A lot of you are going to want to orange pill your friends and family. This article is perfect for that!
Bitcoin is the most important invention to emerge so far this century. But it takes time to understand—its brilliance won’t dawn on you all at once. Bitcoin enthusiasts often say you need about a hundred hours of study to even begin to know what you’re talking about. That figure sounds right to me. I’ve put in more than a thousand hours, and I’m still only getting started.
Although it’s an endlessly deep topic, your first hour of study delivers the greatest return. One hour is all it takes to become acquainted with the basics. So I invite you to consider this piece as your first immersion into bitcoin. Here, I will introduce the most important points and construct a solid base for future learning. Along the way I’ll debunk some nonsense you’ve doubtless already been exposed to from major media. Bitcoin brings a great advance to society at a crucial moment in history. The sooner you start learning, the more you will benefit.
Learning about bitcoin is never a drag. Bitcoin is fucking cool. It’s the most fascinating technology I’ve ever encountered and digging further into bitcoin is always rewarding. Because of the crazy variety of fields it intersects with and draws from (economics, computer science, game theory, etc.), I’ve always suspected it was introduced by extraterrestrials or benevolent AI. But enough with the crazytalk (or the sincerely-held belief), let’s dive in!
Welcome to the Orange Pill
This essay introduces key bitcoin concepts by using the best-known phrases and terms used by bitcoiners, which I’ll set in boldface. Here’s our first: Getting competently exposed to bitcoin is often called taking the orange pill, a reference to the red pill in “The Matrix,” which instantly shatters all malevolent fabrications about the nature of reality. Getting orange pilled fundamentally restructures your understanding of what money is and how it works. And when your relationship to money changes, how you interact with society and the world changes as well. Learning about bitcoin really is that big of a deal.
I have two goals in writing this introduction. First, I want to acquaint you with the most essential information about bitcoin, and hopefully convince you to put in your hundred hours of study. Second, if you decide to buy some bitcoin, I want to keep you from getting fleeced. As we’re about to see, not only do journalists sow confusion about the topic, newcomers to bitcoin also must watch out for scammers.
The first lesson of bitcoin is that: everybody buys bitcoin at the price they deserve. Bitcoin is less than fifteen years old, and only a few percent of the population have so far purchased this asset. So if you drop what you’re doing and study bitcoin now, you’ll have the chance to buy at prices far lower than when the masses come stampeding in. Mass adoption hasn’t yet started, so it’s still early. With only 21 million bitcoins available for 8 billion people, if you snooze, you lose.
Bitcoin Misinformation
Consuming mainstream journalism about bitcoin is the perfect way to go from uninformed to misinformed. The main hindrance to understanding bitcoin is the torrent of misleading coverage written by journalists who haven’t put in their hundred hours of study. If you read bitcoin journalism without skepticism, your opinions will be mush and you won’t even know it.
Journalists consistently get even the most basic things about bitcoin wildly wrong. They particularly enjoy issuing solemn proclamations that bitcoin is dead. Here are a few:
June 20, 2011: Forbes published an article headlined, “So, that’s the end of Bitcoin then,” back when each coin was trading at $13.85.
Sept. 29, 2014: The Financial Times wrote: “We’re going to stick our neck out at this stage and call this the end of Bitcoin,” back when each coin was trading at 397.78.
April 19, 2016: Yahoo Finance quoted Transferwise CEO Taavet Hinrikus saying: “Bitcoin, I think we can say, is dead. There is no traction, no one is using bitcoin. The bitcoin experiment, I think we can say, is over.” Bitcoin was then trading at $437.50.
June 29, 2019: the New York Post published an article headlined: “Bitcoin not built to last, despite recent surge.” Bitcoin traded that day at $11,882.
Want some more examples? Here are another 470 bitcoin obituaries.
In order to keep this article up to date, the author has asked us to link to the original post so that he can continue to make edits and updates as things evolve. This feature is very in depth and long Bitcoin educational article. We encourage you to read and share with your friends. A special thanks to DNcomply.com for putting this together!
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