Monday, December 07, 2020

Pondering my Bitcoin experiences

I enjoy watching the price of Bitcoin, and unlike the stock market, the price has a direct effect on me.

Since I first got into Bitcoin, its price has increased by four orders of magnitude. If it does this again in the next decade or two... and I don't spend too much of what I've got... I'll be a millionaire. There's my retirement fund. Ha ha!

I was recently wondering why I didn't buy any Bitcoin when it was really cheap. Then I remembered the reason. It wasn't that I was afraid of losing a few dollars, it was because back then the emphasis was on mining it, not buying it. I wasn't interested in mining Bitcoin so I let it pass me by for a few years. Now I wish I'd been smarter.

The first purchase I made with Bitcoin was an ounce of silver (I think it was only one ounce). Now I realize that ounce of silver cost me over $10,000 (at current Bitcoin prices, anyway). Ouch. But back then I suspected Bitcoin might fade away before long, and if I bought precious metals with it, at least I'd have something tangible.

Multiple times I would wait until my dollar balance increased enough that I felt I had some extra, then buy more metals. And I once bought someone a gift with it-- just before the price of Bitcoin took a big tumble. I was pleased with myself that day, but even that "high" was when Bitcoin was less than half what it costs now.

I have a little (OK, a lot) buyer's remorse over the things I spent Bitcoin on. There's only one thing I might still consider spending some Bitcoin on, but haven't decided whether it would ever really be worth it to me. I don't want to feel that regret again. And, at the moment I barely have enough Bitcoin to do it anyway.

Somewhere out there right now is the "next Bitcoin"-- an opportunity to spend a tiny bit of money today for a huge payoff in a few years. But I don't know what it is, and I doubt I'd trust anyone who said they knew. Not that anyone would have ill-intent, just that the future is too uncertain.

I regret not getting Bitcoin sooner, but I'm really glad I got into it when I did instead of only getting started now.

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  1. "I have a little (OK, a lot) buyer's remorse over the things I spent Bitcoin on."

    You shouldn't.

    If I had all the Bitcoin I'd ever had right now, at current prices, it would be sellable for six figures.

    But there was never any guarantee it would get there. And money only has value because it enables you to buy the goods or services you want. Yes, it's nice if you can delay those purchases until you get more for less, but you shouldn't feel bad about it as long as you got a good deal.

    If I had every Bitcoin I'd ever owned, right now, it would be into the six-figure range. Instead, I have a bunch of stuff I got a really good deal on due to the differential between what I paid for the Bitcoin and what Bitcoin was selling for when I spent it. It made my life better.

    1. Rationally, I know this. Emotionally, it doesn't feel this way.

    2. Yeah, I know. You're not the only one who has to convince yourself he wasn't a dummy to spend that Bitcoin ;-)

    3. At least I never threw away a hard drive with thousands of Bitcoin stored on it. I would hate to be that guy.