Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Tribalchief on February 17, 2024, 02:33:24 PM
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The caption of this question as a topic sounds very interesting, especially when we choose to dive further into the context. Certainly, some Bitcoin enthusiasts won't think twice before saying YES to the question, while others might choose not to answer as they literally have no business with Bitcoin promotion and adoption.
I happen to be a strong promoter of Bitcoin and also love to see its widespread adoption in this fast evolving world. However, that doesn't mean I support those who force Bitcoin information on others who are not willing to learn. In other words, I prefer to target the right audience.
Bitcoin, which was primarily introduced to eliminate the involvement of third parties in financial transactions, has turned out to be a secure and fast-growing currency in the business world. Alongside its main introductory purpose, we've also seen it as a good investment asset that yields significant returns in the long run.
There has been a classic debate that Bitcoin could gain mass adoption and might possibly weaken the use of fiat currencies. I consider this debate unnecessary as there is a slim chance for this to occur. My reasons:
The term DYOR is well associated with every cryptocurrency, helping enthusiasts learn about any project they are investing in or buying. Unlike fiat currencies and the banking related system that doesn't require research to understand how it works, we can see a clear distinction between those who are uneducated and Bitcoin. Uneducated people can use banking services easily and perform transactions with fiat currency without doing any research.
My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
2. Would this limit it's mass adoption?.
Note: Even the ignorant ones among us use banking services/fiat currency.
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The caption of this question as a topic sounds very interesting, especially when we choose to dive further into the context. Certainly, some Bitcoin enthusiasts won't think twice before saying YES to the question, while others might choose not to answer as they literally have no business with Bitcoin promotion and adoption.
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There is already a very high adoption imo.
People are selling their life savings to buy bitcoins.
We have bitcoin etfs all over the world
Basically everyone in the world know what is bitcoin
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1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
Well yes and no. Yes because some people that are not tech savvy will surely hesitate to jump-in and no because those who are not having this IT knowledge will surely rely on DYOR YouTube is always there for tutorials so it counts.
2. Would this limit it's mass adoption?.
It depends on how people will see Bitcoin if they see it as a potential investment then why not? If they see it as the best payment method then it all good. The only drawback here is on how governments treat Bitcoin most especially the regulation. But on the other hand I can see this massive adoption coming if Bitcoin will reach certain price like $80k-$100k and also we need to take ETF into consideration as rumors circulating that stocks investors are now moving into Bitcoin. I don't know if that was legit but yeah good to hear news like that.
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1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
Yes, the ones who don't do personal research and who worry a lot about technical aspects of Bitcoin won't be able to adopt it. That's a fact, the ones who are illiterate might not be able to adopt Bitcoin very soon. But, if awareness and education of Bitcoin is given to such people then they might adopt it. However, no one is going to teach such people about Bitcoin and thus they won't be able to adopt it.
2. Would this limit it's mass adoption?.
Yes, that will limit Bitcoin's mass adoption to some extent but man these days the world is full of information thanks to internet and video sites like YouTube. Even the ones who are less technical may adopt Bitcoin in future if their heirs tell them about it and convince them to be part of it. I'm still positive that Bitcoin will be widely adopted within a decade and two because by then most people would be good in technology.
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My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
2. Would this limit it's mass adoption?.
Answers.
1. we know about bitcoin not because of how educated we are, just as in the society today, you will discover that the rich people are not the most educated fellows, they are instead those that have made it a sacrifice to learn and developed themselves in other to have something to offer.
2. No, and not in any way will literacy has to do with affecting bitcoin adoption, one does not have to go to school before making money or knowing how to spend it.
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Bitcoin has gained mass adoption, and we can see that everywhere we go. Bitcoin ETF approval alone has helped in mass adoption of bitcoin, because people that do not understand that they can be their own bank or do not want to take the responsibility of being their own bank, can now buy bitcoin and leave it with the institution to keep for them. ETF approval allows even illetrate to be able to buy bitcoin, but it is not good to keep our coins with a third party, and this is where I feel for the illetrate. You must not have IT knowledge before you can buy and use bitcoin, as long as you can read and write, you can be a bitcoiner, because you only need to know the basics of bitcoin. The illetrates can be taught bit by bit, over and over again, if they are interested to invest in bitcoin.
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My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
2. Would this limit it's mass adoption?.
Note: Even the ignorant ones among us use banking services/fiat currency.
We have to admit it this is one of the hindrances of Bitcoin adoption, the technicality, lack of proper knowledge and the threat of hackers are what make total adoption very difficult for many people, for example there are many areas in our country where there is no or very weak internet connection so they are late in the news about Cryptocurrency because mainstream media in our country do not deliver news about Cryptocurrency.
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Op it is no longer news that Bitcoin.iss becoming popular in various countries of the world. As we may know, bitcoin is under crypto currency and it is a very broad prospect and has lots of careers which one can do. Bitcoin can be used by both educated and uneducated individuals all round the world. Using Bitcoin does no ot requires much technicalities as it used to be onset from its inception. As it stands now an illiterate can conveniently use Bitcoin as long as they understand the basic fundamentals of it.
I would say that Bitcoin is getting much popular now but it is still in the early stages of adoption and would definitely gain massive adoption in die course when the time comes. As it is that every one can learn business so easily, so it is with Bitcoin, individuals both educated and uneducated can easily learn Bitcoin ecosystem.
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My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
2. Would this limit it's mass adoption?.
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Current payment technologies also require technological savvy. Using banking applications on smartphones also requires users to know how to use smartphones, have an account to download the application, have a phone number to receive OTP code, know how to operate correctly to provide recipient information and amount of money to transfer... About 10 years ago, I refused to use a banking application because it was too complicated, but now I use it quite often after learning and knowing its advantages.
So I believe that as long as future applications provide more user-friendly approaches, BTC will be one of the popular options. TrustWallet or SafePal only require users to store a single set of seed phrases to own dozens of accounts on different blockchains. Users only need to perform a few simple steps to easily send and receive crypto. I think it's extremely easy for El Salvadorans to have access to BTC payments via the Lightning Network.
So, in my opinion, there are no more barriers related to technology and understanding that can hinder the development of BTC. The barriers of legality and high price volatility are of more concern.
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I believe that the mass adoption of bitcoin will come. In fact, we are on the way, but not to the adoption that was once dreamed of, of massive P2P use outside of states and central banks. Adoption will come in the sense that having bitcoin and cryptocurrencies will eventually be as normal as having stocks, investment funds or pension plans. And I think there are not many years left for that, I would say less than a decade.
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Bitcoin is being accepted all over the world, and it is only a matter of time before retailers realize that they can save some money by accepting Bitcoin. They don't have to pay banks and credit card manufacturers 8)
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1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
To use or acquire BTC a newbie does need a little knowledge of how to use apps, and from where to buy them, etc. etc. but it is not as hard as it sounds when you use the first IT education. NO one needs that much knowledge, and even if a person can easily use fiat currency but can't use the banks apps to use the digital form of fiat currency until he/she has been given a tutorial of how to use the baking apps, etc. The thing is a little information, help or assistance is needed for a newbie to buy, hold, and keep BTC safe. Once given, they need nothing else.
2. Would this limit it's mass adoption?.
Before ETF's approval, it might become a mass adoption limitation but now that ETFs have been approved and people can directly buy a share of BTC from the banks using the fiat currency so I don't think we have to care about this factor becoming a limitation for the mass adoption of BTC.
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My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
2. Would this limit it's mass adoption?.
Follow-up question, what do earn by mass adoption.
1) People owning bitcoins, having them in custodial wallets over CEX
2) People owning bitcoins storing them in their cold wallet but not spending them, interested only in getting a return in a bull run
3) People owning and spending Bitcoin but doing so with 4 party services
4) People owning and spending bitcoin, never from a 4rd party , never with a custodial wallet
First 3 might be doable, the first one that involves no actual use but just holding promises over deposited coins one might even consider it achieved at massive scale if we believe crypto blogs that two around 10-155 percentages of owners.
The forth one, no, it won't!
The fourth and actual true decentralization with no 3rd or 4th party, the full your keys your coins material will only be in reach of achieving once the material quick gains mirage is perturbed, till then, with more interested in holding numbers on a screen for future profits that actual usage there is no way for it!
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I think that's actually very possible. Even now, the development of mass adoption of Bitcoin throughout the world is growing and many are being discovered. especially in countries where Bitcoin has been legalized. However, there is still a long way to go when it comes to mass adoption in all countries in the world because it really covers various interests and things that Bitcoin can achieve. various regulations by the government are often the problem that hinders this mass adoption. Because however, mass adoption for Bitcoin can actually be done in various fields, but remains limited due to certain regulations from the relevant government.
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various regulations by the government are often the problem that hinders this mass adoption. Because however, mass adoption for Bitcoin can actually be done in various fields, but remains limited due to certain regulations from the relevant government.
Looking at how many countries like El-Salvador are openly adopting Bitcoin en masse certainly makes El-Salvador the center of attention.
However, El-Salvador has also bought Bitcoin gradually since they first adopted it.
The regulations they apply certainly aim for the wider use of Bitcoin and this covers their economic sector and how to use Bitcoin and Fiat side by side.
Unlike when the adoption of Bitcoin is only allowed as a commodity that should not exceed it.
In developing countries like Indonesia, it is already grateful to be able to trade Bitcoin, because some other countries are busy to ban Bitcoin completely.
Government regulation will indeed hinder bitcoin adoption, but they have their own reasons and how it impacts their countries.
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There are so many countries with people that never heard about Bitcoin, so there is so much potential for growth.
I dont think bitcoin will replace all fiat currencies in the world, but it can be used as reserved currency by people.
I watched a guy who travels around the world and give free bitcoin to people.
He was in Cuba and this is interesting video to watch:
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Looking at how many countries like El-Salvador are openly adopting Bitcoin en masse certainly makes El-Salvador the center of attention.
However, El-Salvador has also bought Bitcoin gradually since they first adopted it.
There are two things:
- the government of Salvador buying Bitcoin constantly
- and mass adoption.....kind of failing for the main population after the free $30 gift!
Which brings us exactly to what OP said, most are not in for the tech but for:
Alongside its main introductory purpose, we've also seen it as a good investment asset that yields significant returns in the long run.
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There has been a classic debate that Bitcoin could gain mass adoption and might possibly weaken the use of fiat currencies. I consider this debate unnecessary as there is a slim chance for this to occur.
I think Bitcoin can ever gain mass adoption, this requires deeper discussion. There must be clear rules regarding the legality of bitcoin. Maybe the classic debate that bitcoin could gain mass adoption will weaken fiat currency, clearly this will happen. Because bitcoin and crypto offer a lot of convenience when making transactions. The function of fiat currencies will be replaced.This is a consideration for governments who are hesitant to adopt bitcoin, besides that the government cannot control bitcoin and crypto.
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My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
2. Would this limit it's mass adoption?.
Note: Even the ignorant ones among us use banking services/fiat currency.
Certainly, because those who are uneducated or ignorant in the field of technology will not be able to use Bitcoin or cryptocurrencies. Using Bitcoin inevitably requires knowledge of technology, such as using computers, the Internet, and communications, and then knowing how to deal with Bitcoin, such as creating a wallet, saving the seed, sending and receiving transactions, as well as the method of protecting the wallet.
All of these things require technical knowledge, but at the same time they are not difficult to learn. When adoption occurs, as happened in El Salvador, ordinary people will be forced to deal with these matters, and by giving them some simple instructions, knowledge will spread, but it will take some time.
Also, with the spread of ETFs, anyone can invest in Bitcoin without having any knowledge. So I don't expect that this will limit the spread of Bitcoin.
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My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
It's pretty clear that getting everyone on board with Bitcoin 100% would be tough. I mean, there are still folks out there who don't have internet access in some places. That's just reality. For them, regular money is going to be what they use for a while. Without internet access or know-how about tech stuff, using Bitcoin day-to-day is going to be a real challenge for them compared to regular money.
2. Would this limit it's mass adoption?.
Yeah, that would definitely put a limit on it.
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My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
It's pretty clear that getting everyone on board with Bitcoin 100% would be tough. I mean, there are still folks out there who don't have internet access in some places. That's just reality. For them, regular money is going to be what they use for a while. Without internet access or know-how about tech stuff, using Bitcoin day-to-day is going to be a real challenge for them compared to regular money.
Well you have the point, but in todays technological advancement internet can now reach remote areas through mobile phones and exposure to Bitcoin or crypto is quiet fast and easy. But of course as of the moment they are into the traditional way of using the fiat system no doubt about that. Since we are all using social media platforms they are now able to see ads about Bitcoin and that is up to them to be curious.
2. Would this limit it's mass adoption?.
Yeah, that would definitely put a limit on it.
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I don't think it will but sort of if a specific area is really not having the internet connection but here in my place internet is fully working through data connection or internet cables and satelites.
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My opinion is that education plays a key role in using Bitcoin. While some may feel unsure due to the complexity of the technology, access to information and educational resources can make it more accessible to everyone. This helps overcome barriers and promotes mass adoption of cryptocurrency.
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Bitcoin is popular in almost all countries of the world, so everyone knows what Bitcoin is and its popularity. Bitcoin is illegal in our country but we are secretly using bitcoin, about 30% to 40% people in our country are experienced about bitcoin. We are working hard to capture this big bull market of 2025, because the more we invest, the more benefits we can reap from Bitcoin. Bitcoin for Educated People Those who are stupid can never be experienced about Bitcoin. So we need to prepare our next generation for bitcoin education, to be more attracted to bitcoin.
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The caption of this question as a topic sounds very interesting, especially when we choose to dive further into the context. Certainly, some Bitcoin enthusiasts won't think twice before saying YES to the question, while others might choose not to answer as they literally have no business with Bitcoin promotion and adoption.
I happen to be a strong promoter of Bitcoin and also love to see its widespread adoption in this fast evolving world. However, that doesn't mean I support those who force Bitcoin information on others who are not willing to learn. In other words, I prefer to target the right audience.
Bitcoin, which was primarily introduced to eliminate the involvement of third parties in financial transactions, has turned out to be a secure and fast-growing currency in the business world. Alongside its main introductory purpose, we've also seen it as a good investment asset that yields significant returns in the long run.
There has been a classic debate that Bitcoin could gain mass adoption and might possibly weaken the use of fiat currencies. I consider this debate unnecessary as there is a slim chance for this to occur. My reasons:
The term DYOR is well associated with every cryptocurrency, helping enthusiasts learn about any project they are investing in or buying. Unlike fiat currencies and the banking related system that doesn't require research to understand how it works, we can see a clear distinction between those who are uneducated and Bitcoin. Uneducated people can use banking services easily and perform transactions with fiat currency without doing any research.
My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
2. Would this limit it's mass adoption?.
Note: Even the ignorant ones among us use banking services/fiat currency.
maybe because some people who don't understand technology will definitely be hesitant to jump in and also because those who don't have IT knowledge will definitely rely on DYOR. YouTube and other media are always there for tutorials so that's important for those who want to put in the effort
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My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
2. Would this limit it's mass adoption?.
Note: Even the ignorant ones among us use banking services/fiat currency.
1. I would say yes. Not only because learning curve and require ability to operate digital device, but also due to responsibility that comes with Bitcoin. By responsibility, i mean keeping Bitcoin securely and spending Bitcoin carefully (e.g. send to correct address with correct amount).
2. Yes. Although with more user-friendly wallet and education, i hope we can reduce such limit.
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My opinion is that education plays a key role in using Bitcoin. While some may feel unsure due to the complexity of the technology, access to information and educational resources can make it more accessible to everyone. This helps overcome barriers and promotes mass adoption of cryptocurrency.
Yes, education has a big influence, but now we can learn it because there is a lot of access to it, it's just a matter of whether or not we want to take advantage of all that is available for us to have broad knowledge.
Now many people are interested in bitcoin, not all, but with the rapid increase in agnka it proves that indeed bitcoin already has a place in the hearts of many people.
Age also affects in my opinion, because even among my circles who know more about bitcoin are more young people or not too old.
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My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
2. Would this limit it's mass adoption?.
Answers.
1. we know about bitcoin not because of how educated we are, just as in the society today, you will discover that the rich people are not the most educated fellows, they are instead those that have made it a sacrifice to learn and developed themselves in other to have something to offer.
Bitcoin investing does not need complete education but deep understanding instead.
world now is getting into internet so what are we seeking for more to understand when we already has the option and the knowledge.
2. No, and not in any way will literacy has to do with affecting bitcoin adoption, one does not have to go to school before making money or knowing how to spend it.
and going to the topic, adoption had already here and we are completely adopted here though we need nothing to make the world believing the use instead people must learn
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My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
2. Would this limit it's mass adoption?.
Answer to the first question is definitely a yes, this is if we remove every sentiments and try to be blunt and honest with our answers, and my answer to this question is based on personal experience.
I have 3 good friends who are really close to me, they love bitcoin, they love cryptocurrency and are interested to start investing in it, trading it, and even joining forums like this and discussing cryptocurrencies with other crypto lovers, but unfortunately, the challenge have been that, they are not educated, can't read nor right even an average English, how can such a person join in discussions on forum like this?
So, their lack of education have been a barrier that stops them from entering the cryptocurrency space, now imagine we have a lot of such people around the world, this will definitely affect bitcoin's adoption because, anyone using bitcoin has to know to read atleast, and I believe this also have answered the second question as well, bitcoin adoption will be very difficult is half of the world is uneducated.
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If you have more capital and if you can hold your investment for a long time then surely you can get maximum profit by investing. The Bitcoin market has fluctuated between $25,000 and $30,000 for quite some time and you can calculate the profit of those who invested multiple BTC during that time. If 2 bitcoins could have been invested at this time, the profit would have been $50,000 from about two bitcoins, double the profit. We are missing out on such gains because we don't have enough capital and don't have the ability to take enough risks. But those who are real investors and those who can take risk are definitely receiving such profits regularly by investing in Bitcoin.
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My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
2. Would this limit it's mass adoption?.
Note: Even the ignorant ones among us use banking services/fiat currency.
Bitcoin is a digital currency, and the value relies on the investment. Investing requires money and you are responsible with it. In other words, Bitcoin is an investment. If you have investment, there's a risk. That's why knowledge is important because it's involved money. If you are investing without knowledge it's nothing different with gambling. But this doesn't mean investing Bitcoin is limited to educated people, we are learning new things and there are no exempted.
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My opinion is that education plays a key role in using Bitcoin. While some may feel unsure due to the complexity of the technology, access to information and educational resources can make it more accessible to everyone. This helps overcome barriers and promotes mass adoption of cryptocurrency.
Education of Bitcoin to people can't be completed without the impact of the governments, this sound awkward but that's just the plain truth. A lot of people don't like even formal education that is simple talk more or Bitcoin thag is entirely new to people. We can achieve anything with Bitcoin through education if the government can just add Bitcoin education to students or even at basic levels of education, if that happens, in the next 5 years, many household will hold Bitcoin because many children will one way or the other influence their parents.
The reason why some people are yet to buy Bitcoin today is because of the bad side of it they have heard and if you ask them what they know, they will tell you it's how people loss money which are as a result of altcoins collapse. Ask some of them about what they know about crypto, they don't know anything than meme coins and this is because they don't have the right education about bitcoin but with government approval, adoption will go far naturally.
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My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
2. Would this limit it's mass adoption?.
Note: Even the ignorant ones among us use banking services/fiat currency.
People eventually learn how to do it. But, if they are uneducated and do not understand anything, that could be a problem. But, not only this will limit mass adoption, but there is one more thing that is limiting mass adoption at this moment and that is the transaction fees. People do not want to pay fees for their transactions. If you pay a $20 bill in fiat, you almost pay nothing as a fee. But, when you pay it through Bitcoin, you have to spend a dollar or probably more depending on the mempool condition.
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My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
2. Would this limit it's mass adoption?.
Note: Even the ignorant ones among us use banking services/fiat currency.
People eventually learn how to do it. But, if they are uneducated and do not understand anything, that could be a problem. But, not only this will limit mass adoption, but there is one more thing that is limiting mass adoption at this moment and that is the transaction fees. People do not want to pay fees for their transactions. If you pay a $20 bill in fiat, you almost pay nothing as a fee. But, when you pay it through Bitcoin, you have to spend a dollar or probably more depending on the mempool condition.
I think that you should pay attention to the fact that the government is withdrawing fiat currencies from circulation in almost every country. People are accustomed to non-cash payments and in this case banks always take a commission not only when paying for goods, but also when transferring any account funds to an account, based on this there will be no difference in payment. But the security and independence its that cryptocurrency provides is phenomenal.
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Bitcoin is popular in almost all countries of the world, so everyone knows what Bitcoin is and its popularity. Bitcoin is illegal in our country but we are secretly using bitcoin, about 30% to 40% people in our country are experienced about bitcoin.
I don't know what country you're from but you for sure know that the 40% experience with Bitcoin number is just BS.
You're telling me that if I go on the streets there no matter where I go 2 out of 5 people know how to use bitcoin, have done so and not even stopping there , they are "experienced"?
There are 40 million addresses with a balance on al the chain and almost 1 billion tx in the whole history of BTC., so unless you're from Monaco and those 40% mean 16 000 people there is no way that's true!
Oh, neverminded, you're from Bangladesh 40% means 64 million experienced bitcoin users in one country, that with 45,242,739 addresses (not wallets) with a balance over 1$ in the whole world.
Not to mention that if each of those 64 million users would want to make one tx it would take about 4 months of blocks just for them for one single tx.
Put the numbers down to maybe 4% or more like 3% , then it sounds realistic!
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My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
2. Would this limit it's mass adoption?.
Note: Even the ignorant ones among us use banking services/fiat currency.
This was a good question. I will answer these two questions as one question. So I want to say first that currently Bitcoin is becoming a very fast add option but still the limit of this adoption is that most people of the world population still don't know what cryptocurrency is. Moreover, a large part of the population still does not know or cannot use digital technology. So yes, it's hard to hear but the truth is that most people who don't know about the technology are illiterate, and the result is yes, as an effect, it's a hindrance to the adoption of bitcoin.
But it is about to come that now the number of illiterate people is decreasing rapidly and the rate of educated people is increasing. So the results say that in 10-20 years most people will be closely connected with technology, and I think the barrier to mass adoption of Bitcoin will be greatly reduced.
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The caption of this question as a topic sounds very interesting, especially when we choose to dive further into the context. Certainly, some Bitcoin enthusiasts won't think twice before saying YES to the question, while others might choose not to answer as they literally have no business with Bitcoin promotion and adoption.
I
There is already a very high adoption imo.
People are selling their life savings to buy bitcoins.
We have bitcoin etfs all over the world
Basically everyone in the world know what is bitcoin
Right, Bitcoin has already reached the peak of popularity all over the world and the popularity of Bitcoin is increasing day by day. I think those who think that Bitcoin has not reached the peak of popularity are still wrong. There was a time when people were not very interested in investing in Bitcoin but now people are showing a lot of interest in Bitcoin investment due to the high popularity of Bitcoin. Again there will come a time when it will not be possible for ordinary people to invest in this Bitcoin. Because prices can move to positions where only whales can invest, it may not be possible for ordinary people. However, there is nothing new to tell anyone about Bitcoin, Bitcoin will continue to run at its own pace.
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My question:
1. If Bitcoin requires proper knowledge and personal research, does it limit those who are uneducated, IT illiterate, and ignorant?.
2. Would this limit it's mass adoption?.
Note: Even the ignorant ones among us use banking services/fiat currency.
People eventually learn how to do it. But, if they are uneducated and do not understand anything, that could be a problem. But, not only this will limit mass adoption, but there is one more thing that is limiting mass adoption at this moment and that is the transaction fees. People do not want to pay fees for their transactions. If you pay a $20 bill in fiat, you almost pay nothing as a fee. But, when you pay it through Bitcoin, you have to spend a dollar or probably more depending on the mempool condition.
It is ok to be uneducated but important thing is that they are willing to learn because if not then they will be forever in debt and will never earn single cent from Bitcoin and crypto market .
sooner people will completely realized the importance of online and crypto privacy and why they need to pay for fees to maintain their privacy.
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The caption of this question as a topic sounds very interesting, especially when we choose to dive further into the context. Certainly, some Bitcoin enthusiasts won't think twice before saying YES to the question, while others might choose not to answer as they literally have no business with Bitcoin promotion and adoption.
There is already a very high adoption imo.
People are selling their life savings to buy bitcoins.
We have bitcoin etfs all over the world
Basically everyone in the world know what is bitcoin
There is something I call the internet cycle. I am not quite sure if it's a real term, but I will explain what it means to me. The internet cycle is essentially having the same number of users who see and use the same information on the internet, making it feel as if the entire world is also part of it. The Bitcoin community is indeed very large, but the information we encounter on the internet daily has led to the mindset that a large percentage of the world's population is into Bitcoin or has at least heard of it, which is not the case.
Regarding ETFs, you mentioned, "People are selling their life savings to buy bitcoins," which is very true. However, considering this, it also implies that not everyone is buying into Bitcoin because I fail to see how the common masses would sell their life savings to acquire a digital currency. Those who are very influential and popular are engaging in mass buying, so what's happening to those who are struggling to survive and represent a significant portion of the world's population?
Are we now saying that Bitcoin is meant for the wealthy?.
Answer to the first question is definitely a yes, this is if we remove every sentiments and try to be blunt and honest with our answers, and my answer to this question is based on personal experience.
I have 3 good friends who are really close to me, they love bitcoin, they love cryptocurrency and are interested to start investing in it, trading it, and even joining forums like this and discussing cryptocurrencies with other crypto lovers, but unfortunately, the challenge have been that, they are not educated, can't read nor right even an average English, how can such a person join in discussions on forum like this?
So, their lack of education have been a barrier that stops them from entering the cryptocurrency space, now imagine we have a lot of such people around the world, this will definitely affect bitcoin's adoption because, anyone using bitcoin has to know to read atleast, and I believe this also have answered the second question as well, bitcoin adoption will be very difficult is half of the world is uneducated.
Exactly. I hate to use the word "illiteracy" for humans, but this is just the plain truth. It seems some users don't understand the level of illiteracy that still exist in this 21st century.
Just imagine this guy's comment below, he didn't even explain how these illiterate can spell the word Bitcoin on YouTube.
maybe because some people who don't understand technology will definitely be hesitant to jump in and also because those who don't have IT knowledge will definitely rely on DYOR. YouTube and other media are always there for tutorials so that's important for those who want to put in the effort
I still don't understand how an illiterate could type the word Bitcoin on a YouTube search space. Please explain.
Right, Bitcoin has already reached the peak of popularity all over the world and the popularity of Bitcoin is increasing day by day. I think those who think that Bitcoin has not reached the peak of popularity are still wrong. There was a time when people were not very interested in investing in Bitcoin but now people are showing a lot of interest in Bitcoin investment due to the high popularity of Bitcoin. Again there will come a time when it will not be possible for ordinary people to invest in this Bitcoin. Because prices can move to positions where only whales can invest, it may not be possible for ordinary people. However, there is nothing new to tell anyone about Bitcoin, Bitcoin will continue to run at its own pace.
If we are to call this current progress Bitcoin peak , then i don't think Bitcoin's adoption would be necessary, though i can agree to the fact that it is quite popular. If you check my first reply in this same comment, I explained how this popularity works. There are lots of work to be done since we don't know the fate of those who are not literate.
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I think that you should pay attention to the fact that the government is withdrawing fiat currencies from circulation in almost every country. People are accustomed to non-cash payments and in this case banks always take a commission not only when paying for goods, but also when transferring any account funds to an account, based on this there will be no difference in payment. But the security and independence its that cryptocurrency provides is phenomenal.
What government are you talking about? I don't know about your country. There are some countries that are 50 years back than the USA. The majority of US people do not carry cash anymore. But if you talk about my country, only some super shops accept cards and 98% of the other shops do not even accept cards or other online payments.
We are far back what you are talking about. We have a long way to go if you talk about crypto currencies. We are talking about Bitcoin here. I don't think people would pay $5 fees for a $50 bill.
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I think that you should pay attention to the fact that the government is withdrawing fiat currencies from circulation in almost every country. People are accustomed to non-cash payments and in this case banks always take a commission not only when paying for goods, but also when transferring any account funds to an account, based on this there will be no difference in payment. But the security and independence its that cryptocurrency provides is phenomenal.
I will assume that this is a joke. How on earth will a government withdraw the fiat currency of a country? Even El Salvador, which made Bitcoin a legal tender, is not planning on withdrawing its own currency.
The withdrawal of currency typically occurs when there is a replacement with new ones or when the government aims to control the amount of money in circulation. However, it's highly unlikely that a government would completely get rid of a state's currency.
I can point out that there haven been widespread instances of countries withdrawing their currency entirely. If you have specific cases in mind, please let me know.
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I think that you should pay attention to the fact that the government is withdrawing fiat currencies from circulation in almost every country. People are accustomed to non-cash payments and in this case banks always take a commission not only when paying for goods, but also when transferring any account funds to an account, based on this there will be no difference in payment. But the security and independence its that cryptocurrency provides is phenomenal.
I will assume that this is a joke. How on earth will a government withdraw the fiat currency of a country? Even El Salvador, which made Bitcoin a legal tender, is not planning on withdrawing its own currency.
I believe he didn't mean withdrawing their fiat currency. Maybe he meant that the government focusing on removing the cash money from their country and focusing more on cashless payments like debit cards, credit cards, or mobile banking. As you know, most of the western country already becoming a cashless country. Most of the people do not carry cash anymore. Instead, they carry some cards and their smart phone from where they usually pay.
If you talk about 3rd world countries, you cannot imagine paying in cards everywhere. Only some super shops and the online websites accept cards and some shops accept mobile banking payments.