“Golf is deceptively simple yet infinitely complex; it satisfies the soul and frustrates the intellect; at once challenging and insane; surely the greatest game man has ever invented.” – Arnold Palmer
These words from one of golf’s greats are in many ways reminiscent of Bitcoin’s journey. At first glance, these two inventions may seem completely unrelated, but they share some interesting similarities: the principles of golf offer valuable insights into Bitcoin, and understanding Bitcoin can shed light on the complexities of golf.
Reaching a certain level of time and understanding in either pursuit is like gaining membership to an exclusive club. Up until that point it’s incredibly frustrating and seemingly pointless, but after that it’s just as rewarding and mind-blowing to be a part of. But whether it’s money or games, there’s no doubt that both are the greatest things mankind has ever invented.
Many amateur golfers know how difficult it is to play consistently well. It requires hard work, longevity, grit and mental strength that can only be forged by years of dedication. For many, it is a lifelong journey. There is no substitute for hitting ball after ball at the driving range. The parallels with my personal Bitcoin journey run deep. Success in golf and Bitcoin is the product of low priority of time, proof of work and minimizing mistakes.
Low time preference is essential
Golf is a journey. It requires patience, discipline and perseverance. Playing golf is not about a destination, it’s about the process. The process not only teaches you a lot about yourself, it also teaches you the importance of thinking about where you want to be in the future.
Understanding the importance of Bitcoin is not for the faint of heart. It takes time to learn what money is, what the problems with money are today, and why Bitcoin solves them. But it’s precisely because it’s hard that it’s worth pursuing. After all, if it were easy, everyone would do it.
Any worthwhile challenge will come with obstacles, and nowhere is this more evident than in both Bitcoin and golf. Poor judgment and hasty assumptions can lead to flawed understanding. There are also swindlers along the way offering shortcuts and “get rich quick” schemes. Either way, ego is just another handicap.
Golf and Bitcoin are incredibly humbling endeavors, and those who experience the inevitable pitfalls along the way learn that neither is the final destination, and that they may never actually reach their destination, but the journey can be incredibly rewarding in itself.
Once I understood Bitcoin, the empowerment I gained from using it as my primary savings vehicle trickled down to other areas of my life. Suddenly, I was more interested in improving other areas of my life, like my health and my relationships with friends and family. I simply became happier and more optimistic about the future overall, a feeling that reminds me of the words of Bobby Jones, one of the greatest golfers of all time.
“The most important shot in golf is the next one.”
Golf, unlike most other sports, can be played throughout one’s lifetime. It is a time-prioritized sport in the sense that some sports are optimized for a short period of time, usually a few years or even a single match. Golfers know that when they step onto the driving range or hit their first tee shot, the goal is not to hit the longest drive or post the highest score; instead, to get a little better each time. The confidence gained from this approach is the foundation for having the confidence needed to not only survive but thrive when the going gets tough… and the going gets tough!
In his book “Five Lessons” (which I think is like the golf equivalent of “Mastering Bitcoin”), Ben Hogan describes a shot he hit on the 72nd hole of a tournament at Merion Golf Club in 1950. The shot was a 5-iron from 200 yards away that went up a steep hill onto a sloping green. The ball landed close enough to the pin to force a playoff that he ultimately won.
“I bring this up not for the joy of reliving the sweetness of the ‘Big Moment,’ but rather because, in many conversations, I have realized that my view of this shot (and similar shots) is decidedly different from that of most spectators. Spectators tend to glamorize shots hit under pressure. They tend to think of the shot as unique in itself, almost inspired, because that was exactly what was called for in the moment. I don’t see it that way at all. I didn’t hit that shot that late afternoon at Merion. I’ve been practicing that shot since I was 12 years old.”
Both golf and Bitcoin reward individuals with low time preferences. Understanding and embracing this principle is essential to achieving better scores and enjoying the game more. Faking a good golf swing is as likely and impossible as faking a Bitcoin transaction. Therefore, developing a strong golf game requires the same key ingredient as any sound currency: proof of work.
There is no substitute for proof of work
The importance of Proof of Work in Bitcoin, and in money in general, cannot be overstated. Money must be tied to the universal truth that nothing in this world is free, and success in golf is no exception.
Becoming a professional golfer may be out of reach for most people, but there is a time-saving approach to improving your skills. Whether you’re aiming to go pro or simply break 90, consistent effort is essential. There’s no substitute for hitting hundreds, or even thousands, of balls on the driving range and striving to perfect your shot with every swing.
Improving your golf game is like solving a puzzle. You have to make small adjustments with each swing until you find the solution, at least for that one swing, or for that one day. The challenge is that things change from day to day. You might be battling an injury, or the weather might change the playing conditions. These changes mean you have to tweak your game a bit, and you have to solve the puzzle again.
Bitcoin mining can also be likened to solving a complex puzzle. Each block template is unique, and miners must repeatedly adjust their nonce until they find the correct input to achieve their goal. Doing this earns large rewards, but only if they can prove to the network that they did the necessary work. This process links the Bitcoin ledger to real-world energy usage and secures transaction history at an unforgeable cost. The result of that work (a valid cryptographic hash below the difficulty target) can be easily verified by other players in the game. It’s hard to achieve a low score in a round of golf, but easy to prove your scorecard with your playing partner.
When you look at the average Saturday morning hacker, it’s clear that they are not at the level of work required to compete at the highest level. Professionals make it look easy, but achieving that level of skill requires significant investment over a long period of time. Winning a golf tournament requires a lot of effort and a little bit of luck, just like bitcoin mining.
Golf, like Bitcoin, is a game that can only be mastered through proof of work. With low time priorities established and a huge amount of work put in, there is another key concept to achieving consistently low golf scores: don’t make mistakes.
Don’t Make This Mistake
“Golf is a game of minimizing mistakes” – Ben Hogan
You hit your drive somewhere on the fairway, your approach shot somewhere on the green, and two-putt the ball into the hole… you made par. Like shooting par on 18 holes, owning Bitcoin is simple in concept but not easy in practice. Both involve avoiding errors rather than achieving perfection. The key to success at Bitcoin and golf is simple: don’t make mistakes.
Most golf fairways are between 25 and 65 yards wide. This means that you don’t need to hit a perfect shot to hit the fairway. In fact, you have a pretty wide range of shots to hit, and you should be in position to hit the green with your next shot. The same goes for greens. Although it varies from course to course, putting greens are typically around 25 yards wide. This means that you don’t need to hit a perfect approach shot to hit the green. A wide shot will suffice. You don’t need to hit a perfect shot, both for your driving shot and your approach shot. You just need to avoid hitting bad shots.
On the golf course, many elements can cause mistakes and accidents, including wind, water, sand, rough, trees, and various other hazards. Success in any round of golf depends on a thoughtful approach. Course management and making fewer mistakes and easier to recover from are key to achieving a low score. Perfection isn’t required, but fault tolerance is.
The same can be said about your Bitcoin journey. Dangers come in the form of market volatility, waves of adoption, and phishing attacks. Bitcoin “yield” products tempt you to “overswing the driver” to get a little extra mileage, and trading gurus make it look easy to aim for a well-protected flag.
But when it comes to holding Bitcoin, the only thing you have to do is to avoid making mistakes that will cause you to lose your Bitcoin.
The basics of Bitcoin course management are to hold your private key in a fault-tolerant manner and have a succession plan. Don’t try to time the market, trade Bitcoin volatility, or try to squeeze a little extra yield. These are all almost guaranteed ways to throw the BTC ball into the woods. Just keep your Bitcoin safe and your private key secret.
Final thoughts
The similarities between golf and Bitcoin offer valuable lessons for anyone embarking on either journey. Both are long-term pursuits that should be approached with low time priority. The concept of proof of work is at the heart of both, emphasizing that consistent effort and dedication is the only path to success. Finally, in both disciplines, the importance of minimizing mistakes cannot be overemphasized. As you progress through your Bitcoin journey, adopt the mindset of a seasoned golfer and ensure you always play from the fairway.
PS If you’re a golfer who loves Bitcoin, be sure to join us on July 24th in Nashville for the first Bitcoin Golf Championship.
https://bitcoingolfchampionship.com/
This is a guest post by Rocky Wold, Joe Burnett, and Trey Sellers. The opinions expressed here are entirely their own and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.
