The Four Levels To Achieve Self-Sovereignty With Bitcoin
The Four Levels To Achieve Self-Sovereignty With BitcoinBuying Bitcoin is just the first step in a long and wonderful journey.Written by Sylvain Saurel - In Bitcoin We Trust Bitcoin now has more than 130 million users at the last estimate. The reason I'm talking about estimates here is because Bitcoin is a pseudonymous network that gives users the ability to have multiple addresses on the network. We can therefore have precise on-chain data on the addresses active on the network, but we can only estimate the number of users behind these addresses. Having said that, it is important to bear in mind that while Bitcoin has 130 million users at the moment, only a tiny minority understand the why of Bitcoin. For a majority of investors in the Bitcoin world, Bitcoin is nothing more than an asset with a high potential return on investment. One of many, but mostly the one to own right now. For the few who understand the why of Bitcoin, Bitcoin is much more than that. Bitcoin is a once-in-a-lifetime chance to regain control of your money's future. Bitcoin gives you the freedom to live your life on your own terms. So it is said that Bitcoin gives you self-sovereignty. However, this self-sovereignty is not instantaneous with Bitcoin. Just because you buy Bitcoin does not mean that you automatically take control over the fruits of your labor, and thus ultimately, power over your life. To reach this stage of self-sovereignty, you will have to go through four levels in my opinion. You can of course go straight to the higher level 4, but generally, it is done progressively, step by step. As you understand why Bitcoin is there and how it works, you move towards that self-sovereignty. Level 1 - Buy BitcoinThe first step to self-sovereignty is obviously to buy Bitcoin. Many people only study Bitcoin or the economy, but never take action. Taking action is the key to changing your life for the better. It's not about how much BTC you buy, it's about taking action. Start with the amount you feel most comfortable with, but don't stop there. Keep studying Bitcoin to understand how it works and its why. There is nothing worse than people who buy Bitcoin just to get rich and then never make the effort to understand the deeper meaning of its revolution. Bitcoin has the power to change your life for the better, but to do so, you will need to make the necessary intellectual effort that will give you the confidence to fully embrace its revolution. Level 2 - HODL BitcoinOnce you have acquired sufficient knowledge about Bitcoin, you will have confidence in its revolution. You will understand that Bitcoin is an accumulation game for years to come. Your interest is therefore to become a Bitcoin HODLer no matter what. By becoming a Bitcoin HODLer, you will stop worrying about the volatility of the Bitcoin price. This only affects traders. Bitcoin HODLers stay cool no matter what because they know that Bitcoin's goals are long-term. Bitcoin is an incredible monetary revolution. Its revolution will take time. Confidence in Bitcoin allows you to be patient. This is a good thing because Bitcoin always rewards patience. Level 3 - Own your private keysYou probably already know the most famous slogan of Bitcoin: “Don't Trust, Verify”. This slogan is not misleading, since Bitcoin allows you to verify everything yourself at any time. However, there is another slogan that is less well known to the general public that you will have to learn to reach this level 3 in the path of self-sovereignty:
You only own the Bitcoin whose associated private keys you have in your possession. When you buy BTC on a trading platform and leave that Bitcoin on the platform, you do not own that Bitcoin. The platform can potentially decide at any time to ban your account and confiscate your BTC. You fall into the same trap as with the current monetary and financial system in which banks can confiscate your assets at any time for arbitrary reasons. Your interest will therefore consist in transferring this BTC to cold storage. You will then take full control over your Bitcoin wealth. It's a daunting prospect for some, but you shouldn't be afraid to do this. It's much easier than some people would have you believe, and more importantly, it's the only way you can truly take responsibility for the security of the fruits of your labor. Level 4 - Run your Bitcoin Full NodeAfter reaching level 3, which is already remarkable, many people stop there. This is a mistake in my opinion. You have to go even further and become your own bank! To become your own bank, you need to run a full node on the Bitcoin network. By doing this, you will do even better, as you will become a full-fledged bank that relays transactions from the network. Some people say that there is no point for individuals to run a full node on the Bitcoin network. These people are wrong. By reaching level 4, you will be free to take full advantage of the trustlessness of Bitcoin. You won't have to believe the truth of others, but you can build your truth that is reinforced by the fact that it matches the truth of other nodes on the network. Solutions exist to run a full node on the Bitcoin network, and this is something that will allow you to reach the ultimate stage of self-sovereignty. This is what every Bitcoiner should strive for. Final ThoughtsBitcoin is much more than a financial investment with high potential returns. Bitcoin is an alternative system that will allow you to change your life for the better. To do this, you must fully embrace its revolution by taking the path of self-sovereignty. This path consists of 4 major levels. Your interest is to reach level 4 which will consist of buying Bitcoin, HODL Bitcoin no matter what while owning your private keys, and finally running a full node on the network. Then the power will be in your possession. You will be able to live your life on your own terms. In Bitcoin We TrustLearn how to earn…Become part of our community.Follow our socials.Subscribe to our podcast.Subscribe to this publication.
If you liked this post from Cryptowriter, why not share it? |
Older messages
EOSweekly: First Official Chief Delegates!
Sunday, October 10, 2021
We have our first official Chief Delegates! And all of them welcome the swarm of new project ideas. A community inspired, that's what other token holders will see. Development was ongoing as
Venezuela: using stablecoins to fight hyperinflation
Saturday, October 9, 2021
Another experiment in real-life use of crypto
With Funding Solved New Users Find Solace in EOS Support
Friday, October 8, 2021
A long time ago… that's what it feels like having participated in the first EdenOnEOS trial election. Things happen fast on EOS and even faster now with the EOS Foundation and EdenOS/ClarionOS.
The Case for Bitcoin for Everybody Who Doesn't Care About It
Friday, October 8, 2021
What can you say when nothing you say matters?
EOS Main-net, Where We Are and Where We’re Going
Friday, October 8, 2021
Life is filled with ups and downs, very seldomly does things proceed exactly as one might expect it to, which is why perseverance is such an important principle, and those that persevere to the end
You Might Also Like
Crypto Market Pulse Weekly – ₿ Bitcoin Hits Record Daily Number of Transactions
Monday, April 29, 2024
$BTC hits record daily number of transactions. Spot $BTC and $ETH ETFs to start trading in Hong Kong on 30 April. Franklin Templeton listed its Spot Ether ETF on US DTCC. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Analysis: What changes have occurred in the L1 Infra track in recent months?
Monday, April 29, 2024
Author: Laobai From ABCDE Edited:Wublockchain Recently in the primary market, the hottest track is undoubtedly AI, followed by BTC. About 80% of the projects discussed daily are focused on these two
Bitcoin Makes History By Becoming The Scarcest Asset In The World
Monday, April 29, 2024
We bring you the top stories in crypto every week! Stories like... Monday April 29, 2024 Sign Up Your Weekly Update On All Things Crypto TL;DR Bitcoin Makes History By Becoming The Scarcest Asset In
Polygon leads in EVM efficiency as DeFi users favor low transaction costs
Sunday, April 28, 2024
DeFi activity analysis finds side chain solutions like Polygon more cost-effective, although Ethereum secures most transaction fees. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Asia's weekly TOP10 crypto news (Apr 22 to Apr 28)
Sunday, April 28, 2024
1. Hong Kong Bitcoin and Ethereum Spot ETF to Launch on April 30 link On April 27, the Hong Kong Stock Exchange announced the inclusion of several ETF shares into the Central Clearing and Settlement
A Path Forward: Retro Funding and Revitalization | BanklessDAO Weekly Rollup
Sunday, April 28, 2024
Catch Up With What Happened This Week in BanklessDAO ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Polkadot community backs SnowBridge for seamless Ethereum integration
Saturday, April 27, 2024
The SnowBridge proposal has enjoyed unanimous community support and could go live in 28 days. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Weekly Project Updates: Binance Launches Renzo on Launchpool, EOS Introduces New Tokenomics, $SAFE Begins Circulat…
Saturday, April 27, 2024
1. Starknet Foundation Announces Airdrop Redistribution of STRK to Three User Categories link The Starknet Foundation has announced that it will distribute STRK tokens through a retroactive airdrop to
OP's Superchain Vision | Layer 2 Review
Friday, April 26, 2024
Quick Reads and Hot Links Covering the People and Projects Who Are Scaling Ethereum ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Investor exodus from Bitcoin ETFs as BlackRock and Fidelity see significant outflows
Friday, April 26, 2024
BlackRock see back-to-back zero flows as Fidelity's FBTC records first outflow. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏