“Golf is deceptively simple and infinitely complicated; it satisfies the soul and frustrates the intellect. It is at once rewarding and maddening, and is without a doubt the greatest game mankind has ever invented.” – Arnold Palmer
This quote from one of the great golfers reminds us of the history of bitcoin in many ways. At first glance, these two inventions might seem completely unrelated, but they share interesting parallels. The principles of golf can offer valuable insights into bitcoin, and understanding them can shed light on the complexities of golf.
In both cases, reaching a certain threshold of time and understanding is like gaining admission to an exclusive club. Until that point, it can be extremely frustrating and seemingly meaningless; and afterwards, being part of it can be both rewarding and maddening. But whether for money or for a game, both are undoubtedly humanity's greatest inventions.
Most amateur golfers know how difficult it is to play well consistently. It takes hard work, longevity, determination and mental strength that can only be forged through years of dedication. For many, it is a lifelong journey. There is no substitute for hitting the driving range, ball after ball. The parallels with a personal experience with bitcoins are profound. Success in golf and with bitcoins is a product of a low preference for time, proof of work and error minimization.
It is essential to have a low time preference
Golf is a difficult journey that requires patience, discipline and perseverance. The game is not about the final destination, but about the process that unfolds along the way. That process has as much to teach us about ourselves as it does about the importance of taking care of our future.
Understanding the importance of bitcoin is not something for the faint of heart. Learning what money is, what the problem with money is today, and why bitcoin solves that problem takes time. But the fact that it is difficult is what makes it worth trying. After all, if it were easy, everyone would do it.
Worthwhile challenges come with obstacles, and this couldn’t be better represented by both bitcoin and golf. There are false peaks of understanding where good judgment is lost and hasty assumptions are made. There are snake oil salesmen offering shortcuts or “get rich quick” schemes along the way. And, any way you look at it, ego is just another obstacle.
Golf and bitcoin are both very humbling pursuits. Those who inevitably experience the obstacles along the way learn that neither is meant to lead to a final destination, and in fact, may never reach it. But that journey can be incredibly rewarding in and of itself.
Once I understood bitcoin, the power I gained from using it as my primary form of savings trickled down to other parts of my life. Suddenly, I became more interested in improving other parts of my life, like my health and my relationships with friends and family. I simply became happier and generally more optimistic about the future. It’s a feeling that reminds me of a quote from Bobby Jones, one of the greatest golfers of all time:
“The most important shot in golf is the next one.”
Golf is unlike most other sports in that it can be played for almost a lifetime. Some sports are top-rated in the sense that they are optimized for a short period of time, usually a couple of years, or even just one round. Golfers know when they step onto the driving range or off the first tee that the goal is not to hit the longest drive or get their best score, but to get a little better each time. The confidence that comes with this approach is critical to having the conviction to not only survive, but thrive when things get tough – and they will get tough!
In Ben Hogan’s book, “Five Lessons,” a book I would compare to “Mastering bitcoin” but in regards to golf, he describes a shot he made on the 72nd hole of a tournament in 1950 at Merion Golf Club. The shot was a 5-iron from 200 yards away up a steep hill toward a sloping green. The ball landed close enough to the pin to force a playoff and ultimately led to him winning the championship.
“I mention this incident not for the pleasure of re-savouring the sweetness of a ‘great moment’, but because I have found in many conversations that the view I have of this shot (and others like it) is markedly different from the view most spectators seem to have formed. They tend to glorify the shot itself, since it was made under pressure. They tend to think of it as something unique in itself, something almost inspired, you might say, since the shot was just what the occasion called for. I don’t see it that way at all. I didn’t make that shot then, that afternoon at Merion. I had been practicing that shot since I was twelve.”
Both golf and bitcoin reward people with a low time preference. Understanding and adopting this principle is essential to achieving better scores and enjoying the game more. Faking a good golf swing is just as likely as faking a bitcoin transaction – it simply can’t be done. That’s why developing a good golf game requires the same crucial element as sound money: 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. Success in golf is no different.
Becoming a professional golfer may be out of reach for most of us, but we can take a low-time-preference approach to improving our skills. Whether your goal is to become a pro or just try to break 90, putting in the consistent effort is essential. There's nothing better than hitting hundreds or thousands of balls on the driving range, with each swing aimed at perfecting your shot.
Developing a good golf game is like solving a puzzle. You have to persevere, swing after swing, making incremental adjustments until you find the solution, at least for that swing or that day. The challenge is that each new day brings with it different variables. You may be battling an injury or the weather may create different playing conditions. These changes require small adjustments to your game, and once again, you have to solve the puzzle.
bitcoin mining is also often described as solving a complex puzzle. Each block template is unique, and miners must modify the nonce repeatedly until they discover the correct input to reach the goal. Doing so unlocks huge rewards, but only if you can prove to the network that you’ve done the required work. This process ties the bitcoin ledger to real-world energy usage, safeguarding your transaction history at an unforgeable cost. The result of that work—a valid cryptographic hash below the difficulty target—can easily be verified by other players in the game. Achieving a low score in a round of golf is difficult, but it’s easy for your playing partner to attest to your scorecard.
When you look at the average Saturday morning hacker, it's clear that the level of work required to compete at the highest level hasn't been achieved. The pros make it look easy, but reaching that level of skill requires a significant investment over a long period. Winning a golf tournament involves a lot of hard work and a bit of luck, just like bitcoin mining.
Golf, like bitcoin, is a game that can only be mastered through proof of work. With a low time preference in place and a massive amount of work invested, there is another key concept to achieving consistently lower golf scores: don’t make mistakes!
Don't make mistakes
“Golf is a game of minimizing mistakes.” – Ben Hogan
Hit your drive somewhere on the fairway, hit your approach shot somewhere on the green, and two-putt the ball into the hole — a successful par. Like making par on 18 holes, owning bitcoins is simple in concept, but not easy in practice. Both require avoiding mistakes rather than achieving perfection. The key to success in bitcoins 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 get to the fairway. In fact, you have a wide range of shots that you can hit and still be in a good enough position to get to the green on the next shot. The same applies to a putting green. While it varies by course, the typical width of a putting green is around 25 yards. Again, this means that you don't need to hit a perfect approach shot to get to the green. A wide range of shots will suffice. For both approach shots and drives, you don't need to hit a perfect shot. You just need to avoid hitting a bad shot.
Various elements can cause mistakes or mishaps on the golf course, including wind, water, sand, rough, trees and all sorts of other hazards. Success in any round of golf depends on a thoughtful approach. Course management and minimizing mistakes so you can easily recover from them are key to achieving a low score. Perfection is not required, but tolerance for mistakes is.
The same is true for bitcoin. Dangers come in the form of market volatility, adoption surges, and phishing attacks. bitcoin “yield” products will tempt you to “push the envelope” to go a little further, and trading gurus make going for the well-protected flag look easy.
But your only job when it comes to owning bitcoins is to avoid making mistakes that could lead to losing them.
The foundation of managing your bitcoin course is to hold your own private keys in a fault-tolerant manner and put a succession plan in place. Avoid trying to time the market, trade bitcoin volatility, or chase a few extra performance points. These are all almost surefire ways to kick the proverbial btc ball into the forest. You simply need to keep your bitcoins safe and keep your private keys private.
Final Thoughts
The parallels between golf and bitcoin offer valuable lessons for those embarking on either path. Both are long-term goals that should be approached with a low time preference. The concept of proof-of-work is central to both, as it emphasizes that consistent effort and dedication are the only paths to success. Lastly, the importance of minimizing errors in both domains cannot be overstated. As you move forward on your bitcoin journey, adopt the mindset of an experienced golfer and make sure you always play from the fairway.
PS: If you're a golfer who loves bitcoin, join us at the inaugural bitcoin Golf Championship on July 24th in Nashville!
https://bitcoingolfchampionship.com/
This is a guest post by Rocky Wold, Joe Burnett, and Trey Sellers. The opinions expressed are solely their own and do not necessarily reflect those of btc Inc or bitcoin Magazine.
