Topic: 5 Resources to teach Average Joe about Bitcoin - page 3. (Read 2034 times)

Found another interesting article:

The Bullish Case for Bitcoin

Interesting also because a few translation are already available, so it can help someone who doesn’t understand English.

Interesting write-up. I just gave you the merit for making me laugh and remember how I was 2 years back. When I heard of bitcoin for the first time, I felt like "I am gonna solve the cryptography SHA256 problem and find a number (nonce) which can decode the hash lower than the current target and subsequently I can earn the 12.5 btc easily."  Isn't that an absolute trash? So was I and many of us back in the early days of gaining knowledge on what is bitcoin and blockchain. It would be difficult to teach the newbies and make them understand unless they have the interest on learning the technology behind the bitcoin. Rather we can help them in understanding how important bitcoin is for the digital world and carrying out payments globally in a decentralized way.

Not every one of us needs to worry about the technical aspects of bitcoin and OTOH we shouldn't be forcing anyone to understand the technical aspects of cryptography, the code, the algorithms, the mining etc for investing in them. Rather we can teach them "Why we need Bitcoin for a better world?", The economic aspects, the decentralization and the trust model. Decades and centuries back we were thinking of a possible way to communicate with people residing in other end of the world in a cheaper and more faster way and they were realized by the invention of Internet, so is Bitcoin! The money we have is not controlled by any of the governments, can send payments all over the world in a go, a decentralized currency for the global population created by the people and for the people.

Both "The Internet of Money" volumes are a perfect read for people who are not technically strong in the code and willing to learn "Why should they use Bitcoin" and minimize their usage of fiat money.

Thank you LoyceV and bitmover for your inputs.

I agree that you don't need to understand bitcoin to invest in it.
Actually, this is true for every investment: you don't need to understand stock market to put money in it, and you don't need to understand fiat money to hold and use it for your everyday life.

But, this is recipe for disaster: not understanding the things you are putting your money into is the shortcut for an inevitable loss.

This is why I want to have at least a basic understanding on how  things work before putting my money into it.
In addition to that, bitcoin si something of a paradigm shift: it's brand new asset class and you need to think in a "strange" ways to many things you already know: the most important one being the money.

So this is something I want to do: give everyone a little bit of "start" in understanding Bitcoin. As bitmover said, everyone can approach  Bitcoin from very different angles, and be drawn into if by really different aspects: as the average Joe actually doesn't exist I want everyone to  find their "own" explanation in the provided resources.

There's a great responsibility in owning bitcoin. You gain financial sovereignty, but this comes at a cost: you have to understand how you gained it.
Otherwise is another slavery.

*Andreas Antonopoulos - Introduction to bitcoin .... and some more

*Saifedean Ammous - The bitcoin standard

Always good to hear and read...

I agree with this, get a wallet and start using it is certainly a good start.


I think "Average Joe" is a somehow a useless term. This average Joe doesn't exist, and everyone imagine this guy different (it depends on your country, your profession, your culture, etc)


Yesterday i was talking to a very intelligent friend of mine, who is an engineer. He asked me about bitcoin, and he was saying it wasn't backed up in anything, nerd money, worthless, everyone could create one etc.... He was basically asking for technical stuff, he wanted to understand why it is valuable and unique.

I had to explain to him about mining, proof of work, transactions, cryptography (public and private keys), hash.. and he liked it, he began to understand what is bitcoin about. He is not an "average joe", but who is ?

Explaining bitcoin to people always depend to who you are talking to.

Although you have listed some useful resources, I completely disagree with you
I don't think the average Bitcoin user needs to know how Bitcoin works. All they need is a wallet, and start using it. There are some pitfalls, but modern wallets take care of most of them already.
Back to the example of your mom: give her a funded paper wallet, ask her to install a wallet on her phone, make sure the backup phrase is secured, and let her sweep the funds from the paper wallet into the phone wallet. After that, she can use Bitcoin!

Of course there's the generic "don't invest more than you're willing to lose" (Google gives 86 million hits so I'm not quoting a specific source here), but that goes for all investments.

You should try to explain the basics in a few sentences, like: "Bitcoin is electronic cash, you and only you are responsible for your own money, there is no undo-button, the value can go up 1000% or down 90% in just a couple of months, and scammers are always trying to get it from you so be vigilant".
I don't think this has to be difficult, because that would mean Bitcoin would never be able to reach mass adoption. And if you think Bitcoin is difficult, try explaining fiat money! I'm still flabbergasted when I think of a private organisation that prints our money out of thin air, which caused almost any human and any government to be in eternal debt. The fiat money system is much more difficult to understand than Bitcoin. Makes you wonder why they never explained that in school doesn't it?

Thank you, it's a great contribution, but i think it can't make in the top 5, on Lopp resource website there's a link to a very similar quide from Coindesk.

Other example of excluded, yet valuable, resource:
Bitcoin and Blockchain Technology: Economics and Environmental Sustainability

When it come to teaching the average Joe from my perspective I usually do refer them to cointelegraph's Bitcoin 101 after I must have given them some pointers on what bitcoin is all about via personal lectures. I conclude by linking them to bitcointalk, a forum where they can build on the knowledge they must have acquired from other sources and for those who're interested in other platforms I give them this link; Where to discuss bitcoin which is also a part of the Cointelegraph's bitcoin101.

I often find myself in the difficult situation of answering this question:
"I heard about this Bitcoin thing, how can I buy it?"

Well, I don't like taking unnecessary risks, and buying bitcoin without knowing anything about it is, like every other "investment without knowledge" a golden path to losing your money.

So I want my mom/average Joe to have a basic understanding of what bitcoin is, before even thinking about buying some.
The problem that explaining Bitcoin is difficult; bitcoin is at the crossroad of cryptography, Economic and Monetary Theory, Game Theory, Computer Networking and data transmission.  Having knowledge of one of these fields not only is difficult, but also bias your explanation, and this might screw up the process.(if I know more about Cryptography, I would weight more this aspect, but It's not a guarantee this is the one would trigger my counterpart).

So here I want to post a collection of 5 resources (articles, videos, Twitter account, portals, you name it) where to head my potential investors.


This is the list.
My idea is to constantly update it as new materials comes online and according to your suggestions:

• Lopp.net Bitcoin Information & Resources
  A collection of resources about Bitcoin, from the basic reading (white Paper) to more advanced and very technical ones, both written articles and videos/animations from Jameson Lopp, Professional Cypherpunk (pls note Cypherpunk, not Cyberpunk)
  
  
• Bitcoin for Beginners
  A playlist of introductory videos from Andreas Antonopoulos, covering a different aspect of Bitcoin, what is it, how to buy, where and how to store it...
  
  
• Modeling Bitcoin's Value with Scarcity
  A Basic, simple and yet fascinating model to value Bitcoin. Not financial advice.
  
  
• The Bitcoin Standard: The Decentralized Alternative to Central Banking
  A fascinating read, totally non-technical and not directly related to Bitcoin: if you don’t fall in love with Bitcoin after reading this, you never will.
  
  Quote from: fillippone on March 05, 2020, 07:45:29 PM
  I am a strong believer in the utility of local boards.
  I am lucky enough to be able to express myself in at least a couple of languages, but I know this is not the case for everyone.
  A lot of users post only in the local boards because of a variety of reasons either language or cultural barriers, lack of interest or whatever other reason.
  I personally know a lot of very good users (from the Italian sections mainly, for obvious reason) who doesn't post in the international sections.
  
  I think all those users are missing a lot of good contents posted on the international (English) section or on other boards.
  
  If you think you can help here, just visit the thread!