Written by Jacob Asparian, July 7th 2022

Yes, You’re All Wrong.

This is what it feels like every day to be a Bitcoiner and CEO of a Bitcoin-only company. We started 1Bitcoin.ca as a way to educate Canadians about Bitcoin, help them “get off zero” and guide them through a steep learning curve. I’m extremely proud of the work we have done and will continue to do for years to come. Throughout our time advising and answering questions about Bitcoin, we have come across plenty of skeptics though. This isn’t surprising, as everyone starts off as one. No one hears about Bitcoin the first time and automatically gets it, including me. 

However, it feels like I spend a majority of my time not only educating cautious and skeptical pre-coiners (you’re all going to own Bitcoin eventually, some just later than others) but also the misguided crypto-bros who are touting the “next Bitcoin” because they claim that Bitcoin is outdated technology. The crypto ecosystem is the most hurtful to Bitcoins adoption as it muddies the waters, confusing the general public. 15,000+ junk coins promoting different use cases or purposes, but none of them will be competing with Bitcoin. Bitcoin has already established itself as the blue chip of the entire ecosystem. Bitcoin is the Internet of Money. It is a digital, distributed, unstoppable, person-to-person monetary network. If someone is promoting that their crypto-coin will overtake Bitcoin, they are wrong. Either due to ignorance or even worse - intentionally misleading you. Crypto and Bitcoin are not synonymous, and it’s important to understand the difference.

Most people that are not familiar with Bitcoin, or don’t truly understand it, have the same responses and objections.  I have heard them all, countless times.

The government will ban it.
Only used for illegal stuff.
Nothing backing it. 
Tulip bulbs. 
Ponzi.
Pump and dump.
It won’t last.
A newer tech will overtake it.
Its bad for the environment.
Yada. Yada. Yada. 

The same tired objections. And yes, they are all wrong. And that’s ok. We are here to educate and clarify the misconceptions about Bitcoin. Everyone is wrong at first. The biggest mistake, however, is being wrong over and over again. I have written extensively on why they are wrong. You can check them out here. We also link to some great resources for those interested.

The beauty of Bitcoin is that you don’t need a fancy economics degree to understand why its vehemently better than the current system. We are watching the market price discover this amazing asset in real time and on a global scale. It is the coolest thing ever - a once in a millennia opportunity and most are spending their time by brushing it off with generic statements or focusing on short term price action.  

Many think it’s too late. Again, they are wrong. That’s like saying there is no point of getting an email address because it’s already been around for 30 years. Bitcoin is a technology that is growing quickly and being adopted quicker than the internet was.

Could I be wrong? Of course. We don’t know what we don’t know. There is a non zero chance that I could be wrong. I am always open to discussing potential edge cases. But the basic responses that I continue to hear are all wrong. They are the same responses parroted by people who haven’t spent a few hours educating themselves.

While I never give financial advice on how much exposure to have with Bitcoin (yes, we know, it is volatile), the only wrong approach is to have a zero percent allocation. No exposure to Bitcoin is wrong. Even if you don't understand this asset yet, the asymmetrical upside this asset offers means the only wrong approach is no exposure. You can decide to sit on the sidelines and talk with an unearned confidence or you can humble yourself to actually ask questions. We can check back in 10 years to see where everyone is at. I know what I am doing. What are you?

If you have any questions about Bitcoin or want to learn more, feel free to reach out to me directly by sending an email to jacob@1bitcoin.ca.