Control and verification are the basic aspects of every bitcoiner. Doubting and not investing beyond what is necessary is part of the “laws”.
On August 26th, members of the bitcoiner community opened a debate on eight “commandments” or rules that those who operate with and invest in Bitcoin (BTC) must comply with. The discussion already has 300 comments and covers aspects ranging from security and direct verification of transactions to the amount to invest.
User @Deathstaroperatorguy, who stated that “the main aspect of every bitcoiner is never to talk about the amount of BTC that he or she owns,” proposed the subject “The eight laws of Bitcoin.” As a second “commandment”, he quoted the popular saying “if they are not your keys, they are not your bitcoins.” Regarding this rule, he said that if the bitcoiner does not keep his or her Bitcoin safely in his or her wallet, it does not belong to him or her. Furthermore, he said that if he or she leaves Bitcoin on an exchange, he or she is not the owner.
From the third to the sixth “laws”, the participants in the debate emphasized that “bitcoiners must always thoroughly verify the transactions that they send or receive.” They also raised the fact of “constantly doubting about misleading offers and keeping keywords or seeds safe.”
The four “commandments” can be summarized as follows: ‘If it is too good to be true, it must not be true.’ The user invited “not to believe in false promises to duplicate bitcoins when sending BTC to another address and that free bitcoins do not exist” since they are a “scam”. He finished his proposal by saying that “it is essential to protect keywords, verify operations up to four times, and not fall into suspicious links.”
The seventh commandment is a reflection on the variety of opinions that exist in the Bitcoin ecosystem. The user said: ‘Everyone has an opinion on Bitcoin. Take it with a grain of salt. Never listen to a single individual and do your research.’
Concerning investing with Bitcoin, the eighth “rule” raises a well-known foundation in the world of finance: ‘never invest beyond what you are willing to lose.’
The forum members directed their opinions towards the ranking of the “commandments”. One of them identified as @DoubleEdgeEX, posted that “number 8 should be number 1, the basic knowledge of investors.” Others “violated” the first rule and began to say how many BTC they kept in their wallets.
Use of Bitcoin in the Community
To finish the decalogue of “laws”, some users agreed on what could be the ninth “commandment”: ‘make hold or maintain BTC positions in the long term’. The tenth rule would be “do not trade altcoins or shitcoins.”
What this group of bitcoiners proposes could be a kind of ABC that people conducting operations with Bitcoin should follow, regardless of their profile. In other words, keeping cryptocurrencies well protected should be a principle for both those who are new to the ecosystem and those who have inhabited it for years.
In times of the COVID-19 pandemic, these guidelines receive special attention as countless scammers seek to get hold of easy money through deception and scams. To be aware of this type of activity, users should learn about the most common scams with Bitcoin and cryptocurrencies in general.
It may seem repetitive, but the security and safeguarding of funds is a primary issue that bitcoiners must address as priority number 1 and not as an issue relegated to the background.
By Alexander Salazar
