Most Bitcoin Users Don’t Understand Bitcoin – But Does it Matter?
An understanding of what bitcoin is, how it works and its various features and benefits have, in the bitcoin space, traditionally been viewed as a key component of mainstream adoption. How can the general public be expected to switch from things like PayPal, fiat, Visa etc., if they don’t understand how what they are switching to works? There is some common sense in this view. Individuals who lack an understanding of cryptocurrency are more often than not intimidated by its seeming complexity, and this puts them off using it to transact. The conclusions of a recent study, however, go....
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The more people understand the blockchain, the more we will see a proliferation of useful cases for it. Just like any technology, those who invent it have not necessarily thought of all of its applications, which is why I believe that the best use cases are yet to come from a growing number of entrepreneurs and subject-matter experts that have deep expertise in a particular field or domain. But, the first step is to have a fundamental understanding of how blockchain technology is different from what we are currently doing today. Almost everything in life is about taking evolutionary steps.....
Xapo CEO and founder Wences Casares explains the history of money in a Big Think video about Bitcoin. His explanation of the history of money is below. “Bitcoin is a new digital currency that is perhaps the best form of money that we have ever seen. It’s important because most of us don’t understand money very well and perhaps the concept that is harder for us to understand is that money is and has always been a ledger. …the best way to understand money is to understand the history of money.
Bitcoin is defined by its users, but how many node operators understand and verify protocol changes on a nuanced and deeply technical level?
I walked up to a businessman friend a few days ago and asked him point blank: “Do you know what bitcoin is?” He stared at me and blinked twice. He really didn’t need to reply, his facial expression was a dead giveaway. He didn’t have a clue. Here lies the problem, when many of us Filipinos, rich and poor alike, are struggling to get out of the so-called rat race of eat-sleep-work-pay-bills, we do not have any inkling of the advances in finance, investments and technology that could help us in our quest to financial freedom. Blame it on the banks for never introducing us to such concepts....
Earlier in 2016, Facebook IQ, a team of researchers, scientists and analysts funded and supported by Facebook Inc., published a white paper entitled “Millennials + money: The unfiltered journey” to evaluate the beliefs and thoughts of today’s youth on traditional banking and financial systems. The paper found that 92 percent of millennials firmly expressed their distrust of banks. The general population, including millennials, are rapidly developing a sense of awareness towards the manipulation, monopoly and control that banks and financial institutions impose on user funds and money. Cash....