Topic: Word of mouth? (Read 254 times)
So a 1000 usd one time purchase of bitcoin all at once in one single transaction on any exchange be it mt gox, new liberty standard or bitcoinmarket.com would be risky because of exposure? But how? Also you guys said that mailing lists? Gmail, yahoo, ect...?
In the early days of bitcoin with mt gox having many issues were other exchanges immune from this that plagued mt gox?
There were many failed attempts at creating a way for people to buy and sell bitcoin. Some of them turned out to be scams, some of them got shut down by governments or lost their financial backing, some of them got hacked. Those who were around then learned quickly that self-custody is very important.
How could early bitcoin adopters protect themselves from fraud, hackers stealing their fund at around the time mt gox debuted?
Check the reputation of the service. Get your bitcoins (or cash) out of there as fast as possible. Make several smaller purchases, rather than one large purchase to reduce exposure.
Would word of mouth spread of all these problems?
If you made the effort to learn about bitcoin and the various services before you engaged in any transactions, then there definitely was information available to help you minimize risk.
One of the best ways I found to minimize risk back then was a service called LocalBitcoins. That website would connect people locally that wanted to buy and sell and then they could meet in person at a safe and secure location to make the exchange. Taking some precautions, this was a great way to avoid needing to trust a third party with your bitcoins.
In the early days of bitcoin with mt gox having many issues were other exchanges immune from this that plagued mt gox? How could early bitcoin adopters protect themselves from fraud, hackers stealing their fund at around the time mt gox debuted? Would word of mouth spread of all these problems?
When something grows exponentially, that is how you reach to more people. For example when only 100 people know about this, then 10% more people knowing about it is only 110 people, but when 1 million people knows about it, then 10% more would mean 1.1 million people total.
So, the difference is that both are just 10% increase and yet one of them is only 10 people, while the other is 100k people. That is what happened to bitcoin, it took a bit of a time to grow, and from 2008 initial writing and all, to 2009 actual genesis block, only a group of people around satoshi that he mailed about it knew about it, and then by 2010 to 2011 there were just hobbyists that were interested in such a thing, but with more time, we reached maybe a billion people, because it grew exponentially.
So, the difference is that both are just 10% increase and yet one of them is only 10 people, while the other is 100k people. That is what happened to bitcoin, it took a bit of a time to grow, and from 2008 initial writing and all, to 2009 actual genesis block, only a group of people around satoshi that he mailed about it knew about it, and then by 2010 to 2011 there were just hobbyists that were interested in such a thing, but with more time, we reached maybe a billion people, because it grew exponentially.
How could people who know about bitcoin today but had never heard of it in early 2010 have been able to know about it back then? Strictly through word of mouth advertising? Was bitcoin advertising back then and if so, how to the masses of people?
There were some advertisement that I've seen posted here in the forum before but I cant remember if they're from 2015 and below, it's like in the newspaper. But mostly, it's all about the internet discussions coming from the forum of course and then yeah, probably word of mouth. It spreaded like wildfire. We can see how influential the use of internet nowadays with some marketing and such and even before, there are no changes from it. 
How could people who know about bitcoin today but had never heard of it in early 2010 have been able to know about it back then? Strictly through word of mouth advertising? Was bitcoin advertising back then and if so, how to the masses of people?
there are many ways why someone found out about bitcoin back in the day, maybe from a friend, a bitcoin faucet, or other media... it certainly wasn't from an ad, because bitcoin wasn't a product that needed to be marketed... the reason more and more people believed in it was purely because people saw that bitcoin had something that made it different and revolutionary compared to the traditional fiat they were used to-- this made bitcoin significantly known to people and adopted by many people globally over the years.
How could people who know about bitcoin today but had never heard of it in early 2010 have been able to know about it back then? Strictly through word of mouth advertising? Was bitcoin advertising back then and if so, how to the masses of people?
Many people knew about bitcoin from the mailing lists and developer groups like IRL.
Word of mouth was also a great advertisement for bitcoin and I myself came to know about bitcoin from a friend of mine back in 2015.
Wow, it's been a decade if we come to think of it. It's already 2025 and it was surely a long journey but a fantastic one.
And at that time as far as I know there was no advertisement about Bitcoin and those who knew about Bitcoin and were involved were very lucky people and because they did research and only smart people knew about Bitcoin first especially its technology. And yes this is an amazing journey because Bitcoin is very profitable for us for a decade from 2015 to 2025, and finally I found this forum in early 2017 and this is the best place and where I learned a lot about Bitcoin and others.
How could people who know about bitcoin today but had never heard of it in early 2010 have been able to know about it back then? Strictly through word of mouth advertising? Was bitcoin advertising back then and if so, how to the masses of people?
Many people knew about bitcoin from the mailing lists and developer groups like IRL.
Word of mouth was also a great advertisement for bitcoin and I myself came to know about bitcoin from a friend of mine back in 2015.
Wow, it's been a decade if we come to think of it. It's already 2025 and it was surely a long journey but a fantastic one.
In those days people were not ready for something as revolutionary as Bitcoin and they though it as scam and didn't take it seriously and that's when the early adopters who knew it's worth were accumulating bitcoin and to be honest Bitcoin became mainstream only during the 2017 Bullrun when those who were not even aware of Bitcoin started investing into Bitcoin but that's when Bitcoin's purpose was changed as just a medium of investment rather than the services it has to offer.
I still remember during 2018/2019 when bitcoin dropped back to $3000 I was discussing it with a friend who introduced me to Bitcoin and he was really cool and said he is a long term investor he wouldn't cash out until Bitcoin hits $100k which sounds crazy and unbelievable at that point of time but we have seen what happened to Bitcoin price.
I still remember during 2018/2019 when bitcoin dropped back to $3000 I was discussing it with a friend who introduced me to Bitcoin and he was really cool and said he is a long term investor he wouldn't cash out until Bitcoin hits $100k which sounds crazy and unbelievable at that point of time but we have seen what happened to Bitcoin price.
There may have been news in 2010 but very less, Bitcoin was not so popular then. There is still a lot of news on the internet, but still not many people know about Bitcoin. Now there is a lot of news about Bitcoin on Twitter, but many of my friends don't know, how can they know about Bitcoin? They have to give ideas through word of mouth. Now as an example, how I came to know about Bitcoin, I got an idea about Bitcoin through my friend and invested. A lot of people got the idea about Bitcoin through word of mouth. However, some people got the idea about Bitcoin long ago, but did not believe in Bitcoin and did not invest, they will regret it now.
But then how could like 50 million people or more in the u.s. alone have known about it much earlier on if word of mouth advertising just doesnt cut it?
I don't understand the question. Why did 50 million people or more in the U.S. alone need to know about it? Those that are interested in technology will pay attention to what's going on. Those that aren't interested, won't.
It takes time for a population to learn about a new thing. It always has. It always will.
A person always gains more if he gets into something from the start.
Many were scared of BTC or skeptical about it, yet here we are, and it's a good thing.
But then how could like 50 million people or more in the u.s. alone have known about it much earlier on if word of mouth advertising just doesnt cut it?
I don't understand the question. Why did 50 million people or more in the U.S. alone need to know about it? Those that are interested in technology will pay attention to what's going on. Those that aren't interested, won't.
It takes time for a population to learn about a new thing. It always has. It always will.
But then how could like 50 million people or more in the u.s. alone have known about it much earlier on if word of mouth advertising just doesnt cut it?
How could people who know about bitcoin today but had never heard of it in early 2010 have been able to know about it back then? Strictly through word of mouth advertising? Was bitcoin advertising back then and if so, how to the masses of people?
it was all organic if someone had sent you information about bitcoin you know that it was a real genuine bitcoin enthusiast there were a lot of methods that bitcoin was “advertised” but nothing in traditional sense like tv or social media this forum was a big part of it of course and i heard that bitcoin was being given for free at some point back then but there was no bitcoin advertisement in traditional media i don’t think bitcoin was reported in newspapers or anything like that
So bitcoin right from the beginning never advertised? Crazy!
Bitcoin is a piece of open source software. It is not a person, and it is not a company. How exactly would you expect a piece of software to contact marketing agencies, create marketing media, and pay for advertising?
I have the slight impression to have heard about Bitcoin back in 2011 through a virtual media on the internet, but I'm not sure how it was exactly, because I didn't pay attention to the news. Probably that must have happened to many other people as well between those past years.
The fact is that many of us have heard about Bitcoin at some point, but we were negligent to not develop further interest for it on that moment. If we weren't negligent, all we would have to do was to create a BTC address in an online wallet service, access a faucet and claim 5 Bitcoins at once. And then we would already have enough money for our retirement decades later...
It was easy like that, but we were more focused in worthless things, which didn't add anything to our lives. Anyway, it's not time to complain about anything. At least we are here now as Bitcoin adopters, trying to thrive somehow in this chaotic world.
The fact is that many of us have heard about Bitcoin at some point, but we were negligent to not develop further interest for it on that moment. If we weren't negligent, all we would have to do was to create a BTC address in an online wallet service, access a faucet and claim 5 Bitcoins at once. And then we would already have enough money for our retirement decades later...
It was easy like that, but we were more focused in worthless things, which didn't add anything to our lives. Anyway, it's not time to complain about anything. At least we are here now as Bitcoin adopters, trying to thrive somehow in this chaotic world.
Even in 2010 i honestly dont recall on google searches bitcoin placing tiny ads on the sides of google searches, i honestly can say this! So bitcoin right from the beginning never advertised? Crazy!
yep word of mouth 2009-2011 ish
then those involved started publicly promoting it positively and news media made negative public reports about it (advertising)
mainstream media 2011:
https://www.ccn.com/bitcoin-mainstream-media/
public advertising 2012:
https://blog.bitstamp.net/post/bitcoin-store-opens-all-your-electronics-cheaper-b/
Even in 2010 i honestly dont recall on google searches bitcoin placing tiny ads on the sides of google searches, i honestly can say this! So bitcoin right from the beginning never advertised? Crazy!
How could people who know about bitcoin today but had never heard of it in early 2010 have been able to know about it back then? Strictly through word of mouth advertising? Was bitcoin advertising back then and if so, how to the masses of people?
No one is advertising for bitcoin even as at then, it's all about its discovery or if you're opportune to have someone into it to introduce it to you as well, this was because bitcoin is a decentralized digital currency, we can't also compare the way of information dissemination as at that time to how we have it nowadays, things are changing fast and improving more better, what should we say of those that were aware of the existence of bitcoin back then but never took a step, some will also want to be quite about it because they don't know if it has government approval for use or not, while some don't even have the opportunity of knowing more better about it, unlike now.
How could people who know about bitcoin today but had never heard of it in early 2010 have been able to know about it back then? Strictly through word of mouth advertising? Was bitcoin advertising back then and if so, how to the masses of people?
Several factors contributed to Bitcoin popularity which range from Bitcoin potential for high returns, volatility, fluctuation, investment speculations, media coverages and public awareness, influencer endorsement and growing adoption by merchants with the development of some supporting infrastructure such as wallets, exchange and payment processors are some of the major factors that facilitate Bitcoin popularity.https://www.quora.com/What-led-to-the-popularity-of-Bitcoin-and-why-did-people-invest-in-it-before-it-became-mainstream-Was-there-any-insider-knowledge-about-the-future-of-cryptocurrencies
How could people who know about bitcoin today but had never heard of it in early 2010 have been able to know about it back then? Strictly through word of mouth advertising? Was bitcoin advertising back then and if so, how to the masses of people?
There was no advertisement on Bitcoin in those days because it was just like how people see a normal coin that just got listed on the market because if there was an advertisement there would have been a mass adoption. However concerning your question about people who never had the idea of Bitcoin in 2010 now talking about how Bitcoin is on the 2010, actually is a very easy question because even if most people were not aware then but now they have understood Bitcoin and from there they were able to trace back the price and evey movement of Bitcoin in 2010 and whe they talk about it is as if they were there during that time.
in 2009 it was discussed in the tech community of a small group called cypherpunks who wanted to design a new digital money, and discussed it to their friends and colleagues(mainly all coders)
in 2010 the gossip stretched from the friends and colleagues of cypherpunks to those generally interested in a new money system, and coders who wanted a new project to intrigue them
this started the gossip of its libertarian principles which started gossip in the libertarian communities.. those learning about it started creating services. which lead to other services,
EG a few coders who also happen to have libertarian principles and noticed bitcoin offered some libertarian features, discussion and announced bitcoin on their other libertarian community forums and platforms and groups, spreading the word outside the coding community
by 2011 there were exchanges and services. including silk road. which is where the dark web of hackers and drug dealers also learned about bitcoin. also legitimate finance guys started learning about bitcoin via things like mtgox and other services. also friends of friends of friends of the original bunch started spreading the word for general use.. though the general public use was low amount of adoption. bitcoin was still seen as a code project, a digital money experiment and a libertarian principal type of money
then mass media started talking about bitcoin and talked negatively about it due to silk road, which is where the general public started hearing about it, yep originally general public news(advertising/mass public announcement) of bitcoin came about in ~2011 and it came with negative connotations
in 2010 the gossip stretched from the friends and colleagues of cypherpunks to those generally interested in a new money system, and coders who wanted a new project to intrigue them
this started the gossip of its libertarian principles which started gossip in the libertarian communities.. those learning about it started creating services. which lead to other services,
EG a few coders who also happen to have libertarian principles and noticed bitcoin offered some libertarian features, discussion and announced bitcoin on their other libertarian community forums and platforms and groups, spreading the word outside the coding community
by 2011 there were exchanges and services. including silk road. which is where the dark web of hackers and drug dealers also learned about bitcoin. also legitimate finance guys started learning about bitcoin via things like mtgox and other services. also friends of friends of friends of the original bunch started spreading the word for general use.. though the general public use was low amount of adoption. bitcoin was still seen as a code project, a digital money experiment and a libertarian principal type of money
then mass media started talking about bitcoin and talked negatively about it due to silk road, which is where the general public started hearing about it, yep originally general public news(advertising/mass public announcement) of bitcoin came about in ~2011 and it came with negative connotations
In 2010, people learned little about Bitcoin. In my case, the matter was different I grew up in a small village where there is nothing more than a dream of modernity. I grew up from there. I first heard in 2012. And I know about Bitcoin through this forum. And since the beginning of 2017 I have been involved with this forum. To work here till now. If I had bought Bitzcoin in 2017 I would have been a lot of people today but sadly I didn’t give Bitcoin so much priority today that is why I am a poor man. Because I’m constantly working here but success has not yet been seen in my life but will soon be seen success.
Word of mouth is important part of Bitcoin exposure to communities and its adoption with time.
By reading Bitcoin history, you can know about more events in Bitcoin history, and can see some advertisements in the past, officially or unofficially, depends on how you see these past efforts.
Some events like Bitcoin pizza, honey pot, Silk Road, Mt.Gox, and other funny sales in early years.
By reading Bitcoin history, you can know about more events in Bitcoin history, and can see some advertisements in the past, officially or unofficially, depends on how you see these past efforts.
Some events like Bitcoin pizza, honey pot, Silk Road, Mt.Gox, and other funny sales in early years.
In 2011, you could learn about the existence of Bitcoin by reading the publications of Wired:
https://www.wired.com/2011/11/mf-bitcoin/
In 2014, if you wanted to learn about the existence of Bitcoin, all you needed to do was watch American football:
https://www.theatlantic.com/culture/archive/2014/06/college-football-now-has-a-bowl-game-sponsored-by-bitcoin/372988/
https://www.wired.com/2011/11/mf-bitcoin/
In 2014, if you wanted to learn about the existence of Bitcoin, all you needed to do was watch American football:
https://www.theatlantic.com/culture/archive/2014/06/college-football-now-has-a-bowl-game-sponsored-by-bitcoin/372988/
At that time, the exchange of information around the world was much like it is now, although it has been updated a little over time. It can be said that at that time we were quite close to modern society.
Bitcoin is a store of value, but in the beginning it had no value. The historical event that happened with Bitcoin in 2010 was that 10,000 Bitcoins were paid for just two pizzas and maybe at that time it's worth was only $25. It is really surprising that in just a few years, the price of one Bitcoin is now $100k for1 BTC.
Then the promotion of Bitcoin started through various media and online community worldwide. The forum through which you asked the question initially played a major role in the adoption of Bitcoin from that time. This community is still working to spread Bitcoin worldwide and revolutionize it.
Bitcoin is a store of value, but in the beginning it had no value. The historical event that happened with Bitcoin in 2010 was that 10,000 Bitcoins were paid for just two pizzas and maybe at that time it's worth was only $25. It is really surprising that in just a few years, the price of one Bitcoin is now $100k for1 BTC.
Then the promotion of Bitcoin started through various media and online community worldwide. The forum through which you asked the question initially played a major role in the adoption of Bitcoin from that time. This community is still working to spread Bitcoin worldwide and revolutionize it.
I think from 2009-2016, most people mostly talks about Bitcoin use case, development and the technical thing. These thing are hard to understood by Average Joe, that's why not many people heard about it.
A year later, people are keep discussing about Bitcoin price after it reach $19K, we always see many ridiculous predictions created by throwing random number until now. Most articles only discuss Bitcoin about the price, not the other thing.
A year later, people are keep discussing about Bitcoin price after it reach $19K, we always see many ridiculous predictions created by throwing random number until now. Most articles only discuss Bitcoin about the price, not the other thing.
Bitcoin didn't need to advertise (though it makes me wonder if anyone did make advertisements for it in its early day). It was a movement to make change to money. Forward-thinking people who understood problems with money, or those who simply wanted an alternative to traditional means, had been participating in this topic long before Bitcoin (since the 90's in fact) and there were already predecessors trying to do what Bitcoin did. Satoshi made it happen. He created Bitcoin and this forum, which bought people together to support its development. People powered the network, yes word of mouth would have factored into it (as does with anything good), but also utility, use-case, the fact that Bitcoin was real and could be used, showing current and future promise, all being enough to bring new people onto the network and into the communities.
How could people who know about bitcoin today but had never heard of it in early 2010 have been able to know about it back then? Strictly through word of mouth advertising? Was bitcoin advertising back then and if so, how to the masses of people?
Through emails, discussions of Cypherpunks, and word of mouths, Bitcoin faucets, more.Bitcoin and the rise of the cyperpunks.
Bitcoin faucet like this most famous one.
https://web.archive.org/web/20100703032414/https://freebitcoins.appspot.com
Get 5 free bitcoins from freebitcoins.appspot.com
Donations like 1,000 bitcoin donated to that faucet in this transaction.
https://www.blockchain.com/explorer/transactions/btc/149a3cab1d8ddcae55f472eb0ad2d10cd17650bc1480e266ff18de4bb31a1525
Bitcoin halvings make noise and kind of marketing for Bitcoin.
Bitcoin deaths is marketing for Bitcoin too, because it did not kill Bitcoin, but part of many things to help Bitcoin more popular and stronger.
https://99bitcoins.com/bitcoin-obituaries/
How could people who know about bitcoin today but had never heard of it in early 2010 have been able to know about it back then? Strictly through word of mouth advertising? Was bitcoin advertising back then and if so, how to the masses of people?
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