Topic: Why is Bitcoin difficult to understand? - page 21. (Read 2150 times)
I do not think that bitcoin is difficult for understanding
If you look at it as Currency, it is difficult for an average person to understand it because it is different.
Bitcoin, being a different kind of a digital currency, it breaks down conventional thinking in many aspects. No central regulatory body. The concept of mining. The open-ledger (blockchain), the way miners are rewarded, how transporting value is determined by its packet size and not value, the hash rate, the concept of limited supply. The 100 Million pennies in a Bitcoin, etc.
Its difficult enough for people in the money space to thoroughly understand Bitcoin (we all say we understand it, but do we really?).
For a common person, its an overkill. Its like trying to explain the concept of TCP/IP, Networking, Routing, the Internet for someone who wants to use email. Overkill.
Bitcoin, being a different kind of a digital currency, it breaks down conventional thinking in many aspects. No central regulatory body. The concept of mining. The open-ledger (blockchain), the way miners are rewarded, how transporting value is determined by its packet size and not value, the hash rate, the concept of limited supply. The 100 Million pennies in a Bitcoin, etc.
Its difficult enough for people in the money space to thoroughly understand Bitcoin (we all say we understand it, but do we really?).
For a common person, its an overkill. Its like trying to explain the concept of TCP/IP, Networking, Routing, the Internet for someone who wants to use email. Overkill.
that is true, since then till I hardly understand it, moreover the growth of btc I m the market price of btc is what man can't predict how it's but how ever will I think with the little knowledge which I m gaining inside here is giving me more tips about btc. moreover what surprises me is the sudden fall of bitcoin at a certain spot it was 17k to $20k but I wonder what just happened it to get to $6777 is this not shocking?
In my opinion, I think an average person can easily understand bitcoin if he is interested to learn about this crypto currency. The most basic tool to earn more about bitcoin is by doing research on the internet like google or youtube. There are many blogs about how you can learn more about bitcoin and even learn how to make profit with bitcoin. It's a matter of interest if you really wanted to learn something, then you should have to work for it to acquire for that knowledge.
If you look at it as Currency, it is difficult for an average person to understand it because it is different.
Bitcoin, being a different kind of a digital currency, it breaks down conventional thinking in many aspects. No central regulatory body. The concept of mining. The open-ledger (blockchain), the way miners are rewarded, how transporting value is determined by its packet size and not value, the hash rate, the concept of limited supply. The 100 Million pennies in a Bitcoin, etc.
Its difficult enough for people in the money space to thoroughly understand Bitcoin (we all say we understand it, but do we really?).
For a common person, its an overkill. Its like trying to explain the concept of TCP/IP, Networking, Routing, the Internet for someone who wants to use email. Overkill.
Bitcoin, being a different kind of a digital currency, it breaks down conventional thinking in many aspects. No central regulatory body. The concept of mining. The open-ledger (blockchain), the way miners are rewarded, how transporting value is determined by its packet size and not value, the hash rate, the concept of limited supply. The 100 Million pennies in a Bitcoin, etc.
Its difficult enough for people in the money space to thoroughly understand Bitcoin (we all say we understand it, but do we really?).
For a common person, its an overkill. Its like trying to explain the concept of TCP/IP, Networking, Routing, the Internet for someone who wants to use email. Overkill.
It's not the technology's fault people are not spending the time to acquire the necessary knowledge to learn how bitcoin works, there's a lot of articles written about Bitcoin there are countless videos about Bitcoin and blockchain, it's the people who just want to make money, not given enough to appreciate the technology.
Bitcoin is difficult to understand for other people because they are not trying to understand it. They just go directly straight to their desire to earn money even without learning the basics of the crypto world.
If you look at it as Currency, it is difficult for an average person to understand it because it is different.
Bitcoin, being a different kind of a digital currency, it breaks down conventional thinking in many aspects. No central regulatory body. The concept of mining. The open-ledger (blockchain), the way miners are rewarded, how transporting value is determined by its packet size and not value, the hash rate, the concept of limited supply. The 100 Million pennies in a Bitcoin, etc.
Its difficult enough for people in the money space to thoroughly understand Bitcoin (we all say we understand it, but do we really?).
For a common person, its an overkill. Its like trying to explain the concept of TCP/IP, Networking, Routing, the Internet for someone who wants to use email. Overkill.
Bitcoin, being a different kind of a digital currency, it breaks down conventional thinking in many aspects. No central regulatory body. The concept of mining. The open-ledger (blockchain), the way miners are rewarded, how transporting value is determined by its packet size and not value, the hash rate, the concept of limited supply. The 100 Million pennies in a Bitcoin, etc.
Its difficult enough for people in the money space to thoroughly understand Bitcoin (we all say we understand it, but do we really?).
For a common person, its an overkill. Its like trying to explain the concept of TCP/IP, Networking, Routing, the Internet for someone who wants to use email. Overkill.
I believe there is an easier way to describe anything in this world, even for something that is complicated. To make it easier to explain about bitcoin then you must master it first, then you can explain it simpler to other person. Using a learning media as a learnin tools can help people to understand better about bitcoin. My favorite tool is youtube, where i can find a lot of video about bitcoin, it is simple yet interesting.
Agreed, since Bitcoin is very popular, and it is been talked in television and newspaper. So I think by that even average person can understand what Bitcoin is.
If you look at it as Currency, it is difficult for an average person to understand it because it is different.
Bitcoin, being a different kind of a digital currency, it breaks down conventional thinking in many aspects. No central regulatory body. The concept of mining. The open-ledger (blockchain), the way miners are rewarded, how transporting value is determined by its packet size and not value, the hash rate, the concept of limited supply. The 100 Million pennies in a Bitcoin, etc.
Its difficult enough for people in the money space to thoroughly understand Bitcoin (we all say we understand it, but do we really?).
For a common person, its an overkill. Its like trying to explain the concept of TCP/IP, Networking, Routing, the Internet for someone who wants to use email. Overkill.
Bitcoin, being a different kind of a digital currency, it breaks down conventional thinking in many aspects. No central regulatory body. The concept of mining. The open-ledger (blockchain), the way miners are rewarded, how transporting value is determined by its packet size and not value, the hash rate, the concept of limited supply. The 100 Million pennies in a Bitcoin, etc.
Its difficult enough for people in the money space to thoroughly understand Bitcoin (we all say we understand it, but do we really?).
For a common person, its an overkill. Its like trying to explain the concept of TCP/IP, Networking, Routing, the Internet for someone who wants to use email. Overkill.
I believe there is an easier way to describe anything in this world, even for something that is complicated. To make it easier to explain about bitcoin then you must master it first, then you can explain it simpler to other person. Using a learning media as a learnin tools can help people to understand better about bitcoin. My favorite tool is youtube, where i can find a lot of video about bitcoin, it is simple yet interesting.
I do understand bitcoin at a basic level and I don't think that's a problem. People who want to use a regular dollar wouldn't want to know how it was printed, what paper was used for it or anything insignificant. They just want to spend it (or not) because that's how currencies work. As for the deeper understanding of the concept behind it, we ought to leave those task to the brilliant minds.
If you look at it as Currency, it is difficult for an average person to understand it because it is different.
Bitcoin, being a different kind of a digital currency, it breaks down conventional thinking in many aspects. No central regulatory body. The concept of mining. The open-ledger (blockchain), the way miners are rewarded, how transporting value is determined by its packet size and not value, the hash rate, the concept of limited supply. The 100 Million pennies in a Bitcoin, etc.
Its difficult enough for people in the money space to thoroughly understand Bitcoin (we all say we understand it, but do we really?).
For a common person, its an overkill. Its like trying to explain the concept of TCP/IP, Networking, Routing, the Internet for someone who wants to use email. Overkill.
Bitcoin, being a different kind of a digital currency, it breaks down conventional thinking in many aspects. No central regulatory body. The concept of mining. The open-ledger (blockchain), the way miners are rewarded, how transporting value is determined by its packet size and not value, the hash rate, the concept of limited supply. The 100 Million pennies in a Bitcoin, etc.
Its difficult enough for people in the money space to thoroughly understand Bitcoin (we all say we understand it, but do we really?).
For a common person, its an overkill. Its like trying to explain the concept of TCP/IP, Networking, Routing, the Internet for someone who wants to use email. Overkill.
Cryptocurrency and BTC are still in some shadow, many people are aware of his existence, but less than 1% of world population it actually owns / uses it. The remaining 99% have a very superficial knowledge about it, or even have never heard of such a thing. Since we live in digital age and BTC is live last 9 years, probably the rate of adaptation should be somewhat higher, but for some reasons this is not the case yet.
I do not think it is difficult for people to understand BTC, most do not want to have any connection with cryptocurrency because all risks that come with it. Imagine how easy is to use fiat, you have money in the bank, you can pay with cash, credit card, online and your money is always secured. On the other hand there is BTC, you need to be your own bank, take care of safety, in case of hack/robbery there is no insurance and so on...
I think that most people in the world prefer the security of the existing financial system rather than experimenting with something new, but that will change with time.
If you look at it as Currency, it is difficult for an average person to understand it because it is different.
Bitcoin, being a different kind of a digital currency, it breaks down conventional thinking in many aspects. No central regulatory body. The concept of mining. The open-ledger (blockchain), the way miners are rewarded, how transporting value is determined by its packet size and not value, the hash rate, the concept of limited supply. The 100 Million pennies in a Bitcoin, etc.
Its difficult enough for people in the money space to thoroughly understand Bitcoin (we all say we understand it, but do we really?).
For a common person, its an overkill. Its like trying to explain the concept of TCP/IP, Networking, Routing, the Internet for someone who wants to use email. Overkill.
Actually, I think even in anything that was new technology that appears in our society it's probably hard to understand in the beginning but for a long time of existing it for sure we can understand it soon. However, this system is really hard to understand but I believe that if we very determinated and have much willingness to understanding it I think eventually we really know it and can understanding it very well. Bitcoin, being a different kind of a digital currency, it breaks down conventional thinking in many aspects. No central regulatory body. The concept of mining. The open-ledger (blockchain), the way miners are rewarded, how transporting value is determined by its packet size and not value, the hash rate, the concept of limited supply. The 100 Million pennies in a Bitcoin, etc.
Its difficult enough for people in the money space to thoroughly understand Bitcoin (we all say we understand it, but do we really?).
For a common person, its an overkill. Its like trying to explain the concept of TCP/IP, Networking, Routing, the Internet for someone who wants to use email. Overkill.
Bitcoin is not difficult to understand in terms of using Bitcoin's algorithms. You need to be a real developer to understand, so for simplicity, you just have to protect your private.
If you look at it as Currency, it is difficult for an average person to understand it because it is different.
Bitcoin, being a different kind of a digital currency, it breaks down conventional thinking in many aspects. No central regulatory body. The concept of mining. The open-ledger (blockchain), the way miners are rewarded, how transporting value is determined by its packet size and not value, the hash rate, the concept of limited supply. The 100 Million pennies in a Bitcoin, etc.
Its difficult enough for people in the money space to thoroughly understand Bitcoin (we all say we understand it, but do we really?).
For a common person, its an overkill. Its like trying to explain the concept of TCP/IP, Networking, Routing, the Internet for someone who wants to use email. Overkill.
Bitcoin, being a different kind of a digital currency, it breaks down conventional thinking in many aspects. No central regulatory body. The concept of mining. The open-ledger (blockchain), the way miners are rewarded, how transporting value is determined by its packet size and not value, the hash rate, the concept of limited supply. The 100 Million pennies in a Bitcoin, etc.
Its difficult enough for people in the money space to thoroughly understand Bitcoin (we all say we understand it, but do we really?).
For a common person, its an overkill. Its like trying to explain the concept of TCP/IP, Networking, Routing, the Internet for someone who wants to use email. Overkill.
i think, now there are lots of information about blockchains and how they work. And I would say that there are different kinds of videos you can choose one to watch according your needs. For example, if you need to know general information, you don't need to choose some detailed reviews. Anyway, lots of information to get))
If you look at it as Currency, it is difficult for an average person to understand it because it is different.
Bitcoin, being a different kind of a digital currency, it breaks down conventional thinking in many aspects. No central regulatory body. The concept of mining. The open-ledger (blockchain), the way miners are rewarded, how transporting value is determined by its packet size and not value, the hash rate, the concept of limited supply. The 100 Million pennies in a Bitcoin, etc.
Its difficult enough for people in the money space to thoroughly understand Bitcoin (we all say we understand it, but do we really?).
For a common person, its an overkill. Its like trying to explain the concept of TCP/IP, Networking, Routing, the Internet for someone who wants to use email. Overkill.
Bitcoin, being a different kind of a digital currency, it breaks down conventional thinking in many aspects. No central regulatory body. The concept of mining. The open-ledger (blockchain), the way miners are rewarded, how transporting value is determined by its packet size and not value, the hash rate, the concept of limited supply. The 100 Million pennies in a Bitcoin, etc.
Its difficult enough for people in the money space to thoroughly understand Bitcoin (we all say we understand it, but do we really?).
For a common person, its an overkill. Its like trying to explain the concept of TCP/IP, Networking, Routing, the Internet for someone who wants to use email. Overkill.
Bitcoin becomes hard to understand because of two things: First, we do not completely understand bitcoin because we lack knowledge about it. Many people are afraid to take risk on bitcoin because the only knowledge they know is what they hear from news or sometimes the gossips. Another thing is, lack of interest, maybe bitcoin for some people is not their forte so they don't lend too much of their time to bitcoin.
I agreed that it is difficult to understand for a common person. But surely not overskill. If anyone try to understand and do sufficient study on bitcoin, it will be nothing gradually. If you found it difficult more now, you can do a thorough study at https://lopp.net/bitcoin.html
I believe it will help you a lot to be clear as water.
I believe it will help you a lot to be clear as water.
Anybody could learn if theirs a willingness on it. If someone is interested to explore then in could be more easier to learn. Just take it slowly and not to feel hopeless then at the end of the day you will explore and love the world of BTC.
Exactly, if you really want to understand not just bitcoin but the whole cryptocurrency you must put effort on knowing more about this technology. Don’t expect someone to spoon feed everything to you, its time to stand up and adopt the system, if it still hard then do better. 
I encountered a similar situation. What my mentor instructed me was as simple as this. View bitcoin in abstract context. He added, because everything about bitcoin is abstract. They are mathematical postulation and solutions.
I did and that has helped me continue to get a better understanding of bitcoin.
I did and that has helped me continue to get a better understanding of bitcoin.
1).Mining is the way the bitcoin transactions are completed on the network. All over the world, computers verify bitcoin sending/receiving.
“The blockchain and mining — they are, of course, related.” –Joseph Hsieh, co-founder of Expresscoin
“Mining centralization: to what extent will it happen in the long term, and what will be its effect on Bitcoin’s decentralized nature?” –Elliot Michael Lee, engineer at Braintree.
“Economic benefits of not having monolithic trusted third parties middle-manning transactions, as well as how miner incentives will keep the network flowing, and how digital mining compares to real mineral mining.” –Chase Sechrist, just a spectator.
2).Speculation-The price of bitcoin seems to always be in flux. It’s a rather volatile store of value because it is still so new.
“It’s confusing to everyday people to distinguish between bitcoin (currency) and bitcoin (Protocol).” –Michael Dunworth, co-founder SnapCard
“People are usually reticent about investing in Bitcoin because of the high price tag on 1 coin. They don’t realize that a bitcoin can be broken into hundreths of millionths of peices, so unfortunately lose out on a great investment opportunity.” –Jason Rosenstein, technologist and entrepreneur
“Why its value hasn’t grown faster.” –Luis Buenaventura II, co-founder and head of product at Rebit.ph
“The blockchain and mining — they are, of course, related.” –Joseph Hsieh, co-founder of Expresscoin
“Mining centralization: to what extent will it happen in the long term, and what will be its effect on Bitcoin’s decentralized nature?” –Elliot Michael Lee, engineer at Braintree.
“Economic benefits of not having monolithic trusted third parties middle-manning transactions, as well as how miner incentives will keep the network flowing, and how digital mining compares to real mineral mining.” –Chase Sechrist, just a spectator.
2).Speculation-The price of bitcoin seems to always be in flux. It’s a rather volatile store of value because it is still so new.
“It’s confusing to everyday people to distinguish between bitcoin (currency) and bitcoin (Protocol).” –Michael Dunworth, co-founder SnapCard
“People are usually reticent about investing in Bitcoin because of the high price tag on 1 coin. They don’t realize that a bitcoin can be broken into hundreths of millionths of peices, so unfortunately lose out on a great investment opportunity.” –Jason Rosenstein, technologist and entrepreneur
“Why its value hasn’t grown faster.” –Luis Buenaventura II, co-founder and head of product at Rebit.ph
If you look at it as Currency, it is difficult for an average person to understand it because it is different.
Bitcoin, being a different kind of a digital currency, it breaks down conventional thinking in many aspects. No central regulatory body. The concept of mining. The open-ledger (blockchain), the way miners are rewarded, how transporting value is determined by its packet size and not value, the hash rate, the concept of limited supply. The 100 Million pennies in a Bitcoin, etc.
Its difficult enough for people in the money space to thoroughly understand Bitcoin (we all say we understand it, but do we really?).
For a common person, its an overkill. Its like trying to explain the concept of TCP/IP, Networking, Routing, the Internet for someone who wants to use email. Overkill.
Bitcoin, being a different kind of a digital currency, it breaks down conventional thinking in many aspects. No central regulatory body. The concept of mining. The open-ledger (blockchain), the way miners are rewarded, how transporting value is determined by its packet size and not value, the hash rate, the concept of limited supply. The 100 Million pennies in a Bitcoin, etc.
Its difficult enough for people in the money space to thoroughly understand Bitcoin (we all say we understand it, but do we really?).
For a common person, its an overkill. Its like trying to explain the concept of TCP/IP, Networking, Routing, the Internet for someone who wants to use email. Overkill.
Because bitcoin is something new that people are not used to. It takes time for people the grasp the meaning and significance of it. But you don't have to totally understand the difficult technicalities behind to get involved with cryptocurrency. A basic research would help a beginner to start his way up.
TBH if a user only intend using bitcoin on general transactions like sending and receiving, the user doesn't need to know about the inner workings and technicalities accompanied by it. The option of sending or receiving money by just scanning a QR code is actually good for the average Joes who wish to use the cryptocurrency. Also, fiat with its inner workings and technicalities is also difficult to grasp, but do people need to know about it? No, because as long as the paper/coin is able to hold value and is transferable, they can use it in exchange for goods and services, just like what bitcoin does essentially.
blockchain is an online ledger of transsactions accessible for all people.it is irreversible
some people really need some information about bitcoin , bitcoin is just a name of a coin .
bitcoin isnt difficult bitcoin is a good news of all people .
some people really need some information about bitcoin , bitcoin is just a name of a coin .
bitcoin isnt difficult bitcoin is a good news of all people .
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