These actions and decisions encourage the low time preference necessary to continually accumulate bitcoin.
I am a Bitcoiner who tries to share with the rest of the world the importance that Bitcoin will have in the future by writing articles about its revolution every day. In addition to my activities to share the good word about Bitcoin, I have a strong interest in personal development.
As such, I frequently study the writings of the Stoics. And I must say that I find many similarities between some of the rules of the Stoics and those you need to follow to become a true Bitcoiner.
Before going any further, I think a little reminder of what stoicism is may be important for those who are discovering this movement of thought for the first time. Stoicism is a philosophy of personal ethics influenced by its logical system and its views on the natural world.
The Stoics are particularly known for their moral teaching that “virtue is the only good” for human beings and that external things such as health, wealth, and pleasure are neither good nor bad in themselves, having value only as “matter on which virtue can act.”
So in what follows, I will share with you 10 rules followed by the Stoics that will help you become a true Bitcoiner over time.
1. Focus On What You Can Control
A majority of people come to buy bitcoin to get rich. This is normal, as bitcoin has seen its price skyrocket since its inception. However, those who remain in this world understand that Bitcoin is much more than that.
Bitcoin is all about power, not money. With bitcoin, you gain access to the most important thing of all: power over the fruits of your labor. Bitcoin is a savings technology that allows you to protect what you own from the ravages of monetary inflation and censorship.
Rather than wasting your time frantically watching the price of bitcoin change every day, you need to focus on what you can control. What you can control is protecting the fruits of your labor. To do this, you need to ensure the security of your bitcoin by obtaining the associated private keys.
Then, you must seek to deepen your knowledge of Bitcoin and money to continually build your confidence in this incredible monetary revolution. Everything else is of little importance.
2. You Control How You Respond To Things
Whatever happens in the Bitcoin world, only you decide how you will respond to events. When the price of bitcoin suffers a major crash like the one in May 2021, it is you who has the power to remain a bitcoin HODLer no matter what, without panicking. When the price of bitcoin rises sharply to almost $65,000 as it did in April 2021, it’s up to you to keep your nerves strong so you don’t give in to the temptation to sell your bitcoin for U.S. dollars.
You have no interest in trading hard money for weak money anyway. Once you’ve managed to take the long view with bitcoin, you’ll be able to really control your emotions. You will then be able to become a true Bitcoiner.
3. Value Time More Than Money And Possessions
Bitcoin is not here to make you rich, but rather to prevent you from becoming irreparably impoverished by the current monetary and financial system. Bitcoin makes you realize that the most important thing is the time you have on Earth.
Bitcoin is the scarcest thing on earth, after time.
By protecting the fruits of your labor from monetary inflation and censorship, you will gain the freedom to live your life on your own terms. This is worth more than any money or material possessions you may have. Real Bitcoiners have understood this for a long time. That’s why they keep accumulating bitcoin no matter what month after month.
4. You Are The Product Of Your Habits
In life, you are the product of your habits. This means that you are better off developing good habits over time to achieve the success you are aiming for. In the Bitcoin world, the good habits you need to develop can be summarized as follows:
- Learn Bitcoin
- Buy bitcoin (in dollar cost averaging mode)
- HODL bitcoin in cold storage
- Repeat Step 1.
Getting the most out of bitcoin is really no more complicated than that. Unfortunately, too few people can stick with this simplest and best strategy in the Bitcoin world.
If you can do this, then you will be among those who will be most rewarded by the Bitcoin revolution in the future.
5. Don’t Compare Yourself To Others
I constantly see people say that they would like to buy bitcoin, but they hesitate because they feel they are too late. These people compare themselves to others and tell themselves that they too wish they had bought bitcoin under $10,000.
This tragic mistake could cost you an incredible bitcoin adventure in the years to come.
Rather than comparing yourself to others by looking at the price they paid for their bitcoin, you should only look at what is in store for bitcoin in the future. Bitcoin is there to protect the fruits of your labor. Buying bitcoin is a good thing regardless of the price in U.S. dollars. What bitcoin offers you is simply priceless. If you focus on yourself, you will be able to see it and enjoy it.
6. Focus On The Process, Not Outcomes
This rule of the Stoics is essential in the Bitcoin world. Bitcoin is a once-in-a-lifetime adventure. Rather than only seeing the money and potentially becoming rich in the future, you need to focus on the process.
You are taking back the power over the fruits of your labor. You need to focus on everything that is being built block by block in the Bitcoin world.
Enjoy this unique monetary revolution that you are lucky enough to witness firsthand as a bitcoin HODLer. This is how real Bitcoiners see things, and it allows them to detach themselves from the short-term price of bitcoin to take the long-term view that makes all the difference.
7. Don’t Be Afraid To Ask For Help
In the world of Bitcoin, knowledge is the best ally to gain the confidence to become a bitcoin HODLer no matter what. The Bitcoin slogan is well known:
“Don’t trust, verify.”
If you have any doubts, you should always seek help from other Bitcoiners who are more experienced than you. They will be happy to help you better understand bitcoin and money.
Not being afraid to ask for help is an essential part of your journey to becoming a true Bitcoiner.
8. Associate Only With People That Make You Better
Once you buy bitcoin for the first time, you’ll quickly notice that some people will do anything to try to convince you that you need to diversify. To hear them tell it, bitcoin won’t always be the king of cryptocurrency. In fact, you need to prepare for the future by diversifying. Diversification in the Bitcoin world is a total illusion. Only bitcoin matters in the long run.
To avoid getting trapped, you need to surround yourself with people who make you better. This means following the right people in the Bitcoin community instead of following people who promote altcoins, which are commonly called s**tcoins. So it’s in your best interest to converse with other real Bitcoiners as frequently as possible.
9. Possessions Are Yours Only In Trust
Bitcoin empowers you. It gives you great power, but that power comes with great responsibility. With bitcoin, it’s up to you to ensure the security of what you own. You only own the amount of bitcoin for which you have the associated private keys. So you should always keep in mind the golden rule of the Bitcoin world:
“Not your keys, not your bitcoin.”
Bitcoin represents the right to vote for a better world. By letting a third party have the private keys to your bitcoin, you are letting that third party enjoy the right to control your bitcoin. You agree that this is unreasonable. It is up to you to make sure that you never leave your bitcoin on an exchange longer than necessary.
10. The Ego Is The Enemy
In life in general, ego is the enemy. You must remain humble no matter what. Being among the early adopters of the Bitcoin revolution will put you among the most rewarded in the future. Yet you should always remain humble. That means helping new entrants open their eyes to this unique monetary revolution.
It also means keeping a cool head by focusing solely on the amount of bitcoin you HODL. For a true Bitcoiner, that’s the only number that matters.
Final Thoughts
If bitcoin had existed during the time of the Stoics, it is almost certain that they would have embraced this incredible revolution that returns power to the people. By applying these fundamental rules of the Stoics’ philosophy, you will become a true Bitcoiner over time. One last rule from Epictetus that perfectly sums up everything I’ve just told you:
“Don’t explain your philosophy, embody it.”
It’s up to you to embrace the philosophy of a true Bitcoiner to take full advantage of bitcoin in the years to come.
This is a guest post by Sylvain Saurel. Opinions expressed are entirely his own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.
via bitcoinmagazine.com
