Topic: Why people think technical knowlege is required to invest in or adopt bitcoin. - page 2. (Read 359 times)

I think even though technical analysis isn't that accurate it can be helpful is some ways and if people use it well it could really give you a lot of money from trading and investing.

I also faced such kind of misunderstanding. Generally people thing that bitcoin is something from the internet and such things asks a computer and for using of the comp you need to have some basic technological knowledge. That's a mistake that people make an elephant from such little thing, but we can change it through explainment and own example.

It seems to me that people simply do not trust Bitcoin, because this is something relatively new. In addition, it is something non-state, and therefore from this trust even less. If people see the solid, hard base of Bitcoin, see that they can be used, then this fear of obscurity will immediately pass.

If you ask a lamen to go online, visit coinbase, pass the kyc verification checks, buy bitcoin, then transfer it to a personal wallet, they would probably get to step 2 then give up

Yes mostly people think that invest in or adopting bitcoin is need a technical knowledge for me i don't think so experience is important but on technical knowledge is doesn't important if you want to learn the crypto things you have to be motivate to learned from it.

Most people will need to understand the basic concept of Open source projects to trust the Bitcoin software. I find that many people trust the software more, when I explain the concept behind Open source software and what Peer review is.

A lot of people lack the technical knowledge to understand why people should trust software that was written by a anonymous entity. If you say this or that software was developed by Microsoft, people will immediately trust the software more, because it is a big corporation and you have someone to be held accountable if something goes wrong.

We do not need to know the technical detail, because we have loads of people in the world with that knowledge that will scrutinize everything piece of code that are programmed.      

the community has done no such thing. it is simply human nature that is defiant to accept change. and bitcoin is a new thing which is very different from things people used to use so far. for example so far you gave up control over your money and carried around something like a credit card and everything was handled by the bank but now when you want to use this "different" technology you have to learn new things such as how to make a wallet, what is cold storage, what is fee, ... which makes people afraid of it!

I know its not that easy. But why not create services for general public like the banking service you talk about. And for those who want freedom and privacy who are master's of blockchain they can handle on their own. This will ease the burden from Non-technical person and more people can be part of bitcoin ecosystem. This kind of services we are providing in our village not complete banking but we help with creating paper wallets and how to use them.

In banking services, or just in any popular technology product in general, all the details are abstracted away from the users, and the users are presented with interface specifically designed to be simple, convenient and foolproof. This isn't the case with Bitcoin - it's relatively low-level because you have to deal with private keys, addresses, backups, seeds, wallet files.

It's really important to understand all of it because there are so many caveats like: malware, fake clients, custodial wallets, address reuse, forks, brain wallets, zero confirmation transactions, cold storage and so on. It's easy to teach people how to send and receive transactions, but lets be honest, it's hard to teach people how to use Bitcoin and not lose their coins in the long run.

I don't completely disagree with you. while about computers and tablets, only 1/3 of world population might has access to internet. So its basically long way to go.

Yes we should not scare people. People can learn fast now-a-days.
Cant their be bank alike who will handle Bitcoin same as fiat for people who are less technical, because that's what our next step will be.
Can i just ask will you ever start a Local Independent Micro exchange just for your neighbourhood or community. This will save people from sending their personal information to some offshore exchange with zero liability and people can trust as i trust my bus driver.

I agree with that, Bitcoin or other Crypto Currencies are not that so easy to use as other people say because you need the knowledge to be able to use it, unlike paper money you only need some basic knowledge to understand it and to protect it. Bitcoin and other forms of Crypto Currencies are digital and it needs computers, smartphones, tablets, and laptops to be able to use and transact with it. I do believe that Crypto Currencies are for people that are literate to new technologies and innovations in our modern society.

Your analogy is really bad. Let's make it simple. Yes, you don't need technical knowledge to learn how to drive the bus but you can assume that it is safe because the driver has gone into training and when something bad happens to you, you can blame the driver and the company which makes the travel safer than just riding it your own. When you ride the Bitcoin train, you are on your own. When you lost, it's your lost, when you gain, it is your gain. You are on your own, you can't blame anyone but yourself.

Next is gold, is has been around for thousands of years now and has been proven to have a use in our society by the masses. Its real-life usage makes it more appealing to people and investors which is why it is safe to invest in it. Investors are safe because they know how gold works in the market and how it is being used to make our lives easier. Gold is tangible and can be used to create gold jewels or computer parts that make the computer faster for example. Bitcoin is not tangible which makes it less appealing to investors.

It is simple, you use a bank, bank store your money, you get interest per year, and it is safe if you don't touch it. You don't need technical knowledge to know that bank is the way to store your money, and it is easier to do it. You see, safety is what keeps people from using it. Unlike Bitcoin, you need simple computer knowledge like installing, and stuff to make it work (which is hard to get guidance with sometimes). When it comes to investing. Investing in Bitcoin is not a joke, it is not regulated, it is too volatile to even create a slightly accurate prediction, and it is driven by hype from those investors. Not to mention that when you are scammed or hacked, no one can help you but yourself (depending on the amount) and it's hard to trace back the hackers or scammers. Although it still not that safe to invest to, Bitcoin's freedom still makes it appealing to other people.

I'm not trying to make Bitcoin look bad but let's look at the reality first. We need more years of development to actually make Bitcoin appealing to people. Although it's not as safe as other transaction, I still use it because of freedom.

Yes, how internet browser eased web surfing, Bitcoin applications will do that for bitcoin.
I think daily use of bitcoin is something which is not going to happen very soon, it has some more years.
Till then it will be used for investments and trading, like gold buy it and keep in locker.
I tell who every come to our LIME keep red part (private key) of paper wallet in manpocket and green part (public key) in you front pocket. Most of them are uneducated but they trust us and we keep that trust.

I do agree with you. I am just afraid that cryptocurrency community has portrayed bitcoin as only for a technical person to use, which I feel is absolutely wrong. For a regular person its like "Dude you will never understand blockchain stay away from it.".
During initial days of internet hackers use to hack email inbox with just modifying the URL with other username, that didn't stop people from using email without technical knowledge. They will be hacked once may be twice then they will know how to save their wallets and  what precaution to take.
I believe let people learn from their mistakes rather than discourage them from beginning.

I agree but not entirely.

I have no idea how visa works and I use it everyday.

But to use bitcoin just a few times per month need a lot of knowledge. You need to understand privatekeys/public keys pair concept, how to take care of your funds, etc.

Bitcoin allowed users to finally hold their money without a bank, however that comes with responsibility over your  security.

Also, Bitcoin applications need to evolve a lot more to be easier for daily use.

I somewhat agree. The thing is, bitcoin is quite easy enough to use if you're decently tech-savvy. The difficulty comes when less tech-savvy people would try to secure their funds with their own wallets, backing up their private keys and such. Those things might be a huge hassle to them; as you know nowadays, people are used to convenience like saving their passwords on their phone's notes app and just simply recovering their password whenever they lose access to their passwords. Account hacked? Easy, press the recover account button! As for crypto, getting your private keys stolen? You're screwed. You can't call a bank to reverse the transactions.

I came across a lot of thread where people say "Lack of technical knowledge is the reason why people don't use bitcoins". I need to know why such people think technical knowledge is required to invest in or adopt bitcoin.

Let's say, professor of Arts is given a laptop without any working internet browser can he surf the web. Majority of us cant. The browser makes it look easy. Some of the non-technical people might not know what tls_ecdhe_rsa_with_aes_128_gcm_sha256 Connection encrypted is, that doesn't stop them from banking online.

I don't know what technical knowledge is required to fly an Airbus A380 but I have been a passenger of one, I took the risk and trusted the driver(pilot) to be not drunk.

What normal person consider is risk to reward ratio, how much he will be benefited for taking that risk.  Even while switching a job you might face unemployment but your new job might pay you more.

And assets like gold are consider safe because of its acceptability by masses and not the technical knowledge required to refine gold ore.

I have written a post on how I introduced my village farmers to bitcoins. My village farmers cant even read their bitcoin paper wallet they only know its valve and risk of investing in it. https://bitcointalksearch.org/topic/an-introduction-to-our-lime-initiative-5098721