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Author Topic: Bitcoin = Nerd money or not?  (Read 1299 times)
Abiky
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June 11, 2019, 03:42:43 PM
 #161

There is a learning curve with cryptocurrency and people of older generations may have a hard time understanding how this new thing works -- hell there are even many of them who don't have the basic model of a cellphone yet. This is the reason why I don't believe that bitcoin will be the global currency and that we can eliminate fiat money not unless a global decree will force people to use it. of course, governments will not allow that to happen. The term "nerd money" perception can be true with population who are not updated with things new and bitcoin is one of the many modern innovations that many people don't know of and don't care. But I believe that we are slowly getting into the time when bitcoin will be known as the new people's money.

That's certainly true, mate. I believe that the only way to make people use digital currencies more thoroughly would be if governments enforce their usage. Right now, that seems to be almost impossible given that physical money is in use worldwide. However, once the government eliminates physical cash and converts it into a digital currency, then people will have no choice but to begin using this new breakthrough technology.

Older generations will still have a hard time understanding this. But, future generations will become accustomed to the technology, that they will adopt the latest trends in the same. This will probably take some time, as changes happen at a slow pace. The same thing happened with the Internet, where it took some time before people began using it more thoroughly. As time went by, now the Internet has become a necessity where even our elders make use of it.

Nonetheless, Bitcoin is still "Nerd Money" until it becomes easy enough for the whole world to use. With proper education, and collaboration from governments worldwide, Bitcoin and other cryptocurrencies may grow in terms of mainstream adoption. Just my thoughts Grin

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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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June 22, 2019, 02:28:08 PM
 #162

I will only give my view of why bitcoin is called nerdy money. I think bitcoin is nicknamed so because Bitcoin was created from intelligent people who have extensive and deep knowledge. While the knowledge itself comes from books. People who like to read books (nerds) then have broad insight and intelligent thinking. That's my prediction why bitcoin can be said as nerdy money. I am actually proud if Bitcoin is said to be a bookworm means that bitcoin was created based on mature thinking.
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June 26, 2019, 06:37:46 PM
 #163

The technology behind Bitcoin can be a bit hard to comprehend for the older generation individuals. I have seen people struggling to understand the difference between the wallet address and private keys (initially). Hardware wallets have made storing Bitcoin easier for them, but even using a hardware wallet needs a lot of training and a few important precautions needs to be taken.

Exactly. But even so, developers are making wallets that have user-friendliness in mind which allows ordinary people to easily make use of Bitcoin without hassles. As you've said earlier, hardware wallets have been the ones with such user-friendliness. Still, these wallets provide a seed to the individual, which could result in losses by misuse of it. However, with proper education about how Bitcoin works for the mainstream world, I'm sure that most people will use Bitcoin in the same way as any other known traditional currency to date.

Despite this, Bitcoin is still nerd money since it implements some features which are not suitable for non tech-savvy people. Multi-signature addresses, mixers/tumblers, and even the Replace-by-Fee features of Bitcoin, are not in use by the average Joe. But, the time will come when Bitcoin becomes easier enough for the mainstream world to use.

Once this happens, then Bitcoin's title of "Nerd Money" would be no more. Instead, Bitcoin will be known as the "people's currency" or a store of value which anyone around the world can make use of it without hassles. Nonetheless, it will take some time before Bitcoin becomes fully known by the mainstream world. Just my thoughts Grin

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