21 Things Bitcoiners Do That You Should Too

Bitcoiners or Bitcoin Maximalists, as they're often called, are believers in the ultimate potential of Bitcoin, the first and best digital currency. They hold that Bitcoin is more than just a digital asset; it's a revolutionary technology capable of reshaping the global financial landscape.

For today's BitByte article, let's dive into the 21 things that Bitcoiners do, and why you should consider adopting these practices too.

1) HODL: Bitcoiners hold on to their Bitcoins for the long term, believing in its ultimate value and potential.

Bitcoiners embody the HODL philosophy, holding their Bitcoin regardless of market fluctuations, demonstrating their unwavering belief in Bitcoin's long-term potential. They recognize that Bitcoin's value comes from its unique qualities, such as its decentralized nature, immutability, and scarcity.

2) Avoid Altcoins: Bitcoiners avoid investing in or promoting altcoins, believing Bitcoin is superior.

Altcoins, being alternatives to Bitcoin, often claim to offer enhanced features. However, Bitcoiners stick to Bitcoin only due to its established network security, widespread adoption, true decentralization, and the sound principles it is built upon. They view altcoins as distractions or speculative assets without proven value.

3) Educate Themselves & Others: They continuously educate themselves and others about the technology behind Bitcoin, its history, and its potential future.

Knowledge is power. Bitcoiners understand the importance of understanding the ins and outs of the Bitcoin protocol, its origin story, and its transformative potential. They make an effort to share this knowledge with others to foster a larger, more informed community.

4) Understand the Economics of Bitcoin: They have a good understanding of the economic principles behind Bitcoin, including supply, demand, and the implications of a capped supply.

Bitcoiners grasp the economic tenets underpinning Bitcoin. They comprehend the effects of supply and demand dynamics on its price and the implications of its fixed supply limit of 21 million, fostering a deflationary environment.

5) Dollar Cost Averaging (DCA): Bitcoiners practice DCA to grow their Bitcoin holdings over time.

DCA is a strategy of investing a fixed amount in Bitcoin at regular intervals, regardless of its price. This reduces the risk of investing a large amount at an inopportune time and smoothens the investment's average cost over time.

6) Run a Full Node: Many Bitcoiners run their own full node to maintain the network's security and decentralization.

Running a full node contributes to Bitcoin's decentralized nature and security, allowing Bitcoiners to validate and broadcast transactions independently, reinforcing the network's resilience and their sovereignty within it.

7) Promote Sound Money Principles: Bitcoiners promote sound money principles which they believe Bitcoin embodies, such as scarcity, divisibility, portability, and durability.

Bitcoiners promote Bitcoin as it embodies sound money principles. It's scarce (limited to 21 million coins), divisible (up to eight decimal places), portable (can be sent anywhere globally within milliseconds), and durable (not subject to physical wear and tear).

8) Encourage Merchant Adoption: They persuade merchants and service providers to accept Bitcoin as a payment method.

Bitcoiners understand the value of Bitcoin as a medium of exchange. Therefore, they encourage merchants to adopt it, increasing its utility and enhancing the overall acceptance and adoption of Bitcoin.

9) Pay with Bitcoin: Whenever possible, they use Bitcoin for purchases to promote its use as a medium of exchange.

Using Bitcoin for everyday transactions in-person and online not only proves its practical utility but also propagates its acceptance, fostering a cycle of adoption and utility.

10) Read Books: They read books on Bitcoin, economics, finance, and history to continuously expand their knowledge and understanding on Bitcoin’s impact on the world around them.

Bitcoiners take a proactive approach to education. They delve into books about Bitcoin, cryptography, economics, and history, gaining a comprehensive understanding of Bitcoin and its societal implications.

11) Understand Bitcoin Mining: They understand how Bitcoin mining works and its role in maintaining the network's security and decentralization.

Understanding Bitcoin mining is crucial, as it plays a pivotal role in securing the Bitcoin network and implementing transactions. This comprehension helps in appreciating Bitcoin's worth and potential.

12) Participate in the Lightning Network: They run a Lightning node or use the Lightning Network for transactions to support faster, low-cost Bitcoin transactions.

The Lightning Network is a "second layer" payment protocol that operates on top of the Bitcoin blockchain. It enables faster and cheaper transactions, which Bitcoiners support to enhance Bitcoin's scalability.

13) Use Cold Storage: They use cold storage options to secure their Bitcoin holdings against potential hacks.

Security is paramount in the Bitcoin space. Bitcoiners use offline cold storage solutions, such as hardware wallets or paper wallets, to protect their assets from potential digital threats.

14) Understand Halving Cycles: Bitcoiners understand the significance of Bitcoin halving events and their impact on Bitcoin's price.

Bitcoin halvings, occurring approximately every four years (or every 210,000 blocks), are significant events that reduce the reward for mining new blocks. Bitcoiners understand their implication on supply dynamics and potential price effects.

15) Read Satoshi Nakamoto's Writings: They read and understand the significance of Satoshi Nakamoto's original Bitcoin Whitepaper and other writings.

Bitcoin's mysterious creator, Satoshi Nakamoto, laid out Bitcoin's principles and functioning in the Bitcoin Whitepaper, through emails, and through forum posts and comments. Bitcoiners revere these documents, recognizing its importance as Bitcoin's foundational blueprint.

16) Avoid FOMO and FUD: Bitcoiners are resistant to the effects of fear, uncertainty, and doubt (FUD), as well as fear of missing out (FOMO).

A Bitcoiner's deep understanding of Bitcoin's principles and potential gives them resilience against market noise, preventing irrational behavior prompted by FUD or FOMO.

17) Celebrate Bitcoin Holidays: They celebrate important dates in Bitcoin history, such as the day the Bitcoin Whitepaper was published (Oct 31) or Bitcoin Pizza Day (May 22).

Celebrating these symbolic days helps Bitcoiners remember the 14-year journey of Bitcoin and commemorate important milestones in its evolution.

18) Respect Cypherpunk Principles: Bitcoiners respect the principles of the Cypherpunk movement, from which Bitcoin emerged, that value privacy and decentralization.

The Cypherpunk movement's values of privacy, individual sovereignty, and decentralization deeply resonate with Bitcoiners. They regard these principles as foundational to Bitcoin's ethos.

19) Orange Pill Their Friends and Family: They talk about Bitcoin to their friends and family, often encouraging them to explore, understand, and adopt it.

Bitcoiners often initiate conversations about Bitcoin with their circle, encouraging them to understand this revolutionary technology, and possibly, to adopt it.

20) Never Reveal Their Full Bitcoin Holdings: For security reasons, they avoid revealing the extent of their Bitcoin holdings.

The mantra "not your keys, not your Bitcoin" underscores the importance of privacy in the Bitcoin space. Bitcoiners generally avoid revealing their holdings to maintain their security and privacy.

21) Believe in Bitcoin's Potential to Change the World: Above all, Bitcoiners hold a steadfast belief in Bitcoin's potential to bring about significant changes in the global financial system and beyond.

The most defining trait of a Bitcoiner is a deep-rooted belief in Bitcoin's potential to revolutionize the world, disrupt the existing financial system, and empower individuals.

Final Thoughts

These practices of Bitcoiners, from understanding the underlying technology and economics to actively promoting Bitcoin's adoption, reflect their commitment to the promise of this transformative technology. Adopting these practices will not only enhance your understanding and experience of Bitcoin but it will also contribute to the realization of Bitcoin's potential. If you believe in a future where financial autonomy and decentralization prevail, these 21 Bitcoiner ways might just be for you.