You don’t have to buy a whole bitcoin

Photo by Budgeron Bach from Pexels

Once upon a time Fred and Barney were the best of friends. They usually caught up once a week until Barney moved away. They chatted on the phone occasionally but it was a year before they saw each other in person again. While eating lunch Fred started talking about the price of real estate and Barney started talking excitedly about finding out that you could get 8% a year on your government issued dollars without needing to convert them into a stable coin. Fred was interested to hear that it was now possible to get 5% a year on a digital version (backed by the physical) of gold. When Barney mentioned that despite it’s volatility bitcoin had gone up an average of 200% a year Fred recalled when Barney had first told him about bitcoin when it was only $1,000. Sadly in that time Fred never acquired any. Fred never told Barney why he never bought any, but near the end of the conversation Barney got a glimpse of part of that equation.

“You don’t have to buy a whole bitcoin.”

Fred was talking about buying Barney a bottle of wine to thank him for finding the perfect gift for his wife. Barney had given up drinking since getting into bitcoin once he realised how different his retirement would be if he put his drinking money into digital assets. He told his friend he’d rather if he bought himself his first bitcoin.

“I love you mate but I wasn’t going to spend that much on you.”

“What do you mean? You can buy $50 worth of bitcoin.”

“You can? I thought you had to buy a whole one.”

“Nah, just like you don’t have to buy a whole dollar, you can buy part of a bitcoin. I know of many who are dollar cost averaging $20, $50, $100 every week/fortnight/month depending on their pay cycle. Whatever works for them.”

Was Barney partly to blame that for the past four years Fred have lived under the illusion that you have to buy a whole bitcoin? Or is the responsibility solely Fred’s for not doing their own research?

Photo by Worldspectrum from Pexels

Thankfully now Fred knows that you can buy part of a bitcoin which means the price of a whole one is irrelevant as long as Fred believes the price will go up in time. Barney’s comment that he’d rather Fred spent that money on bitcoin for himself was the key that unlocked the blockage he had about buying bitcoin.

It’s unfortunate that it took four years to get to this point but it will be even more unfortunate if in another four years time I’m writing an update on the adventures of Fred and Barney and Fred’s experience with digital assets is still limited to hearing stories from Barney about how they have changed his life.

If there is something about digital assets you would like some clarification on let me know in the comments below so everyone can share in a greater understanding.

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