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Critics and detractors of Bitcoin always caution us retail investors against investing in Bitcoin, citing its volatile and unregulated nature. Well, they are not wrong since a tweet by an influential person could send the price of our beloved Bitcoin tumbling downwards. Also, some governments have already imposed restrictions on the use of Bitcoin; it seems probable that more governments will follow suit, especially since many central banks around the world are interested to introduce Central Bank Digital Currencies. So there is no doubt that fear, uncertainty and doubt (FUD) are part and parcel of our relationship with Bitcoin.
However, instead of focusing on the negatives, I feel that these critics should encourage us to establish an antifragile relationship with Bitcoin. If we strip away the FUD, one thing is for sure: there is a limited supply of Bitcoin. 18 million Bitcoins are already in circulation; 3 more million Bitcoins are ripe for the picking. There is no question that Bitcoin could help us pave the way towards financial freedom if we manage to amass enough Bitcoins. So why don't we build an antifragile relationship with Bitcoin?
Antifragile Relationship with Bitcoin
But what does "antifragile" mean in the first place? I first came across this word when I was reading about the Japanese people and their staunch belief in ikigai (life purpose). Here's a definition: "Antifragility is beyond resilience or robustness. The resilient resists shocks and stays the same; the antifragile gets better."
Individual Personification of Bitcoin
Now that you understand what "antifragile" means, how can we go about building an ever-evolving, ever-strengthening relationship with Bitcoin? I think one thing that helps me is to call upon one of the seven habits of highly effective people: Begin with the End in Mind. I see Bitcoin as an important part of my retirement fund. Hence, it will not serve me well to treat it as a speculative asset and go down the rabbit hole by trading ever so often and trying to get rich in the process. To anchor me, I imagine having a relationship with Bitcoin as if it were a real person; the idealized version of me.
High on my bucket list is travelling around the world. So I imagine Bitcoin to be this unflappable vagabond with a goofy grin on his wrinkled face and gives off a salt-of-the-earth vibe. He will be gleefully exploring obscure corners of the earth and living it up with people from different cultures and points of view.
Does this bring a smile to your face? I hope it does, even if my method is a bit unorthodox. So how will you picture Bitcoin to be like for you?
Stop, Think, Do
Whenever drastic developments happen, I'm sure you will agree with me that your heart will pound as fast as a sledgehammer and cold sweat will start to drench your back and insides. Your hands turn clammy and shaky as you try to process what will happen to your stash of Bitcoin. In those incidents, when your emotions are on overdrive, you will feel compelled to do something, anything to try to get a semblance of control over the situation.
However, it is precisely times like this that I recognize that I must STOP and take a step back. Perhaps my hands will be clamoring for me to sell my Bitcoins and cut my losses. So before I do anything else, I will think of my charismatic, intrepid greying traveler. Once I do that, I find that I can breathe slightly easier. For why would I do something that will devastate my long-term relationship with Bitcoin? This is when I will be sensitive to the fact that I am feeling the fight-or-flight response.
After I remove my emotions out of the equation, I find myself coming to grips with my hyperventilating brain. I will then systematically list down all the options, dissect the pros and cons of each option and then choose the option that will lead to me enhancing my relationship with the traveler in me who is full of life and spirit and wanderlust. Why would I succumb to FUD?
I know this is hard but I often remind myself that sometimes, the best thing to do is to do nothing. Hey, that's why we fervent Bitcoiners gravitate towards HODL-ing, right?
The above is my way to build an antifragile relationship with the coin that will revolutionize all our lives. How about you?
Photo by Worldspectrum from Pexels
