5 Lessons I learned from Going All in and Mining BTCV
It’s been almost 6 years straight years of creating paths and scaling heights in the cryptocurrency space. My Bitcoin journey started in August, 2015. That was the first time I ever heard the word Bitcoin. It was very confusing at first. The concepts, the operations, the process, the value and the benefits. It was like learning a new language all on your own. But it slowly started getting clear as I spent more time with experts like my husband, a professor of Mathematics who also studied Cryptography. For those who don’t know what Cryptography is. Cryptography is the science behind cryptocurrencies among which comes the pioneer — bitcoin.
The best thing that happened to me since hearing about bitcoin is getting to meet and marry my husband — Edson Pindza who has vast knowledge of mathematics and cryptography. His deep knowledge set the good foundation for me and my team to value and learn a lot about the subject. He had a perfect understanding of how bitcoin operates and the incredible benefits it will continue to offer for many years to come. Thanks to the early deep learning I discovered both the advantages of bitcoin as well as disadvantages.
Just a little about Bitcoin. Bitcoin has comfortably ruled the market for 11 years. In those 11 years, many other cryptocurrencies (also known as Altcoins) have tried to position themselves as the ‘perfect Bitcoin’. Everyone comes with a new promise and better reward for miners. In fact some of them were even built on obsolete versions of Bitcoin itself.
My husband taught me to answer three questions before investing my hard earned money in any cryptocurrency and I am going to share them with you.
- What problem is it solving? Or what solution is it offering?
- What is the technology behind it? Do you have access to the whitepaper?
- Who are the developers/founder/visionaries behind it?
A brief story about Bitcoin vault
In the fourth quarter of 2019, some improvements were made to the whitepaper of Bitcoin and a new coin was born — Bitcoin Vault (BTCV). The goal of the coin is to take bitcoin to a much more secured coin by adding additional security features. So in this regard, you can say the new coin Bitcoin vault is bitcoin but just better.
Based on my 5 years of experience in the crypto world, I jumped in without doubt. I was able to teach some of my close friends about it when the price was barely $1 ($0.42). Today, the price is above $101. The benefits of this new coin will be in my next post.
My goal for today’s post is to highlight the 5 lessons I learnt since joining BTCV in the fourth quarter of 2019. Let’s dig in.
- There is a clear cut difference between price and value: price is what you pay, value is what you get. The most expensive is not always the best, neither is the cheapest the worst. So look at the market value and the lifetime value. What is the market share? How profitable is it? Is there a use case? Is it scalable? Can people build businesses out of it? Is there a competition? How big is the market? These are some of the questions I also had to answer before investing in BTCV. Instead of looking at the current price which was $0.42 then. My focus was on the lifetime value. I was thinking long term. A Chinese proverb kept ringing in my head — The best time to plant a tree was 20 years ago. The next best time is now. I am grateful to my husband for guiding me on how to make such a smart decision.
Lesson: Look beyond price, look for value. - Be selective with what you read — business tycoon Warren Buffet, said “Most news is noise, not news”. You must be careful with what you read. Many of the content you find on social media news feeds, and emails are mostly unverified sources of information. When I first heard about bitcoin, I found a lot of unverified and false information online. The same thing applies to BTCV. The content mostly revolves around hate comments and unverified claims — to quote Warren Buffet, they are ‘’NOISE’’. So when you read any content, be sure to dig further and verify the sources. Also try to understand the motive behind each piece of information. The internet is saturated with false information, so be careful what you read.
Lesson: Not everything you find on the internet is accurate - The best path to success looks boring — this is unarguably true. It is the same path the internet followed. At the very beginning, many believed the internet would die and become a thing of the past. But today, the internet is no longer considered a luxury. It is in fact a necessity. The same thing happened to Bitcoin. When Bitcoin was first introduced in 2009, it was worth less than $1 and many believed it won’t last for up to 2 years. But this is the 11th year running, it is worth more than $15,000 and many businesses are already accepting it as a means of exchange. In fact, bitcoin is now available on almost every FOREX trading platform. If you take a good look at BTCV. It is following the same path. It has incredible potentials but at first, it was valued at $0.42 as at November 2019. Who would imagine a coin valued at $0.42 in November 2019, could skyrocket to $480.44 in 6 months?
Lesson: The businesses with brightest future, have a boring startup story - Only do business with people you trust — my biggest testimony in business in meeting Edson Pindza. His knowledge in mathematics and cryptography really increased my trust in bitcoin and BTCV. The fact is, there are people who would lie to you just to get what they want. The business world is filled with people who call themselves ‘gurus’, who feed on your fear while guilt tripping you. Having my husband beside me to evaluate and advise me, I don’t fall into the wrong hands. Asides that, I always aim for the top. I don’t believe in hearsay or unverified sources. So I met with the founder of BTCV and invited him to a programme last October and to my utmost surprise, he showed up. When looking for business opportunities, be careful what you read and who you talk to.
Lesson: Be careful who you trust. - There is a huge benefit in putting all your eggs in one basket — I like to save the best for last. Most countries are facing economic downturns and it is easy to get distracted and desperate to make money through every means necessary. For most, diversifying income is an absolute necessity since one is not sure of the next business or investment to crumble. Remember the popular saying; Don’t put all eggs in one basket? If you must succeed in business, try to put all eggs in one basket at the beginning. Ensure the first business is too successful to fail before you get another basket (business). FOCUS is very important when making investment decisions. The reason most people make wrong investment options is because of the Shining Object Syndrome (SOS). SOS is that distraction that looks so promising and engaging but time consuming. By the time you realize it is a wrong decision, you would have lost sight of the main goal. The more options you try to have, the more distractions you give yourself.
Lesson: pick one goal and never lose sight of that goal.
Wrap up
There you go friends, five big lessons I learnt on my journey with BTCV in the last one year. Is there any one that caught your attention? Are you ready to answer the three questions I also answered before investing in BTCV? Do you have any questions about BCTV? Jump into the comment section and let’s talk
