Bitcoin Forum

Do any of you guys have friends that are heavy into BTC but have pretty much zero understanding or interest in understanding it.  It is super odd to me.

I have a friend with over 10k worth in BTC.. don't want to go into specifics.. Pretty sure he doesn't even know what a public/private key look like.

install android wallet.
do backup.

done, you can use bitcoin to receive and pay.

bitcoin is easy with a smartphone, now.

I've told him to do this 50x.. He has no interest in the workings of BTC. It is very odd to me that a large portion of someone's Networth is in something they don't know anything about.


That actually is my "daily" wallet.

It is better if the people who do not understand it do not use it and rather sit on it. If they try to use, they'll only mess up and cause a bad name for no reason. But, if they sit on it, it would get some bitcoin out of circulation, thereby increasing the price.

I'm the only one in our place that knows something about bitcoin. If I have a friend that is invested heavily on bitcoin but doesn't really know how it works, I'd be glad to lend him/her my time to educate him about this internet money. In your case, why not try to help your friend in learning things deeper than the spending and buying? Your friend holds a lot, so I think it is worth educating him/her on different areas and matters in bitcoin.

Well its not required that he knows everything about it..
But it would be the best so he could educate others about it.

Its almost like a religion to be a bitcoiner. xD

like driving ...
like biking ...
like ... other stuff that need a "licence" (not cheap, actually).

At this point, it's stupid for people who don't understand bitcoin (to a certain extent) to invest in it. Sure, perhaps in the future better infrastructure will dumb it down so that everyone can use it. But as an individual, you need to know about all the benefits and risks involved if you're going to get involved... to blindly do it is silly.

He will learn about it when he loses a significant part of those coins due to a stupid mistake he makes.. Will be an expensive lesson to be learned..!

All people who I know are provided with all necessary information about what is and how to store and use bitcoins :)

I turned few people into bitcoin world and it is necessary to share knowledge with those who you know that might need it so
You should share knowledge with anyone who you know that haven't got important infos.

:-)

Best regards.

The majority of future bitcoiners will not know a lot about it. Just like most users of cash and/or credit cards have no idea about the actual workings behind it. Honestly for bitcoin to succeed, people dont need to be very tech oriented, they just need to know their holdings will be safe.

Securing your assets is one thing, but knowing how to use it properly is another. Say you have already obtained those precious coins. First thing you'll do is to make sure that you are protected from different exploitations and attacks. If you managed to do this, you'll feel relieved. But there are other things a bitcoin user must know aside from protecting his/her assets--spending it and how to do it without doing some mistakes. I've seen some bitcoin users who made a mistake on setting up the transaction fee because they thought it is where they will input what amount will they send.

You should invite him to join this forum, he would be get more explanation about Bitcoin in here. And he would also understand what is public/private key ;D

My compliments to your friend - when another billion of these guys and gals start holding bitcoin without knowing much about it we can call it mass adaption.

He seems to be a type that doesnt care about it and only wants to get a profit incase bitcoin price goes up. This could be dangerous for him if he hast no interest to secure his own bitcoin.

Question, how did he make up his mind for 10k BTC investment in the first time? Someone who convince him to take investment of 10K BTC should be responsible to teach him to secure his coins as well

Maybe he just bought it as an investment and is now waiting for the right price to cash in.
Many people do that as far as I know.

Send him to the bitcoin Reddit, he'll feel right at home. :P



(Satoshi Forest sounds like a scary place where people hide behind trees and vanish)

i know people with lots of gold. but they dont know the first thing about dynamite or slush machines. they have no idea about refining gold or know any background in those companies or individuals involved in its creation/sale.

all that matters to him is that its a good store of value that will be worth more in the future

I've tried he has zero interest..  I've been teaching another guy about bitcoin.. while doing so I've figured out I've spent a bunch of time researching BTC LOL.. There is a lot to know.

As long as they know how to make money in btc, there's no need for them to understand all the technically stuff. I've been into bitcoin for a while, and I still don't know some of stuff this forums talking about.

Yeah, I do. A friend who speculates on the price but kind of got his ass handed to him following the run up to $1000. The friend is more of a person looking to make a quick buck on any investment or triage opportunity. He's not really interested in the currency or long term prospects of Bitcoin unless he can make a quick play to profit.

I think that's OK though, any activity is good activity at this time, right? Not everyone needs to understand the point or mechanics of Bitcoin, just like most people don't know much about how fiat currency is manipulated or controlled.

I can tell you this... There are a lot of people with money in the banking system, who has no clue how that works too.  ;)

I have a friend who thought all the money deposited goes into a huge vault at the banks and stay there until it's withdrawn. So most of these people do not acctually care, what happens to their money, until it's gone.

In a way, it's better for people not to know all the technical details and for them to just use it. In future a lot of things will run on the Blockchain without most of them knowing it anyway.

Some of my friends are only worried about the price... The rest is noise to them.  ::)

He got in when it was at $5.  He told me about it when it was at $70.. OFC I waited until it hit 1200 to do anything.  Kind of funny how that works.. now I know more about it then he ever will.

I actually have a friend that has 2k btc and owns a farm (like an animal farm) hes now using hes farm to generate bitcoin trading milk and butter for bitcoin, i know he mined back in 2012 close to 1.1k and he bought more this year taking him to 2k.

I know a guy that invested in 2 BTC and it was way more expensive than it was right now. He has no idea how to use a wallet, he just has the coins in Coinbase and looks at it as a speculative tool and anything else. He is absolutely clueless about what Bitcoin can do and what does it mean. He'll probably seen as soon as he gets his loss back and miss on the next ATH.. cant save those people.

When I first started I had little idea of much that was going on and I had invested $3k, as time has gone on I have got to know it as much as I need to and never lost a single coin so all is good. As long as s/he makes time to learn and doesn't delete the private keys before s/he do all will be ok.

Owning a farm could be pretty crazy but i guess he likes bitcoin that much to trade hes dairy products for bitcoin, lets do bitbutter.

I don't have any...generally, I'm trying to avoid situation, when I will be used as technical support, investment adviser or security specialist. This can really break friendship very fast...

This isn't just about Bitcoin and I'm surprised that this surprises you? How many Android users actually know what rooting is, how to enable encryption and whatnot?
I'm not even going to start with desktop users. The average desktop user probably knows less than 1% of the things that he could be doing with it. It is also just not technology, I've seen a lot of people who don't know how to change the oil in their cars and such.

Another example: Today I was looking at some external batteries online and I found one that had a decent discount. There were about 30-40 comments on it asking what it was, what it is for, could it be charged more than once and such. It takes less than a minute to search, find and read.

It's pretty much up to the individual. We live in horrible times where being ignorant had become like a new trend.

i don't know anybody with the description that you gave. pretty much everyone i know that use bitcoin, either know about it completely and have a large stack and they are working with that; or they have no knowledge, use faucets and either don't use bitcoin or have a small amount that they play with...

Actually that is a good thing. You don't need to be highly skilled technical geek to be part of bitcoin community. We need more people and it will be impossible for everyone to be on the the same level of understanding what is going on. Your friend don't need that knowledge either, after all he can be good at predicting bitcoin price or he just want to allocate his money and wait for btc price to rise.

If he got in at $5 then I would think his risk is minimal.  According to my math he could have bought 40BTC/~$5 ea for $200 which would be worth $10K today.

I think 99.9999% of all people the people on the planet don't understand how fiat works.
Still they have money, use them, save them, invest, loan.
They have no clue still use them. I think there is proberly a higher procentage of bitcoiners who actually know how thier bitcoins work compatered to fiat-users.