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@ Battosai
2024-11-29 23:07:08
In this article, I seek to show how and why Bitcoin is different than all the other altcoins that exist.
### How People Progress in Bitcoin
1. Wow, Bitcoin is amazing! There’s a limit to how many will ever exist and significant control over my own money. How do I get some?
2. Mining sounds really cool. That sounds like where the money is going to get made. How do I get miners and start making some Bitcoin?
3. Mining looks really hard and difficult. I guess it’s better if I just buy it. Now where can I go buy some?
4. Awesome, now I own some Bitcoin, but what are all these other coins? Are they going to take over sometime?
5. I want to hedge against Bitcoin self destructing somehow. Maybe I should buy some of these altcoins.
6. I can’t possibly look into every altcoin there is, there’s just too many of them. How do I choose?
7. I know, I’ll just buy the most popular ones since they’re probably the most likely to have any chance at all of beating Bitcoin anyway.
8. Hmm, but the popular ones look pretty expensive. Maybe I’ll buy some of these other ones that are just starting.
Many people stop and stay at a particular step. For example, I know many people that have never bought Bitcoin but have simply mined all the Bitcoins they own. They’ll gladly spend thousands on mining equipment but would never actually buy Bitcoin on the market. There are others that stay on the Bitcoin step and never proceed to look into altcoins. There are still others that hedge with pretty much every altcoin out there. Point is, that this pattern of looking for the best way to take advantage of this new innovation progresses in a predictable way, but different people are convinced by different things.