Bitcoin somthing we have a hard time understanding
Thoughts on crypto

Is Bitcoin too complicated for ordinary folks?

The short answer will be YES, but let me try to explain my view on what part is too complicated compared to FIAT currencies.

mining-2648005_1920Technology

The technological side of cryptocurrencies are hard to get your head around, it is not that it is complicated, it is just so distant from what ordinary people think about technology when I am out talking about cryptocurrencies, the thing most people find confusing is what happens to their coins once they send them. But I have also tried to explain how FIAT currencies functions and this have people even more confused, but we used it anyway. This leads me to conclude that the technical aspect is not essential for people to get into the game.

Selected for you
How do i protect my identity online???

Fiverr

Usability

When I am out talking to people about on cryptocurrencies I often get the argument that it is not easy to use cryptocurrencies, but when I show how it can be used well manny sayes it looks easy, it is just that you can use it so many places and that’s correct, and with FIAT currencies you can use payment card or hard cash everywhere so yes there is a usability issue and on a side note if just as many as use VISA started using bitcoin the system would not be able to keep up, VISA process on average 2000 transactions per second and bitcoin only processes about 20 – 24 transactions per second, so it needs to go up for the usability to go up.

Selected for you
Can blockchain be used for other thing than currency

Knowledge

When I am out talking on the future of economy the thing I hear the most a lack of understanding or lousy knowledge brought on by mainstream media and a lot of influential people who actually don’t know what they are talking about. That is what creates confusion, it is just like FIAT currencies were people get confused by noise from those we think to have knowledge about it, but in reality, adds to the confusion. So to remove this confusion we need to educate people on navigating cryptocurrencies and especially how to look past FUD, and I believe it will come in 10 – 15 years.

The Golden boy
I have a long background in cryptocurrencies, I first heard of Bitcoin back in 2011, did take much notice of it back then, but as time went on, I have got more and more into the idea of a decentralised economy. And have slowly accumulated cryptocurrencies since around 2013, since I didn’t have a lot of money at the time I started slowly. I thought of it more as a statement than an investment. It is first in 2016 I began to see how significant a potential there were in bitcoin and other cryptocurrencies.

3 Replies to “Is Bitcoin too complicated for ordinary folks?

Leave a Reply