• This opinion editorial by Tim Niemeyer discusses the current bitcoin price and how buying it does not necessarily help people.
• He explains that the ultimate value of bitcoin lies in the understanding one gains from studying it, which requires time and effort.
• He also mentions several potential topics to study in order to gain this understanding, such as cryptography, economics, etc.
Bitcoin Price Pumping
The mainstream news recently reported that the bitcoin price has been pumping. For those who bought at the top and held until now, Peter Schiff’s advice may be to sell. Those who missed out may wait for confirmation before buying closer to $70,000. Some may just want to try and cash out near the next all-time high.
Proof Of Work
The real value of bitcoin is not quantitative but qualitative; it lies in learning about it through understanding cryptography, computer science, economics and more. It takes time and effort to gain this wisdom which can act as an anchor in a manipulated world.
High Time Preference
Many people are used to living with a short-term mindset (high time preference). Bitcoiners refer to this as having “high time preference”. To get the full benefits of owning bitcoin requires one to think long-term rather than focusing on quick wins or profits from trading one monetary good for another.
By studying topics like cryptography and economics related to bitcoin you can unlock understanding that offers both quantitative and qualitative benefits over time. This knowledge will give you greater insight into the technology behind cryptocurrency and its potential applications for the future economy.
In conclusion, buying bitcoin might make you some money but ultimately its true value lies in gaining deeper understanding through studying various topics related to cryptocurrency technology. The more you learn about it, the better equipped you will be when making decisions regarding investment opportunities or even your own personal finances down the line!