What if acclaimed writer Robert Greene wrote a book about Bitcoin?
I’m not sure exactly what he would write.
But I’m sure his title would look something like:
“The 21 Laws of Bitcoin: An Intellectual Guide To Understanding Bitcoin.”
This is an intellectual guide that provides essential ideas for understanding Bitcoin’s value.
It also emphasizes the significance of being disciplined while “Hodling” Bitcoin in the face of its inevitable volatility.
The 21 Laws Of Bitcoin:
An Intellectual Guide to Understand The Value of Bitcoin
1. Research the Bitcoin Protocol:
Read everything you can about #Bitcoin. Satoshi Nakamoto’s white paper is a great place to start (There is an audiobook for the white paper on YouTube. It takes about 25 minutes to read). Watch educational videos and listen to respectable podcasts. Never invest in something you don’t fully understand.
2. Hodl with intellectual conviction:
Investing is a game of chess. Concentrate the power of your portfolio into the best asset(s) you can find. Remind yourself to invest with reason and logic as opposed to emotion and fervor.
3. Dollar Cost Average Periodically:
Whether it’s once a week or once a month, buy into an asset with a reasonable amount that you’re comfortable with. Don’t get caught up in the nominal amount. Stay consistent when you start to (naturally) challenge your motivation.
4. Master the Art of Delayed Gratification:
Lower your time preference. Practice the art of Patience. The 200 week moving average of bitcoin’s price is a virtual lock to go up, especially when you take into account that bitcoin is programmed to be deflationary every 4 years through a process called the halvening. Set yourself apart from the competition by anticipating the next 5-10 years as opposed to the next 5-10 weeks. Time will become your best friend while hodling #bitcoin.
5. Utilize Self Custody, but Only When Ready and Able:
Crypto Exchanges have a long history of getting hacked (Mt. Gox) or becoming insolvent (Voyager), and just recently, the FTX meltdown was perhaps the most publicized story of them all. To protect your bitcoin from unpredictable (and uninsured) exchanges, leave room in your budget for a self-custody wallet.
6. Prices Will Depreciate in Relation to Bitcoin:
Bitcoin is the only commodity with a fixed number. There will only be 21 million bitcoin ever made. As more people join the network, the protocol becomes more valuable.
7. Bitcoin Will Always Be Decentralized:
The power of the bitcoin protocol lies in its decentralized nature. No single person or entity controls the network, and this decentralization is what allows it to be secure and resilient. To harness the power of the bitcoin protocol, you must embrace decentralization and resist the temptation to centralize control or power.
8. Bitcoin is Permanently Scarce:
The limited supply of bitcoin is a key aspect of its value and its power. The total number of bitcoin that will ever exist is capped at 21 million, and this scarcity is what gives bitcoin its value and its ability to function as a store of wealth. To harness the power of bitcoin, you must understand and embrace its scarcity and avoid over-saturating the market with excessive supply.
9. With bitcoin, You Can Choose to be Anonymous:
The bitcoin protocol allows for anonymous transactions, and this anonymity is a key aspect of its power. To harness the power of anonymity, you must be willing to embrace its potential risks and rewards. Be aware of the potential downsides of anonymity, including the potential for illegal or unethical activity.
10. Bitcoin Volatility is an Attribute, not a Detriment:
The price of bitcoin is known for its volatility, and this volatility is a key aspect of its power. To harness the power of volatility, you must be prepared to take advantage of its potential ups and downs and be willing to ride out the storms when they come. However, you must also be aware of the potential risks of volatility, and be prepared to manage those risks in order to maximize your potential rewards.
11. The Security of the Bitcoin Protocol is a Key Aspect of its Power:
As the Hashrate of the bitcoin network increases, so does the security of the network. To harness the power of security, you must be willing to invest in robust security measures (such as taking your bitcoin off of an exchange and putting your bitcoin on a cold wallet) and be prepared to defend against potential threats. However, you must also be aware of the potential risks of security breaches and be prepared to manage those risks in order to protect your assets and your reputation.
12. Bitcoin Adoption Will Grow:
The power of the bitcoin protocol lies in its adoption and acceptance by the broader community. In terms of technological adoption, bitcoin is on a similar pace of adoption as the internet, which means that adoption should grow at an exponential rate in the coming years. To harness the power of adoption, you must be willing to invest in building a community of users and supporters and be prepared to engage with the broader community in order to drive adoption and acceptance. However, you must also be aware of the potential challenges and obstacles to adoption, and be prepared to overcome them in order to maximize the reach and impact of the bitcoin protocol.
13. Bitcoin Inspires Further Technological Innovation:
The power of the bitcoin protocol lies in its ability to drive innovation and to foster new ideas and applications. To harness the power of innovation, you must be willing to embrace new ideas and to take risks in order to push the boundaries of what is possible with technology. However, you must also be aware of the potential pitfalls of innovation, and be prepared to manage those risks in order to maximize your potential rewards.
14. Bitcoin has Multiple Interpretations. It is the Apex Abstraction:
Bitcoin is software and all software is essentially subjective by nature. The collective subjectivity of computer code, or rather, the description of the written code, can have multiple interpretations. The interpretation that makes up the code can vary from whoever is subjecting the code to a specific label. Just because a group of people interpret bitcoin as an electronic cash payment system doesn’t mean that it can’t be interpreted as something else. Bitcoin has been described as digital energy. It has also been called cyber warfare. Still, others call it a non-violent revolution, while traditionalists hold the contention that it is a global monetary network.
15. Bitcoin Provides Transparency:
“Let me see the receipt.” You must be ready to embrace the technology’s capacity to offer a transparent and auditable record of all transactions and be willing to utilize that accountability to increase trust and confidence in the system in order to fully realize the power of transparency and accountability.
16. Bitcoin is Freedom Money:
To leverage the power of regulation, one must be willing to accept the technology’s potential for decentralized, peer – to – peer operation and be ready to take advantage of this freedom to innovate and fundamentally change the status quo. To fully utilize the capabilities of the technology, you must also be aware of any potential difficulties and regulatory barriers and be equipped to overcome them.
17. Bitcoin Will Win The War on Banks:
Bitcoin competes with other technologies and payment systems in the financial industry.
To harness the power of competition, you must be willing to embrace the potential of the technology to outcompete other payments systems and to win the total market share of all assets, including banks. However, you must also be aware of the potential challenges and obstacles to competition, and be prepared to overcome them in order to maximize the potential of the technology
18. Bitcoin Forces Society to Cooperate (Consensus).
The power of the Bitcoin fosters collaboration and cooperation among its users and supporters. To harness the power of collaboration, you must be willing to embrace the potential of the technology to bring people together. For example, a transaction is valid only if 51% of the hashrate is contributing to validating a transaction. To successfully harness the power of cooperation you must be willing to invest in building strong relationships
19. Bitcoin is Deflationary by Nature:
A bitcoin block is complete every 10 minutes. There are 210,000 blocks every bitcoin halvening, which takes about four years to occur. After the bitcoin halvening occurs, the amount of bitcoin mined in each block cuts in half. As of today 6.25 bitcoin are mined every 10 minutes. After the halvening in 2024, only 3.125 bitcoin will be mined. You must stack sats consistently to successfully harness the power of Deflation, as your buying power is sure to increase as fiat continues to weaken.
20. Bitcoin is Digital Energy:
In order for the bitcoin network to run, you need an internet connection and source of power. There are many different forms of energy that can be converted to bitcoin (geothermal, solar, nuclear, natural gas, etc.). Bitcoin has the unrealized potential of strengthening and expanding the global energy grid through the bitcoin mining process. Bitcoin is also pegged to the overall value of the energy sector.
21. Equal Protection under the Protocol:
No matter who you are or where you’re from, bitcoin will serve you accordingly; 24 hours a day, 7 days a week. It is a cybernetic civil rights network. Bitcoin is free from prejudice, as it allows anyone with an internet connection to join the network. Whether you’re in California, Cameroon, or Cambodia, the bitcoin network works around the clock to protect your wealth.
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