Five Limiting Beliefs That Prevent You From Buying Bitcoin
Five Limiting Beliefs That Prevent You From Buying Bitcoin
Understanding the incredible potential of this monetary revolution is key.
Written by Sylvain Saurel - In Bitcoin We Trust
In her best-selling book "Mindset: The New Psychology of Success", Carol S. Dweck makes a distinction between two categories of people. On the one hand, you have people with a fixed mindset, and on the other, those with a growth mindset.
Obviously, people with a growth mindset are more likely to succeed in seizing the opportunities that come their way in life.
With Bitcoin, you can see that many people react with a fixed mindset. Bitcoin is a monetary revolution backed by a major technological disruption, and many people have a hard time moving beyond what they know to seize this once-in-a-lifetime opportunity.
I see too many people every day missing out on the Bitcoin opportunity because of this fixed mindset. In life, it is the power of your mindset that will make all the difference. So it is in your best interest to develop your growth mindset. For Bitcoin, this means debunking five beliefs that are holding you back from taking action.
“I'm too late to fully participate in the party”
Many people are interested in Bitcoin. After all, who wouldn't be interested in an asset whose price has continued to rise incredibly over the past decade. The financial appeal is causing many people to question whether or not they should buy Bitcoin.
Some take action, but many then get it into their heads that they are too late.
These people feel that they have missed the Bitcoin opportunity. This is a false belief that you absolutely must overcome. Remember, Bitcoin is only a little over 12 years old. For a monetary revolution of this magnitude, that's nothing. Bitcoin users base just passed 100 million users in September 2020.
Bitcoin is at the same level in terms of users as the Internet was in 1997.
Today, the Internet reaches over 60% of the world's population. If Bitcoin follows its current growth curve, it will reach one million users faster than the Internet did in its day, by 2025.
By opting for the Bitcoin system today, you are still an early adopter. There's no need to feel behind the curve.
“Bitcoin is too technical and complicated for me”
I discovered Bitcoin in 2014, and it was the technological feat that its system represents that first intrigued me. At the time, Bitcoin was presented as a very complicated system for a few geeks to use.
Since that time, huge strides have been made in terms of user experience.
It has never been easier to buy Bitcoin with platforms like Coinbase, Kraken, or Gemini to name a few. What may give you the impression that Bitcoin is complicated is when you hear about private keys perhaps.
You might think that you need to understand cryptography to secure your Bitcoin.
Rest assured, this is not the case. There are different types of solutions for cold storage of your Bitcoin, i.e. outside of the exchange platforms. For all, everything is clearly explained, and there is nothing insurmountable for someone who wants to take responsibility for the security of their wealth.
“What happens if I buy Bitcoin and its price crashes?”
I meet other people who never stop living with regrets. Their favorite phrase is: "If I had bought Bitcoin for $5K...". You can replace $5K with $10K, $20K, and soon $30K.
These people don't realize that it's useless to live with regrets. You have to learn from your past and act in the present to build a better future.
This mentality leads these people to never buy Bitcoin. Indeed, when the price of Bitcoin falls, they wait for it to fall even more. When the price of Bitcoin rises, they don't act, because they are afraid the price will crash after they buy.
If you are in this mental block, you need to take a step back. Since the inception of Bitcoin, HODLing Bitcoin has been a profitable strategy over 96% of the time:
When you buy Bitcoin, you have to commit to the long term. If you can have this vision, you will become a HODLer no matter what. If the price of Bitcoin crashes after you buy it, you'll just accumulate more.
Even those who bought Bitcoin in late 2017 when its price was almost $20K are largely in profit today if they remained HODLers. It's all about confidence in the Bitcoin revolution. It's up to you to show it.
“Many politicians and economists say that Bitcoin is dangerous and has no use. Is this true?”
Politicians and economists are overwhelmed by the monetary revolution that is Bitcoin. They are afraid to see the growth of a monetary system that gives power back to the people. A system that will no longer allow them to impoverish 99% of the people while they can enjoy its unfairness.
Under these conditions, they do everything to denigrate Bitcoin.
The fallacious attacks on Bitcoin are always the same: Bitcoin is used only for illegal activities. It is dangerous according to them. Bitcoin is also a real danger to the climate. In short, Bitcoin should be avoided at all costs if you listen to these people who are stakeholders in the current system.
You need to understand that these people are saying this because they don't want to be disrupted.
Your interest is to go beyond these arguments to understand for yourself what Bitcoin brings to the world. Bitcoin has enormous utility for millions of people around the world.
As far as what Bitcoin brings to the world, here is a non-exhaustive list:
Bank the Unbanked
Green Energy Incentive
Best Savings Technology
Deflationary System
Unconfiscatable Money
Be your Own Bank
Rules without Rulers
Sovereignty
Bitcoin is all about power, not money. It's up to you to decide to take power over your future life.
"I don't even know where to start buying Bitcoin"
Buying Bitcoin has become something extremely simple in my opinion. For investors who are used to the stock market, you won't notice any difference. The only new thing is that you will have to take your Bitcoin out of the exchange platform you choose and send it to cold storage where you will have the private keys to your Bitcoin.
You will then truly become the sole master of your wealth.
To help you do this, you can count on the Bitcoin community. Every Bitcoiner is here to help you understand what you are still struggling with. I answer questions to help new people take advantage of this incredible revolution.
The greatest gift for me is to see the people I've helped become Bitcoiners themselves. I hope you will be one day. Then you will have discovered the ugly truth of the current system, and more importantly, how to escape it with Bitcoin.
Final Thoughts
The educational system has always placed us in a comfortable lie regarding the current monetary and financial system. To take advantage of Bitcoin, you'll need to adopt a growth mindset. You will have to get out of your comfort zone which is the fiat system.
Bitcoin is the growth zone. The zone in which you will be able to take power over your life. The freedoms that Bitcoin gives you are clearly worth the effort to overcome the false beliefs that limit your growth.
I hope this article will be the first step in your future growth towards taking power over your wealth, and ultimately, your life.
In Bitcoin We Trust
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Five Limiting Beliefs That Prevent You From Buying Bitcoin
Probably 10 years later when we look back, we will tell 'look at the price of Bitcoin, wish we could have accumulated some'. It is about buying or not buying, if you cannot decide that also leads to not buying. If you consider this as taking risks, then you have to take risk for your own benefit. It is exactly about growth of your mind, if you want to stay in your safe zone then you will never go far away in life. That's not just about Bitcoin, for sure in the future there will be other innovations or opportunities. That's totally about your mind set!
There will always be barriers in your path, will you jump over them or go backwards?
Thanks for the Bitcoin article, before someone was mentioning your articles give strenght in terms of mentality. Indeed they do!
1-Digital Gold
There are reasons why they call Bitcoin, the Digital Gold, 'Digital Gold'. Bitcoin has remarkable qualities, or rather, features that make it more valuable than gold, the secure online transaction of Bitcoin can easily reach from one end of the world to the other.
BTC is not controlled by the government or any central bank and hence, Bitcoin holders can easily verify its amount. Also, due to its limited supply, BTC tends to have increasing value. Unlike gold, Bitcoin does not lose value and is therefore an exceptional store of value.
2 – Cannot be censored!
Since this is a digital thing and does not have an asset, Bitcoin transactions cannot be intercepted by any asset and therefore cannot be censored. This decentralization means that governments and large banks cannot censor your digital currency. Doesn't that seem like a compelling reason to invest in Bitcoin in 2020?
3 – Bitcoin Cannot Be Seized!
Fiat currencies are likely to be frozen by central banks; Also, your country's government can seize your assets even without warning. Do not fret! Bitcoin is a digital asset that is not controlled by the government or any bank. Thus, you can keep your Bitcoin safe in your wallet with private keys. Enjoy control over the digital asset without any interference from the government.
4 – Low Fees
Undoubtedly, international payments are not only expensive but also time consuming. While Bitcoin does have transaction fees, to be fair, its transaction incurs relatively low fees. In 2019, Bitcoin's transaction fee was $3.4.
So, if you don't want to wait long and pay outrageous fees for the transaction, Bitcoin is a digital currency worth investing in.
5-Transparency
Bitcoin's decentralized blockchain is transparent and offers financial freedom to its holders. Despite being a transparent payment network all over the world, Bitcoin offers its users sufficient privacy when used correctly. To be precise, all transactions of Bitcoin are public and can be viewed by anyone.