Topic: Something I wish newcomers to Bitcoin would understand... (Read 2846 times)

Imagine vendors that have problems with chargebacks - bitcoin - no more chargebacks.

Maybe one thing good for me is that it is free from chargebacks... depends on how you look at it though.

Very helpful.. I am new here in the site and I love to read this kind of posts.

Rally today mean there are still many who still believe in the technology.

Anyone can help to make this happen. Bitcoin has already grown a lot. The volatility might be an issue, but as long as you know about it, then you should be okay. As the market cap increases, it will become more stable.

I think we whould keep our pipe dreams, and I think your post was a post of beauty. What you said, hit the nail on the head exactly.

The trouble is however that most people look at it in a shallow way, if it's complicated, why should they use it, they argue.

All the reasons that you list are valid and important reasons, but many people don't get this. They just want to work, get paid, and pay whatever they need to pay to survive.

I understand what you are saying and all of it is also true but newcomers would only care about these things when bitcoin have less volatility and wider acceptance online and worldwide.

useful information for more btc adoption we need people talking about the advantages all the time

im kinda new to BTC..pretty helpful.!! I get it.!!

+1 Tottaly agree

You raise some good points however people are still unaware of bitcoin but those numbers are changing quickly with new companies and media stories. Additionally like some others had mentioned most people won't care to look at the complex infrastructure behind bitcoin they would rather just 'use it' if they can see the benefits without the current challenges users face. Think of how many people use credit cards but then compare that to how many understand fully the credit transaction and how it works. Yet they still use credit cards currently because they are easy to use and they understand the proposed benefits.  Its our job now to start informing more people about bitcoin and making it simple to understand and use rather than bombarding them with this technical explanations they still don't comprehend when all they would like to know is how to use it and why. Its going to take some time for this to be adopted but its important that people like OP understand we need to teach individuals Bitcoin is more than just a currency and it has many utilization that should be considered.

Spot on!

Start with family and friends...what i find is most are amazed at its value per BTC. Then i break out the simple supply and demand lecture and explain the limited supply. This peeks interest.

Currently accepting BTC on my request, and assistance in setting up are my electric company(rural electric company), local grocery store, local gas station, and trying to get my city water dept to accept BTC to complete my utilities and primary needs each day. Dish already accepts BTC, and im hoping virgin mobile will soon accept BTC for my phone service.

I have setup my company in town (Tech company with a technical name) and i have people just stop in to ask what i do. Most are like"  do you work on computers?" I promptly tell them no, that i help support a secure network within the Internet that is called the Internet of Money. And then i invite them to my bitcoin 101 workshop that i have each tuesday and thursday. Most accept the invite and come. These include other merchants, insurance agents, doctors, lawyers, etc.. Trying to get a buddy of mine to accept at his used car dealership/broker.

I tell my merchants to to invite their customers to the workshops when they ask " What does Bitcoin accepted here mean?" LOL, thats how i do it locally.

Just think if each one of you took this approach, a grass roots approach, we could all collectively increase awareness and community education....Even if its just family and friends.

I know that im putting myself in a potential bad situation if bitcoin fails..However, i believe in the blockchain as a technological innovation and it is now part of humanity that will never be erased. Its here to stay in some form!!!

Thats my two cents, my strategy, and my contribution to the community.

Thanks!

Most people just want to ride the bitcoin wave to get rich.

Too bad the bubble is bursting.

Interesting write up.  It would be cool to see how many newcomers use it because its gimmicky versus newcomers who use it for actual substantiated reasons

Nicely put.

Well,

Here is something that I wish Bitcoin newbies would understand.....

Bitcoin (in it's current state) cannot and WILL NOT free you from nonsense such as:

a) Having your account closed without any choice
I am guessing you are talking about banks here.
Well, for a bank to close your account it means that you are either:
1) involved in criminal activities (which they don't approve )
2) are a bad customer. e.g. not paying your loan.

b) Unfair or inappropriate fees
Let's get one thing clear.
In order to obtain Bitcoins you need cash.
So in order to obtain Bitcoins you need to transact through a banking institution, therefor paying their fees.
Apart from that, you pay additional fees for transfering your Bitcoins, plus the exhange's fees, etc.
Your statement could not be more invalid because as a matter of fact, you pay MORE fees.

c) Unwanted surveillance and tracking from banks (what you do with your money should be only your private business!)
Here: http://blockchain.info
Type in your Bitcoin address and tell me if you see ANY discretion.

d) Comparitively fast and cheap global transactions
If I am to look at this from a consumers point of view:
Visa payments takes only 1 second and there are NO FEES paid by the consumer.
Apart from that, if I get f*cked by a merchant I can always do a chargeback.
Bitcoin on the other hand takes 10 minutes to confirm your payment and there are NO chargebacks in case you get f*cked.
Why is the consumers point of view the most important.
Because you need demand. And demand comes from the consumer, not from the merchant.
   
   
And Bitcoin (in it's current state) DOES NOT help promote:   

a) Healthy, non-inflating currency
And let me add that by the time it get's there, there probably wont be anyone interested in it.

b) Step towards government spending control to reduce funding for unconstitutional wars and excessive government waste
Did you even think about this before you posted it?

c) Step towards stronger middle class and less poverty
Hmm, like how?
There are only 2 classes in the Bitcoin eco-system:
The rich and the ones that give to them.
The sooner you realize that the better things will be for you.

d) Power in your hands, not banks or governments
So, how is having a digital asset - which is worth NOTHING in REAL VALUE - give YOU in person power?
Let's say you have 10,000 BTC.
How does that make YOU more powerful than a government or a bank?
I think that, you are forgetting that Bitcoins "value" is priced in FIAT.
And since MONEY talks, Bitcoin walks.

So, to close this.
I REALLY WISH that Bitcoin newbies take off their tin-foil hat and do their research and stop living in the hope that Bitcoin will save them.
That will not happen.
So come back to reality and see things as they are.
Use Bitcoin ONLY for what it is.
A method transacting which seems to be more successful for criminal activities rather than help YOU.
 
Now, please do some hard research and come back after a few months of experience on the subject and then let us know what Bitcoin is.
Start from here:
https://bitcoin.org/bitcoin.pdf
I see nothing in the paper that says it will do so and so for the people.
What I DO see is a way to stop chargebacks and prevent double spending.
Basically what I see is a way for merchants to be covered NOT consumers.

Then, once you have finished reading (and actually comprehenting) the whitepaper go here:
https://bitcointalksearch.org/user/satoshi-3
and read all the posts until you get to the latest.

Then Do your own due dilligence.

Now, I have only addressed the matters you brought forward.
I didn't even get to "the centralization" part of Bitcoin yet, and I wont.
I think you have enough to research for now.

Oh, and don't get me wrong, I wish there was someone like me saying to me what I just told you when I first got in to Bitcoin.
I would have done a lot more research on the subject before jumping in.

So I guess MY ADVICE TO NEWBIES IS that there is two sides to a coin.
Stop looking at only the "benefits" (which are NOT valid) and look at the negatives as well.
Also, if you are NEW to Bitcoin PLEASE DO NOT advice others to jump on board unless YOU YOURSELF have VERY GOOD KNOWLEDGE ON THE SUBJECT.
Otherwise not only you will lose money, but the people you have adviced to jump in will lose money too.

PS: I expect a bashing from the Tin-foil hatters but I couldn't care less because I use my own due dilligence and don't follow the crowd.

One may argue it's a weakness, but most things especially payment processors require a conection to something at least. I think even credit card machines may use the internet now, but they used to be sent down telephone wires I think.

Bitcoin was fueled by silk road, no silk road no reason for new consumers to acquire and spend.

Post SR bitcoin was fueled by spec money, end of 2013 1100 btc today it's 300's, and spec money is gone

Btc is sliding back to 30 buck btc and then maybe 3 buck btc

There's not one reason for any consumer to acquire it and then spend it, and if you think btc is a legit investment, ok, 9 month history down 70%, that means DUMP

I wonder how many people will come here when btc is back to 30 or 3 buck value?

Charts show 70% drop in value last 9 months that means SELL NOW or you will be holding 30 or 3 buck btc soon

Everything is true. It has one weakness though. It needs a device connected to Internet to complete the transaction.

I totaly agree with you.

• Power in your hands, not banks or governments

Help to avoid the "Bubbles" creating every now and then by Bankers.