Have you recently bought a Bitcoin? Or are you thinking about buying one? Well, you’re not alone. There are around 1800 new bitcoins mined every day and more people keep joining the community either through mining or buying them through different exchanges.
However, for an average internet user – Bitcoins and Blockchain is a new concept. But still these people, in many cases, consider buying a bitcoin after finding out that one of their close friends got hold of a few in the early days and recently sold them for a Ford Mustang (true story!).
So, I’ve compiled a list of top 10 things that go through a typical person’s mind when thinking about buying a Bitcoin. While this is not a comprehensive list of all the things that your mind goes through, you will probably be familiar with a few of these thoughts.
1. “I’ll buy a Bitcoin for $10,000 and sell it for $100,000… Best deal EVER!”.
Because you probably have heard about Bitcoin from your successful friends and colleagues who opted-in at a early stage, most probably you’ve already made an unrealistic projection of earning a million dollars over the next 2 years. Might even have a spending plan ready!
Hey! snap out of your dream, you still haven’t bought a Bitcoin yet.
Such plan is funny, unrealistic and sad – as it’s based on no real research and predictions. It’s basically similar to the plan Bajaj had in Andaz Apna Apna.
Source: Clip from Bollywood movie Andaz Apna Apna.
2. “But it seems too good to be true..”
Like in the scene above, you’re most likely to soon get a wake up call and get out of your daydream, when you will read something realistic about Bitcoin.
It is intimidating. You will start doing some serious research on how Bitcoin and Blockchain works. However, if you’re lazy, you might only watch a 2 minutes animated-video on ‘How Bitcoins Work?’
Caption: And it is really smart to understand the science.
3. “Am I too late to the party?”
If you’re doing internet research, you will find yourself studying past pattern of Bitcoin and reading people’s stories and blogs about it (like this one!). And since you will read a lot about people who opted-in at such an early stage and are really successful now, you’ll wonder: ‘Is it too late to get in now?’
4. “Well. What’s the worst that can happen?”
Well, even if you’re late to the party – there are still some leftovers… right? … right!?!
You are thinking about buying the Bitcoin now – ‘what’s the worst that can happen?’. Like most people, you’re worried about the worst case scenario already. To your unfortunate, Google isn’t always the best place to get a quick satisfactory answer – since google has everything that you’re looking for, it comes down to your skills of curating the expert advice to come down to a great conclusion – which is a stressful activity.
5. “What if it’s all a bubble”.
You will hear some people stressing about the ‘bubble’ that’s ready to pop. That’s one more consequence of doing Google research.
6. “Is it Halal?”
One of the most popular arising issue is the halility of the Bitcoins. Looking through Fatwas, it ultimately comes down to your own understanding of what Bitcoins are. Do you believe it’s it’s just another other currency? Or do you categorize it as Stock? Or do you think it’s equivalent to gambling?
7. “Where do I buy one?”
When you finally realize that you and Bitcoin are made for each other, you need a game-plan to meet the NEW love of your life. At this point, you probably have already started exploring communities and cryptocurrency exchanges.
8. “Such fluctuations, much wow”
Bitcoin fluctuates a LOT. Seriously a lot. You might even notice a few ups and downs during your research period. You will find yourself spending most of the time checking the latest worth of your investment.
9. “What else can I do with it?”
Well. Now that you’ve bought one and have decided to live with the consequences. Your mind starts exploring the ways to spend this digital currency.
Times have changed, you were looking for the best time to buy a Bitcoin, but now you might already be thinking about the best time to sell a Bitcoin.
10. “I’m confident… trust me!”
Even after all the great effort in research and developing understanding about Bitcoins and Blockchain – it’s very hard to predict where it’ll be in the next few months. Here’s how you’re likely to react when someone asks “Do you think you’ve made a mistake by investing in Bitcoins?”
I wish you all the very best with your Bitcoin – may it reach $40,000 by the end of 2018 (please save my commission if it does).
Let me know if you think there’s something I missed on the list.