Funny Bitcoin stories that will teach you a lesson or two, Part 1

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The cryptocurrency industry is fairly new, but it is expanding at rapid rates and offers valuable stories and experience from which we can learn a lot. If you are not new to cryptocurrencies and trading, you probably heard about the phrase: “A year in the cryptocurrency market is like 10 years on the stock exchange (or more)”. There is truth to this as the cryptocurrency markets are fast paced and it only takes few hours for cryptocurrencies to blow up and to increase in value by margins that can take years for publicly traded companies to accomplish.

As young as the industry is, many stories have emerged about people who won big time, people that lost money and a lot of people learning their lessons from the harsh unforgiving industry. Cryptocurrencies have taken their toll on unexperienced traders, people who know nothing about the industry and even those that are familiar with it. On the other hand, cryptocurrencies have challenged the traditional banking industry and exposed their many flaws, brought many technological advances and enormous potential to revolutionize many industries.

A lot of people still can’t see why blockchain technology and cryptocurrencies are one of the most revolutionary technologies to hit the modern world. People are still saying “Cryptocurrencies are a bubble”. When I hear someone saying that, I automatically assume that they don’t know anything about the vast industry and are seeing it only on a surface level. Some of these people repeat the thoughts of other people that know nothing about the industry, but are not willing to go deeper to learn why so much people are excited about the changes that will be implemented sooner or later.

Stories are endless…

Still, there are many funny bitcoin stories from the cryptocurrency industry that we can learn from. So much stories in fact, that I can’t possible tell them all. Stories like the Long Island Iced Tea company, where the company changed their description into Long Island Iced Tea blockchain company, without having any plans on pursuing blockchain technology advances and their stocks rose by more than 400% in a single day. Another story where an anonymous, but generous investor made a multi-million Bitcoin charity called the Pineapple Fund.

The individual donated 5057 Bitcoins, helping charities like The Open Medecine Foundation, Charity: Water, charities that help people in East Africa and many more. Or how about the countless stories of people that invested in cryptocurrencies, after which they bought Lamborghinis or other super cars. Cars being spotted with license plates with BLCKCHAIN writing on them. Countless Funny Bitcoin stories are coming out from the industry and there is a whole archive of stories that will live forever on Reddit.

Not only Reddit’s platform, but the whole internet is full of awesome stories and experiences with the industry. Some of them painful, others cheerful about the enormous opportunity, but all with a story to tell and a lesson to be learned. Let us take a look at other interesting or funny Bitcoin stories that Redditors have shared from their own experience.

Funny Bitcoin stories and lessons to take away from

Handling the feeling of regret

The first and biggest lesson to be learned from cryptocurrencies and Bitcoin in particular, is handling with the feeling of regret. If you are interested in cryptocurrencies, you probably heard about the guy that bought two pizzas in 2010 for 10,000 Bitcoin. Currently 10,000 Bitcoin is worth almost 100$ million, but at its all-time high, it was worth nearly 200$ million. The transaction that was made 8 years ago, was one of the first ever transactions made with cryptocurrencies and it showed the community that it is possible to make transactions with cryptocurrencies.

The early Bitcoin developer potentially lost a lot of money or at least he left it on the table, but the guy made an unprecedented first move, broke the norms and turned into a living legend. The Reddit user SuperDuperDerp shared his story in a sub-thread adding to the countless stories about regret. He said:

“I first got into Bitcoin in 2012. At the time one Bitcoin was worth 4$. I was hooked immediately and was certain that Bitcoin was going to be huge one day. Unfortunately, I also didn’t have money at the time and the most I could afford to buy was 400$ worth of Bitcoin which was 100BTC. The price didn’t move much, so I stopped checking it after some time. A month later I came back to see what is happening and the price had doubled to 8$ per Bitcoin. Surprised at the growth and thinking it is too soon for BTC to take off, I sold my 100 Bitcoin for 800$ thinking about buying in again when the price drops. It never did and I watched it climbing and climbing until I finally decided to buy in again at 100$ per coin, buying 8 Bitcoins with 800$. I let the feelings get the best of me and panic sold left and right. I like to believe that If I was financially stable at the time, I would have bought a lot of Bitcoin for the long term and wouldn’t be so quick to sell. But who knows? It takes money to make money!”

Handling with success

Another Reddit user shared his success story: “Several years ago I was following Bitcoin’s success as it climbed from 20$ to 256$ and then it crashed. When that happened I wanted to buy in at the climb, but I couldn’t pull the trigger. After the crash I waited to see if Bitcoin would die, but it didn’t. I read the whitepaper and was hooked immediately.” The Bitcoin investor started buying Bitcoin when it was around 90$-100$. “I strived to have between 220-280 BTC during the extended corrections. Bitcoin was 2.6% of my net worth, with my Home equity being around 70%…From all my investments, I see my home as the riskiest by far… To those who are skeptical about Bitcoin, I simply show them the charts and say: why didn’t Bitcoin die yet? I was one of the early talks of Andreas. He said that Bitcoin will either be worth a lot or It will be worth nothing. I agree! When the next financial crisis hits, people will be confronted with the need to sort out what wealth is an illusion and what wealth is real. I expect Bitcoin to come out of this chaos as a huge winner.”

Bitcoin is in the mainstream media every day and this Bitcoin investor knew before 99% of the people that the term wealth is an illusion. The means of wealth are changing with many things losing their value with time. Is it just a matter of time, before Gold loses its value? And what about the U.S. dollar? Until when will the U.S. government artificially keep the dollar afloat? If you ask me it won’t be too long. As the world is changing, the true value of wealth will change too. The ones that see it coming and can adapt to the changes, will be the ones that will win from a losing situation.

Read here part 2 of our Funny bitcoin stories series.

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About Peio Purlev

I write articles on cryptocurrency and blockchain-related news, comprehensive guides about cryptocurrency projects and blockchain technology, and also price analysis articles.