Hey Jessvestors
I've come to a distinct realisation of late that has changed the way I view cryptocurrency. Like many money-hungry little shits, I got in trying to make a quick buck riding up and downturns and thinking I'd just discovered fire and a way to make money with minimal effort and small amounts of capital. I was right, it works, and I was hooked.
Unfortunately for me, this encouraged me to dive deeper down the rabbit hole. As I learn more about this revolutionary technology, I've started to change the way I view cryptocurrency.
I've gone through it all, made money, been rekt, been hacked and learned about the potential and took risks on several projects that I am confident on, and if only 2 out of the 10 make it, I would be pretty happy with my returns of that I am sure.
Image source: - thebalancesmb.com
Buy, HODL, sell
At first, I was very much into the buy, HODL and sell method with my end goal being selling high so I could get more fiat than I put in. Many crypto investors still look at it this way, and there is nothing wrong with that. People have got to live right, BTC isn't going to put food on the table unless you're converting it to fiat these days.
Selling is a losing game
The problem with selling is once I convert to fiat I am liable for capital gains tax on my cryptocurrency profits. Why should I give the government a piece of the rewards I took a risk on using my capital on and timing the market? That makes no sense to me.
Secondly, as our local currency inflates at 4.5% per year, every time I convert, I am losing buying power as using fiat as a store of value slowly fades.
So is there an incentive for me to convert any of my cryptos into rands or even USD or Euros? Doesn't seem like it.
Thirdly as soon as I convert to a fiat currency, I am now leaving my money in the hands of a custodial service so I never really own it. I'm leaving it with a company or bank that will be making a profit by leveraging my capital to make loans and then ship that money on to other customers at a higher interest rate.
Stacking Sats
My new mind shift has me seeing things differently, and I'm now fully committed to stacking more satoshis as and if I can get my hands on more of them. I've bumped up my crypto holdings form 10% to 15% of my entire net worth and as I see the local economy crumble I'll have to look at adding more and holding some stable coins too as a mixed basket.
Image source: - Reddit
This is by no means financial advice, and you do with your earnings as you please, as I am doing with mine. Instead of looking at a future where I would have more fiat, I look at a future where I have more independent buying power set by the market and not some central authority.
I hope that I am right and that one day it won't be about how much fiat you can get for your BTC but how you can use your BTC and Alts to live off directly. Pay your bills, use it as collateral, get paid in cryptocurrency for work you do and have full control over your finances.
I hope to realise this ideal in my life time!
To quote Nelson Mandela, the father of our nation
It is an ideal for which I hope to live for and to see realized. But, My Lord, if it needs to be, it is an ideal for which I am prepared to die
Let's connect
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