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Understanding Bitcoin: Here Are the 6 Phases You’ll Most Likely Go Throughby@ssaurel
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Understanding Bitcoin: Here Are the 6 Phases You’ll Most Likely Go Through

by Sylvain SaurelOctober 13th, 2023
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Bitcoin is in a class of its own, says Gary “Security’ Gensler. Bitcoin is different from cryptocurrency as a whole, he says. Bitcoin will eventually be banned by governments, he adds. Bitcoin has the potential to change the world for the better, he writes.
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Bitcoin is different.


I'm not the one saying this, but the famous Gary “Security” Gensler himself, the head of the SEC.


Bitcoin is in a class of its own.


So, before you even study the why of Bitcoin, you're going to have a rejection reaction.


You'll start from phase 1: Bitcoin is a scam

Far too many people in the general public remain stuck in this phase, mainly out of intellectual dishonesty I must say.


If you go further, you'll start reading a few articles on Bitcoin, and why not the Bitcoin white paper published on October 31, 2008, by Satoshi Nakamoto? You'll have studied Bitcoin for 10 hours at most.


Then you'll be in phase 2: Bitcoin is a cryptocurrency based on the revolutionary Blockchain concept

During this phase, you'll still believe that it's possible to discover the next Bitcoin - the next big thing, as some people say. You'll probably be wasting time with Sh*tcoins attracted by the lure of gain. You know, that famous natural human penchant for greed.


By researching Sh*tcoins, you'll be convinced that Bitcoin is too flawed. You'll be convinced that governments will eventually ban Bitcoin.


Then you'll be in phase 3: Bitcoin will eventually be banned by governments

The fact that the various bans on Bitcoin or Bitcoin Mining in China have done nothing to change Bitcoin and its revolution will still elude you because you'll still be 20 or 30 hours away from researching what you still believe to be the cryptocurrency world.


Following a prolonged Bear Market or a scam, you'll be disappointed with the Sh*tcoins you had in your portfolio. Your investment in these Sh*tcoins having lost over 99% of its value, you begin to return to a more in-depth study of Bitcoin and its revolution.


After a hundred hours of research, you'll arrive at phase 4: Bitcoin is digital gold

This will be a revolution for you because you'll start to tell yourself that it's better to abandon Sh*tcoins. Of course, at this stage, you'll still believe in a few cryptocurrency projects, but only the big ones that are safer in your eyes.


You'll still believe that Ethereum has a future...


As more and more opponents of Bitcoin change sides and end up embracing Bitcoin, you'll realize that something is happening. Bitcoin isn't changing, but everyone is changing as they gradually understand the why of Bitcoin.


By also understanding that Satoshi Nakamoto never used his million BTC accumulated in the early months of the Bitcoin system, you'll also come to the same conclusion as all Bitcoiners: Bitcoin is different from cryptocurrency as a whole.


Whereas cryptocurrencies are all about enriching their founders, Bitcoin is all about helping every one of its users. Bitcoin reconciles individual interests with those of the collective.


You'll have reached phase 5 after a thousand hours of research: Bitcoin != Crypto and Bitcoin != Blockchain

This will push you to do even more research into how Bitcoin is already being used as an everyday means of payment by millions of people around the world.


You'll then step out of your Western comfort zone to see what's going on in Nigeria, Argentina, Lebanon, Costa Rica, El Salvador, ...


Something astonishing will begin to emerge within you.


You'll be in the middle of phase 6: Bitcoin has the potential to change the world of the future for the better for as many people as possible

Of course, nothing is a foregone conclusion. Just because people have hard money at their disposal, protecting them from the control of governments and central bankers, doesn't mean they'll seize this revolution and make it a success.


Nevertheless, you will then be aware of the role you have played in this revolution, not only by helping the greatest possible number of people to become aware of it but also by promoting the development of a circular economy centered on the Bitcoin system.


The famous “Spend and Replace Bitcoin” paradigm that I've been talking to you about frequently over the past few months:


At this point, there will be no more talk of Sh*tcoins, and you'll be close to 10,000 hours of in-depth study of Bitcoin.


Feel free to tell me more about the path you've taken in your awareness of the why of Bitcoin, but especially where you are now.


Also published here.