Nowadays, you can often hear people talk about the BICIOS effect, or at least the people involved in cryptocurrency.

They may talk about it, but they haven’t really heard of it. Because of this, you might be wondering “what is the BICIOS effect?”

BICIOS is an anagram that stands for “Buying into Crypto Instead of Stuff”.

Most of the people that invest into cryptocurrency nowadays tend to think twice before spending money in something they don’t need or spending money in general, they usually think “I could buy some more bitcoinIs the first decentralized digital currency, founded back in 2009 by a man going under the pseudonym Satoshi Nakamoto. Decentralization is one of its many features, because it means it’s not regulated by a third party like a bank or government. Add... with this money” before buying something we really don’t need.

You can hear people saying things like this quite often nowadays. For example, I considered buying an iPhone 10 plus, worth over £1,300. With that money, however, I can also get 3 ETH (Ethereum) or even 9 LTC (litecoin). Which one of those options do you think I’m going with?

Chances are the same thought has crossed your mind on more than one occasion. Because of this, the term BICIOS showed up, hopefully making it easier for people to talk about it.

Have you experienced this effect yourself, or maybe met someone who has?