Why everyone should build savings in Bitcoin, the most moral money invented.
Are you already building savings in Bitcoin? If not, this article is for you.
You have probably heard about Bitcoin and other so-called cryptocurrencies. Bitcoin launched January 3rd, 2009, and has been growing ever since. I spent time studying crypto currencies back in 2011 but not well enough. I didn’t realize how superior Bitcoin was and the potential that is now starting to show.
Perhaps you are wondering why a missionary like me writes about Bitcoin on his ministry website? The main reason is that I don’t want people I care about, especially fellow missionaries and ministry partners, to make the same mistake that I made in 2011 and fail to build savings in Bitcoin.
What is Bitcoin
In short, Bitcoin does for storing wealth what the internet has done for information. Those old enough to remember life before the internet grasp the significance of that statement. I will not repeat in this article the details of what others have done a better job of in explaining what Bitcoin is and why it is superior in storing wealth to anything humanity has come up with so far. Instead, I suggest reading this or listening to this podcast. If you are new to Bitcoin, it is important to read and study to understand what it is before investing in Bitcoin.
Bitcoin is catching on. Companies and investment funds are now towards the end of 2020 turning to Bitcoin, especially as governments frantically attempt to money-print their way out of the Covid recession. This article is a must-read – especially the part about the U. S. Dollar (and most government-backed currencies).
See the image below for the source of the above statement. Bitcoin launched on January 3rd, 2009.
It is hard to look at the above image without concluding that we live in unprecedented times and that such a huge surge of Dollars injected into the system will have serious consequences. And by injecting into the system, I am referring to the US federal reserve essentially “printing” money out of thin air. Most of this money is not printed literally but added as numbers on computer disks, buying loans, stimulus checks, etc.
As the big players start investing in Bitcoin, the price will take off because, unlike traditional Fiat currencies (like the U. S. Dollar), Bitcoin is scarce.
Once the big players start flexing their muscles, there will not be much room left for common people. That is why I encourage everyone to consider Bitcoin and put long-term investment into Bitcoin, relative to their confidence. For example, if you have 20% confidence in the future of Bitcoin, put 20% of your long-term savings into Bitcoin.
Inflation is bad
Many of us have gotten so used to inflation that we have stopped questioning it. Until recently, I thought moderate inflation was a healthy sign of a strong economy. I have now found that to be utterly false. Consider this: I hope most of us agree that the trend of the wealthy getting wealthier while the poor become poorer is bad. Countries try to spread wealth evenly and give everyone equal opportunities, right? Think about it. During inflation, the value of each dollar goes down. What cost one dollar before will cost $1.2 after 20% inflation. At the same time, the value of gold, property, stocks, etc., relatively goes up. Typically, the wealthy own those things while those with lesser means have minimal savings in dollars and/or have jobs on fixed hourly rates.
What and how?
The “what” is simple. Read a bit more about Bitcoin, I suggest starting with The Little Book about Bitcoin.
Then, buy some bitcoin, and hold it. Yes, it is volatile and will probably continue so for some years to come. But that problem goes away the moment you think in terms of 3-5 years. There are many places where you can buy bitcoin. Do a little bit of research based on your location what works best for you.
The “how” is not complex either. A good starting point to store your bitcoin is to use a software wallet like https://bluewallet.io You will then be holding your own private key but not trusting a third-party.
For those who want the highest security, consider a hardware wallet like Trezor to store your bitcoin.
I hope you found this article helpful and that you take time to consider Bitcoin and the right move for you.
If you have any questions, feel free to contact me. I’m no expert in this area. As a software engineer, I understand software, and essentially, Bitcoin is a sound mathematically built software. I enjoy helping others if I can, and at the end of the day, I’m just a normal guy doing his best to steward well what God has entrusted him with.
Last updated 2022-05-16