When you know your history, you can clearly envision your future. Altering your current circumstances is required to bring about the changes you want to see in the future. Bitcoin has radically altered my financial life in so many different ways, and I am certain that many of you are in the same boat as I am.
I wouldn’t be affected even if the price of bitcoin dropped to zero. But it won’t because it will travel to areas that the majority of us couldn’t possibly have dreamed of. The majority of individuals invest in bitcoin for the possibility of monetary gain, but many are startled to discover how much bitcoin has changed them personally. The way that people think, their view on life, the importance they place on money and how they shop for goods, and a great deal more. There was a time before bitcoin, and there was a time after bitcoin. They are changed irreversibly by the experience.
The only people who will experience these incredible shifts are the ones who are willing to have an open mind about bitcoin. People who follow their curiosity down the rabbit hole without having any idea where it will take them. Those individuals who were willing to take a chance and have an open mind are the ones who have been rewarded. Those who hold on to their holdings through both the exciting times and the challenging days will be able to witness the value of their portfolio rise, and their overall life fortunes will appear to be much more favorable.
However, these remarkable transformations don’t take place in everybody’s life. People who are constantly buying and selling Bitcoin in the hopes of making rapid gains that can then be used to pay for their most recent acquisition are known as traders. Not doing any study into where their money is being invested and instead blindly following the most current trend. Things are going to continue in exactly the same way, which is unfortunate for them. The rat race consists of working a 9 to 5 job, spending money on items that one does not need, and then scratching one’s head and wondering why one cannot save any money. They can’t understand why things don’t get any better for them.
You will learn what it is after reading this post. I won’t sugarcoat the unpleasant truths; I’ll tell them as they are. When I was younger, I was exactly like the people I just described in the section above. It was not a very pleasant location to be in. Because of this, the essay is significant, but the decision to invest in bitcoin is much more significant. You can make a difference in the world even if things seem hopeless right now. If I was capable of doing it, then so are you. However, you should begin making changes right now. It’s possible that Bitcoin won’t make you wealthy, but adopting a mindset that’s favorable toward the cryptocurrency will put you on the right track.
This is what I refer to as “The Bitcoin Plan.”
The process of becoming wealthy is almost never a one-time occurrence. It takes a very long time to build wealth that is sustainable. Nothing has prepared me for this more than building up my bitcoin holdings. Accumulating bitcoin takes a significant amount of time for the majority of individuals.
Accumulating a full bitcoin demands a tremendous amount of patience, mental fortitude, financial resources, careful planning and budgeting, time and endurance, well-defined objectives, and a firm belief in one’s ability to succeed. All of these characteristics are required for wealth accumulation and any type of investment. Even if the price of bitcoin dropped to zero, these skills would still give you everything you need to be financially successful and get rich.
Patience
This may be a challenging situation. It is everyone’s hope that the price of a bitcoin will reach one million dollars by the end of this week. But it’s not very likely, and the fact that costs are so low provides you with an even better opportunity to stock up on more. Something that will be much more useful to you if prices do eventually rise. Having mental toughness complements this aspect of being successful very nicely.
Your mental capacity will never be put to the test as it will be on days when the price of bitcoin plummets. You will start to question why you ever decided to enter this business in the first place. Have you reached the best possible conclusion? It’s possible that you should simply sever all relationships and sell everything while you still have the chance. While this is a normal occurrence in all markets, the volatility of bitcoin is far greater.
When you have shown that you can make it through one cycle in bitcoin, you will have proven that you can make it through any challenge. In addition to this, it has reduced the amount of stress I experience in other areas of my life as well. Work difficulties seem smaller. Additionally, other pressures are alleviated. After all, if you can make it through witnessing the value of your portfolio drop by half in only a few short days, you are equipped to handle any challenge.
Money
No matter how hard we try to deny it, the fact remains that we are all slaves of money. We sell our time for it, and we worry about whether or not we have enough money or whether or not we possess too much of other people’s money. We often fantasize about how much simpler life would be for us if only we had a little bit more of it. All of these sources made it clear that investing money is needed to buy bitcoin.
The same holds true for every kind of investment: in order to earn money, you need money. You will need to commit a significant amount of capital if you want to achieve your goal of becoming wealthy via the purchase and sale of bitcoin. You could make a fast profit off of some meme currency, that’s for sure. However, those coins won’t endure forever. They are going to fall, and they are going to fall quickly. In particular, with reference to the cryptocurrency market, Bitcoin is a valuable asset that will almost certainly survive the test of time.
As of the time that this article was written, the cost of one bitcoin was equivalent to around $33,400. The majority of people would consider such a significant amount of money, and it would be unthinkable for them to be able to pay such a high price. Keep in mind, though, that you may only purchase a very modest amount of bitcoin. This is where having patience will pay you in the long run. You should put your money into a form of asset that you can never sell. Gold standard investments. That is the definition of bitcoin. Even for me, the cost of a bitcoin is a significant amount of cash.
Budgeting
The creation of a budget is necessary at this point. If you are anything like me, investing in bitcoin will quickly become a compulsive activity for you. You will eventually come to consider it a waste of money to buy things that you do not need. You could even be starting to consider the possibility that putting your money directly into bitcoin is a better option than investing in other things. You are going to want to make sure that you are purchasing the most possible bitcoins every week. Because of this, you will need to create a budget.
Reducing spending on things like clothing, top brands, and even entertainment to save money. It’s possible that you may start a side business selling unused goods from around the home. After you have invested in bitcoin for some time, you will find that you no longer pay attention to the present price and instead begin to think in terms of SATs. If you aren’t simply interested in SATS, you may worry about the price in the future. If I invest my current $500, it has the potential to grow to $5,000 in only one year. Because of this, I was able to invest far more money in bitcoin than I had originally anticipated being feasible. And because of this, I was able to quickly build up my bitcoin holdings.
Both time and restraint are required.
Although they go hand in hand with having patience and mental strength, I like to think of them as distinct qualities. Most people who have made money investing in bitcoin have done so because of two things that have stayed the same throughout the history of cryptocurrency. They possessed an incredible capacity for self-restraint in addition to an extremely poor tolerance for the passage of time. Although I have already said that it is perfectly feasible to gain a respectable amount of money by timing the market and just engaging in it for a very little period of time, this does not negate the fact that it is absolutely viable.
The true wealth event takes place the longer you keep onto the asset. Everyone and everybody that invested in bitcoin during the last cycle, even at the absolute peak, is making a profit right now. The question that has to be answered is whether or not they were able to keep their bitcoins in order to make those earnings. This has been the situation throughout each and every cycle. You run the risk of making a purchase only to discover a short time later that the price has fallen far below the level at which you were willing to pay.
You will experience a range of feelings, including the desire to sell and reduce your losses. The other side of the coin. When prices eventually do climb and put you in the zone where you can make a profit, you will start to feel the temptation to sell whatever it is that you have. But if you sell too soon, you will lose the opportunity to participate in the single largest transfer of wealth in recent history. My mindset is that my bitcoin is impenetrable and cannot be taken away from me in any manner. Once I’ve paid for anything, I can no longer access it; it’s almost as if I don’t own anything. It won’t be released to the public until it meets the total price objective I set for it, and even then I may not ever need to sell it.
Establishing Objectives
This fits very well with what I was talking about before. You need to determine what you plan to accomplish before you can cash out on your bitcoin investment at some point in the future. It may be attaining a particular amount of money, being able to pay off all of your debt, purchasing a home, or any number of other things.
The possibilities are endless. When it has accomplished what you set out to achieve, you shouldn’t be scared to keep the commitments you made to other people. It is not a sin to liquidate your bitcoin holdings in order to make significant strides in your life. Just don’t miss your opportunity. You will find success in all aspects of your life if you are able to learn how to create and achieve objectives. Trying to get the next promotion at work, saving money, expanding one’s skill set, and getting things done around the home are all on the agenda. The examples are endless.
Being Firm in One’s Beliefs
In my opinion, this is one of the most significant lessons that you can take away from your time spent working with bitcoin. Those who have gone down the rabbit hole have invested a significant amount of time and effort into their research. Almost every one of these people will come to the conclusion that bitcoin will change the world.
The only issue is that others around you would probably think you’ve lost your mind if you do anything like that. There is a never-ending supply of FUD in the media and on the internet. You need to remind yourself why you believe in bitcoin, and you also need to understand how to differentiate yourself from the rest of the crowd. Having faith in both oneself and a worthy cause is essential. This quality has been really beneficial to me, and I have no doubt that it will be the same for you as well.
Bitcoin can, in fact, help you get wealthy. However, there are a variety of ways in which it alters us, and the majority of them result in improvements. Taking into account the characteristics outlined above, I am certain that most of us diehard bitcoin users would be OK even if bitcoin were to lose all of its value. A person might get lucky sometimes, but if they have the right tools, things will go much more smoothly.
