothing has taught me that like accumulating bitcoin.  For most people accumulating bitcoin also takes a long time.  Accumulating a full bitcoin requires a significant amount of patience, mental strength,  money, budgeting, time and endurance, setting goals and having conviction.  All traits that are required to become rich and needed in any form of investing.  Even if bitcoin's price were to go to zero; having acquired these skills would still give you all the tools you need to become wealthy.  

Patience.  This can be a difficult one.  We would all like bitcoin to go to one million per coin this week.  But that's improbable, and prices being low gives you an ever greater chance to accumulate more.  Something that will help you even more when the prices do eventually increase. This goes along well with having mental strength as well.  Your mind will never be tested like it will be on days that bitcoin's price tanks.  You will begin to reconsider why you ever got into this market.  Did you make the correct the decision? Perhaps you should just cut your ties and sell while you still can.  While this happens in all markets, the volatility is much higher with bitcoin.  After surviving a cycle in bitcoin, your mind will be mentally strong enough to survive anything.  Not only that, but it has helped my stress levels outside of investing as well.  Work problems feel smaller.  Other stresses become smaller too. After all, if you can survive watching your portfolio shrink by 50% in a few days, you can take on any problem.

Money. We are all slaves to money no matter how much we don't want to admit it.  We trade our time for it, we stress about not having enough, or owning other people too much money. We dream how life would be much easier if we could just have a little more of it.  All of those things said, it does take money to buy bitcoin.  Just like with all investing; it takes money to make money.  If you are wanting to become rich by investing into bitcoin, you will also need to put a lot of money into it.  Sure you could get a quick gain out of some meme coin.  But those coins will not last. They will fall, and they will fall fast.  Bitcoin is an asset that most likely will stand the test of time, especially in regard to the cryptocurrency market.  The price tag of bitcoin at the time of writing this article is approximately $33,400.  To most people that seems like a lot of money, and seems like an impossible price for them to be able to accumulate at.  But remember, you can buy just a small percentage of bitcoin.  This is where patience comes into play.  You want to be investing into never-sell type of assets. Blue chip assets.  That is what bitcoin is.  Even for me, the price of bitcoin is a lot of money.

That is where budgeting comes into play.  If you are anything like me, investing into bitcoin will become somewhat of an addiction.  You will begin to view purchasing items you don't need as a waste of money.  Perhaps even beginning to think that investing into other assets isn't as good as just putting the money into bitcoin.  You will be wanting to maximize the amount of bitcoin you can buy each week.  This will require you to budget.  Cutting back on clothes, name brands, even entertainment purchases.  You might even begin selling items around the house that aren't need.  After investing into bitcoin for a while; you will begin to not look at the current price, but you will be to think in just SATS.  If not just in SATS, you will possibly think of the future price.  My $500 today invested could become $5,000 in just a year.  By doing this I was able able to put much more into bitcoin than I initially thought possible. And this helped me to accumulate bitcoin at a fast rate.

Time and Self-Restraint. These heavily coincide with having patience and mental strength, but I prefer to separate them.  Most people that have become successful from investing into bitcoin throughout the years have had two things in-common.  They had a very low-time preference, and they also had amazing self-restraint.  While just like I mentioned above; it is entirely possible to make a decent amount of money by timing the market and only participating in it for a very short time.  The real wealth event occurs the longer that you hold.  Everything that bought bitcoin during the last cycle, even at the very pick, are all in profit today.  The key is if they were able to hold onto their bitcoin to achieve those profits.  This has been the case during every cycle.  Sure you may buy and suddenly see that the price has dropped far below your purchase level.  You will feel emotions to sell, and cut your losses.  On the flip side.  When prices finally do increase and put you in the profit zone; you will begin to feel an urge to sell.  But by selling too early; you will be missing the greatest wealth transfer in recent memory.  The way that I think about it is that my bitcoin is untouchable.  Once I buy it; it is locked away, almost like I don't own anything.  It will remain locked up until it reaches my overall price target, or I may never need to sell it.

Setting goals. This plays well with what I was just saying. If your goal is to someday eventually cash out of bitcoin; you need to set goals for what you hope to achieve.  It could be reaching a certain amount of money, being able to pay off all of your debt, buy a house and the list goes on.  Once it has reached your goals, don't be afraid to actually follow-through on the what you promised to do.  It is no sin to sell off bitcoin to drastically improve your life.  Just don't miss your chance.  By learning how to set goals, this will help you in all avenues of your life.  Going after that next job promotion, saving money, learnings new skills, achieving things around the house.  The list goes on.

Having Conviction.  I find this to be one of the most important things that you will learn from being in bitcoin.  People who have gone down the rabbit hole, have put in the time and research.  More often than not, these people will come to the conclusion that bitcoin will change the world.  The only problem is that the people around you will look at you like you're crazy.  You will see constant FUD on the news and internet.  You must remember why you believe in bitcoin, and you have to learn to be able to stand out from the crowd.  Believing in yourself, and a great cause.  This trait has done wonders for me, and I'm sure it will do the same for you as well.

Yes, bitcoin can make you rich.  But there are so many ways that it changes us, and we are better off for it.  I am convinced that even if bitcoin were to go to zero, using the traits listed above; a lot of us hardcore bitcoiners would be okay.  A person may get lucky here and there, but having the tools necessary will make it a whole lot easier!

How about you?  How has being into bitcoin changed you?  Which trait do you think is the most important?

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As always, thank you for reading!