Topic: Block Report: Bitcoin: Knowledge and Perceptions - page 2. (Read 429 times)

In this case it is true, ignorance makes everything different and indeed this spreads in another direction as a result of this ignorance.
when we see there is actually a relationship between one and the other because in this case if we look at there "Don't know enough about it" this is indirectly related to Too much price volatility, Too expensive, Don't know how to buy it.
On the other hand, this ignorance clearly creates a wrong perception, namely The environmental impact is too high, It's too much of a long term investment. even though if we look at it actually Environmental impact is too high is a classic reason that was made up from the start and too much long term investment is the same reason because they don't know that in just 1 decade bitcoin has reached a price of $69k ath.

But on the other hand I like this word


this is an undeniable fact and indeed the more they learn and the more they know about bitcoin, the more optimistic we are to be there because we already know that being here is not in vain

I enjoyed reading this BTC Report that the Block has. They have discussed several topics that answer these questions below.

• Why do people choose Bitcoin for an equitable economy?
• What is needed for more adoption?
• Why is Bitcoin the top cryptocurrency?

I've learned that people are using it for investment reasons compared to utility reasons. The comparison between the different income groups has shown that it's all about the belief in the system. I think I see the importance of the people with lower incomes choosing it because they believe in its actual use, unlike the higher income groups that are using it entirely for investment reasons like diversification of their assets.

Having no gender divide also is being discussed in the report, and it's pretty good to see that it's not anywhere affected by that. I mean, why should it matter anyway? We should all be equal.

More and more people have always seen cryptocurrency as something that could potentially help people's lives. Still, for that to happen, I agree that education about it would serve the best purpose towards having a better cryptocurrency experience for everyone.

this is a quite truth about bitcoin adoption limiting factors and the extent to how many people would have believe in bitcoin potentiality and role in the economy but they chose the other side due to the fact that they lack the reality knowledge of what bitcoin is and how it can be use to benefit their investment asset in adoption, this is a reality as well in real life that man is totally in dark of what it lacks knowledge about, our government could have been a major role player in this regards but they turn deaf ears due to bitcoin decentralization and regulation challenges.

Let's consider countries that has highest number of bitcoin optimists as listed from OP above, we could see how the adoption is vast increasing daily in those countries predominantly among the young adults (youths), why is because they see bitcoin as a game changer for their long anticipated solution for privacy, decentralization, trust and financial independency, our government give less to the society but expect much to come out from it, aside being a good store of asset value which bitcoin is, it has also created many employment opportunities, hunger and poverty alleviation through trading and  investments.

Now we could see how the remaining world population could have jumped to adoption of bitcoin it they truly understand what a digital decentralized currency called bitcoin is, and this is the same reason why some have make it through in bitcoin while others remains low, timid and poor because they lack how to engage the use of bitcoin, but nevertheless adoption still continues and the role and value of bitcoin as a means for payment remains valid as long as it remains being used for an exchange of commodity and monetary value.

Don't know enough about Bitcoin, and the ways of securing it will likely be our biggest obstacle. Users here like to talk about scalability, and various other limitations to the code, but those can definitely be reworked. However, I don't see enough work being done towards simplifying Bitcoin so that the general public can just pick it up like fiat.

Now, I do understand that this is partly a unrealistic expectations, since securing Bitcoin is always going to be complex, especially if you aren't relying on a third party. I imagine in years to come we'll start seeing banks or the equivalent of banks which will offer to secure your Bitcoin for you, which could actually increase adoption. However, this breaks one of the golden rules for many of us, and one of the reasons why Bitcoin is unique, and revolutionary. It allows you to be your own bank, which is brilliant for us that do our due diligence, and don't mind being responsible. However, not everyone will be comfortable with that.

Lets face it, how many people in the general public break security rules all the time. I would say the vast majority do. People in my family have such weak passwords that I would be able to guess in under an hour. I know that, since I've done it before to prove a point. Yet, they still didn't change it to a more complex one. How many people write passwords down, right next to their computer for example? At that point there's no point even having a password.

I've been saying this for a while now, and I do believe there's others that are in support of it. I don't think the concept of Bitcoin is at fault, it's generally how uneducated we are as people about security. I'd love to say I had a solution to this, but I really don't. We can simplify the wallets, Bitcoin to a certain extent, but there's a ceiling to that.

Hardware wallets are something that has changed the game a little bit. They've provided a way for people to use Bitcoin without knowing much about securing it. They just trust the device. This is all well, and good, but the only problem with that is trying to convince these people to use open source hardware wallets, and acknowledge there are still risks of using them. As the saying goes, complacency is one's worst enemy.

If the statistics are to be believed in the OP, they agree with me. Over 80% of people don't go into Bitcoin because of not understanding i.e Bitcoin being too complex or not knowing how to secure their Bitcoin. That's our mass adoption right there gone, and therefore is the biggest stumbling block. I believe every other problem we might have, can be solved given time, and adoption. The more people that come into Bitcoin, the more urgency there is to solve any other superficial problem, and then we'll have even more people lending a hand to solve it.  

For example, too expensive or don't know how to buy can be solved. The more demand, the more exchanges, the easier it becomes to buy. However, for it to be considered to expensive is baffling to me, since you can buy any denomination you want, but convincing the public of that will be a little more difficult. I imagine, we won't be using 1 Bitcoin in the future, but talking in Satoshi's. That way, it removes the idea that 1 Bitcoin is too expensive, since most people I talk to have an obsession with whole numbers, and owning that 1 Bitcoin. It's like they think holding anything less, isn't worth holding. It's a weird problem, that will likely be overcome with some terminology changes.


The reason for this is, because I would deem us in either the early bird catagory, i.e early adopter or the speculative investor period. It isn't ready to be a main use currency right now, although it can be used as one, it isn't as enticing as other options for people.

Yeah, that's a concern for many. However, if we look at the recent war with Russia, and the West you'll see that many people had trouble withdrawing their fiat money. So, this isn't exclusive to Bitcoin. However, I will admit that's a concern.

Yeah, directly correlates with number one.

This is the most difficult one to answer. At the moment, we're very environment friendly, and every company has to appear green. It's an actual selling point now if your company is doing things green. Now, I think the Bitcoin argument of us using too much energy is unfounded, but we should probably be thinking about ways of improving it regardless. The only problem with this accusation is it's hard to prove, and hard to disapprove, but as soon as people hear it, that's what they believe.

Therefore, it's not a problem of proving otherwise, it's convincing the general public that it's not true, which is a lot harder.

Hmm, it really only becomes an advantage if you're a speculative trader. If you are receiving your monthly wage in Bitcoin, you ideally don't want that to be going up, and down. Especially, if you're using it as a currency, and not a reserve currency.

Some people already live pay check to pay check, so adding some volatility into the mix, isn't good. As long as massive amounts of volatility exist, Bitcoin will not be adopted by the masses. Luckily for us, Bitcoin is naturally deflationary, and the block rewards reduce at given intervals, which effectively introduce volatility i.e Bitcoin should in theory get less volatility the longer it exists.

Edward Bernays basically taught us to not limit people's choices by outright stopping them from using it, as they'll feel suppressed, and will rebel. Instead, convince them they've a choice, and basically release propaganda about the options that don't work into their favour. So, yeah I'd say it's common psychology for people rebelling when outright being limited.  

That seems like good research, with a high number of respondents and interesting questions. I'm surprised that utility reasons to buy Bitcoin scored so high. But it makes sense that people with low income can't afford investing into Bitcoin and waiting for value to grow because they don't have enough to invest to make a meaningful change in their lives.
It's also good that people with limited knowledge aren't likely to purchase Bitcoin, as buying something you don't understand can lead to making big mistakes and being negatively surprised by some things.
I only hope that the research will continue and cover some other countries as well, so that we can get a fuller picture of perceptions around the world.

So the most friendly Bitcoin countries e.g. El Salvador, Central African Republic and Panama didn't appeared on the report? How it's possible since both of El Salvador and Central African Republic is already accepting Bitcoin as a legal tender, while Panama they have proposed to accept Bitcoin as legal tender, though the Panama's president fail to sign the crypto bill, but the top Panama's banks is Bitcoin friendly. I guess accepting Bitcoin as a legal tender doesn't need a huge holders or demand from the citizens, but the government can do it yourself whether they want or not.

This proving Bitcoin isn't expensive and can only be used as investment to protect against inflation, but people with lower incomes can still buy Bitcoin and use it as a currency. I don't know how much they consider a low incomes, but most exchange usually charge ridiculous fee and a transaction fee to send Bitcoin to another wallet cost you around $0.5-$1, how can the low income people survive from that? My assumption they're using Lightning network since the fees is really cheaper, but there's no survey about lightning network on the report.

This is interesting report because Nigeria, India and Argentina banks are against Bitcoin, they will freeze any funds that linked with Bitcoin activities. But those countries are the highest rates of optimism of trusting Bitcoin. I guess since it's high optimism by the citizens, it seems they're mostly hold Bitcoin and in hope their banks will allow Bitcoin activities. It's hard for them to convert Bitcoin to fiat, since they can only use that as a gift card. Using P2P or decentralized exchange still need to link your bank account.

This also because they have a high inflation on their countries, so they view Bitcoin as a bright way for protect against inflation. But of course, they shouldn't put their eggs in one basket and diversify with other assets e.g. gold, stock, etc to prevent from the risk. Even Bitcoin is high likely become the best investment, but there's no guarantee about it.

I thought there's a reason the citizens doesn't want to buy Bitcoin because of their religion, because many country that ban of using Bitcoin is mainly about religion especially on the Middle East country.

I'm more surprised about this statistic



On both EMEA (Europe, the Middle East and Africa) and APAC (Asia-Pacific) regions, women are more expert among her friends and her familiy, this mean many women out there are really understand about Bitcoin and technology. I thought it's otherwise because female seems doesn't want to touch anything that technical or technology related due to hard to understand.

It's just sad how after 13-14 years Bitcoin has been existed, there's still a good amount people still never heard about Bitcoin word.

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I would like to answer the reasons to not buy Bitcoin based on my own opinion


Doesn't make sense, look at the history.

This is the most bad reason since they're prefer to buy shitcoins over Bitcoin.

I still can't believe that in this era, people are difficult to update their information about something like Bitcoin although the are too many sources to get the information. For me, they don't brave to buy Bitcoin because of FUDs besides don't understand what Bitcoin is. Once people read the FUDs, next they are only looking for more information about the FUDs. So, they actually get more misleading information about Bitcoin because they read from the wrong sources (hater sources). 

People don't understand that the volatility even becomes an advantage. Without significant volatility, people can't gain big profits. Just imagine if BTC price is similar to the stablecoins price. How we can gain profits with no big range between top and dip.

Block published a very interesting report on Bitcoin.





It is a very interesting report, and one of the topics resonated with my thinking about bitcoin:



I guess the whole point of participating in this forum, as I said many times,, is all about knowledge.
Also, as highlighted in the report, lack of knowledge can be an obstacle in buying bitcoin, to the detriment of the part of the population that could potentially benefit the more from his adoptions:



It is very interesting to have a read on this report many aspects are considered, and I guess many topics can be discussed starting from it.