The Humble Beginnings


A blog about Debt in a Bitcoin world.

I feel that I represent many people that have managed to accumulate a significant amount of debt. I felt like I had it under control; I was slowly paying things off, I have a good (but maybe not great) credit score. I may be doing better than most in this regard. I have a steady income at a good paying job. I’m in my early 40’s, and definitely feel behind the curve on the path to prosperity.

Then I found Bitcoin. I’d heard of it over the last decade, and I knew enough to know it had built up some value over time. I recall hearing about it equaling a US dollar at one point, and I’d heard about a few places that accepted it, but not enough to really make a dent in my own lifestyle.

I had received a gift card through my job. I couldn’t buy another gift card with it, and had few options to do anything with it, because it was from an Australian retailer. In researching my options, I started learning about Bitcoin.

In the beginning, I just put a small amount of money into Bitcoin and a few altcoins. My initial thought was diversification. Short story, my initial thought was wrong.

I quickly found a use case that made sense. It didn’t hurt that I saw the Bitcoin price essentially double in the first few weeks. I had enough money saved for two things that I expected to buy in a few months. I was worried about being tempted to fail at saving once again and eat into that money.

I wanted something that would be a little harder to dig into than a savings account, but something I could still spend in a few months when I needed it. I needed a store of value that had some liquidity. Bitcoin made sense here; I managed to move that savings into Bitcoin, and watched it double. I thought that if Bitcoin crashed, I would still be able to cash out before I lost my savings — so well done me!

And then learning happened. I learned about taxable events. I learned about inflation, deflation, economics, all of it. There is a ton of great YouTube content out there, and I will point you to some of that as we go, as it helped a lot. I learned about why Bitcoin, why not altcoins, why or why not mining, and many other topics.

What I could not find was something I was looking for even a few weeks into my Bitcoin journey — what about debt? Is there a way to use Bitcoin to accelerate my way out of debt? It seemed that most of the people on YouTube in the “Bitcoin community” didn’t have much debt, and didn’t talk about it. Well, great — I have Bitcoin, but I also have debt, and somehow I want more of one, and less of the other.

So I decided to start this blog. I want to talk about my journey, talk about debt and what it means, hopefully in the context of a Bitcoin world. I say that because learning about Bitcoin will change how you think about money, and with that, how you even approach debt. I’m the first to say I’m not right all the time. I’ve already made some mistakes, and you will too. The best case here is that I reduce my debt over time, and while doing so, help you do the same.

I’m not here to sell you anything. I’m not a financial advisor, and I won’t be giving financial advice. I can only tell you how I’ve come to view certain topics, and if you have questions, I’m happy to hear them — but I don’t promise any answers. But maybe we can at least start the conversation and learn from each other.

Hodl steady!