Why is Bitcoin so hard for most people to understand?

[admin]

"The reason it's so hard for most people to understand is that most people don't really understand money. Money isn't wealth. It's an accounting system used to facilitate the exchange of wealth. (The paradox of money is that while everyone wants it, no one actually wants it - they want the stuff they can buy with it!) Many people are put off by the fact that Bitcoins are 'just data'. But that's what ALL money is, information! More precisely, money is a means for credibly conveying information about value given but not yet received (or at least not yet received in a form in which it can directly satisfy a person's wants or needs).

To put it yet another way, money is a ledger. With fiat currencies like the dollar, that ledger is centralized. And that gives the central authority responsible for maintaining that ledger tremendous power, power that history has proven will inevitably be abused. With Bitcoin, the ledger is decentralized. And that means that no one individual or entity has the power to arbitrarily create new units (thereby causing inflation), freeze (or seize) your account, or block a particular payment from being processed. We've had decentralized money before. After all, no one can simply print new gold into existence. And the 'ledger' of gold is distributed because the physical gold itself (the 'accounting entries' in the metaphor) is distributed. But with gold, that decentralization comes at a heavy price (literally). The physical nature of gold makes it hugely inefficient for global transactions.

And this is why bitcoin is important! It is the first currency in the world that is both decentralized and digital. It is more reliably scarce than gold and more private and transactionally efficient than "modern" digital banking. This is why people are excited about bitcoin, it has the potential to completely revolutionize money."

I thought I'd share it with you.

Have a good Sunday everybody!

 

[admin]

The average person needs to see something about 9 times before it reaches the brains consideration zone, which is why companies bombard us with advertising non stop... Eventually it works

 

[Isabella]

So if I understand it after two or three times reading about it, does it mean that I am not an average person? 🤭😃

[admin]

Bitcoin explained in two minutes pic.twitter.com/toqXzlAcwD

— Bitcoin (@Bitcoin) April 24, 2020

[James Thomas Rook Jr.]

In a time of global pandemic, which has the potential to becoming global anarchy, I seriously doubt that an intangible such as a cryptocurrency will have any value when the global Internet collapses for most users. Gold will not have any value, either, because you cannot eat gold.

If I had the kind of money people invest in cryptocurrencies, and gold, etc. I would invest in small useful things that will ALWAYS have value, no matter how bad things get.

That is why I recommend investing in cans of tuna fish .... and 12 gauge shotgun shells.

[Isabella]

@admin did the Simpsons explained well? Because I understood it 😆