Topic: People don't understand the problem with monetary system. - page 4. (Read 545 times)

False. Who uses bitcoin as an alternative to fiat to begin with? Practically no one. It is hardly even used in El Salvador. Nor in this forum itself will reach 10% of regular users who use it as an alternative, paying their petrol, supermarket, etc. with current satoshis without previously converting to fiat.

As for understanding the financial system, I would say that the percentage is higher because people realise that fiat is devalued due to monetary policies, while bitcoin is limited but there are many people who buy bitcoin like they buy fashionable stocks and the shitcoin of the moment, and this does not stem from a deep understanding of how the monetary system works.

I would say that maybe you even yourself do not have a deep understanding of how the monetary system works. Can you tell me what M3 is without looking it up on the internet? More than 90% of people on this forum wouldn't know, and we here are supposed to know more than the average citizen.

People who have no idea about Bitcoin will never invest in Bitcoin no matter how much we convince them. There are some people who will try to understand and there are some people who will not try to understand. How to understand those who will not try to understand. As people understand the value of money now but when they understand the value of bitcoin they will run right after bitcoin. Until a certain number of people understand the importance of Bitcoin, they will not have the slightest interest in Bitcoin. The popularity of Bitcoin and the amount of investment in Bitcoin is increasing every year at a certain rate, which means that people who had no idea about Bitcoin before are gradually gaining an idea about Bitcoin and then investing in Bitcoin. If new members did not invest in Bitcoin, the number of people investing in Bitcoin would not increase every year.

I don't agree that people who use bitcoin are those who understand the monetary system, among the many people I pay attention to and question them why they use bitcoin is because they find it easy and can make bitcoin a long-term investment asset, compared to Fiat which experiences every year the reduction in exchange rates as a result of inflation, the monetary system has a broad scope, not only fixated on prices and values, various types of work policies, flows and mechanisms of supply and demand also include payment systems and others.

Maybe there are some people who use bitcoin because they know how bad FIAT is, but there are still many who don't understand what the monetary system is, but they invest in bitcoin.

In ideal societies, the individual works 8 hours a day, 5 days a week, and at the end of the months he gets a salary sufficient to buy products. These products have fixed prices or change once or twice during the year so that this individual does not notice these changes. By the end of the year, he finds this worker who has Money enough for him to invest or start a side project, then he will not think about the monetary system, inflation, the government’s policy of printing money and others. I am almost certain that most of us’ knowledge of the economy was due to inflation, when you find prices rising on a weekly basis and your salary is not sufficient for these prices.

Therefore, we cannot blame the previous generation, especially since from 1990 to 2020 economic shocks occurred every 5-6 years and not every two years or several times during one year. Bitcoin adoption will increase as more people learn more about the economy.

This is so true, most of the people who adopt bitcoin were only drawn to it because of the financial benefits. only a few adopt bitcoin for its sole purpose, and it’s probably because they don’t have proper understanding of bitcoin and also the monetary system.

Almost everyone were drawn to adopt bitcoin for financial gains and I wouldn’t lie i am one of those people, i was drawn to bitcoin because of the stories i hear of people making money from it but as i was learning about it i discovered there are lots of other benefits around it and how it can solve lots of problems we encounter with fiat currencies.

I did a certain translation of Gazetabitcoin’s post Governs' Oppression of bitcoiners may turn against them and I learned so much about bitcoin and it’s principles and it led me to research on the problems bitcoin was meant to solve and how governments have always been in control over our money. That's how I discovered that bitcoin offered more than simply the financial benefits we are all entitled to.

Although it's quite unfortunate that in some parts of the world, some people are not yet educated about Bitcoin, if they receive education about it, they might really have an interest in investing in it. Come on, who runs away from a safe heaven? Of course, when more people realise how cool it is to acquire some Bitcoin, they will even prefer it to fiat. Another problem that some people are facing is the ban on Bitcoin in their country. Some people also live in countries where the government has made Bitcoin look like something that can just liquidate their funds because of its volatility. Mate, there's this saying that "if you are not informed, then you are misinformed." Some people in some countries have really had the wrong information about Bitcoin, and they are still living with those misconceptions, and that's what keeps them from not Investing in Bitcoin.
I happen to ask a friend around me; she's a female. I asked her, How about if I give her 1 Bitcoin or 1 million in my local currency? She said she would choose 1 million in my local currency. I asked her why, and she said because that's the one she is sure of and that's the one she knows very well for now. Her answer to me explains it all; she doesn't even have an idea of what Bitcoin is, and there are many people like her. Common, who rejects 1 Bitcoin over $1000. Lack of knowledge is just what's limiting some people, but I believe that gradually, it will get to a point where many people will still embrace Bitcoin more than the population that has already embraced it today.

Information can be used more easily if it is easily accessible. Although we are in the age of technology, information still cannot reach people at the desired level. The use of technology by the elderly only in line with their needs also leads to this situation. They are mostly old people, but there is also a small generation of younger people who live this way. We can't force knowledge into those people's heads. Radio and television are still the most effective means for this. These tools should be used actively.

If everyone educates a person who is with him, much wider masses will have information.

The monetary challenges begin with us when we don't see it as something wrong with how the government is controlling the individual financial economy, what we don't know we can't fight for it, this could also means when we don't know our right, we will lack the means to fight for it, for those that have already identified this with them, they go for a decentralized digital currency such as bitcoin, this grant them everything they wanted to see happen with their financial economy, this is how you discover the massive increase in adoption of bitcoin today because of the solution it provides than what fiat does.

It does not surprise me at all as this is my experience as well, as long as something works as intended or close to it then people have no interest on knowing how it works at all, so if a person is already earning a good salary and they can buy what they want with it then they are not really that interested on learning how everything related to the economy works, it is only once they notice that things are not as good as they used to be that they begin to ask questions, but even then most of those people will stop at that level and not take any action, and only when things are desperate they will finally decide to do something about it but at that time it is already too late to do anything.

Including a source for the quoted post would have helped the readers see the remaining content that was snipped out. I hope you also know that more than 50% of people that are in crypto are here to make more money and double their investment;D Many of them don't understand what bitcoin is about and that is why they go off when speculating about bitcoin. I see many of them refer themselves to as bitcoin maximalists and don't know who is a bitcoin maxima talk more about understanding how the monetary policy system works in reality.

I haven't had the opportunity to sit one on one to talk about bitcoin with anyone who works in any of the traditional finances but with the way they speak about bitcoin, you will understand that they research bitcoin and will later use the demerits to defend their failed system, they are afraid of the truth because they don't want their livelihood destroyed because of bitcoin, they would rather take the lies and continue to enrich their self and lives in denial for the rest of their lives.

The useful informations that would have  created an open mindset meant to make the people to have the faculty to start asking important and necessary questions of awareness are been regulated, doctored and filtered by the government through restrictions on the media houses now acting as stooges perpetrating only the interest of the government by feed the citizens blank contents.

But like you have really rightly said, It is now left for those that are enlightened about the monetary system to extend that education to those within their circle and larger community exposing them to the secrets they are denied of.

In addition to this, I do not see that it is necessary for everyone to be well aware of the crises of the financial system in order to use Bitcoin. This is not possible even if those issues are taught in academic universities.
It is true that the global financial system suffers from chronic crises, and that countries have become involved in this system in a way that they can no longer take individual measures due to the interdependence of the systems with each other. At the same time, there are countries whose financial system does not suffer from anything, and it can be said that they do not need to search for alternatives, given that most people do not care about the principle of privacy.

How are they supposed to understand this system and all the information that you find in the means of communication available to them does not provide good information, television, magazines, and even some social communication applications are echoing the ideas prevailing in society and you rarely find entertaining scientific content that enables the individual to learn useful information.

Start by educating the small community around you, and the larger the circle, the greater the awareness.

That's correct. Some people may realize how bad, unreliable and corrupt are the banks handling their money. But far too few understand how bad is the monetary system at its core. It requires reading/information and understanding/digesting that.

Few understand Bitcoin fully. We are still at the stage we use a cannon for shooting a sparrow. Let's be honest, the most attractive selling point for Bitcoin remains its increasing price (i.e. investment/speculation).

A lot of people don’t even understand investing, basic finance, and money in general. Why should we expect them to understand the monetary system?

Unfortunately that’s how it’s going to likely play out — people will only buy bitcoin when they already absolutely need it; not with them thinking in advance.

To be honest i was the one which have no problem with monetary system before i setp into Crypto. Because in crypto i understand the real problem with Monetary system and i made a topic on this too -->To Understand the Potential of BTC, What we Must Know? The thing is, some people get to know about monetary problems in the learning phase of crypto but some get to know about it before getting into crypto. And in both cases it is good. Because, the more early one being get to know about risks, and problems in Fiat system the more early they will adopt an alternative which is BTC.

Your topic has the same meaning and feeling too because one will get to know the potential of BTC once they will learn about its uses cases then they will compare the use cases of BTC with Fiat one and there processors (minds) will tell them which one is best. But still, half of that numbers of people who know the alternative is BTC will still not to chose it because of the reputation. which has been built in there mind from a long ago. But, that reputation is now keep getting better as more and more companies, and governments started to adopt it.

I would like to contradict the point "Bitcoin will give us financial freedom", concept of Bitcoin offering financial freedom means individuals can have direct control over their funds without relying on intermediaries.

With Bitcoin, you can transact and store value without requiring permission from centralized authorities. This means the person who controls the money has the authority over how their financial status is going to be which can be a better version or the complete opposite of it so it is important to remove the view that Bitcoin will make people rich and is good for the future of bitcoin itself.

But there is no decline to the fact most people don't understand the monetary system at all so if they don't then they will not understand Bitcoin either that is why educating about the system is important but not sure the governments wants in the same way.

The complexities of the monetary system can be challenging to get full knowledge on, and not everyone has delved into its complexity. Bitcoin aims to address issues like centralized control, inflation, and financial freedom. However, understanding these problems and potential solutions may require a deeper exploration of technology.

Spent time reading this particular article on bitcoin magazine and my attention was directed to the ignorance of people in the adoption of bitcoin , and as usual they all revolved within the circle of a lack of knowledge and understanding of fiat money problem. As a lot of people are deficient with any preliminary idea that there's some sort of problems with how the fiat money is been operated under the centralized financial system. Hence, they blindly lean on the system with contentment under ignorance.

As quoted above from the article as stated by the author, we can draw a conclusion that given a critical attention we will agree that nearly all the people that have adopted bitcoin, using it as alternative of fiat money are people who have an understanding of  monetary system  wholly and how bedeviling it (fiat) has been to citizens financial freedom and privacy due to intricacies of government regulatory policies surrounding it.
The other camp don't have an understanding of the problems they are facing under fiat which bitcoin is here to solve.


This is just my point of view as drawn and I would like to get yours following the qoute above.