During the end of my haircut this afternoon, my barber brought up #Bitcoin. He asked, "Do you know anything about Bitcoin?" I couldn't help but smile and replied, "A little bit, why?" He then mentioned, "I saw the halving is coming up in a few days, should I buy some now or wait?" After some discussion, it became evident that he thought the price of Bitcoin would be cut in half during the halving. I took this opportunity to explain what actually occurs at the halving without diving too deep into technicalities. I explained that there will only ever be 21 million Bitcoin, unlike the government's ability to print infinite dollars, which he connected to inflation. To illustrate, I pulled up the #BTC-USD price chart and showed him the spikes that happen with each halving, cautioning him to expect short-term volatility. I shared that personally, I am holding Bitcoin for the long term and am curious to see what happens in 5, 10, or 20 years. Realizing I was the last customer and he was finishing up cleaning the shop, I didn't want to take up too much of his time. I encouraged him to text me if he had further questions. I also offered wallet suggestions in case he didn't have one, mentioning that I would tip him in Bitcoin next time I visited. Reflecting on the conversation later, I found it challenging to explain with enthusiasm while also conveying the risks involved. I emphasized that Bitcoin investments are not without risk, and I would hate for someone to lose money based on a brief conversation we had. We are still early.

Bitcoin offers a hedge against traditional financial risks and economic instability. Its capped supply and global accessibility position it as a store of value independent of centralized control. Bitcoin provides individuals with a means to diversify assets and preserve wealth in the face of inflation and geopolitical uncertainties. #Bitcoin is the exit strategy.

I had a nice discussion about this topic a few days ago. Good post 👍 View quoted note →

When in doubt, zoom out. #bitcoin

I’ve been thinking about high transaction fees lately and how they might compare to fees associated with fiat transactions in the future. This leads to the question: should #Bitcoin be considered a store of value (akin to property) or a medium of exchange (like currency)? High fees may be more appropriate for one versus the other. Can #BTC be both now? If so, will it be both in the future?

Will there come a day when spending a UTXO becomes such an expensive endeavor that it transforms into a privilege reserved for a few? As fees can surge during periods of heightened activity, moving even a small amount of #Bitcoin could demand a significant financial outlay. This scenario leads me to wonder about the broader implications for self-custody. If transacting becomes cost prohibitive, could we witness a shift where individuals are deterred from managing their own Bitcoin, thereby nudging them towards third-party services for handling their assets? Such a development would challenge the foundational ethos of decentralization and individual sovereignty that #BTC was built upon.

One of my favorite #Bitcoin resources @bitcoin.rocks is now open-source! View quoted note →

Every time I’m about to buy the parts to build my own #bitcoin node, I put the money into #BTC instead. Lately, I have been laser-focused on stacking sats with whatever spare fiat I have, and it’s a hard habit to break.