I hear it all the time, “Bitcoin is only for ____”
- Saving
- Stacking
- Spending
- Trading
- Collateral
- Balancing
- Privacy
- Collecting Interest
- Hedging
A digital swiss army knife
Everyone has a different idea of what Bitcoin is for – that’s the beauty of Bitcoin. It’s versatile and multifunctional, a digital swiss army knife benefiting people around the world in unimaginable ways. Bitcoin is intended to revolutionize our global financial system – no single purpose listed above is sufficient. It may seem trivial to make this point, but there are two issues with the statement “Bitcoin is only for.”
The first issue is that it’s limiting and minimizes the potential for mass adoption. It should be a common goal for all Bitcoiners to champion the many purposes it serves in every corner of the globe. I can’t help but think back to my interview with Ray Youssef from Paxful. He described first-hand accounts of mothers in Africa using Bitcoin to buy goods for their newborn babies. For them, Bitcoin holds its value better than the native currency of their country and is a superior form of money. This is one small example, but you get the point – it’s time to celebrate Bitcoin in the many ways it’s used around the world. The second issue I take with the statement “Bitcoin is only for” is more relevant to readers and traders.
The real reason to buy Bitcoin
As Bitcoin appreciates in value and maximalists are growing in their conviction, there are more and more people saying, “Bitcoin is only for saving – never spend your Bitcoin.” This idea may be financially sound for that person, but it does not make sense to the average person. Taking profits should be celebrated rather than criticized. Not everyone has the privilege to never sell their stack or to take loans against it the rest of their lives. This rhetoric is dangerous because it negates the very reason Bitcoin grew in the first place – freedom. Governments have always controlled money. Some members of the Bitcoin community want to influence how we use our Bitcoin and limit its freedom.
Furthermore, inexperienced bag holders that look up to people that say, “never spend or sell your Bitcoin” now run the risk of holding a bag through the next bear market rather than taking profit and securing themselves financially. Don’t fall victim to believing Bitcoin has one purpose, do yourself and Bitcoin a favor by celebrating its versatility.
You make sure YOU stay true to the reason YOU bought Bitcoin for.
If you’re still unsure what Bitcoin’s potential is, you might find it helpful to learn more about the common Bitcoin criticisms.