What Is A Bitcoiner?

When bitcoin adoption reaches a global scale, it is likely there will no longer be bitcoin podcasts, bitcoin conferences or even, sorry to say this, a need for a BitcoinLinux. However, until this point, people interested in bitcoin will be differentiated from those who are yet to begin their journey down the bitcoin rabbit hole. The question is then raised, how does a bitcoiner describe themselves to others, that may help bridge the chasm between their own understanding and those still plugged into The Matrix?

Given the inflationary policies of successive governments, globally (see Rune Østgård excellent book Fraudcoin for more information), nearly everyone with resources has had to become an “investor” simply to attempt to maintain purchasing power overtime.

People who want to own the place they live, have the ability to personalise where they spend their time, and (for the most part) not be concerned about eviction or be subjected to excessive costs of rental, should not have to view themselves as investors. However, due to monetary premia commanded by real estate, not only do people need to take risks by leveraging their assets to purchase homes (through mortgages), they may also need to speculate that in the future, the value of their home will have increased sufficiently to offset the costs incurred of purchasing, moving and cover the interest on their debt.

Alongside the need to build wealth through “hard assets” such as property, the non-bitcoiner will be directed and often supported in planning for the future through further investments in the form of a pension. While tax efficiency and, for those lucky enough, additional employer contributions help to increase benefits, the investment related risks are reduced. However, these benefits also need to be understood in relation to the counterparties involved, such as changes in government policy, changes in pension schemes or the worst-case scenario of the company providing the pension experiencing financial difficulties. Learning that the pension you have been paying into for 30 years now has no value through no fault of your own is quite simply heartbreaking to watch.

So yes, I am a bitcoiner, but that does not mean I am an investor, speculator, gambler or a criminal and while I’d like to be, I’m also not a Cypherpunk. I am simply someone working towards a better future for myself, my family and maybe even their families. Bitcoin appears to provide a means of transferring the value of my work today into the future, without the risks of it being mismanaged (equities), legislated against (pensions), at risk of central bank policy (government bonds and fiat currencies) or struck by lightning (real estate). As a result, bitcoin may not be an investment and is only a speculation or gamble if you buy it without understanding it.

To return to the title, when asked about themselves and how they are planning for the future, a bitcoiner can simply say, “I’m staying humble, appreciating I have a lot to learn but saving the best asset I can find” (see Mickey’s work for a macro viewpoint). Hopefully, this will pique their interest, so lead to the follow up question of “can you tell me more?”. At which point, the orange pilling can begin.

This is a guest post by Rupert Matthews. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or BitcoinLinux.