First Steps
Have you decided that Bitcoin may be right for you?
People who devote the time to study and learn about Bitcoin often increase their Bitcoin conviction as their understanding advances. For those interested, the following action plan can help get your Bitcoin journey underway. This action plan follows a simple framework: Stack, Study, Learn, Understand, Grow Conviction.
Action Plan
1. Achieve Positive Cashflow
Importance: Being cash flow positive ensures you have the capacity to save without incurring debt. It also avoids being forced to sell Bitcoin savings to cover expenses.
Action Steps: Increase your income, reduce expenses, and minimize debt until your cash flow is positive.
Goal: Establish a solid financial foundation to support a Bitcoin savings plan.
2. Initial Bitcoin Purchase
Importance: Start with a meaningful but manageable amount, enough to ensure you are engaged, but without risking too much capital. If your instinct would be to sell at the first sign of volatility, then your initial Bitcoin purchase size is too large.
Action Steps: Buy a budget-friendly amount of Bitcoin, considering your personal financial situation.
Goal: Make an initial Bitcoin purchase that does not break your budget, while providing you enough incentive to study and learn more.
3. Basic Bitcoin Education
Importance: Bitcoin is a novel technology. Studying and learning about Bitcoin will help you make better decisions.
Action Steps: Dedicate 10 hours to reading articles, books, listening to podcasts, and watching videos about Bitcoin. Included here are some of the basics.
Goal: Gain a foundational understanding of Bitcoin, its technology, and its potential.
4. Automate Bitcoin Savings
Importance: Automating routine savings into Bitcoin helps mitigate the emotional impact of volatility. If the value of Bitcoin falls in your native currency, then you purchase more units. If the value of Bitcoin rises in your native currency, then you purchase fewer units.
Action Steps: Set up an automated system to buy small amounts of Bitcoin daily, weekly, or monthly.
Goal: Build a disciplined, consistent approach to accumulating Bitcoin savings over time.
5. Intermediate Bitcoin Education
Importance: Deepening your knowledge will help refine your savings strategy and increase your confidence.
Action Steps: Invest 100 hours in further education through more in-depth articles, books, podcasts, and videos.
Goal: Develop a stronger, more nuanced understanding of Bitcoin, and its market dynamics.
6. Protect Your Savings
Importance: Leaving all of your Bitcoin in the custody of exchanges or brokers carries certain risks. An upgraded security approach may be warranted.
Action Steps: Create and implement a suitable security plan to safeguard your Bitcoin, relative to the size of your savings.
Goal: Develop an appropriate security plan that considers the amount of your Bitcoin savings, technological aptitude, and risk management.
7. Bitcoin Investment Plan
Importance: A well-thought-out plan will guide your Bitcoin savings and investment decisions, while also helping manage risks.
Action Steps: Create and implement a Bitcoin savings and investment allocation plan based on your financial goals and risk tolerance.
Goal: Establish a structured approach to your Bitcoin savings and other investments.
8. Advanced Bitcoin Education
Importance: Bitcoin and the world around it keep changing. Ongoing learning keeps your understanding current.
Action Steps: Spend an additional 250 hours on advanced learning through books, specialized resources, courses, and discussions with experts. Local Bitcoin meetups are a place to learn from others.
Goal: Deepen your Bitcoin expertise and conviction, enabling you to make more sophisticated decisions.
9. Refine Investment Plan
Importance: Regularly updating your Bitcoin savings and investment plan ensures it remains aligned with your financial goals and market conditions.
Action Steps: Review and adjust your Bitcoin savings and investment allocation plan based on new knowledge and market changes.
Goal: Maintain a relevant and effective Bitcoin savings and investment allocation strategy.
10. Opportunistic Bitcoin Buys
Importance: Strategic purchases during market dips can enhance investment returns.
Action Steps: Consider using excess fiat currency to buy additional Bitcoin when price drops sharply, while remaining within the parameters of your Bitcoin savings and investment allocation plan.
Goal: Take advantage of market opportunities to strengthen your Bitcoin holdings.
11. Continuous Bitcoin Learning
Importance: The Bitcoin market is dynamic. Ongoing education is essential for staying ahead, particularly for people interested in adopting Bitcoin as a principal monetary vehicle.
Action Steps: Commit to continuous learning through current news, advanced courses, advocacy efforts, teaching others, and community engagement.
Goal: Remain informed and adaptable to Bitcoin’s evolution.
Where to Buy?
Some links below are referral links. Petros may receive a benefit if you use them. None of this is a recommendation or personalized advice. Products and terms change; verify details with each provider.
After people decide a Bitcoin savings or investment plan is right for them, their next question is often, where should they buy their Bitcoin? While not recommendations or personalized advice, the following Bitcoin-only companies may be good places to start.
Fold
Fold is a Bitcoin financial services app, now publicly traded, that pays rewards in Bitcoin on everyday spending through its debit card, new credit card, and gift cards. Differentiation: Fold stands apart by letting people accumulate Bitcoin without buying it, turning spending they would do anyway into a savings plan. (Learn More: use.foldapp.com/r/YMWNT4N7)
River
River is a Bitcoin-only brokerage built for steady accumulation, with zero-fee recurring purchases, interest on idle cash, and cold-storage custody. Differentiation: River suits the disciplined saver: automatic buys carry no fees, idle cash earns interest that can be paid in Bitcoin, and banking features such as direct deposit now round out the account. (Learn More: river.com/signup?r=GKIXWDQL)
Strike
Strike is a global money app built on Bitcoin and its Lightning Network, used to buy Bitcoin at low cost and move money across borders instantly. Differentiation: Strike now reaches beyond payments: eligible customers in the United States and the European Union can borrow against their Bitcoin instead of selling it. (Learn More: invite.strike.me/MGL0DD)
Swan Bitcoin
Swan Bitcoin is a savings-first platform for automated recurring purchases, with retirement accounts, self-custody tools, and services for advisors and businesses. Differentiation: Swan pairs every product with education, and its range now runs from a first automated purchase to RBX, a private-client exchange that converts spot Bitcoin ETF shares into real Bitcoin you own: ownership rather than exposure. (Learn More: www.swanbitcoin.com/PETROS/)
Unchained
Unchained is a Bitcoin financial services company built around collaborative custody: multisignature vaults where you hold two of the three keys, so no one can move your Bitcoin without you. Differentiation: Unchained is the graduation path for self-sovereignty, layering retirement accounts, inheritance planning, and business lending on top of custody you control. (Learn More: unchained.com/)