Bitcoin isn't complicated but the fiat system is!

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Quote from: Findingnemo on June 28, 2024, 01:28:34 PM

I just want to show this to whoever says Bitcoin technology is too complicated for a common man and then ask them to explain this which they have been using day to day and whether any of 'em got any idea what is going on behind their preferred method Cheesy

The only thing fiat has over bitcoin right now is that the "reversible" thing. Because it is decentralized, when you send some coins to someone then it's gone and that's it, there is nothing that you can do to fix it. However, if you do end up doing something like that in fiat, like you sent the money but then things didn't go as planned, there are ways to get the money back.

This is why shopping with bitcoin is so hard, specially online because you could pay someone some money and they could just end up with stealing it from you and in the coin world you just can't do anything else, whereas if you do end up with same thing at fiat, you just do chargeback and call your bank and you get your money back eventually without an issue.

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I suppose it comes down people being creatures of comfort. Generally once people are used to something or to doing something in a particular way, it is difficult to show them a new way.

When Bitcoin was introduced in 2009 it did not bring people in masses from all age and educational demographics then and it is not doing it now either though year-on-year number are increasing. Today people using Bitcoin (or their preferred crypto) are increasing in numbers across all age and educational demographics but in comparison to those that use fiat, it is in such a minority that working out percentages will be difficult.

Z-tight

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The truth is that BTC technology is complicated to a lot of people, and that is why many people choose not to use it. In order to use BTC, you have to be responsible for your own coins, and many people do not want that, they don't want to store their seed phrase and they fear that being in control of their funds is a scary proposition.

There might be a lot of things about the fiat system that so many people do not understand, but who cares, they keep their money in the bank and allow the bank secure it for them, they simply understand all that they really need to know. However, with BTC i believe even the basic thing isn't easy for a lot of people, i.e. setting an appropriate fee rate for their tx.

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Quote from: Abiky on July 01, 2024, 09:29:28 AM

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I wonder if other countries will adopt BTC as legal tender the same way El Salvador did? If a large number of countries adopt BTC, Fiat's days will be over. Just you wait and see.

El Salvador has accepted bitcoin as legal tender but they still use USD as their main currency, moreover I see them focusing on investing in bitcoin rather than promoting and encouraging people to use bitcoin instead of USD as the main currency.

I believe that all countries in the world will have to accept and legalize bitcoin but that does not mean they will accept it as legal tender and eliminate fiat currency. Don't forget that governments are controlling and managing us through fiat, if they abolish fiat how will they control us? So, the scenario where governments will legalize bitcoin and the fiat era ends is highly unlikely.

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Quote from: Findingnemo on June 28, 2024, 01:28:34 PM

While I was scrolling Reddit one post caught my eyes

Bitcoin is too complicated" ~US Dollar user

_{*you may have to download and zoom in to get in details}

I just want to show this to whoever says Bitcoin technology is too complicated for a common man and then ask them to explain this which they have been using day to day and whether any of 'em got any idea what is going on behind their preferred method Cheesy

It's bitcoin's technology that's complicated, cause for the average joe it combines what you cannot understand simply with computer science and engineering, as well as the hardest parts of economics into a single school of thought.

Understanding how bitcoin works economically comes easy to a majority of us cause hey, we've been using it since time immemorial, but ask a random bitcoin user if they know what SHA-256 is, or how mining works, as well as why scalability isn't going to be a thing in this industry and watch as their brains collapse upon itself and turn into a black hole.

You can't blame and condemn people for not knowing something on an atomic level, and you can't make people stop condemning something just cause they don't know it. Liking something, bitcoin in particular should come naturally to the person, else they'll end up nothing but a spiteful rat when they lose all their money aping on shit they shouldn't ape at.

Abiky

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Quote from: Findingnemo on June 28, 2024, 01:28:34 PM

While I was scrolling Reddit one post caught my eyes

_{*you may have to download and zoom in to get in details}

I just want to show this to whoever says Bitcoin technology is too complicated for a common man and then ask them to explain this which they have been using day to day and whether any of 'em got any idea what is going on behind their preferred method Cheesy

In technical terms, Bitcoin is much more complicated than Fiat. It will be hard for someone new to understand how BTC works (setting optimum network fees, avoiding sending coins to the wrong address, backing up seeds/keys, etc). With Fiat, sending/receiving payments is a breeze. I mean if that's what you mean by "complicated".

Believe me, things will get better for Bitcoin as developers continue to improve UX. It won't be long enough before sending/receiving BTC would be as easy as sending/receiving an email. We just need to give it a little more time. It won't be going anywhere, especially when it's the one coin that started it all.

With "Wall Street" now in the game, BTC will only go higher both in market price and mainstream adoption. I wonder if other countries will adopt BTC as legal tender the same way El Salvador did? If a large number of countries adopt BTC, Fiat's days will be over. Just you wait and see.

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Quote from: Doan9269 on June 28, 2024, 05:51:05 PM

There's no complications in bitcoin except those that have found it difficult to comprehend on learning new things, there's nothing heard from understanding what bitcoin is and how we can as well join from the way we see it, bitcoin is what others should see as the simplest thing to do because it will be the tyoe that can help change someone's story for good and not to use it as money, but through it, we can comfortably discover the way bitcoin is meant for others, fiat system is more complicated because it's being controlled by central

Bitcoin will only be complicated for those who are not open about bitcoin education, thinking that it will always be difficult for them to use and spend it for daily basis unlike fiat wherein they are born using that. However, for those who are always hunger for new technology, just like bitcoin, instead of seeing it as quite difficult and complicated, it turned out that they get more excited and interested using its new innovation. There is really nothing that we can’t learn from bitcoin, as long as the eagerness and motivation is present, and patience of course who will help you learn immensely.

SickDayIn

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Quote from: Findingnemo on June 28, 2024, 01:28:34 PM

While I was scrolling Reddit one post caught my eyes

Bitcoin is too complicated" ~US Dollar user

_{*you may have to download and zoom in to get in details}

I just want to show this to whoever says Bitcoin technology is too complicated for a common man and then ask them to explain this which they have been using day to day and whether any of 'em got any idea what is going on behind their preferred method Cheesy

This is a great image, however it's a little confusing how the Tether stable coin is included in the chart. It would really be great if it only included fiat based systems. I guess the thing is though, as much as this chart tries to capture the complexity of the US dollar monetary system, there are so many other connections that are not covered, just because of the complexity and unknown unknowns involved.

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Quote from: re-start on June 29, 2024, 03:29:04 AM

In my opinion, the fiat system has many complications that ordinary people do not know about. We have only used the fiat system since we were born and most of us don't know about this system and how they control it. But Bitcoin is a new payment system and people are curious about it, and I believe that in the coming years, the blockchain and bitcoin system will destroy the fiat system.

How will Bitcoin destroy the fiat currency system? Do you think governments accept and legalize bitcoin only to destroy the fiat currency system they have built for thousands of years? Is the government that stupid?

While we are bitcoin investors and always want it to become popular worldwide, we also need to be realistic and not spread misleading narratives between bitcoin and governments. Don't exaggerate unnecessarily about bitcoin and don't make governments hate bitcoin more just because we spread false rumors. If you have ever read bitcoin's whitepaper, you will know that Satoshi created bitcoin not to replace or destroy the current monetary system.

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Oh yes, I've seen this image or a similar one before, and since then I regularly point out that fiat is not simpler than Bitcoin. What is simpler is usage, but that's something that can be simplified and sometimes is simplified with Bitcoin, albeit at a cost of decentralization. But fiat doesn't have decentralization and that doesn't seem to bother most people. So Bitcoin can be similar to fiat in that regard.

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I think the part where it is being talked about as complicated is very different from how and what it is used for.

For a non-tech savvy person, you would really be overwhelmed with how bitcoin is used and just sending it requires a lot of things like Wallet, Internet connection, Address that you are going to send to. I really think it is complicated for people who aren’t really exposed to that.

As for the dollars, Fiat system, It is really easy. You just have to give the cash and then minus the difference from what you are buying or something.

I’m not saying that bitcoin hasn’t been converted into something easier but in general it is complicated compared to just using cash.

mirakal

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The Fiat system is easy to understand because we don't need to use gadgets but bitcoin does which makes any person who doesn't have a good background about how new technology works will definitely say, I prefer fiat. In fact, in my country, even when using ATMs still a lot of people don't know, they ask for assistance from others. That is much more if the system is not the system we have known since childhood.

Maybe for this young generation, it was easy for them as they are exposed already but I'd never see this as adaptable to the oldies people, they certainly take what they understand fully rather than learning new things. And I expect mixed opinions from people as it depends on their current situation and adaptability.

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The problem with fiat all started when government and banks became too greedy and went on printing too much fiat, causing it to have less worth due to excess supply. Money is meant to be scares as if there's supplus, it becomes a problem for the economy of a country. How? A single man can decide to keep so much of their fiat locked up somewhere and try manipulating the whole economic system. Every common man from his child hood to becoming an adult had a single currency and some countries tries to teach them the history of their fiat in basic school. Still they can't fully understand the mystery behind fiat system and why it continues being a bit complicated. Bitcoin is new but still we can't compare it to fiat. The idea about decentralization has made Bitcoin stand out from all other currencies out there as no one, not even the government can control the system making it have less complications from confused leaders who try to manipulate the market system thereby causing fiat to drift alongside them.

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Quote from: tabas on June 28, 2024, 06:11:44 PM

What did we even know about Bitcoin when we first heard of it? almost nothing until we get curious about it and start learning about its technology and ecosystem. And if both are complicated, do we even need to know how fiat's are made and where they have been made from? no. And that's the same goes for Bitcoin, a user, a holder, or an investor doesn't need to know all of its technicalities because they really are going to be complicated if you're not fond and knowledgeable about it. The basic matters don't have to be complicated at all and it is not requiring a lot of knowledge to be understood. What is important is the value that they have and what it brings to the person who has it. Like for that fiat lover, he'll never understand the importance of bitcoin and it's his own choice to make it look like complicated on his own mind because that's what he's believing and chose to stick with.

Yea, choice is individual decision, so no matter how we try to convince someone once he doesn't Believe in what you are saying there is absolutely nothing you can do about such situations, to individuals who choose fiat over Bitcoin, they feel that Bitcoin is a complicated innovation as the op said the same is applicable to bitcoiners, this is just understanding difference, every Bitcoin enthusiast, more expecially people that has been in the system for a while understands that Bitcoin is a valuable asset that requires a longterm mindset to achieve from the investment but for a novice that has chosen fiat instead of Bitcoin unless he see some evidential proves of what you have achieved so far with Bitcoin, there is nothing you will tell such person that will make him or her to belive that Bitcoin is a good investment unless such individual wants to try the investment based on his interest.

In the aspect of technicalities, I don't think is must for everyone to be involved in that as you said, in whatever investment we choose, the first thing to learn is how things are been done after that, we are good to go may be we can acquire more knowledge when we are fully involved in the said investment.

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That is basically an infographic putting together everything that is connected to the fiat system, and we can't deny the fact that the system has been around for hundreds and thousands of years, it just kept changing and developing, so I think it's fair to say that it has a lot of connections all around the world and we aren't supposed to put them all in an infographic and say how complex the system is because every system in the world would look like this if we keep connecting chains.

The complexities people usually talk about are the storage and use cases of both Bitcoin and fiat, and what they want to say is that using or keeping fiat currencies is easy because you simply put them either in a bank or at your home, and these things are learned as you grow up, but when it comes to Bitcoin, the process is undoubtedly a bit complex because a normal, non-technical person cannot understand it easily.

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Quote from: re-start on June 29, 2024, 03:29:04 AM

In my opinion, the fiat system has many complications that ordinary people do not know about. We have only used the fiat system since we were born and most of us don't know about this system and how they control it. But Bitcoin is a new payment system and people are curious about it, and I believe that in the coming years, the blockchain and bitcoin system will destroy the fiat system.

Bitcoin technology is new, so it will remain complicated for people until they become familiar with it. I have used Fiat all my life and don't know how the system works. I just assume that the government gives orders to the printing and minting companies of my country for them to print a certain amount of notes. The money is moved to the central bank where it is distributed to commercial banks. And that's just the layman's perception about fiat.

Now people think fiat is less complicated because you don't need to check the mempool to see how much you will pay for transaction fees. You also need to check the price of Bitcoin to ascertain how much you will get if you buy or sell. You also need a phone or internet connection to carry out a transaction and there are also concerns about the safety of a wallet. One also needs some level of education to use a Bitcoin wallet because you need the ability to read and understand some details. They assume that if you have physical fiat, you can just easily buy all you want without much restrictions.

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In my opinion, the fiat system has many complications that ordinary people do not know about. We have only used the fiat system since we were born and most of us don't know about this system and how they control it. But Bitcoin is a new payment system and people are curious about it, and I believe that in the coming years, the blockchain and bitcoin system will destroy the fiat system.

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Quote from: Knight Hider on June 28, 2024, 02:31:08 PM

Quote from: pakhitheboss on June 28, 2024, 01:33:41 PM

A common man is born into the fiat system and is taught by his parents, friends and colleagues how to use it.

What Findingnemo is saying is that using fiat money doesn't mean you understand how it works.

Taken out of context?
But I will also argue that until we know something better and more detailed about the subject, everything will seem complicated to us. Now is the time when new technologies are changing the world; only the adult and elderly generations will have difficulty understanding. All those who know how to understand the Internet a little better than using social networks, master Bitcoin, use its wallets, and understand the importance of their seed phrase will be able to master it very quickly. Remember the importance of your PIN codes? Did people need to explain for a long time the importance of not disclosing them?

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Quote from: Findingnemo on June 28, 2024, 01:28:34 PM

I just want to show this to whoever says Bitcoin technology is too complicated for a common man and then ask them to explain this which they have been using day to day and whether any of 'em got any idea what is going on behind their preferred method Cheesy

Because of the habit of using fiat and people think the bitcoin system is complicated, we were born from an environment of people who use fiat so it is natural for people to say the process is complicated. But what needs to be underlined is that nothing is complicated if people want to learn and they can learn to understand. The growing technological journey will make it easier for people to understand the bitcoin system and now there are many people who know technology so that it can help understand the bitcoin journey system.

Technology used to be very limited and only a few people had access to the internet but now we can see bitcoin adoption becoming more widespread. This is due to easy access, the internet and increasingly developing technology. The point is that every new thing needs to be learned and nothing is difficult when people want to learn to understand.

Helena Yu

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Why Average Joe need to understand fiat system? Huh

Most people don't care how fiat system works, what they care is how to earn as much as they can and knowing the charge or penalty when they saves their money in banks.

Unlike Bitcoin, there are so many traps, either you downloaded fake wallet or custodial exchange, you might invest in fake Bitcoin (Bitcoin in centralized network), you might get scammed for not knowing "confirmation" is very important since they could double spend the transactions etc.

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