Bitcoin illiteracy due to online exchanges

[20kevin20]

So the linked forum post talks about Bitcoin as if it's some service always making its customers mess up. It's not Bitcoin's fault if payment processors or exchanges charge higher fees, mishandle coins or scam you. Bitcoin was meant to be trustless and if you're putting a relationship of trust between you and Bitcoin, it's not the coin's fault for you messing up.

Exchanges or most other services will probably never teach their customers about Bitcoin, because that is not the reason they exist. It's true - there are a lot of Bitcoin users who don't know much about blockchain and BTC yet they trade it - but an exchange exists for one reason: to earn a profit. If you entered Binance or Bisq and had a tutorial before being allowed to trade, I'm sure chances of you quitting their website would increase substantially. Most people here nowadays are only interested in earning money. That is both good and bad - a double edged sword - but it's not due to anyone's fault imo besides themselves for not educating themselves beforehand.

[avikz]

I was having a discussion on a forum, because I suggested bitcoin as an extra payment method except paypal. Unfortunately, online exchanges seem to have caused illiteracy to people on how bitcoin works. Also, most of the people that used bitcoin on online exchanges seem not to like it the way it works. I wish they read a little bit more of what bitcoin truly is.

You can read the thread here: https://forum.duelingbook.com/viewtopic.php?f=13&t=11752

Lol! If the exchanges get closed for some reason, I want to see how you can use your bitcoins! Exchanges are the most important part of the crypto ecosystem that provides the much needed liquidity into the market. Without exchanges, the liquidity would be gone for good and we all will be left with unusable bitcoins in our wallet.

[khaled0111]

If this topic was about online wallets then I would agree with it but we can't blame exchanges for the iliteracy of its users. It's just not fair.
Exchanges are used to trade, exchange, buy cryptocurrencies. Why would anyone use them if he doesn't know what cryptocurrencies are and how to use them in first place!

[Yatsan]

If this topic was about online wallets then I would agree with it but we can't blame exchanges for the iliteracy of its users. It's just not fair.
Exchanges are used to trade, exchange, buy cryptocurrencies. Why would anyone use them if he doesn't know what cryptocurrencies are and how to use them in first place!

Certainly agreeable. It is the responsibility of the individual or the trader himself to learn about how Bitcoin and other cryptocurrencies work before doing an engagement because it is no ones responsibility to teach it to you but your own self only. Being literate and illiterate depends on the individual himself if he will exert effort on learning the things he must know before he get into engagement.

Teaching is schools might be the best solution but I'm not sure if there is someone willing to spend their time into this. Because this is totally a big challenge especially when you are teaching people who already have doubts in their minds.

No need to go that far. People can learn the basics fairly quickly as long as they spend some time reading here and there. And you'll get better when you spend more time with it. Exchanges don't have obligation to teach you anything since they will argue that anyone should know what're they buying before trading it.

Indeed. Only the basic informations are already enough to start with learning and understanding Bitcoin alone for the fact that the rest of the needed informations will be able to be learned along the path of their journey working with Bitcoin. There is no need to make things complicated when you were starting. As long as you do understand the basic information about Bitcoin and you keep up yourself being updated on the news and information about Bitcoin across this forum and even through internet searches, you can be able to start your Bitcoin journey even without the complexities for you can adapt on learning it on the long run.

[roadrunnerjaiv2025]

The Bitcoin community has spawned into an organization that consists of different sectors, each with its own function. But 90% of the time, those sectors have the freedom to choose what role they want to play. It's quite unfortunate that exchanges chose to just do what they specialize in--facilitate exchanges. Now, the question is which sector should function as educators? I think we can all agree that that role is given to everyone who knows bitcoin regardless of the sector you belong in. Everyone who knows the good news should hold the responsibility of spreading it. Well, there already tons of resources online that people are free to access. This forum is a great place to learn bitcoin. So, some people are doing great at spreading the good news.

[carlisle1]

I was having a discussion on a forum, because I suggested bitcoin as an extra payment method except paypal. Unfortunately, online exchanges seem to have caused illiteracy to people on how bitcoin works. Also, most of the people that used bitcoin on online exchanges seem not to like it the way it works. I wish they read a little bit more of what bitcoin truly is.

You can read the thread here: https://forum.duelingbook.com/viewtopic.php?f=13&t=11752

as exchange only matters the incoming trading transaction and care nothing about how to crypto works,and besides this is not their obligation
(though Binance has tutorial about this) because it is us who needs to study first before engaging in trading.
this is the problem why many losses now in their trading activities because they just entered here to invest and gain but no concern how
 this works and for what are the cryptocurrencies are created.

But thanks for the link it is worth reading.

[yazher]

Some of those exchanges have their own FAQ board where you will know things mostly about their sites and services but you are likely hard to find some FAQ of the exchanges that tackle how to use Bitcoin and how it works. they are assuming for all of their clients to know these basics and we all one this isn't the case. Anyway, that's their job and they might have their own reasons for not putting the basic information about bitcoin on their website. in case you guys wanted to read about the basic FAQ about bitcoin, you can try this site: https://www.weusecoins.com/en/questions/

[shoreno]

I was having a discussion on a forum, because I suggested bitcoin as an extra payment method except paypal.

we bitcoiners already knows this but i like the effort that you do . we can discuss it again and again if needed because there are new people that are not inform to this . this also remind us all , new and old bitcoiners that bitcoin should also be use for this purpose .

Unfortunately, online exchanges seem to have caused illiteracy to people on how bitcoin works. Also, most of the people that used bitcoin on online exchanges seem not to like it the way it works. I wish they read a little bit more of what bitcoin truly is.

your saying that exchange built a busines like this so that people will do trade and not use the bitcoin for paying ? trading does affect but trading do also help bitcoin to grow . so many people attracted to bitcoin because of trading . people that are trading and earning , means that they like what they are doing but who doesnt like to earn anyway ?  any activities related to bitcoin are enjoyable and profitable and people likes that .

[Warkop]

It seems that not everyone knows about Bitcoin and how it works, because in some countries they may not allow Bitcoin into their country, so no one tells them how it works using Bitcoin. But I am sure that as soon as possible they will definitely use Bitcoin and know how to use Bitcoin, because the development of Bitcoin technology is increasingly attracting everyone's interest to use Bitcoin and such people will slowly find out and understand how to use Bitcoin.

[Zionatin]

It's not the exchanges responsibility to teach these things. Their reusability is to protect your account and info as well as themselves. They are there to provide a service not hold your hand.
The golden rule of anything is never partaken in something unless you understand what is going on or are willing to learn from any mistake you make. This has never even crossed my mind because how can someone use an exchange but not understand crypto? You work hard for your money and now you want to risk it in something you don't understand? It just makes no sense to me.

[Anonylz]

I was having a discussion on a forum, because I suggested bitcoin as an extra payment method except paypal. Unfortunately, online exchanges seem to have caused illiteracy to people on how bitcoin works. Also, most of the people that used bitcoin on online exchanges seem not to like it the way it works. I wish they read a little bit more of what bitcoin truly is.

You can read the thread here: https://forum.duelingbook.com/viewtopic.php?f=13&t=11752

i hope you took your time to read the reply to your post below on the link you posted, like the reply implies, none is more superior and besides individual preferences also plays a huge role in this case exchange can not impose that on people,  while you find it very comfortable, easy or convenient to use btc to transact and move funds around, others don't share your interest, and if you look at it, btc is not exactly free from some flaws,
in my opinion, both should be made as an option in any online or offline stores that decide to accept digital currency.

[oprahwindfury]

Though it's about a decade but still here is some problem with bitcoin that it's not legal in most of the countries.smart peoples whose are digitalizing the world, using the digital currency.It's a very easy task to make transactions by bitcoin worldwide.It should be known by the people clearly and thats why the exchanges and others related with cryptography should  talk about the bitcoin and its advantage transparently.As much people will know about it that much people will show interest and will go with bitcoin as an Additional payment method everywhere.

[carlfebz2]

Some of those exchanges have their own FAQ board where you will know things mostly about their sites and services but you are likely hard to find some FAQ of the exchanges that tackle how to use Bitcoin and how it works. they are assuming for all of their clients to know these basics and we all one this isn't the case. Anyway, that's their job and they might have their own reasons for not putting the basic information about bitcoin on their website. in case you guys wanted to read about the basic FAQ about bitcoin, you can try this site: https://www.weusecoins.com/en/questions/

Majority of them would really be presuming out that people who would use up the platform had already known the basics of Bitcoin thats why some of them didnt really tend to put up some FAQ's about it.

Its not really that mandatory though nor obliged but it would be appreciated if they would at least consider on putting one because none all users would really be having the same level of knowledge towards btc or
crypto as a whole.

On someone whom do deal with crypto then its always been our responsibility to learn up things even it isnt really provided by someone.

[abhiseshakana]

Majority of them would really be presuming out that people who would use up the platform had already known the basics of Bitcoin thats why some of them didnt really tend to put up some FAQ's about it.

Its not really that mandatory though nor obliged but it would be appreciated if they would at least consider on putting one because none all users would really be having the same level of knowledge towards btc or
crypto as a whole.

On someone whom do deal with crypto then its always been our responsibility to learn up things even it isnt really provided by someone.

Agree with your opinion, because it would be very funny for people who want to know bitcoin but only learn from the FAQ provided by the exchanger, even though details of bitcoin can be found from other more credible sources, such as mastering bitcoin book or through this forum.

The goal of people getting into exchangers of course to make trades and make a profit. Generally, as a crypto trader/investor, they should understand what crypto is (basic of crypto) unless they are really beginners who just go along when they see other people succeed.

[Ucy]

Agreed. The centralization of the exchanges most likely contributed alot to how people view Bitcoin and others. Probably one the reasons it doesn't make sense to them.  I imagine the exchange users wondering: "How can this people say it's decentralized, transparent, privacy-friendly/anonymity-friendly, immutable, censorship resistant, permissionless, secured, consensus-driven etc whereas it's not"

The worst is that people who should know recommend those centralized exchanges/platforms and don't seem to be bothered..

[coinfinger]

I think people are doing it the wrong way because they are not researching about crypto to know more about everything before they start using it, some of them just jump straight on exchanges. So, I don’t see why we should be putting the blame on exchanges , they are just doing their business.

People themselves are the ones that are meant to understand that making use of an exchange is different from a personal wallet, and also understand the different types of wallets there are: Binance which is an exchange is totally different from Exodus which is a personal wallet, and people are not meant to be storing their whole coins on exchange no matter how secure the exchange might claim to be.

[mezzaluna]

I was having a discussion on a forum, because I suggested bitcoin as an extra payment method except paypal. Unfortunately, online exchanges seem to have caused illiteracy to people on how bitcoin works. Also, most of the people that used bitcoin on online exchanges seem not to like it the way it works. I wish they read a little bit more of what bitcoin truly is.

You can read the thread here: https://forum.duelingbook.com/viewtopic.php?f=13&t=11752

It would always be likely for people to have bad understanding about Bitcoin if they are not learning about it in any credible forum or website. Learning about Bitcoin in exchanges are the most unlikely way to understand Bitcoin. Adding Bitcoin into PayPal is a good way to introduce it to the public and having a elaborate explanation on what is Bitcoin is a good way for people to understand it. Illiteracy can always happen to people if they are only getting their information from scattered website which is really alarming so we should just help people learn about it in a way that they would not have a hard time understanding it.