Do you have any bitcoin? If the answer is no, we would like to invite you to take a challenge with us. Even if the answer is “Yes”, we’d still like you to take the challenge with us. We have named this challenge “The $100 Buy & HODL Challenge”. What does that mean, you may ask? Well, it’s pretty simple. All you have to do is buy at least $100 worth of Bitcoin and then HODL it for at least 210,000 blocks. That’s it. That’s the challenge. Now, let’s go over some of the details.
What Is The $100 Buy & HODL Challenge?
The $100 buy and hodl challenge is a challenge to anyone in the world to buy at least $100 worth of bitcoin, move it to a wallet that puts you in control of the private keys and then HODL it for at least 210,000 blocks.
While it may sound pretty simple, most people in the world do not have any bitcoin at all. We are trying to change that with this challenge.
If you buy $100, you will have purchased more bitcoin than most people in the world.
If you move it to a bitcoin wallet that you control, you will own more bitcoin than most people in the world.
If you HODL for at least 210,000 blocks, you will have saved bitcoin for longer than most people in the world.
Buy $100 Worth of Bitcoin
The first step of the challenge is to get some bitcoin. You can buy from any local bitcoin exchange or from some online decentralized exchanges.
The amount that you buy isn’t as important as steps 2 and 3. If buying 100 of your local currency (like 100 EUR, GBP, CHF, BRL, etc.) is more a more reasonable challenge for you, then do that.
If you are unable to buy bitcoin, accepting it as payment is also a great option. If someone is trying to get you to accept bitcoin for payments, accepting it as a $100 payment is as good.
Move Your Bitcoin To A Wallet That You Control
As soon as you have bought some bitcoin, make sure that you move it to a bitcoin wallet where you are in control of the private keys. This is one of the most important parts of being a bitcoiner. When you are the one in control of your own private keys, you are in control of your own money. This is called HODLing. If you don’t control your own private keys, you’re not in control of your own bitcoin and you aren’t HODLing any thing but an IOU for some bitcoin.
HODL For 210,000+ Blocks
When you send it to a wallet where you control the private keys, that transaction will be included in a block on the blockchain. Look up that transaction and the block that it’s in. Add 210,000 to that number and HODL your bitcoin until that new block number has been mined.
It doesn’t matter how much you decide to HODL, you need to HODL it for at least 210,000 blocks. So if you send even a small amount of bitcoin to a paper wallet, you can view the TxID of that transaction and take note of the block that it is included in. Add 210,000 to that block number and that’s how long you need to HODL.
For example: If you bought some bitcoin and moved it to your wallet in block #564648, then you need to HODL until block #774648. If you do this, you’ve completed the challenge.
Why Did We Make This Challenge?
People like challenges. People also tend to REALLY like challenges that make them money. This is a challenge to the world to save $100 for 210,000 blocks (approximately 4 years). As is stands right now, every single bitcoin that has ever been mined or transacted has a higher fiat valuation 210,000 blocks after it was mined or transacted.
We want to use this challenge to show the world that saving just $100 worth of bitcoin has the potential to change how people save and plan for the future.
Why Buy $100 Worth Of Bitcoin?
We chose $100 for this challenge because most people in the developed world can afford to spend $100 in Bitcoin. It doesn’t even have to be $100 at once. You can dollar cost average into Bitcoin if you prefer to lower your risk. You can see what sort of results that might get with this Bitcoin DCA tool.
For those in the developing world, buying 100 of your local currency is great. The goal is to create more HODLers. As more people complete this challenge, more people will begin to see the economic power of bitcoin.
We know that Bitcoin is risky so we don’t want to encourage you to buy more than you can afford to lose.
Why Move Your Bitcoin To A Wallet You Control?
Moving your bitcoin to a wallet that puts you in control of the private keys is one of the most important part of being a bitcoin owner. If you don’t control the private keys, you don’t control the bitcoin. Period.
It isn’t enough to buy bitcoin and then keep it at an exchange or other custodial service. You need to have control of the private keys. When you have control of the private keys, you become a HODLer.
Why HODL For 210,000 Blocks?
We’ve chosen a 210,000 block timeframe for a couple reasons.
First, 210,000 blocks in the amount of time that it takes for the block subsidy to cut in half. This has happened 2 times so far and the next time it is scheduled to happen is some time in May of 2020. HODLing for 210,000 blocks ensures that you have some bitcoin before and after the next halvening.
Second, every single bitcoin that has ever been mined or transacted has a higher fiat valuation 210,000 blocks after it was mined or transacted. We call this The 210,000 Block HODL Theory.
The more people around the world who HODL, the greater the network effect of this challenge.
Final Thoughts
The $100 Buy & HODL Challenge is something that we’ve created to do 3 things.
1. Bring new users into the bitcoin space.
2. Teach them how to HODL
3. HODL for long enough to realize an increase in purchasing power.
In order for more people to take this challenge, they need to know about it. Please help us to spread the word so we can create more HODLers around the world.
Thank You For Reading
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