Raj Parekh

Ruminations about life and the world

My Bitcoin Journey

Bitcoin has now been in existence for a little more than a decade and pushing on 11 years on January 3rd. I wanted to reflect a bit about my Bitcoin journey and how it started. 

When I graduated from college in 2015, I concluded that I wanted to follow my curiosity. I wasn’t sure about my passion, nor did I have an elaborate plan to how my career will end up shaping.

My curiosity is building products in the intersection of Security, Privacy, Finance, and Technology and how it impacts people, companies, and the world. 

I wrote the sentence above when I graduated from college, and it still holds for today. However, curiosity has evolved now into Cryptocurrencies. 

Cryptocurrencies embody multiple topics such as cybersecurity, finance, law, technology, privacy, and so much more all into one. It is, by far, the most intellectually stimulating topic that I have ever come across.

I bought my first Bitcoin on November 20th, 2015 (according to my Coinbase account). I had no idea what this cryptocurrency stuff was about. I was fresh out of college and did not have money or the foresight to realize that I should buy as many of these “coins” as possible now since the price is about to sky-rocket to numbers that I could hardly imagine.

I wish I could call myself a Bitcoin OG, where I tell you that I went down the rabbit hole back in 2015/2016 before the crazy bull – cycle. The truth is that I didn’t re-visit cryptocurrencies until the beginning of 2017, and it happened to coincide with the bull – run that we know now.

Back in 2015, Bitcoin was this risk speculative coin that I figure I buy a little just for fun. However, in 2017, I started to question a lot of beliefs on start reading and absorbing as much information about monetary policies, economics, history, and even questioning my core fundamental beliefs about everything.

During my journey, I’ve come to the following realizations/questions

  • The US monetary policy is broken, especially since Richard Nixon took off us the gold standard in 1971. On top of that, the US’s debt number continues to sky-rocket every single year
  • What is money? This is a core fundamental question that Bitcoin is forcing people to recognize. If I’m a citizen of a country with a crappy currency, I now have a backup plan with Bitcoin.
  • Bitcoin is an incredible savings mechanism with much better appreciation rates as opposed to existing savings account services. I think Bitcoin is going to be a lot of money in the future, but don’t just take my word for it. Check out this article about Pantera Capital, some of the leading investors in Cryptocurrencies. https://cointelegraph.com/news/pantera-capital-ceo-believes-bitcoin-could-reach-356-000-in-a-couple-years
  • Bitcoin is here to stay. 
    • The Lindy effect is a theory that the future life expectancy of some non-perishable things like a technology or an idea is proportional to their current age so that every additional period of survival implies a longer remaining life expectancy.
    • For every year it stays alive, the longer it will be in existence in the future according to the Lindy Effect.

Bitcoin is for the people by the people and shows no signs of slowing down. I will always be a huge proponent for Bitcoin and excited to see what holds for the future.

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