Currently, there is no shortage of people who believe in Bitcoin. And it is with this belief that I, all of you, started investing. And I dream of holding on to it until the future.
If people believe so much about bitcoin, then why do we ONLY have around 1% world adoption of bitcoin, then?
What I mean by the above is that compared to 2014, the number of people who believe in Bitcoin has increased significantly. Maybe you will agree with this.
It could be that we are arguing semantics, since I don't agree with the literal thing that you said based on adoption does not reflect such supposed belief that you are proclaiming.
Sure there are more people who have heard about bitcoin, know about bitcoin and even believe in bitcoin since 2014, yet at the same time, the belief is not widespread, otherwise it would be reflected in higher levels of adoption... so the beliefs don't mean shit if they don't result in actual adoption.
I will agree that there are a lot more smart people into bitcoin, and even acting within institutions and/or governments to discuss bitcoin and even to learn about the strength of bitcoin's investment thesis, yet that still has not been resulting in action from real people and in real material ways in order for us to proclaim that meaningful movement has been made on bitcoin's adoption.
Don't get me wrong. I think adoption will continue to come, yet so many folks presume bitcoin to be mature or to have had reached some kinds of higher levels of consciousness, when that is not true. We are in early days, and normies who are focusing on accumulating bitcoin are going to be ahead of the curve, even though we still have governments, institutions, status quo rich folks getting into bitcoin and hoarding bitcoin... and sure some of them know more than others, yet a lot of them might also not understand bticoin much beyond the idea of number go up technology.
If people believe so much about bitcoin, then why do we ONLY have around 1% world adoption of bitcoin, then?
JayJuanGee Sir, it may be beyond my knowledge to give the correct answer to your question. However, I can tell you a few things as new as I have learned from my studies.
Many people believe in the past and present price and success stories. But very few people understand Bitcoin freedom, decentralization and full control over their own money.
I will grant you that more and more people are learning and these ideas are getting more and more into the public space, yet it is still taking time to get the ideas about what is bitcoin and/or why is bitcoin important (beyond number go up) to sink in.
Even though people who have learned to rely on banks and governments for generations have suddenly believed in Bitcoin, Bitcoin is still a matter of fear for many.
Fear? or lack of understanding? or both?
We do not even need to make assessments regarding what is motivating people or not in order to just look at the lack of action... So why they are motivated might not even be that important, yet their lack of action to get started in their buying (and accumulating journey) is ongoingly showing that they neither understand bitcoin nor believe in it.. . whether their is also "fear" in there that is motivating them, seems like a big so what?
Again, since Bitcoin is not legal in many countries, the technology is not easily available. The common people do not know how to use Bitcoin safely.
Hm? People really want to get into bitcoin but they cannot?
How is that?
I would say that people neither know about bitcoin or believe in bitcoin, otherwise they would be figuring out how to get it.
Sure, geographically there is variation in terms of where people can buy (or sell) bitcoin, yet if normies are having difficulties figuring out how to buy and/or sell bitcoin in their geographical area then how could they come to be believers in bitcoin?
You are not convincing me...
Yet.. it does not really matter what I think.. we can have differing opinions. We don't need to agree.
However, I believe that over time, when education, technology, and awareness increase. Then gradually this number will increase rapidly.
So now you are saying people believe but they just don't have knowledge (or the three tat you mentioned - "education, technology, and awareness"). Are you making sense?
At one time, the internet user rate was less than 1%. But today, the internet has become a part of everyone's life.
So does this mean that we are agreeing, that bitcoin adoption is likely in the territory of 1%, yet you still want to proclaim that normies currently believe in bitcoin, yet they still have not adopted it?d
Maybe 1% of people are using Bitcoin now, but these 1% are spreading the technology, education and practical use that will lay the foundation for the remaining 99% in the future.
You are seeming to say similar things as me.
Finally, I am also interested to know, why is Bitcoin acceptance still 1% in the whole world?
It is not easy to measure in regards to individual adoption, so how much bitcoin would they need to own in order to be considered an owner of bitcoin? $100 or more? There are likely definitional differences, and also people can own bitcoin by holding it privately or by holding it through third party custodians, so there could be questions regarding the extent to which they own bitcoin if they are involved in 3rd party derivative products rather than actually owning the bitcoin....
If there are around 8 billion people in the world, then 80 million would be 1%, and which of those are holding their coins in multiple locations (so being counted several time?) It is possible that there could be ownership levels of more than 1%, but I am not going to take it for granted. There surely are some locations in the world in which more people seem to own bitcoin or have various kinds of accounts that might be able to distinguish between owners within certain ecosytems (such as exchanges or through entities offering derivative products). There could be questions regarding the extent to which third-parties have the coins that they claim to have, so then in that regard, it does seem likely that there are multiple claims on some of the bitcoin, even though bitcoin does allow each of us to take possession of it, if we are claiming to be the actual owner and to trust that whatever we believe we own is being backed up by actual bitcoin rather than multiple claims on the same coin, which we discovered a lot of those entities in 2022 who did not have the coins that they claimed that they had, and there were multiple parties with claims on the same coins.
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