Bitcoin is not hard to understand, it simplest blockchain in all of other.
No smart contracts, look at monero blockchain cant understandable.
Topic: Why is Bitcoin difficult to understand? - page 6. (Read 2139 times)
Bitcoin is really hard to understand particular to those non techie individual and even to those who have wide experience on financial sectors doesn't really understand how the bitcoin works but if we just simplify it as a form of money making machine then people are eager to learn and skip the technicalities and other knowledge-digging research on how it works as it might lead to endless asking questions on why's and how's.
At first it is very difficult to understand bitcoin, all you understand is just the meaning of it. The cryptocurrency is based on the revolutionary blockchain technology. The supply, mining, transaction fee, supply , use case are all that make up the cryptocurrency. Its as simple as this.
bitcoin is actually very easy to understand that makes bitcoin difficult to understand is because bitcoin can only be used in digital devices only and not everyone can understand the language of computers and even the Internet so bitcoin education is actually very important for all people in the world.
In my opinion, bitcoin is not that hard to understand, maybe it is hard to understand for those who are not interested in bitcoin. There are still many of us that doesn't know bitcoin and that are not still interested until now, maybe those are the one whos difficult to understand bitcoin.
For most people bitcoin is just medium of transaction and lately, it is just way of earning money. That's all people think about it. In reality, no one really wants to understand how bitcoin is really working here or how the mechanism of the action takes place when someone transacts over the blockchain and how miners catch and verify it. They just know that its Bitcoin and it has got value worth thousands of dollars. They know various ways to grow their fiat by means of using bitcoin. Bitcoin is not difficult to understand the only thing most people need is to do research on bitcoin.
Yes, I agree that bitcoin is not difficult to understand, it just need to study and learn how to manage bitcoin also maybe other people are just closed minded enough this is the reason why others are telling it its difficult.
Yes it is true, because what it takes to relate and understand bitcoin is all about having mature knowledge about economics and financial aspects… We could not use to debate the words of Bitcoin to a child without giving him the basics of it. So people tend to identify only the shallow portion of the iceberg. They should learn the value and complexity of financial as well as the economics (though some factors may consider such as the emotion of fear of loss, worried and etc.).
For most people bitcoin is just medium of transaction and lately, it is just way of earning money. That's all people think about it. In reality, no one really wants to understand how bitcoin is really working here or how the mechanism of the action takes place when someone transacts over the blockchain and how miners catch and verify it. They just know that its Bitcoin and it has got value worth thousands of dollars. They know various ways to grow their fiat by means of using bitcoin. Bitcoin is not difficult to understand the only thing most people need is to do research on bitcoin.
Yes, I agree that bitcoin is not difficult to understand, it just need to study and learn how to manage bitcoin also maybe other people are just closed minded enough this is the reason why others are telling it its difficult.
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.
This is very true. And this is most probably be one of the primary reasons why a lot of people all over the world do not immediately buy the use of Bitcoin. Sometimes, Bitcoin is actually perceived as something that only belongs to the geeks and the techy and the nerds and those that are always updated on the world of technology whether it is related to finance or gadgets or something else. There is no easy and straightforward learning and use when it comes to Bitcoin.
For most people bitcoin is just medium of transaction and lately, it is just way of earning money. That's all people think about it. In reality, no one really wants to understand how bitcoin is really working here or how the mechanism of the action takes place when someone transacts over the blockchain and how miners catch and verify it. They just know that its Bitcoin and it has got value worth thousands of dollars. They know various ways to grow their fiat by means of using bitcoin. Bitcoin is not difficult to understand the only thing most people need is to do research on bitcoin.
Bitcoin has a lot of stuffs going on, it has many things to learn first before a person/investor may engage on it without any issues at all. Why? Because of the "Blockchain". It is an advance technology today which it requires a broader mindset and a vast knowledge about the technology and its purpose itself. Without these, risks and problems may arise.
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.
Actually bitcoin or any other kind of virtual currency is not really hard to understand , why? because they are all based on the volume of investor and their supply. If you understand the system between demand and supply you will know what bitcoin is . Most of the time the main concern in bitcoin or in any other virtual currency is their value , so if you are referring why bitcoin's value changes over time it is because of the demand and supply , the more demand , the higher the price is. it is just plain and simple.
For me bitcoin is not difficult to understand the only thing you need is to do a research.about bitcoin on how it works uducate yourself and apply this in your daily life then one day you prove to yourself that bitcoin is very easy to understand
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 the first digital currrency like the first ever so its very difficult for people to understand but i believe its not difficult for who ever that is ready and willing to learn.All that is needed is patience and commitment
The basics of bitcoin is not really that difficult to understand. But when you want to become an expert then that will be difficult. There are a lot of materials to read about bitcoin in here. Also there are tons of videos online which explains bitcoin and its technology. If you really want to learn and passionate about it then you will find ways to know bitcoin.
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 we as a user no need to understand bitcoin very very detailed. It is good for your knowledge though.
When we buy bitcoin with our money, it means we trust bitcoin. Investors trust their money on bitcoin without understanding the technical things about bitcoin.
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.
indeed it is the existence of cryptocurrency I think it is difficult to understand by the layman but cryptocurrency also we must know because it is already a demand of advancements of time and technology must be forcing to be understood 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 do not think it's hard to understand bitcoin if you really want to understand bitcoin any further so if you want to bite bitcoin further you can also read the article on website many ways for you to understand bitcoin farther
It is difficult to understand because the area of knowledge is in the field of computer where most people don't want to explore more. If the layman wants to understand bitcoin, better learn first what is bitcoin and what is cryptocurrency to avoid wrong response.
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