Golf and Bitcoin: The Best Games
“Golf is deceptively simple and yet endlessly complex. It satisfies the soul and frustrates the intellect. It is simultaneously rewarding and infuriating. And it is without a doubt the greatest game ever invented by man.” – Arnold Palmer
This quote from one of the greatest figures in golf is reminiscent of the Bitcoin journey in many ways. At first glance, these two inventions may seem completely unrelated, but they share some interesting similarities. The principles of golf can provide valuable insights into Bitcoin, and understanding Bitcoin can help you unravel the intricacies of golf.
In both pursuits, reaching a certain limit of time and understanding is like joining an exclusive club. Up to that point, it can seem extremely frustrating and pointless. And after that, being a part of it becomes frustratingly rewarding. But whether it’s money or games, both are without a doubt the greatest inventions of mankind.
Most amateur golfers know how difficult it is to play consistently well. It requires hard work, persistence, perseverance, and mental toughness that can only be honed through years of dedication. For many, it is a lifelong journey. There is nothing like hashing out balls one by one on the driving range. The parallels with my personal Bitcoin journey are profound. Success in both golf and Bitcoin is a product of low time preference, proof of work, and minimizing mistakes.
Low time preference is essential
Golf is a tough journey. It requires patience, discipline, and persistence. Playing the game is not a destination, but a process along the way. The process can teach us as much about ourselves as it can teach us the importance of taking care of our future selves.
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 today are, and why Bitcoin solves them. But the difficulty is what makes it worth pursuing. After all, if it were easy, everyone would do it.
Any worthy challenge comes with its own set of obstacles, and this is no better expressed in Bitcoin and golf. There is a peak of misunderstanding where good judgment is eroded and hasty assumptions are made. There are snake oil dealers offering shortcuts or “get rich quick” schemes. And either way, pride is just another obstacle.
Golf and Bitcoin are incredibly humbling endeavors. Those who experience the inevitable pitfalls along the way learn that each is not about the final destination, and in fact, may never have a destination. But the journey itself can be incredibly rewarding.
After understanding Bitcoin, the power I gained from using Bitcoin as my primary means of saving permeated other areas of my life. I suddenly became more interested in improving other areas of my life, such as my health and relationships with friends and family. I simply became happier and generally more optimistic about the future. This feeling reminds me of the words of Bobby Jones, one of the greatest golfers in history.
“The most important shot in golf is the next shot.”
Golf, unlike most other sports, can be played for a lifetime. Some sports are optimized for shorter periods of time, usually a few years or just one game, making them more appealing. Golfers know that when they step onto the practice range or take their first tee shot, the goal is not to hit the farthest drive or the highest score. Instead, the goal is to get a little better each time. The confidence gained from this approach is the foundation for having the confidence needed to survive and thrive when the going gets tough… and it will be tough!
In Ben Hogan’s book “Five Lessons” I like the book “Mastering Bitcoin” for the game of golf. He 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 up a steep hill to a sloping green. The ball landed close enough to the pin to force a playoff, ultimately winning him the championship.
“I bring this up not because I want to relive the sweetness of the “big moment,” but because I’ve found in many conversations that the perspective I take on this shot (and others like it) is markedly different from the perspective that most audiences form. They tend to romanticize the actual shot because they hit it under pressure. They tend to think of the shot as something unique in its own right, almost inspired, because it was what the situation called for. I don’t think so at all. I didn’t hit that shot that day. It was late afternoon at Merrion. I’ve been practicing that shot since I was twelve.”
Both golf and Bitcoin reward individuals with low time preference. Understanding and embracing this principle is essential to achieving better scores and greater enjoyment of the game. Fake a good golf swing is just as unlikely as fake a Bitcoin transaction, and it simply cannot be done. This is why proof of work is needed, which is just as important as sound money, to develop a strong golf game.
There is no substitute for proof of work.
The importance of proof of work in Bitcoin and money in general cannot be overstated. Money must be tied to the universal truth that nothing in this world is free. Success in golf is no different.
Becoming a professional golfer may be out of the question for most of us, but we can still adopt a low time preference approach to improving our skills. Whether you’re aiming to become a pro or break 90, consistent effort is essential. There’s nothing like hitting hundreds or thousands of balls on the driving range, with each swing aimed at perfecting the shot.
Developing a good golf game is like solving a puzzle. You have to be persistent, swing, swing, and make incremental adjustments until you find a solution. At least for that swing or that day. The challenge is that each day brings different variables. You may be battling an injury, or the weather may create different playing conditions. These changes require you to adjust your game slightly, and once again, you have to solve the puzzle.
Bitcoin mining is often described as solving a complex puzzle. Each block template is unique, and miners must repeatedly adjust the nonce until they find the correct input that reaches the goal. Doing so can yield large rewards, but only if they can prove to the network that they have done the work required. This process ties Bitcoin’s ledger to real energy usage, protecting transaction history at an unforgeable cost. The result of this work, a valid cryptographic hash below the difficulty target, can be easily verified by other players in the game. It’s hard to get a low score in a round of golf, but it’s easy for your playing partner to verify your scorecard.
If you look at the average Saturday morning hacker, it’s clear that the level of work required to compete at the highest level is not met. The pros 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 hard work and a little bit of luck, just like mining Bitcoin.
Golf, like Bitcoin, is a game that can only be mastered through proof of work. There is another core concept that consistently leads to low golf scores when low time preference is established and a huge amount of work is invested. Make no mistake!
Don’t make a mistake
“Golf is a game of minimizing mistakes.” – Ben Hogan
Drive somewhere in the fairway, hit an approach shot somewhere in the green, and put the ball in the hole with two putts… a successful par. Like making par on the 18th hole, owning Bitcoin is conceptually simple but not easy in practice. Both require avoiding mistakes rather than achieving perfection. The key to success in both Bitcoin and golf is simple: Don’t make mistakes.
Most golf fairways are between 25 and 65 yards wide. That means you don’t have to hit a perfect shot to get on the fairway. In fact, you have a fairly wide range of shots to hit, and you’ll be well within range to hit the green on your next shot. The same goes for greens. Depending on the course, putting greens are typically about 25 yards wide. Again, this means you don’t have to hit a perfect approach shot to get on the green. There are a variety of shots you can play. You don’t have to hit a perfect shot on either your driving or your approach shot. You just have to avoid hitting bad shots.
Various factors such as wind, water, sand, rough, trees and all kinds of other hazards can cause mistakes or accidents on the golf course. Success in every round of golf depends on a thoughtful approach. Course management and keeping mistakes small and easy to recover from are important to achieving low scores. Perfection is not required, but fault tolerance is required.
The same goes for the Bitcoin journey. Risks come in the form of market volatility, adoption surges, and phishing attacks. Bitcoin “yield” products tempt you to “overswing the driver” for a little extra mileage, and trading experts make it seem easy to pick a well-protected flag.
But when you hold Bitcoin, what you need to do is avoid making mistakes that can lead to you losing your Bitcoin.
The foundation of Bitcoin course management is to hold your private keys in a fault-tolerant manner and have a succession plan in place. Avoid trying to time the market, trade Bitcoin volatility, or find a few extra profit points. These are all almost certain ways to throw the proverbial BTC ball into the woods. Just keep your Bitcoin safe and keep your private keys private.
Final Thoughts
The similarities between golf and Bitcoin provide valuable lessons for those embarking on both journeys. Both are long-term pursuits that must be approached with low time preference. The concept of proof of work is central to both, emphasizing that consistent effort and dedication is the only path to success. Finally, the importance of minimizing mistakes in both domains cannot be overstated. As you navigate your Bitcoin journey, adopt the mindset of a seasoned golfer and always play from the fairway.
PS If you’re a Bitcoin-loving golfer, come play in the first Bitcoin Golf Championship in Nashville on July 24th!
https://bitcoingolfchampionship.com/
This is a guest post by Rocky Wold, Joe Burnett, and Trey Sellers. The opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.
