Taking Baby Steps Into Bitcoin

in HODLlast month

Hey Jessovereign individuals

As I continue to pile into Bitcoin, I've noticed more and more people starting to ask me questions about the technology. I've given up my evangelistic approach to cryptocurrency, and I've realised that even though I feel this tech will change the world, others don't, or rather most don't.

Despite the economic issues we currently have, we live in a world where many people happily see fiat to transact, despite its apparent shortfalls. As I learned more through my research, I become more bullish and realised it doesn't matter what I say the protocol will continue to do what it's meant to do.

In the beginning, I was a bit of a loudmouth, probably to try and prove something to myself, that I am making the right decision. No one wants to invest in the wrong thing, so we don't want to hear the bad news and only push out the good news.

Less talk more stacking

As I continued to buy more BTC and learn more, I became less of a loudmouth; I needed less validation, the chain did that. I'm at this point now where the asset class is too big to fail and will only mature; most tokens will die, that's a fact, its part of doing business.

The crypto space is still a microcap in terms of an asset, and it's got plenty of upsides and also volatility to weather. So since this is the beginning, it means mistakes aplenty and cost us a little, and we are all going to make mistakes.

Mine so far was trying to shout off the rooftops about how great this tech is and trying to get people involved. Those who want it or need it will find it, and as long as they know you're an expert in the space or a user, they'll eventually seek you out.

Talking to as we like to call them normies or no-coiners, I find that the BTC rabbit hole is overwhelming to many, and most don't care to know everything. We're never going to have a world full of Bitcoin purists, and you'll find out how deep you want to go as you continue along.

So what I've begun to do with those who ask me about BTC is come up with six steps and see how far they are willing to go.

Bitcoinbabysteps.png

Learning

The first step is naturally learning, it may not cost them money, but it costs them time. Learn about what its about, where to find the price, where to see transactions, where to buy BTC, how to trade fiat for BTC and back and also your wallet options.

The more they learn, the more you can see if this is something that they think is worth their time, and you can lead them further along.

Most people you talk to will stop here, so don't take it personally and don't try to fight it. It's their time, and their choice, that's how you got to BTC of your free will so allow others the same path.

Buying

Of those that do take a step further, they most likely want to buy only to sell at a higher price later and get more fiat. Most of those who come to me and ask about Bitcoin want to know how they can make money from it; they're still mostly going to be fixated on the fiat price and how quickly they can swap in and out of the asset.

If that's what they want to do fine, show them the way to custodial exchange, let them know of the dangers of custodial services and then allow them to buy and sell their BTC with these services as they please.

Storing

A tiny few will trickle through to this point, here are those who understand inflation, they're looking for a hedge and want to have a position in something different. Here you can teach them about custodial wallets, hot wallets, private keys, and how to use them.

Eventually, you can move them on to cold storage or multi-sig solutions to store their BTC, especially if its a massive amount they want to invest.

Using

BTC is by no means a dead asset, its actually a gateway to wider crypto world. Once you've got a user to store BTC and they would like to see how they can use it. Show them some of the various dapps and projects using BTC and accepting BTC and give them a taste of how you can spend it in this new digital economy.

Earning

Some Bitcoiners may feel they don't only want to sit on the asset and would like to use it to earn an income. As the DE-FI and CE-FI space heats up, you can take them through all the options on how you can leverage your BTC to earn an income.

Running a node

Most of those you encounter will never get to this point, but I think it's an important one none the less. While mining may be out of the question for all retail miners. However, you can run a node to support the network and provides you with more privacy and security. Additionally, you can also encourage them to set up a lightning node to help support second-layer scaling solutions.

The hole runs deep

As you can see the journey into BTC will be different for everyone and at some places people will fall off, that's natural. As long as those who go the distance help the rest find where the will be most comfortable, then that's all that matters.

Have your say

What do you good people of HIVE think?

So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."

Let's connect

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The technology is stable and does what is supposed to do, transfer value to anyone in the world, blockchain 1.0 in full action.

I like that approach blockchain 1.0 and that's all it needs to do, the rest of blockchain 1.2 can figure out how to add new features that users will need while BTC acts as a buffer between the worlds

Same here with the evangelising bit. How I see it, Normies should be paying us for the information we give them.

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Lol totally, we should be monetising our knowledge that's why we blog here too because we know what we talk about has value. I am starting Bitcoin classes for companies which I plan to launch before the end of the year

Solid idea, is it going to be online classes? !ENGAGE 20

No, it's in-person sessions that companies book with me and I take them through BTC works and how to use it and shill the eBook I'm busy creating

Very nice. Is the crypto market buzzing in SA?
In Nigeria, it is mostly get rich quick scams

Posted Using LeoFinance

Slowly yes, most of it here in Cape Town so we have Newton Partners that is a VC investing in crypto projects, we have Luno a massive exchange that was now bought by a NYC holding company. We have a few other exchanges and investment companies springing up now, I am working with one at the moment

There are indeed scams I know of 2 that 3 that claimed to be Bitcoin trading but its a load of BS, so not totally legit here, but its starting to take hold

Nice. I know Luno, they have a branch in Nigeria. Do they offer remote jobs? I'm looking out for opportunities

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No they don't do remote work, I tried working for them in the early days when they were still called BitX, but once they got funding it was all about the permanent staff, but with all, that's going on now it might change.

I did get a call from paxful this month, they looking to expand in Africa, I think it would be worth chatting to them, they are hiring remote workers

Thank you for your engagement on this post, you have recieved ENGAGE tokens.

People bought to get rich and stay for the philosophy/technology I guess .

@tipu curate

Upvoted 👌 (Mana: 14/21)

well if 60% of BTC doesn't move, they clearly holding on for some reason either riches or they want to provide a floor that sees this tech thrive

Here is BUYING the first step. I think 75 % of swedes owning btc does not care about the learning point at all. THey just see the value go up over time and want to invest in the FUTURE-TECH-THING
And USING well that is absolutely the last point. If you are not a criminal or a nerd like me.

Lol I guess they lucky the krone still buys you something so they can speculate in BTC for some of us BTC is the stable currency lol. You say Swedes are starting to HODL that's a good sign though, once you get a taste of BTC, some will tend to want to go see more, just like you did! Do Swedes also mine BTC? I heard because of the cold and sometimes surplus electricity there some people say its good for mining

You can do mining yes. But If you Tell texdepartment that you are doing it you Will get a... hard life.
A Couple of companies has close down.
But in small scale yes it is possible.
I did use mining dash in My last office. Just now I dont have an office so no more dashmining. I gave the miner to a friend.

Ouch that sucks, here it’s too expensive to mine because of the cost and availability of electricity so people don’t do it, maybe the last time was 2016 but not many still do it now unless it’s maybe dash or monero

I wonder which countries are the best for miners legally and cost wise

Hi. Do you some way to get in contact with spinvest in discord? I have asked two questions in blogpost last days but no answer. This time I do not see my name at the lottery where I suppose to win your tokens :-)

You can find their discord here always check out LeoPedia before you ask questions - https://leopedia.io/spinvest-a-tokenized-investment-club-on-hive/

!BEER Thanks !


Hey @chekohler, here is a little bit of BEER from @minimining for you. Enjoy it!

Learn how to earn FREE BEER each day by staking your BEER.

i don't care about other but i think bitcoin is ok for payment but also its old we need new fast and secure currency

You can't have fast if you want secure and fast is relative, technically speaking Bitcoin is the fastest way to move hard money the rest isn't really moving its custodial services. I'd say as long as Bitcoin is secure that's all that matters, we'll see if second layers can help the fast and the payment needs later on

For first time traders (I don't lnow the crypto jargon), 1st half of September was the best time to hoard crypto. I was happy to jump in when everything was so affordable.

Yeah it’s been great I agree been picking up BTC a lot this month made 3 buys and will keep adding to it! Also want to buy some BEE to try out being a market maker on dswap

I'm not so familiar with BEE, is that related to HIVE?

Yes it’s a HIVE token used on HIVE engine you need it to set up a market maker account