The Secret of Bitcoin Accumulation
The goal of each person in the cryptocurrency market should be to accumulate at least one full Bitcoin. It is the golden standard, and will eventually be worth enough to potentially give you financial freedom. But, as of now, a full Bitcoin would cost you just under $,000, an amount of money that very few people have lying around available to invest. Looking back to last year when Bitcoin’s price was at $69k, it was even more of an impossible goal for most to imagine. Especially considering that most people are debt-ridden, unable to afford surprise emergency expenses of even a few hundred dollars.
However, I am clear evidence that it isn’t impossible. In fact, it is very achievable, but it won’t be easy. You will have to be extremely dedicated, make smart decisions, sacrifice, use all the tools available to you, and work hard. If accumulating one full Bitcoin is really important to you, by applying the above to your lifestyle, you can make it happen. You will determine your fate and destiny. The tips are quite basic, but sometimes the most basic methods can give the best results.
Finish Each Day With More Bitcoin than What You Began With
Throughout my crypto journey, there is one goal that I have been downright obsessive about. It is this way of thinking that I attribute my success to. It is that I simply must end every single day with more Bitcoin than when I woke up. In previous years, this goal was extremely easy to achieve. In the past, I was a strong advocate of lending out crypto and would easily finish each day with more Bitcoin through this method. However, it is no longer safe to lend out to 3rd party companies for the time being.
Instead, there are other methods. One of my personal favorites is by earning extra money on the internet. I write about cryptocurrency and put all of my earnings back into Bitcoin and crypto. While your earnings may be small in the beginning, you will be surprised how quickly they can grow into something substantial. If writing isn’t your thing that’s fine, there endless opportunities on the internet.
Another favorite option of mine that anyone can do is by using crypto reward debit cards. I personally use the Coinbase debit card and receive 4% back with each purchase. While technically I receive Stellar Lumens (XLM) for these purchases, I always convert them to Bitcoin. You won’t become rich with this method, but it’s an easy way to earn crypto for spending money that you would be doing regardless. I often earn at least $30+ extra in Bitcoin with this method each month.
Never Stop Buying
Accumulating a full Bitcoin can feel like a daunting task. So much so that you can easily lose confidence and perhaps quit. The secret is that you must always be buying. I like to compare it to learning a new language. Learning a language is like stacking individual pieces of paper on top of each other daily. At first, it will seem like the pile isn’t growing and it is difficult to see your own progress. But after a decent amount of time has passed, that once tiny pile of paper will have become something substantial. You will have reached a level that you seemed impossible just a year ago. Buy when the price is boring. Buy when the price seems a bit high. And buy more when prices are low. The whole approach goes back to the first mindset of finishing each day with more Bitcoin than what you began with.
Set Intermediate Goals
We all have that goal of owning a full Bitcoin, but for most of us, this will be a journey that takes multiple years. Working extremely hard at something for years at a time and still not reaching your end goal can cause people to become discouraged. That is why we need to set more attainable intermediate goals alongside our ultimate goal. I like to set them in multiples of 0.10 BTC. This means our first accumulation goal would be 0.10 BTC, then 0.20 BTC, 0.30 BTC, 0.40 BTC, 0.50 BTC, 0.60 BTC, 0.70 BTC, 0.80 BTC, 0.90 BTC, and finally one full Bitcoin.
Being able to obtain 0.10 BTC is an amazing achievement that everyone should be proud of. It is also something that is much more achievable in a shorter timeframe than a full Bitcoin. Being able to reach these intermediate goals will help to keep you motivated toward reaching your ultimate goal.
Lower Your Expenses / Sacrifice
If we want to change our lives and be able to own a full Bitcoin, we will need to change our lives financially as well. This means that we will need to make a monthly budget and drastically cut back on our expenses. Eating at home, instead of going to restaurants. Not buying the newest video game or movie. Saving money by not going out with friends. Cutting back on the number of streaming services you’re subscribed to. Buying value brands instead of name brands.
After you take a look at what you’re spending your money on, you will likely see that you’re wasting a lot of money. Personally, by just making a budget and sticking to it, I was able to save hundreds of dollars that I then put into Bitcoin.
Keep Cash on the Side to Buy Dips
While I recommended earlier to never stop buying, that doesn’t mean that you should be investing everything you have. One of the best things I have done since entering the crypto market was buying the price bottoms in 2019, and also heavily buying during the March covid crash of 2020. Back when Bitcoin fell to $3,500 and Ethereum went down to $80. The only reason why I was able to do this is that I had kept cash on the side waiting to take advantage of an incredible opportunity.
If there is one thing that you can count on in the cryptocurrency market, it is that there will always be massive price drops. By taking advantage of these golden opportunities and continuing to always be dollar-cost-averaging as well. You will be surprised at just how quickly you’re able to progress with your Bitcoin accumulation.
Earn More
This is always a controversial piece of advice for many people. Many of us are already working extremely hard for 40 hours each week and that should be enough. Unfortunately in this world for most of us, it isn’t enough. If we truly want to change our lives, we must change what wasn’t working. This means we will need to outwork our peers and be willing to give up “having fun” for a duration of time. The truth is that many of us have much more free time than we are aware of. The hours that are drained on watching Netflix, YouTube, TV, and using your phone will surprise you. By picking up a part-time job and working just two nights a week. It would be enough to significantly jumpstart your Bitcoin accumulation. Not only that, but it would help in all areas of your finances from building up savings, to finally becoming debt free.
The Mindset
While all of the advice above is important, I truly believe having the correct mindset is the most vital to not only being able to accumulate a full Bitcoin but also being financially successful in life as well. If you believe you will fail, you certainly will. On the other hand, if you truly believe you will succeed and are willing to do whatever it takes. Then most likely you will. Nothing is given to you in life and you must go after it. Those who want it enough will be willing to become obsessive about ending each day with more Bitcoin. They will be willing to set goals and stick to the plan. People with the correct mindset will even be willing to make drastic sacrifices for the end result. They’ll keep buying through the good times and bad, and have the courage to buy while prices seem to be at their worst. They will recognize that it takes money to earn money and will try to boost their income as well.
If you do all of these steps and have the correct mindset, there is a great chance that you will be able to accumulate a full Bitcoin. But, after you finally reach that amazing goal a funny thing happens. You’ll then want 2 Bitcoin, then 3, 4, 5, 10, and beyond. Bitcoin is a finite asset that hasn’t even approached its true price potential. We both know that, and that is why we’ll never want to stop accumulating. This means that once you accumulate your first Bitcoin, it will be time to extend your goalposts and work even harder to make your goals a reality!
How about you? How did you accumulate your first full Bitcoin?
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