Question Checklist Before You Buy Bitcoin

Fajar Purnama
4 min readMar 13, 2020

You May / Actually Highly Recommended

  • Download a bitcoin wallet and note your public and private keys.
  • Mine bitcoin.
  • Participate in airdrops, faucets, giveaways, and other free stuffs.
  • Become a merchant that accepts bitcoin.
  • Have channels for exchanging bitcoin whether peer-to-peer, centralized exchange, or decentralized exchange.
  • Buy maximum $10 of bitcoin.

The Risk of Rushing into Bitcoin

The risk is from yourself. If you are not mentally strong enough, you will not able to handle the volatile market. Tomorrow, it may rise by a thousand dollars but the next day may drop by two thousand dollars. You will become like the FOMO losers who buy when the price is high and sell when the price is low especially if you are here to get rich quick. When people asks you why you buy bitcoin and you only answer “to get rich” they will eat you alive.

Question Checklist Before Buying More Bitcoin

In 2 days the bitcoin price crashed from around $9000 to $5000. Have you learned your lesson? This is a question directed not to professional traders, supporter, or technologist, but to you who are only here to get rich quick. Therefore, here are some questions I recommended you to answer before diving into the market again especially for you who haven’t dive into the market but considering.

1. Do you know how the current global monetary system is created and how it works?

  • To understand the significance of bitcoin, you need to know how the current monetary system works.
  • How is your money created?
  • Where does it come from?
  • Who controls it?
  • You at least need to know the Bretton woods system in 70s and how it was replaced by the freely floating fiat currencies. I learned this from Mike Meloney.

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Fajar Purnama

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