Large percentage of Americans still don't understand how bitcoin works - page 2.

kayiboyu

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Quote from: bitmover on March 29, 2021, 06:30:35 AM

I believe more than 90% of the users here in this forum don't understand how bitcoin works either. But they use it anyway.

I am sure 99% of Visa users don't know how Visa works as well. But that never stopped people from using it

You made a good point. People generally don't care about how something was created. They just want to choose the more advantageous one and use it. And I find it very normal. Because not many people are keen on the history of a technological tool etc. . The curious ones are in the minority and I think it won't change in the future also.

DeathAngel

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I guess this just proves we’re still early in bitcoin. If you walk into any major city in the western world & ask 100 people if they own bitcoin, how many do you think would say yes? I think maybe 1 or 2 maximum which proves we are early. Bitcoin is the future of finance & it’s coming.

aoluain

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I agree with the report, the vast majority of people (worldwide) dont know about Bitcoin,
most wont use it and I guess the mechanics of how it works might scare some and confuse
others, particularly older generations but the younger ones will/would be undaunted.

Its true we dont necessarily need to understand how it works but there are certain aspects
of ownership which is essential knowledge like wallets and being able to send, receive and
secure.

mk4

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Quote from: bitmover on March 29, 2021, 06:30:35 AM

I believe more than 90% of the users here in this forum don't understand how bitcoin works either. But they use it anyway.

I am sure 99% of Visa users don't know how Visa works as well. But that never stopped people from using it

An unfortunate truth. But there's a difference with the necessity of understanding "how it works" with Bitcoin vs Visa though. With Visa and the likes of Mastercard, all they need to know is to not publicly expose their debit/credit card details and online banking information. And while it's pretty much the same with Bitcoin private keys, people can call their banks when something goes wrong, while with Bitcoin, you're pretty much screwed. Hence with Bitcoin, people definitely need to be a lot more knowledgeable and a lot less careless.

Rikafip

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Quote from: bitmover on March 29, 2021, 06:30:35 AM

I am sure 99% of Visa users don't know how Visa works as well. But that never stopped people from using it

Wanted to say exactly that. But thats not just case with Visa, 99% of the people have no idea how fiat money is created, but that doesn't stop them from using it. Hell, I am sure that thought never even crossed their mind, and same can be applied for everything else that people are using on the daily basis.

People want ease of use above everything, and when BTC reaches that point (along with cheap fees) it will enter the mainstream, as simple as that.

bitmover

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I believe more than 90% of the users here in this forum don't understand how bitcoin works either. But they use it anyway.

I am sure 99% of Visa users don't know how Visa works as well. But that never stopped people from using it

Caross

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Larg mainstreet institutional adoption and low mainstreet adoption, a survey was conducted in America recently on how bitcoin adoption and usage have grown in America owing to the fact that in recent time so many institutions have adopted and invested in bitcoin within and outside the country, but findings have shown that most of Americans have either not hard of bitcoin or used it. This have spiked so much reactions and I thought I could bring the discussion here to know your stand on this survey result.
Link to news
https://www.bloomberg.com/news/articles/2021-02-19/bitcoin-btc-and-cryptocurrencies-prices-surge-but-understanding-is-limited?utm_source=facebook&utm_medium=cpc&utm_campaign=content&utm_content=understandingbitcoin&fbclid=IwAR2Dh3usELvBRMlkePPPEIQX6oSt4dkDol6uVANh97AFXmGhFOHTQzjEPFA

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