5 STAGES OF DISCOVERING BITCOIN

These are the 5 stages that most individuals go thru in the process of dealing with BITC0IN – the first cryptocurrency that they are likely to discover. Bitcoin came into existence in January 2009. It is nine years old and I was not introduced to it until it was seven years old. In two years I have come to realize and accept the uniqueness of this amazing technology.

Stage 1 – DISDAIN:

When first introduced to BITCOIN most individuals would laugh out loud and call it invisible monopoly money. How could something that you couldn’t touch or feel be real money. It has none of the characteristics of money (tangible, note issued by governments and not backed by precious metals).

It was part of a virtual digital world which I at age 73 had difficulty relating to. I easily denied the existence of bitcoin and saw it as another fad like pet rocks which the younger generations would engage with and then quickly forget it in a year or two.

Stage 2 – SKEPTICISM:

In 2016 I saw enough bloggers writing about Bitcoin on the Internet, that I realized some individuals believed it was real. I paid some attention, but couldn’t make sense of it. It was ethereal and seemed like another Multi Level Marketing or Ponzi scheme that would just eat up my money, if I ever got involved.


Some individuals appeared to be making money and treating it as an actual asset, but I was skeptical that it would ever compete with my property, gold, stock, mutual funds and cold, hard cash.

Stage 3 – CURIOSITY:

In early 2017 I heard about individuals making money with Bitcoin and saw the word so often I became more curious. I had gone to university to get an M. Ed. In education and had been a teacher/school administrator for many years. In that time I changed philosophically from a Teacher to a Facilitator; and saw the Students and myself as Learners.

At this stage I started taking home every book from the library that I could find on Cryptocurrencies and reading numerous articles on the Internet.

Stage 4 – CRYSTALIZATION:

It was in the fall of 2017 that I began to think about actually investing in Bitcoin, but I was now 74 and believed that such an investment was for the Millennial who could afford to lose everything and still start over. BUT I couldn’t bring myself to squander any of my retirements funds on something I knew so little about.

At this time I came across a free, accredited course called “Introduction to Digital Currencies” from the University of Nicosia, Cyprus which led to a further 8 courses and an M. Sc. In Digital Currencies. I investigated the course and university, and found the university to be English-speaking and as credible as any North American University. The course had started in 2014 in response to the banking crises in Greece and Cyprus as an alternative to banking and fiat currency. The course was on line and I enrolled on Oct. 26, 2017.

My most influential professor was Andreas Antonopoulos and if you have your doubts please take the time to listen to his presentation on YouTube to Canadian Senators. It was an AH! HA! MOMENT for me! A light bulb went of in my mind and I suddenly realized why so many individuals were joining the movement.

It was like being a little boy again and I was learning to ride my bicycle. I fell off many times, but always got back on and thrilled at the freedom and adventure it brought me. I couldn’t sleep and started two more related course from the Linux Foundation and Princeton. By mid November I was swamped as I had now discovered the BLOCKCHAIN, an even more promising technology, on which the BITCOIN is based. The BLOCKCHAIN can bring trust back to the global community and has the ability to revolutionize all major industries (Education, Health, Business etc).

Stage 5 – ACCEPTANCE:

Once you understand the blockchain technology and see how it can change the way we do business and live, acceptance comes. It is faster, cheaper, can cut out the middlemen and gives everyone more control over their life. Mainly it recreates trust between individuals, businesses, institutions and countries throughout the world.

Now it is Jan 2018, and I can no longer ignore Bitcoin and the Blockchain. I wake up thinking about how the technology can improve the life of every single person on this planet.

Presently I am a passionate promoter of helping baby boomers and seniors learn all about the blockchain and cryptocurrencies so they too can partake in the benefits of this new technology. The future is very bright indeed, if power can be taken from the few. Lately I was astounded to hear that the 8 richest men on this earth own the same wealth as the 3,600,000,000 poorest.

4 thoughts on “5 STAGES OF DISCOVERING BITCOIN”

  1. Hi Roger
    Thanks for this wonderful article about Cryptocurrencies. I really started learning about Bitcoin two years ago. I am still in the third stage: CURIOSITY. The reason that I didn’t read enough about it. I started my internet business four years ago so I am still a baby in this business. I have wasted a lot of money while I was looking for online sites to work from home. Getting started on the wrong foot can lead to wasted time, money and motivation. I was going to quit. Fortunately, I found Wealthy Affiliate. The next step will be with Bitcoins.

    1. Hi Rania,
      I have been active with Wealthy Affiliate for two years, but have yet to make a cent. It is a challenge but I am learning new knowledge, skills and attitudes that keep me involved. To me the time is not wasted because it is through my failures that I learn and succeed. One of my favorite sayings is “You only fail or waste your time, money etc. if you give-up and quit trying”.

      One of my biggest challenges is to set a limited number of goals and controlling distractions. Right now I am trying to limit myself to developing Wealthy Affiliate skills; develop a family history and lucid dreaming site; and broaden my money making investments (mostly property, gold, silver and stock) to include digital currencies.

      Look forward to seeing you around.

      Roger

  2. Good description of the process. Step 4 is a big step into a deep rabbit hole of information! And sometime in step 5 it seems you develop a very optimistic view that everyone involved in cryptocurrency is trying to change the world for the better. There may be a step 6 where you become a bit bitter as you realize how many scams and schemes are out there! I think cryptocurrencies will absolutely change the world, but not all of them will survive! In 2018 people have lost so much of what they invested (and really the majority of people did not start investing in cryptocurrencies until 2017), so a lot of people have been knocked back to stage 2. We are in an interesting in-between time when the ideas and technology are in place, but the real-life adoption is just beginning. I keep thinking something will click to turn around the bear market of cryptocurrencies, but that has not happened yet!

    1. Hi Kevin,
      Thanks for the comment – you reminded me that I do have a web site still on a back-burner. I was attending weekly Meet-Ups here in Edmonton, but interest has fallen as fast as the Cryptos and it is depressing to attend. Luckily I have only cash invested and am willing to sit tight for awhile. Meanwhile I am more focused on WealthyAffiliate training and lucid dreaming. The Crypto group just gets me depressed so all related activities there are on hold.

      Regards,
      Roger Humbke

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