Bitcoin illiteracy due to online exchanges

[BlackHatCoiner]

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

[The Cryptovator]

To be honest, the exchange does not care to teach their users about Bitcoin technology. They just need earning from trading. Only the Binance academy has a few technical information about bitcoin and cryptocurrency where their traders would learn from there. The main problem is, bitcoin is an easy method to send & receive money worldwide, but it doesn't too easy to cash out. Its because most countries still do not allow to use bitcoin and don't know the value of bitcoin as well. It would be better if all the exchanges provide basic information about bitcoin and cryptocurrency to their users. So users would learn if they need it.

[pooya87]

To be honest, the exchange does not care to teach their users about Bitcoin technology. They just need earning from trading. Only the Binance academy has a few technical information about bitcoin and cryptocurrency where their traders would learn from there. The main problem is, bitcoin is an easy method to send & receive money worldwide, but it doesn't too easy to cash out. Its because most countries still do not allow to use bitcoin and don't know the value of bitcoin as well. It would be better if all the exchanges provide basic information about bitcoin and cryptocurrency to their users. So users would learn if they need it.

they just made that to get even more traffic from all kinds of visitors otherwise they don't care about teaching people and their traders don't care about learning either. majority of traders, specially when it comes to altcoin pump and dumps only care about making more money (and that's fiat). that's why we always see many of them don't even know you can store cryptocurrencies in desktop wallets, they think the only option is the wallet their exchange gives them!

[The Cryptovator]

they just made that to get even more traffic from all kinds of visitors otherwise they don't care about teaching people and their traders don't care about learning either. majority of traders, specially when it comes to altcoin pump and dumps only care about making more money (and that's fiat). that's why we always see many of them don't even know you can store cryptocurrencies in desktop wallets, they think the only option is the wallet their exchange gives them!

Yea, I agree with you, their academy driving traffic to their exchanges. We can say it's an advertising policy, but there is something, something is better than nothing. I will be honest as you said, before joining on this forum at the beginning of bitcoin use, I thought only exchange and web wallets like coinbase are bitcoin wallets and that's how we have to use (receive & send) bitcoin. When joined on this forum then I have been learning about wallets and bitcoin technology. When I realized the importance of using a secure Bitcoin wallet then I have bought a Ledger x. Means, we should have a few potential sources to learn about bitcoin and related stuff.

Anyway, if exchanges give some technical information about how should secure their bitcoin and how should use as a payment method then slowly we may learn more. But I have doubts if all the exchange team knows about bitcoin technology better rather than only maintaining the exchange.

[Kelvinid]

People regret to open up their minds towards Bitcoin as they are bothered by all the negative news they heard (hacking). Many were tried to give understanding and help them but sadly, they were also ignored and not given a chance to clear things. So much to think that we have nothing to do these people and I'm for sure exchanges will do the same if they are not able to adopt the new system. 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.

[joniboini]

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.

[boyptc]

We have likes and dislikes.

We have a crowd that likes this, and don't like that.

It's just that we can't be pleased easily by any means of service, exchange, uses of bitcoin and other sorts of things that we can use with bitcoin.

[Twinkledoe]

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.

The responsibility is really on the user himself. Don't expect that online exchanges will give you tutorial step by step. But before pressing the next button, you should at least read something about what you are about to do. Because regret is always at the end, once you sent your funds to the wrong address. Always check the specific coin you are dealing with and the addresses you need to transact with.

[maxreish]

In the first place, it's not their responsibility to teach their users about how bitcoin can be used as alternative payment method. They have other job responsibility aside from that. Of course, they are also expecting that users have already an idea about bitcoin's use, etc.

We can't blame online exchanges for that. It's not wrong to open a topic about how bitcoin can be used as digital payments, but others will not be open minded about it as saying goes "We can't please everybody".

However, theres one solution i have been thinking. If they'll  gonna put some small portion in their site stating btc as alternate method with link that will redirect them about instructions how it works. Anyway, this will take time and just a suggestion.

[NeuroticFish]

Not many exchanges try to do anything "extra". And I guess that it's rather disappointing to pay / work on blog entries to teach people and then see that almost nobody reads that (yes, they afford to pay somebody do that, but it's still disappointing).

The information about how Bitcoin works is there on the internet. One has to take some time, research and read. Most won't do that.
Imho it's more the users' blame than exchanges'.

[Janation]

I think we don't need to blame them about it?

As long as they are getting the Bitcoin being used and paid by the users to certain platforms through their exchanges, they are fine. The exchange here in our country just add more and more promos but don't add more platforms or stores where people could use their Bitcoin to pay. They are just converting them to fiat to start with so it doesn't matter.

[pakhitheboss]

When you have zero knowledge about Bitcoin but still you think you are the most knowledgeable. This comes to my mind when I  read the topic. To be honest exchanges are not meant to gain knowledge about a particular cryptocurrency. They are their for trading purpose they do not give a damm if you have knowledge or not.

[eaLiTy]

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 might find many people who are ignorant about the real use of BTCitcoin, if someone is using it then they will understand the process but for someone who never used BTCitcoin it might confuse them.

Suppose someone wants to do a one time transaction especially small amounts in BTCitcoin, they need to send money to the exchange and then the exchange have a much higher withdrawal fees and that is the only negative aspect the rest he said in the forum is because he never used BTCitcoin and have no idea what he is talking about.

[DooMAD]

This seems to closely mirror my thoughts in another recent topic, albeit omitting the point about potentially paying more in fees by relying on third parties.  Some people don't understand what they're getting into.  Later, they pay the price for it.

As others have said, I don't think it's the services themselves that are responsible.  I take the stance that personal responsibility is something people need to take seriously if they want to get into Bitcoin.  There may be occasions where convenience might take priority and using a third party service might be appropriate.  But, for the most part, people shouldn't rely on them as much as they do.

[RapTarX]

To be honest, the exchange does not care to teach their users about Bitcoin technology. They just need earning from trading.

Why would an exchange even go for that? Exchanges are here for business and if they need anything to teach their customers is- only teaching something related to their exchange.
I don't think exchange has anything to do here; its the users who should learn what they are doing actually. And none of the exchanges other than coinbase ever claim themselves as wallet. Coinbase has their wallet services as well.

[AjithBtc]

End of the day everything is a business, exchanges are not with the service motto to support the needy one's or in a state to educate the common people who doesn't have much knowledge about bitcoin and other cryptocurrencies. Every user at the beginning doesn't have better learning about bitcoin, as days pass everyone used to learn little by little. This is unfair to state that exchanges are the sole responsibility for the illiteracy about bitcoin.

[The Cryptovator]

To be honest, the exchange does not care to teach their users about Bitcoin technology. They just need earning from trading.

Why would an exchange even go for that? Exchanges are here for business and if they need anything to teach their customers is- only teaching something related to their exchange.
I don't think exchange has anything to do here; its the users who should learn what they are doing actually. And none of the exchanges other than coinbase ever claim themselves as wallet. Coinbase has their wallet services as well.

Yea, I know that isn't business of exchange. They just need traders for trading on their platform. But that's not why bitcoin was created. The aim of bitcoin is to introduce a new decentralized peer-to-peer electronic cash system and we are quite far from it. Its because we don't know the technology behind Bitcoin. On the other hand, we have been looking to make quick money by trading or in some other way. Because of ignorance sometimes we lost our valuable assets. Adding some additional information about bitcoin and cryptocurrency isn't harmful to exchange but would help for users. Fortunately, it wouldn't happen ever.

[coolcoinz]

Exchanges want to invite clients by making it easy for them to buy, store and trade Bitcoin so a newbie who never took money off an exchange will of course be illiterate, even though he technically owns Bitcoin. The same can be said about people who hire fund managers to invest their savings. They don't know how to trade and have never bought stocks, but they have people who do it for them every day and make them money.
It's always better to know how to do things and be able to do them yourself, but don't expect every woman to know how to change a tire or charge a car battery. Many people will never know how to use Bitcoin despite owning some.

[teosanru]

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

This isn't illiteracy this is reflection of what people outside this forum think of bitcoin. They merely think of it as a speculative asset just because various exchanges have made them believe so. Actually there has been pretty much been mushrooming of exchanges in the recent past which has led to lots of scam popping up Moroever not every exchange is here to grow in an organic way most of them think that they won't be able to grow big to earn a lot and then resort to unethical ways to earn money creating such impression in minds of people. But yes if they are behaving in an ethical manner then it's obviously it's not their responsibility to educate users as they are here merely for profit making.

[Findingnemo]

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

Exchanges also here to make profits like every crypto user so literally, they don't care about teaching bitcoin for payment mode because if this starts to happen then trading will starts to deplete over time so they just want to keep the things going on until it is good for them. In my opinion, every bitcoin user knows what is bitcoin created for but what for they are currently using.