Topic: Bitpay & KnC accepts Bits as visioned by BTCIndia - page 2. (Read 2446 times)

As a miner, i explain what I do as Data "Transaction" processing and most say "oh, okay"  This avoids a lot of confusion with most people, If I know them personally and I understand their knowledge of the digital world, I explain more.

Mtnmier

Some people with a programming background can take weeks to fully understand BTC, some take months, some are not lucky enough to grasp it within their lifetimes....

You have a very valid statement, most people do not get 1 bitcoin = $800 +/-   I try to explain the u.s. fiat currency has $1000 bills, but do they have one in their wallet?  Probably not, I tell them a bit coin is like a $1000, you really never use them that large, so it can be broken down into little coins, a lot of them!  I explain that they can actually spend less than a penny if the choose!

I have also explained that a a bitcoin is like a $20 gold piece was 150 years ago. Then with one $20 gold piece you could buy a horse, saddle, pistol, holster and some ammo!  Most go oh yeah, i understand.  We have to get people to think of them with a non inflated view.

I also explain that of all the dollars are not in print "physical form"!  1.2 trillion in print of 13 trillion "in use" and the more they don't count any more M3!

This really amazes people and wakes them up to reality!

Mtnminer

See Quote below

"the Federal Reserve has tracked these funds in three different values known as the M1, M2 and M3 money supplies. (M3 has since been dropped. More on that below.)

M1 represents all of the currency in the M0 money supply, plus all of the money held in checking accounts and other checkable accounts, as well as all of the money in travelers' checks. In June 2013, the M1 money supply for U.S. dollars equaled about $2.5 trillion [source: Federal Reserve].

M2 is the M1 supply, plus all of the money held in money market funds, savings accounts and CDs under $100,000. In June 2013, the M2 money supply was about $10.5 trillion [source: Federal Reserve].

M3 is M2 plus larger CDs. As of March 2006, the Fed stopped tracking the M3 money stock as an economic indicator because it felt it did not add any information on economic activity that was not already available from M2 [sources: Federal Reserve, Federal Reserve Bank of New York].

All told, anyone looking for all of the U.S. dollars in the world in July 2013 could expect to find approximately $10.5 trillion in existence, using the M2 money supply definition. If you just want to count actual notes and coins, there are about U.S. $1.2 trillion floating around the globe."

Exactly.
God help Bitcoin!

This is a great point.

I live in the United States and it took me several hours over a few days to get the most basic understanding of BTC. One of my co-workers looked it up and when he saw the metaphor for mining in a video, he said, 'how can you mine for Bitcoins if they're digital?'

He has a university education and very smart, but wrapping his brain around this concept requires a baby step process. Just imagine what it would take for someone without that background.

Illiteracy can't be eradicated; only field changes. Now, we have digital illiteracy, financial and other types in making  

Here, Bitcoin enthusiast actually understands meaning of money, assets, commodity, power of open source, decentralization and other jargon of Bitcoin community. What about common man? They buy gold because everyone else is buying, they're using money because everyone else is using without actually knowing- what is money and how it works? Now, they seem to be interested in Bitcoin because everyone else is interested. If you try to explain them, what is Bitcoin then most of them don't get it. All they get is, it's price increased during last few years and what will its price in future. Price is biggest factor for common man. This is my personal experience, but when I tell them 1 Bitcoin is $800 dollar. They become more suspicious of it because they're used to '1 is small digit'. What if 1 nuclear bomb explodes or 1 president dies? They do not understand that its not 1 Bitcoin but a bundle of coins(1 kg of gold 2.o that cen be divided in millions of atoms) that can be divided in sub-units like mill and satoshis. All they see is 1 Bitcoin is 800 dollar and that too virtual(which cannot be touched by hand). Generally, people with limited understanding don't like to invest their sweat in things they can't see. And we all know that majority belongs to those.

Bitcoin prices are going high every week and it's only matter of time that Bitcoin will reach $1000 dollar. We must change the strategy for mass appeal. Well, I think.. Exchanges must show bitcoin price in Bits/satoshi. So that, they can see everyday in exchanges that 1 milli BTC/ 1 Bits is 1 dollar or half dollar something and hopefully that might encourage to invest small amount into Bitcoin economy.

Just a thought!