Technology has always fascinated me, particularly its ability to drive groundbreaking solutions and transform the way we work. I remember starting my career as a broadcast journalist in Africa, using cassette tapes to record interviews. Editing was a tedious process, and the audio quality often left much to be desired. Then came the Sony MiniDisc—a game-changer. It provided crystal-clear sound, and editing voice overs for news bulletins became so much faster and more efficient.
So, when I first heard about Bitcoin as a new and revolutionary technology, I was naturally intrigued, even though I had no idea what it actually was. The article I read featured an image of a shiny coin with an embedded circuit. My initial thought was that Bitcoin must be some kind of physical object—a futuristic gadget with a mysterious purpose. My skepticism kicked in almost immediately.
“How could a metal ‘coin’ have any significant use?” I thought. It didn’t take long to realize that my assumption was way off. Bitcoin isn’t a physical coin at all; it’s a revolutionary monetary system built on groundbreaking technology. Understanding this, however, requires more than a casual glance—it takes years of study and exploration to even begin to grasp its full significance.
No Quick Adopters
What I soon discovered is that almost no one becomes a Bitcoin believer right away. The journey to understanding and embracing Bitcoin is a gradual one, marked by evolving perspectives and growing knowledge. In fact, most people progress through a series of stages before arriving at full conviction.
This journey is so universal that even prominent Bitcoin advocates, like Michael Saylor, have described their own transitions from skeptics to staunch believers. Saylor himself started as a denier before becoming one of Bitcoin’s most vocal champions. Today, he’s seen as the sharp tip of the Bitcoin arrow—a guiding figure in the global movement of people united by a shared understanding of Bitcoin’s potential.
There are seven whole stages of the Bitcoin journey: Denier, Hater, Skeptic, Trader, Investor, Hodler, and finally, Maxi.
1. Denier
The journey begins with denial. Deniers reject Bitcoin outright, often because they misunderstand it or view it through the lens of existing systems. To them, Bitcoin seems impractical, absurd, or even laughable. I was no different, asking myself, “How can something purely digital be considered money?”
Common arguments from Deniers include:
•“It’s just made-up internet money.”
•“Governments will shut it down.”
•“It’s only used for illegal activities.”
Deniers often dismiss Bitcoin without exploring it further. For many, this stage represents the end of their journey. But for others, curiosity eventually overrides skepticism. It might take a news headline about Bitcoin’s soaring price (also called number go up technology) or an engaging conversation with a friend to nudge them toward the next stage.
2. Hater
When denial fades, it’s often replaced by resentment. Enter the Hater stage. Haters acknowledge Bitcoin’s existence but focus on criticizing it, usually based on misconceptions or half-truths.
Their critiques often revolve around:
•Environmental concerns: “Bitcoin wastes too much energy.”
•Volatility: “It’s too unstable to be taken seriously.”
•Competition: “Other technologies will replace Bitcoin.”
Haters tend to amplify these concerns, spreading misinformation without diving into Bitcoin’s deeper principles of decentralization, security, and scarcity. Ironically, many vocal Haters—once they take the time to dig deeper—end up transitioning to the next stage: skepticism.
3. Skeptic
Skeptics approach Bitcoin with cautious curiosity. They’re open to the idea but remain unconvinced, asking genuine questions and seeking to understand its mechanics. This stage is pivotal, as it represents a shift from dismissal to exploration.
Skeptics often wonder:
•“Is Bitcoin really better than traditional money?”
•“What if it’s just a bubble waiting to burst?”
•“Can governments ban it completely?”
At this stage, people begin learning about Bitcoin’s underlying technology, such as proof-of-work, blockchain(time-chain), decentralization, and the concept of sound money. They might watch documentaries, read articles, or engage in discussions with friends. For many, this stage marks the turning point. They either retreat to skepticism indefinitely or move forward with a growing sense of intrigue.
4. Trader
The Trader stage is where things get hands-on. Having moved past skepticism, individuals start interacting with Bitcoin, often driven by the promise of financial gain. Traders view Bitcoin primarily as a speculative asset—an opportunity to “buy low, sell high.”
Common behaviors of a Trader include:
•Obsessing over price charts.
•Panic selling during dips.
•Chasing short-term profits without grasping long-term value.
While this stage introduces people to Bitcoin’s mechanics, it rarely fosters a deep appreciation for its principles. The volatility of Bitcoin’s market can be both thrilling and nerve-wracking, but for those who stick around, the next stage offers a more grounded perspective.
5. Investor
As Traders mature and grow, many transition into Investors. This stage marks a shift from short-term speculation to long-term conviction. Investors recognize Bitcoin as more than just a volatile asset—it’s a revolutionary form of money with the potential to transform the global financial system.
Investors start to understand key concepts like:
•Bitcoin’s fixed supply of 21 million coins.
•The halving cycle, which reduces Bitcoin’s issuance every four years.
•Decentralization, making Bitcoin resistant to censorship and control.
At this stage, Bitcoin becomes a significant part of their portfolio. Investors hold through market cycles, viewing Bitcoin as a hedge against inflation and a safeguard against the excesses of central bank policies. This is often the stage where people begin to see Bitcoin’s true potential.
6. Hodler
“Hodler” is a beloved Bitcoin term born from a 2013 forum post where a user misspelled “hold.” It has since become a badge of honor in the Bitcoin community, symbolizing steadfast commitment.
Hodlers are unwavering in their belief in Bitcoin’s long-term value. They embrace the philosophy of:
•“Time in the market beats timing the market.”
•“Bitcoin is digital gold.”
•“Ignore the noise; focus on the big picture.”
At this stage, Bitcoin is no longer just an investment—it’s a way of life. Hodlers often take self-custody of their Bitcoin, securing it with private keys and living by the mantra: “Not your keys, not your coins.” They see Bitcoin as a means of financial sovereignty and freedom.
7. Maxi
The final stage is becoming a Bitcoin Maxi. Bitcoin Maxis are unwavering advocates who see Bitcoin as the ultimate form of money—a necessity for the future of humanity.
Maxis hold core beliefs such as:
•Bitcoin is superior to all other digital and crypto assets.
•Bitcoin is the solution to fiat currency’s flaws, like inflation and centralization.
•The world would thrive under a Bitcoin standard.
For Maxis, Bitcoin is more than a financial asset—it’s a remarkably energetic movement. They actively educate others, support Bitcoin-related initiatives, and participate in the broader Bitcoin community. To them, Bitcoin represents hope, empowerment, and a path toward a decentralized global economy.
A Personal and Transformative Journey
Not everyone completes the journey to becoming a Maxi. Some remain skeptics for an awfully long time. But ultimately, there are no well-informed Bitcoin critics. Each person’s path is shaped by their own experiences and willingness to explore Bitcoin’s deeper principles.
What’s universal, however, is the potential for transformation. Bitcoin challenges conventional ideas about money, power, and technology. It forces us to question the systems we’ve always accepted and imagine a future built on sound money and decentralized principles.
For those willing to embark on this journey, the rewards go beyond financial gains. It’s about understanding the profound implications of a truly decentralized currency and its potential to reshape the world.
Ultimately, Bitcoin is a unique technology. Once you understand it, you cannot misunderstand it. Progressing through the seven stages—from Denier to Maxi—isn’t just possible; for many, it’s inevitable.
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