Chapter 09 10 5 min read
What Does “More” Actually Mean?
More euros, more bitcoin, or more purchasing power? Count costs, risk, and time too.
In this comparison, outperforming Bitcoin means ending with more BTC after costs than simply holding—with the same period and the same additional deposits and withdrawals.
In this chapter
Three answers to the same question
Before asking whether your savings have grown, decide what you are counting:
- Euros: What could you receive by selling? This measure helps with expenses you pay in euros.
- Bitcoin: How many BTC or sats do you own? Use this unit when comparing bitcoin holdings.
- Purchasing power: Which goods and services can you buy? More euros or more sats do not automatically mean the same change in your options.
Choose a benchmark that fits your savings goal. Do not switch it after the fact simply to make the result look better.
What are you measuring?
“I beat Bitcoin” sounds clear. Without a benchmark, it says little. If your goal is to own more bitcoin, the question is: Did you finish with more BTC than you would have had by simply holding?
Outperformance means doing better than a chosen comparison. Here, that comparison is your starting bitcoin balance held unchanged over the same period. It measures the result; it does not determine whether Bitcoin fits your personal goals.
A euro gain, a loss against Bitcoin
Consider a simplified example with invented prices and no additional deposits:
At the start, 1 BTC costs €50,000; at the end, €100,000. You compare holding your 0.1 BTC with selling it and investing the proceeds elsewhere.
| Comparison | Hold bitcoin | Other investment |
|---|---|---|
| Start | 0.1 BTC = €5,000 | €5,000 invested |
| End | 0.1 BTC = €10,000 | €7,500 after costs |
| In bitcoin | 0.1 BTC | 0.075 BTC |
The alternative investment gained 50 percent in euros: €5,000 became €7,500. Yet it buys only 0.075 BTC, compared with the 0.1 BTC you could have kept. You are 0.025 BTC behind, or 25 percent below the holding benchmark.
The example assumes €7,500 is available after all costs, including buying bitcoin back. Further costs would reduce the result. Real comparisons must account for applicable taxes on both sides using a consistent method.
A fair comparison needs equal conditions
Use identical start and end dates and the same initial resources. Apply additional deposits or withdrawals to both paths in equal amounts at the same times. In the holding comparison, new savings buy bitcoin when that money becomes available.
Buying more bitcoin from your salary can be a useful way to increase your balance. Growth supplied by fresh money is not a trading strategy’s performance. Equally, a comparison should not treat withdrawals for living expenses as trading losses without accounting for them on both sides.
The attempt costs more than fees
Active trading can involve purchase and sale fees, financing costs, and a spread: the difference between the prices simultaneously offered to buy and sell. Each additional cost raises the hurdle for beating the holding benchmark.
There are additional risks too. Selling before a rally can leave you able to buy back less bitcoin. A provider you use could fail. Trading with borrowed money magnifies potential losses. A good result during a selected past period does not make a method reliably repeatable.
Research, watching prices, recordkeeping, and making decisions also take time from your life. Three hours a week adds up to roughly 156 hours a year. How much additional purchasing power would make that effort worthwhile for you? Time for work, learning, or family has value too.
More bitcoin and more purchasing power are different
In chapter 3, an unchanged bitcoin balance could gain purchasing power through monetization or productivity. Nobody needed to outperform Bitcoin for that to happen.
Accumulating more BTC is a separate goal. Working, saving, and buying bitcoin can increase your balance; that does not imply a reliable trading shortcut. First decide what you want to achieve. Your benchmark should fit your life, including the risk, attention, and time you are willing to put into it.
Write down your benchmark
Record your savings goal, the unit that fits it, and a date to review the plan. Saving for a specific euro expense is a different question from building bitcoin holdings over time. Always consider the real purchasing power and risks alongside the chosen unit.
The example above shows one possible price path. With different prices, the alternative investment could do better. It does not guarantee that holding beats every alternative. A clear benchmark helps you assess outcomes honestly and return your attention to the rest of your life.