21 lessons takes you on a Bitcoin journey that covers philosophy, technology and economics. Personally, my Bitcoin journey has been going for the last 4 years. It’s been up and down and taught me many lessons. Like the fact I’m an emotional investor. Or was an emotional investor – with lessons and investing mistakes, I’m learning how to invest with skill. My financial knowledge has improved as I have tried to improve my crypto knowledge.
Disclaimer: this is not advice. This is information only.
Falling down the rabbit hole
Falling down the Bitcoin rabbit hole or crypto rabbit hole (in my case as I only own Alt coins – alternative to Bitcoin) is something I have done in 2021. And this is what 21 lessons is all about.
What I like is the quirkiness of this book. It’s different to other crypto books and is 100% worth a read. You will be able to devour it in a few days IF you are interested in Bitcoin.
What I really like is that it has improved my understanding of money. The book includes lessons about financial ignorance, inflation, value, money and the history of money, fractional reserve banking and the fact that Bitcoin is re-introducing sound money in a sly, roundabout way.
One of my personal lightbulb moments was the realisation that issuing new currency – printing more money – is a completely different economic activity than all other economic activities. While real goods and real services produce real value for real people, printing money effectively does the opposite: it takes away value from everyone who holds the currency which is being inflated. The author talks about how bitcoin has taught him about the nasty effects of inflation and hyperinflation.
Bitcoin has taught the author about inflation and this valuable info is relayed to the reader. In my opinion this book will improve your financial literacy and one of the ways is by teaching you about inflation. This is very current as inflation is a massive issue now as we are coming towards the end of 2021.
My feeling is that many people in the UK see this as a bit of background noise. I might be wrong but no one I know is really talking about it. It is not all doom and gloom though and I feel with some financial literacy, you can hedge against the effects of inflation.
My journey down the rabbit hole
Up until 2021, I just thought bitcoin and crypto were very risky and didn’t really take it seriously. Things have changed as I have started to understand this exciting new technology. I am convinced digital assets are here to stay and I’m convinced it is in your best interests to learn about it. But you don’t have to take my word for it. Read this excellent book and it will add to your knowledge and understanding of bitcoin and crypto assets.
Financial independence (FI) is what I have become slightly obsessed with over the last few years. FI will allow me to live life on my own terms and give me more time to spend with my family and friends. It will give me freedom to do things I love instead of a means to an end job. If you are interested in early FI, follow duffmoney and we’ll do it together.
If something is imposed by fiat, it simply means that it is imposed by formal authorization or proposition. Thus, fiat money is money simply because someone says that it is money. Fiat money is basically money that is backed by your government. Do you trust your government with your money?
This isn’t me getting political or anything. It’s just important (in my opinion) to think objectively and keep an open mind where money is concerned.
This brings me to diversification. My accountant told me about it back in 2012 when I didn’t really understand money and personal finances. In time, I’ve come to realise the importance of diversification. This is basically having a spread of investments to improve your chances of increasing your wealth.
All I’m saying is don’t put all your eggs in one basket. Get some financial literacy and find out your preferred method of investing. My preference is long term buy and hold with property, index investing and crypto assets.
What to do
DUFFMONEY is about documenting my journey towards financial independence. And helping other people achieve the same. My ambitious aim is to turn 1 million people into investors.
If you are interested in FI, then getting some financial literacy is a big part of it. Understanding money will help you and this book will add to your knowledge. 21 lessons is well worth a read.
My hope is that this weeks blog nudges you towards this excellent book. And that this excellent book nudges you towards your own Bitcoin rabbit hole. I am convinced that Bitcoin and crypto assets are here to stay and learning about it will only help you and your financial future.
Have you got some value from this week’s post? If so, leave a comment and let me know what you think. Your opinion matters to me and will help me to spread the word. If I’m going to help 1 million people start to invest, I need your help!
If you want to get into crypto you can buy at an exchange like coinbase – free crypto … if you join via this link you get £7.45 free in crypto and so will I … then you get to do the same so everyone you introduce to coinbase you get free crypto they get free crypto – a win win!!