Don't Trust, Verify

Dive into the wealth of knowledge available and connect with some local Bitcoiners.

Every encounter with fellow Bitcoin enthusiasts has revealed a personal truth: understanding precedes ownership.

But here's the catch—it's no walk in the park to understand. Those who hold a significant portion of their wealth in Bitcoin share a common trait: they didn't merely take someone's word for it; they embarked on a journey to unravel its intricacies, its workings, and its significance.

This ethos of 'don’t trust, verify,' permeates the Bitcoin community. When these aficionados meet up, there's an energy and mutual respect akin to the camaraderie in a Lions or Ashes dressing room. Everyone in the room knows the sweat and toil it took to gain entry.

Bitcoin is a bit like cricket—seemingly complex from the outside, yet captivating once you understand its rules and rhythm. Trying to comprehend it by skimming an article or watching a brief video is akin to watching a test match for 15 minutes and expecting to grasp its appeal to its 2.5 billion global fan base.

To truly grasp Bitcoin's essence, you must roll up your sleeves and dive deep. Understand its core principles, dissect the flaws in conventional economics, and brace yourself for debates with skeptics who haven't done their homework. Weather the storms of doubt when prices plummet, skeptics crowing about your folly and the procrastination from thinking you’ve missed the boat, all this amidst a sea of predators looking to snatch it away.

Understanding its purpose and significance is one thing, but unraveling bitcoin’s code is another challenge altogether. It's like facing a fast bowler hurtling toward you at breakneck speed—only an elite few can master it. Thankfully there’s a variation to this Bitcoiner’s mantra of “don’t trust, verify” - in the book Bitcoin Clarity by Kiara Bickers in which she says “don’t trust, verify, if you can’t verify, find someone you trust that can.

You’ll find such a person at your local Bitcoin meet up. A band of brothers and sisters willing to share their knowledge and expertise freely with newcomers. Ask anyone at a Bitcoin meet-up “what’s the purpose of Bitcoin's difficulty adjustment” and you’ll inevitability end up chatting with an expert. Trust is built over time, but it will certainly be quicker than learning and verifying Bitcoin’s code.

I remember in the early 90’s reading that the best investment you could make would be to learn Mandarin Chinese. On reflection this was excellent advice and no doubt I would’ve profited from that. Instead I chose to do nothing, took a different path and got away with it. When you understand the monetary system and how Bitcoin works you come to realise there is no different path and doing nothing is actually the riskiest one to take. While some seek refuge in gold, property, or land to protect their savings and out of those land is the only thing they can’t make more of, oh and one other thing - Bitcoin, a digital alternative - a scarce asset immune to manipulation and inflation.

This understanding of Bitcoin being the only logical path to take is where the Bitcoin community gets it’s conviction, which can appear from the outside as a cult, a new religion or like some financial doomsday prepper society but there’s a difference, these collectives are guessing at the truth, two plus two might one day equal five. Bitcoiners don’t guess, Bitcoin isn't a leap of faith; it's a calculated bet based on rigorous study and analysis.

So, to those on the fence, take action. For in the ever-changing landscape of finance, doing nothing is the surest path to stagnation. Dive into the wealth of knowledge available and connect with some local Bitcoiners. Because Bitcoin isn't a get-rich-quick scheme; it's a long hard slog and an even harder one if you choose to tackle it on your own.

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This is a guest piece written by Edmund Ledgerton. Edmund's book, 'Banks, Bucks & Bitcoin' is available on Amazon here