If you don’t buy bitcoin with your paycheck first, you can always find some other purpose for your excess income. I have been an advocate of “paying myself first” all my life. I started building auto assets through no-load mutual funds in my early 20s, and I continue to do so in my 40s even though I’ve changed my asset allocation mostly to Bitcoin.
Routine dollar cost averaging (DCA) makes it easier for me to do HODLing in the long run. Instead of focusing on the value of what I have (what I won’t spend as long as I have fiat cash flow), I focus on growing my Satoshi stack. Time is your greatest asset. If you’ve routinely stacked for the past few years, you have a receipt and equity for your future.
Bitcoin’s scarcity is the most valuable property. Monetary policy and its decentralized implementation by the owners and full node operators is of central importance. We no longer need to trust individuals, but can rely on human action and incentives to do what is best for Bitcoin and ourselves.
There are many ways to stack Bitcoin. There is no right or wrong way to go, and increases in time and price make anyone who does it look like a genius. The point is, just keep adding to your stack; You can currently buy 10,000 satoshis for $ 5, an astonishingly large amount for such a small fiat. An auto DCA can also be started and continuously added to the batch.
Obviously, once you’ve chosen HODLing, you understand Bitcoin’s long-term value proposition and should stack up too no matter how much you already have.
The supply of Bitcoin is limited, and the demand is nearly limitless, as long as the fiat currencies continue to cannibalize themselves through overproduction to satisfy the debt-laden economy.
I recently read Adam Ferguson’s When Money Dies about the hyperinflation that occurred in Weimar after World War I. The parallels to what we are going through today are amazing. The German people were absolutely powerless; The savings of her life, the storage of all her lifelong hard work, have been destroyed by their leaders. The same thing is happening now; Identifying yourself is difficult for most people, but if you are careful it happens. Fortunately, unlike the Germans of the early 20th century, we have “Fuck You” money, money that cannot be reduced or changed. Don’t let a day go by without making a dime and not stacking a satellite to show it off.
Garnish your wages, pay yourself first. Listen to me now and believe me later.
Your buddy, FF2K.
This is a guest post by FF2K. The opinions expressed are solely their own and do not necessarily reflect those of BTC Inc. or BTC Inc. Bitcoin Magazine