Does anyone else play these scenarios out in their head?
It's been hell for 9 years. It doesn't get any better.
Then, this one happens too...
Oh my, my dog has fallen ill. I need $500 to pay the vet, and I just don't have it in my bank account right now. Oh! I've got a Bitcoin and it's worth $500! I'll sell the Bitcoin and pay the vet, then I'll buy back the Bitcoin over time instead of paying interest on a credit card. Brilliant!
1 year later...
Bitcoin price has been going up faster than I can buy it back. I've spent $1500 trying to buy back that 1 Bitcoin, and so far I've only managed to buy back 0.1 Bitcoin. Bitcoin is currently worth $20,000 per bitcoin?! So my $1500 spent has grown by $500 to $2000 in value, but that means (compared to if I had just skipped the treatment and euthanized the dog) that dog cost me $19,000!?!?!
Comparison:
- Use bitcoin to pay vet, spend $1500 to buy back 0.1 bitcon, bitcoin value grows $500 to $2000 in bitcoin value. Result = 1 dog + $500 growth
- Euthanize dog, keep $500 bitcoin, bitcoin grows $19,500 to $20,000. Result = 0 dogs + $19,500 growth
- $19,500 - $500 = value of dog ($19,000)
That's one expensive dog!
Now everytime I spend ANYTHING, I have to stop and think... Well, if I bought bitcoin with that money INSTEAD of whatever I'm about to spend it on, and Bitcoin increases 100X in the next few years, then I'll effectively have spent 100X as much for that thing I was about to spend money on (since I could have had that bitcoin growth instead of that thing). Is that thing worth (a few years from now) 100X the amount I'm about to spend on it?
Buying a $5 cup of coffee? You could have bought $5 worth of bitcoin that might grow to $500! Is that coffee really worth $500?
Buying a used car for $1500? You could have bought $1500 worth of bitcoin that might grow to $150,000! Is that broken down old car really worth $150,000?