The 5 S Framework: A Compass to Navigate Bitcoin

Bitcoin is deeply misunderstood. People either think they'll get rich quickly or get scammed. Over the past 2 years, I've spoken about Bitcoin around the world with people from different backgrounds, ages, and education levels. From these interactions, one thing was clear. They don't know where or how to begin. There was no simple way to articulate their user journey!

Rather than giving a quick and easy answer for now, I wanted to share a framework that could act as a compass for their journey. Nothing to do with 'number go up' or create FOMO. Something simple to orient themselves.....the 5S for Bitcoin was born.

Study, Save, Secure, Spend, and Spread.

If you've spent time in supply chain, manufacturing or logistics, you've likely crossed paths with the 5S (Sort, Set, Shine, Standardize, Sustain). Popularized by the Japanese (specifically Toyota). If lean manufacturing could have its 5S, why not Bitcoin?

I wanted to capture the user journey in a manner that can be easily articulated for anyone, regardless of their experience with Bitcoin and still provide value. Is Bitcoin simply about buying and 'hodling'? Is there more to it? Of course there is!

It's a form of money we've never seen before. Given the vast misinformation present in this space, it's vital to understand what it is to avoid any regrettable mistakes. The journey starts with learning about this technology and how to use it safely, 'Study'. It's mentioned frequently within the space. Study Bitcoin. Learn it.

Let’s be honest, no one’s jumping for joy when they hear the word 'study. So it’s unlikely the majority are actually going through with it. This doesn't mean you put hundreds of hours into preparing for an exam. Instead, have an open mind, be curious and ask questions to further your knowledge. Don't take it at face value; see if you can dig a little deeper. Take this step with a grain of salt because, as I mentioned, the majority aren’t going to be up for this. That said, let’s revisit this shortly to highlight its importance.

Next up is to 'Save' bitcoin for the long term. You can do so in three ways: buy it, mine it, or earn it.

• Buying is relatively easy. Find someone or a service that will exchange your local currency for Bitcoin. Buying bitcoin is the simplest path to begin.
• Mining requires you to plug in ASICs (bitcoin miners) into an affordable power source. Not an easy method unless you already know this space.
• Earning bitcoin is doable when you can exchange your time and effort for it. There are Bitcoin-first companies that pay their team with bitcoin. Earning is the holy grail since your incoming currency is bitcoin to begin with.

Why save in the first place? Bitcoin is programmed not to exceed 21 million through a predictable issuance mechanism. A far cry from the inflating currencies worldwide.

Once you have Bitcoin, it’s important to 'Secure' it.

Unlike traditional money, which we’ve grown accustomed to keeping at the bank. Bitcoin does not require a third party and allows you to take custody, so you have full control of it. You may have heard the adage 'Not your keys, not your coins.' If you don't control your private keys, those coins don't belong to you! There are plenty of horror stories of people losing access to their Bitcoin due to improper security measures. Be careful!

So far, we’ve touched on Study, Save, and Secure.

Now that you have bitcoin, it's important to 'Spend' it. As a peer-to-peer electronic cash system, it is meant to be used as digital cash. It should be spent when possible with any business that accepts it. Even a single transaction each month, such as paying your barber or a local merchant, is a great start.

We want merchants to receive bitcoin payments and recognize that people are willing to spend it. Otherwise, adoption as P2P digital cash will never propagate. Businesses won't take the time or interest to accept it, and this network will never reach its full potential.

The final step is to 'Spread' bitcoin and share our knowledge with others in the community. It allows others to be part of this journey, family, friends, colleagues, etc. What do you think happens when you try to share your newfound learnings? You'll be bombarded with questions! "What do you mean? How does it work? Can I touch it? I thought it was a scam?"

If you skipped the first step of studying and learning, you won't be able to respond to these questions well, which won't provide much confidence to the receiving party. You can't spread it effectively and will likely make mistakes along the way. Of course, you can find experts to help, but individually, you won’t fully understand how to onboard someone (if that's of interest).

Something important to highlight the journey through these steps is not linear. It's more so a spiral; each revolution reinforces what you’ve learned in the past and allows you to go deeper and deeper into the subject.

I want to be clear. This isn’t meant to be a strict rulebook or to tell you the exact order of operations that need to be completed. It’s just a guideline that helps users carve their own path. Want to save first? That's okay. Prefer to study and then use? Totally fine. Don't want to spend or spread yet, no problem. Everyone is different, and so too will their bitcoin journeys.

From a personal standpoint, the 5S has completely changed the way in which I view bitcoin. Some of the most humbling moments have come when discussing bitcoin with others and trying to simplify it without complicated words or concepts.

Whether you're an expert or just getting started, the 5S can help guide you through your bitcoin journey. It's not a rulebook, rather a compass to find your way and help others do the same.

Which steps have you completed? Which one did you find the most challenging?