When someone first comes into contact with Bitcoin, they are likely to experience various emotions, behaviours, and thoughts like am I late to the Bitcoin party. The fact that they have money in their possession that they can ultimately manage or that they have secured a portion of the finite quantity of bitcoin that would ever exist may make them feel powerful.
However, people may also experience both and a broad range of other emotions often find somewhere else to live in the now-famous Bitcoin. Every individual who purchases bitcoin, on the other hand, feels as if they are late — that such bitcoin is now too costly, and the number goes up (NgU) algorithm will no longer function in the future, and before we get ahead in our article, register yourself on the Bitcoin Storm and learn all there is about the bitcoin trading and don’t think you’re late to the Bitcoin party.
I Missed the Bus
Bitcoiners who look back on their investments recognize how much the value of one bitcoin has already grown compared to the dollar or other fiat currencies. In that transaction, 5050 bitcoins were bought in exchange for $5.02 in PayPal payments, resulting in the first-ever documented bitcoin price of $0.00099, according to Bitcoin history.
By 2010, bitcoin had been more frequently traded, and one bitcoin was worth about $0.07. In addition, it was during that year that bitcoin was first used to purchase daily items. Following the transaction, Bitcoin Pizza Day was created, and it continues to be extensively observed to the present day.
However, one of the most memorable BitcoinTalk postings from that year came from a member named Ichi, who expressed frustration at feeling like they were late to the party and didn’t have enough bitcoin.
That’s correct – ichi assumed they were already late and that 600 bitcoin was not a significant sum of money. However, during the past 11 years, the price of bitcoin has risen by more than 700,000 per cent, reaching its present level of $50,000. As a result, the 600-bitcoin stack is unquestionably massive.
Furthermore, it may seem ridiculous to assume that such a valuable commodity could continue to appreciate in the future, and it may seem equally reasonable to believe that if you bought Bitcoin in 2021, you are, in fact, a year late.
However, you may be looking at it from the incorrect perspective. It is crucial to examine the increase in value of bitcoin after that forum post, but it is even more vital to recognize that ichi truly believed bitcoin had already reached an excessive level of importance, leading them to feel as if they had missed the bus.
Although we now know that ichi did not miss the bus, we also know that their “little” bitcoin stack grew to be a massive one approximately ten years later. As a result, if you believe you’re late, you may find yourself following in Ichi’s footsteps.
Keep Your Point of View in Mind
Something that may seem counterintuitive to newbies but which may be very beneficial in the process is thinking about bitcoin in terms of bitcoin. We could now look back and conclude that ichi was mistaken in believing that 600 bitcoin was insufficient in 2010, but remember that we do so because the value of 600 bitcoin has risen in dollar terms.
In terms of bitcoin, they have not grown in importance. According to bitcoin terms, which only consider the fixed total quantity of 21 million BTC, 600 bitcoins were and will continue to be the same value. Everything is divided by 21 million when it comes to one’s frame of mind.
Although it is anticipated that bitcoin will continue to be accepted more extensively as time passes and more people become aware of its unique features and supremacy as a store of wealth and medium of exchange, it is impossible to predict how widespread adoption will be. However, this is not the case; instead, we must take a step back and assess adoption.
We Are Still in The Early Stages
In Bitcoiner circles, it is easy to overlook that the vast majority of the world’s population is still wholly unfamiliar with Bitcoin. Bitcoiners are already aware that volatility will subside as usage increases, and the Lightning Network is already addressing scalability issues; nevertheless, the rest of the world is unaware of these facts.