by • Bitcoin is not a monetary good for making quick bucks, but rather an understanding that requires time and effort to be invested.
• To gain the qualitative benefits of Bitcoin, one needs to put in the time and effort to study it.
• Short-term mindset (high time preference) needs to be overcome in order to reap the rewards of Bitcoin.
Bitcoin: Not Just a Monetary Good
The mainstream news might lead you to believe that buying bitcoin is only good for making a quick buck, but this couldn’t be farther from the truth. While investing in bitcoin may have some short-term financial benefits, the ultimate value lies in its qualitative nature. This means that if you want to reap the rewards of this revolutionary technology, you’ll need dedication and hard work.
Proof Of Work
To get these qualitative benefits from bitcoin, you must invest your time and effort into studying it. The amount of knowledge available on Bitcoin is immense; topics such as cryptography, computer science, economics, game theory and more are all necessary for full comprehension. Despite seeming daunting at first glance, putting in the effort will reveal invaluable insights regarding how we can coordinate human action without coercion or government intervention.
Overcoming High Time Preference
Cultivating a long-term view on life is essential if you wish to benefit from Bitcoin’s potential; holding onto your investment until it reaches its full potential will yield greater rewards than trying to make a quick buck out of it. This requires overcoming our natural tendency towards short-term thinking (known as high time preference). Doing so will provide us with educative insights we could never have gained otherwise.
Benefits Beyond Financial Gains
Although investing in bitcoin may result in some financial gains over the short term (such as avoiding up to 37% tax cuts), these should not be considered when weighing up whether or not bitcoin is worth investing in. The real power of Bitcoin lies beyond money – it unlocks wisdom rooted within reason and logic that can act as an anchor amidst manipulated realities.
Conclusion
Buying bitcoin does not guarantee riches overnight; instead it offers profound insight into how we can use distributed systems for noncoercive coordination between humans – something which carries far more value than any monetary gain could ever provide. So if you’re up for an intellectual challenge filled with rewarding discoveries, then by all means give Bitcoin a go!
