Eliminate Unit Bias: Buy Satoshi not Bitcoin
Buy Satoshi, not Bitcoin, to eliminate unit bias in investing.
Yes Satoshi not Bitcoin
Some of you are no doubt thinking Satoshi? not Bitcoin? Aren't they the same thing?
Yes and No...
Unit Bias defined
Unit Bias: The tendency for people to want to complete a unit of a given item or task. People are taught to clean their plate, eat all your sandwich, drink all your milk, etc.. Finish a whole unit, and we buy we buy a whole unit. People consume and buy units and they get satisfaction from completing it.
I think in the case of investing, it becomes the strong desire to own at least one of something.
Unit Bias as it applies to Bitcoin
But I think when they see the price of one Bitcoin was 60k and is now 49k as I write this, they think Bitcoin is to expensive, but Doge is cheap! I can get a thousand of them, or ten thousand, or more... It's better to have 1000 or 10,000 of something, then it is to have 1 of something, right? Actually no, quantity doesn't actually dictate value, value does. For example, one diamond is worth more than 1000 lumps of coal. What would you rather have? One thousand lumps of coal or one diamond?
Value : does 1000 Satoshis have value
Some might feel that 1000 Doge or 1000 Moonbeam have more value then 1000 Satoshis. Well a Doge is not Bitcoin. But a Satoshis is Bitcoin.
Example:
A lump of coal could become a diamond, but a diamond already is a diamond. It is the same with Doge and Bitcoin. Doge could become the next Bitcoin, but Bitcoin is already Bitcoin. So why not just buy Bitcoin. Even if you love Doge Coin memes, I think you get the point that Bitcoin is a better value.
But we are still left with the psychological hurdle of one Bitcoin costs 49k.
If you buy $500 dollars worth of Bitcoin, you get 0.015 Bitcoin. A tiny amount, and its deflating to the average investor. But on there's another way to think of your Bitcoin investment, and that is in Satoshi!
Do you want to be a Satoshi Millionaire?
There are 100,000,000 Satoshi in one Bitcoin.
So instead of 0.015 Bitcoin for $500, you bought about 1.5 million Satoshi! Wow!
Now that's a big investment! Your already a millionaire in Satoshi! A Satoshinaire!
So change your point of view, and buy and hold Satoshi!
Bitcoin Maximalists are fond of calling their purchase of Bitcoin Stacking Sats and by Sats they mean Satoshi. I think this is a good mental framework for investing in Bitcoin.
Are you already a Bitcoin Investor? You may already be a Satoshi millionaire! You can find out here with Satoshi converters like this one
Buy Bitcoin and join our community
I suggest you buy Bitcoin, and start Stacking Sats. I also hope you buy a small quantity of Hive and Leo, and start blogging, video blogging or in some other way sharing your content on Hive or Leofinance.
What ever your passion or interest is, there’s probably a community for it here: art, photography, writing short stores or memes.
In truth, anything you can do to bring value to this community will be rewarded in terms of friendships, networking, knowledge and perhaps financial rewards as well. Remember that money will come and go, but friends and knowledge are priceless.
✍️ by @shortsegments
Shortsegments is a writer focused on cryptocurrency, the blockchain, non-fungible digital tokens or NFTs, and decentralized finance, where finance meets technology.
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This is one article from a Financial Blog about cryptocurrency, which spans four years.
Read more of shortsegments articles here: https://leofinance.io/@shortsegments
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https://leofinance.io/@shortsegments/using-cdp-loans-on-a-defi-lending-platform-to-double-your-eth
https://leofinance.io/@shortsegments/a-bitcoin-christmas-carol
https://leofinance.io/@shortsegments/leofinance-the-michael-jordan-of-social-media
https://leofinance.io/@shortsegments/leofinance-the-michael-jordan-of-social-media
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Unit bias is something that I have really noticed my friends find quite hard to overcome. People are so confused about Bitcoin and the fact that it is so expensive to get a whole coin really seems to throw people off from wanting to get invovled.
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Wow! Exactly wanting a unit...
It’s crazy the way our minds work.
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Yep unit bias is hard to overcome. I have the same difficulty getting people to buy Bitcoin, they want to buy Doge. I suffered from it at beginning of my journey, but now I just focus on #StackingSats
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Man, this changed my perspective!!! I have always wondered why those heavyweight traders always talk in terms of Satoshis. It makes a lot of sense now.
Thank you @shortsegments for explaining it with practical examples.
#StackThoseSats
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My feelings exactly.
I like this #StackThoseSats
@shortsegments should use it!
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I am very glad I could help. I think everyone should hold Bitcoin.
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Me too! Bitcoin has to the first entry point for everyone looking to get their hands dirty with Crypto.
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Hi
I think this is a pretty cool explanation for unit bias.
Thanks
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Your welcome, I am glad this article helped you.
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Well what happens when Bitcoin has 10x what it is now? I think there needs to be a way to split Satoshis down even further otherwise I don't know what to consider lol.
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Ha Ha more the 1/100,000,000 LOL 😂 Yeah let’s invent something smaller !
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Well if you think BTC is like the digital version of gold and the upside potential is almost limitless then you definitely need a way for people to buy smaller portions of it. Otherwise 1 satoshi could be like $100.
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Very interesting the way the mind works. True we all mostly think in terms of full units. However being older, I think in terms of 'quality over quantity'. Bitcoin sats and Ethereum gwei have always been the way I processed crypto. I've rarely had enough liquid cash to purchase a full Ethereum and , Bitcoin...nope, too expensive to buy a full coin.
I guess my point is unit bias is for younger people than me. Growing up, the concept of 'quality over quantity' was instilled in myself as well as most of my peers.
Great read!!! Really enjoyed.
Thanks fir sharing you insight. The desire fir quality over quantity would definitely help us overcome unit bias. The Bitcoin Maximalists would surely agree that nothing is as high quality as Bitcoin!
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Wiser words were never spoken, I’m happy to pick up around 2000 Sats or so for a dollar, I know that premium won’t last forever so got to enjoy it while I can! All these Cryptos make it easier as they provide a distraction from Sats which still seem to be a well kept secret
Thank you for the compliment. I love it you said buy 2000 Sats for a dollar. That’s great! It really changes your perspective, and like you said the price is great right now!
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I like this concept of ignoring the desire to own one Bitcoin and buying Sats. I will always feel like I am picking up a bag of Satoshis and that’s so cool. :)
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Hi Cryptowendyo,
I loved your Moonbag video, so I like your Bag of Satoshis metaphor.
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Thanks!
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