This is an opinion editorial by Enza Coin, a Bitcoin-focused investor and content creator.
The other day I was looking through my closet and came across a pair of my own FitFlops. Does anyone remember these? FitFlops retail for about $100 and promise to improve the shape of your legs just by walking. Seeing them made me remember my time traveling through Asia from about 2008 on.
In those years until early 2010, I was busy running a company based in Hong Kong while accompanying my boyfriend/fiancée around Asia. He worked on numerous financial projects with governments in the region, shedding light on my MBA, two masters degrees, and finance background while I occupied my days, and some nights, with company affairs and adding to my investment portfolio. In those days, that meant investing in various stocks, some Asian venture capital funds, and the opportunity for seed funding.
Apart from that I also did some modeling for ads and through this I earned my ‘play’ money. And what did I intend to do with my “play” money? I wanted to invest in bitcoin.
My first steps
In 2010, with Bitcoin configuration block Having been mined for the mineral just a year ago, I came across a few stories about this wonder coin. I was intrigued and interested in investing. I struggled trying to find enough information and sorting out the comments for and against. The challenges were enormous. It seemed easier to just forget about it and go for another espresso.
How can I invest? How do I sort out the many technical aspects? I felt I needed to get a degree in programming. Moreover, I had concerns that if I figured out where to buy it and how to keep it, would I get some virus on my computer as a result or would someone from the dark side follow me after that? Could I have been exposed to many of the scams or hacks I’ve been reading about?
However, it is sad to think that even 14 years after the genesis block, some of these barriers remain for many people, hindering further Bitcoin adoption.
“expert” question
As I mentioned earlier, my boyfriend/fiancée seemed to be a financial savvy. I mean, he was advising governments on their finances and economic development. He has been investing in the stock markets since he was a teenager. So why not ask him for help and his ideas?
On a weekday while in Singapore, I posted the news and my questions. I remember that day very clearly. You mentioned Bitcoin and my desire to buy $100 worth of money and sell it after it increases in value to $1000. I thought it was a good idea to gamble a small amount because, even if I lost it all, I would somehow take the loss… maybe with only a few hours spent at the wizard.
Anyway, here’s what I heard:
“What? Bitcoin? This is only for use by scammers and prostitutes.”
Well, I forgot to ask how he knew that but, anyway, the discussion continued. I made his surprised comment about the fact that he had just finished drinking a tall cup of cappuccino with one pump of hazelnut syrup and it was full of caffeine and sugar.
I replied that I had researched it and understood that it was a symbol of the gaming sector, an industry that was growing rapidly. I added that it could increase in value. It could be up to $10 one day! Then I also reminded him that he had promised to buy me a gift—yes, dodgy FitFlops—when I was next in Singapore. I said that instead of buying those magic shoes, I would just use the money to buy bitcoins instead. Now, I could have easily bought bitcoin with my own money, but I wanted to do it as a mutual decision, for the future. And I was not a financier, so I thought it was still best to seek his input. The discussion continued and I finally got him to agree to do more Bitcoin research with me.
Her boyfriend/expert/panicked investor
Over the next few days, we tried to find more information about Bitcoin and possible ramps. I found a small and seemingly elusive bitcoin pool in Singapore. It seemed at the time that to buy some bitcoin, you had to know the right people.
I felt, at least since this group was in Singapore, which is a highly censored and regulated country, that I wouldn’t be subject to the many coin-stealing scams and post-purchase hacks that existed at the time.
I wondered how to contact the group and even if I did, how would I know they were real? However, I was willing to take a chance because I would only be putting about $100 in, just my FitFlop money. My friend/fiancée/expert had a different view. He was an old-fashioned conservative investor. He was one of those who followed in the footsteps of Warren Buffett. Remember, Warren Buffett You haven’t invested in any technology stocks until relatively late. The prospect of losing $100 sent him into a panic, even if the upside could turn that into $1,000!
Wearing bitcoin on my feet
After I finally cracked my Warren Buffett protégé/panic to agree to consider Bitcoin, I tried to access the dodgy Bitcoin pool. No email responses, no phone numbers, no address to visit. The only consequence of my Singapore adventures on Bitcoin seems to be owning a pair of FitFlops. My communication and research continued over the next few days, but to no avail. It seems that bitcoin, and the potential for great returns, should be made available to a select group of wealthy technologists or traditional insiders. I left Singapore wearing what should have been my bitcoin on my feet.
My First Bitcoins and My Last FitFlops
Years passed. Sometimes I tried to pick up an article or other news about Bitcoin. Even as I learned more about how to buy and hold them, I was busy with work and travel and found it impossible to find any trustworthy sources of Bitcoin to invest in across developing Asia. The region was not the best place to conduct such research. Even after some cryptocurrency exchanges were founded, they did not serve customers outside the United States
The start of my Bitcoin journey had to wait until around 2019. While I missed the early days of Bitcoin, I can at least take comfort that my feet have been happy and comfortable throughout the decade.
Finally, you may now ask what happened to my fiancée at that time? Well, that’s for another article…
This is a guest post by Enza Coin. The opinions expressed are entirely their own and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.