How do I convince people that Bitcoin isn't a financial pyramid?

[XZERO1]

With more and more influential people and companies getting involved with Bitcoin there's been a lot of talks about the crypto world among regular people, to whom Bitcoin is still something new and unknown.

As you might expect, many of these people believe that Bitcoin and all other cryptocurrencies will not benefit the economy, but rather only make it worse, and many are convinced that Bitcoin is yet another pyramid. And what upsets me the most is that among these people are economists, financial advisors, they should know better, than that...

So how do I prove them wrong?

I'd say if you have to go that extend to convince people Bitcoin is legitimate then maybe you shouldn't even try to change their mind, believe it or not some people just don't want to trust Bitcoin or any sort of virtual currency, so you're most of the time wasting your time with them, so unless if they're one of your close friends or relatives that you care about maybe it's better to not try too hard to change their opinion.

We're not living in 19xx or something like that anymore, and if really is someone interested in something or knowing the facts about something, they can find tons of different sources which they can check out online and do the research themselves, but as I said some just don't want to be convinced that Bitcoin is legitimate.

[Reatim]

It is not our obligation to make people believe if what is bitcoin or how does it work, because the more we encourage them is the more they think that we are part of the bad system they wanna believe.
Just tell them how you earn and benefits and let them decide for their own.
In the past that is what i try to do so i can help the community and the adaptation of Bitcoin but in the end, then continue questioning the integrity and reliability of bitcoin, so i stopped and let them lose their chances or else they will learn .

[Mr.right85]

People who have the thought that bitcoin is a financial pyramind are mainly those that have not had experience with the online transactions and base all their knowledge of the trade on hearing. Encourage them to do there own research and they might get to a break through themselves.

[pinggoki]

It is not our obligation to make people believe if what is bitcoin or how does it work, because the more we encourage them is the more they think that we are part of the bad system they wanna believe.
Just tell them how you earn and benefits and let them decide for their own.
In the past that is what i try to do so i can help the community and the adaptation of Bitcoin but in the end, then continue questioning the integrity and reliability of bitcoin, so i stopped and let them lose their chances or else they will learn .

That's right! What we just need to is to introduce them what bitcoin is and let them have the interest and study on what bitcoin really is because the more that we are pushing them to like bitcoin is the way they will have a doubt on us so let them to be bother by their interest and want so that they will do some research about it and when they found it good then that's the time they will ask you to explain more about bitcoin. Don't do to make people believe because at the end of the day we cannot control their decisions.

[Kelvinid]

I don't convince people to invest and know about Bitcoin but I just tell them that they are wrong. It is either for them to believe it or not, well, it is not my problem anyway. Because I know that they will come back to me soon and ask about crypto.

People who will think negative will always be negative, they never see the bright side because they are focusing on the dark side. It is really hard to convince this kind of person and totally a waste of time. And all of the good things we do for them are also a waste of their time. We can only make a change to their mindset if they will listen to us and have their interest.

[AniviaBtc]

Bitcoin is voluntary and not mandatory and we as a bitcoin fan and supporter, we are not forcing you to engage with it but we are encouraging you to explore it.

There are a lot of advantages of bitcoin that will help you as an individual to achieve your goals and have a positive mindset towards investments.

Convincing people to engage in bitcoin is like helping them financially to become enlightened about the existence of digital currencies or cryptocurrencies in the market that has a lot of opportunity.

[Cryptopher]

You don't. You let them formulate their own opinion and criticise from the sidelines letting time, and ultimately history, determine the outcome.

[tygeade]

First of all, your friend that mentioned electricity companies is totally wrong lol. Electricity companies doesn’t have anything to do with Bitcoin and the mining, they are just doing their work which is to provide electricity, and of course they will get more money to due to the level of energy consumption, but saying that they are part of it because that is totally dumb and not true. What we should be talking about is the market itself, there is no single beneficiary, it’s just we.

And secondly, your point that there are no new recruitment needed makes a lot of sense in convincing them, because we don’t new recruitment and I always tell people that Bitcoin is mainly for the purpose of transaction, it’s not a must that you will invest in it. I have friends who don’t invest in bitcoin, they only make use of it when there is a need for transactions, mostly international transactions that will cost them more in banks. So, this is not a pyramid, whether you invest it not, and whether it goes up or down, people will still transact with it.

[Lorence.xD]

You don't. You let them formulate their own opinion and criticise from the sidelines letting time, and ultimately history, determine the outcome.

Was going to say this but then I also realized that letting them formulate their own will only create an echo chamber that will get impregnable the longer it stands. Before letting them on, give them some articles to read and other informative stuff that is related to bitcoin and its constituents, that will only work if that person is rational and open-minded to new ideas. You won't win a battle of wits against a persistent idiot.

[isaac_clarke22]

#2 is a spot-on. Thank you for that, OP.
I'll tell that to people having doubts into it.
Many of my colleagues back then told me that Bitcoin is straightly a "scam", I was like astounded on "scam for what?".
Who benefits from it even if it is a scam? It's decentralized, bruh.

[Sithara007]

Pyramids and Ponzi schemes won't last for more than a few months, because at some point the mastermind will decide to cash out and will vanish with most of the funds. Bitcoin has been in existence for more than 12 years now and there is no "mastermind" since it is completely decentralized. There was no premine and therefore even the creator of Bitcoin (Satoshi Nakamoto) never profited from his invention in any manner.

[shoreno]

Pyramids and Ponzi schemes won't last for more than a few months, because at some point the mastermind will decide to cash out and will vanish with most of the funds. Bitcoin has been in existence for more than 12 years now and there is no "mastermind" since it is completely decentralized. There was no premine and therefore even the creator of Bitcoin (Satoshi Nakamoto) never profited from his invention in any manner.

theres actually ponzis that i heard before that lasted for many years before they exit but even if they exist for short or a longer time they can still be able to return with a new brand but do the same old thing but of course btc is different to them because btc doesnt only have a single purpose and it wasnt realy meant for investment however there are so called mastermind in btc and that is satoshi and i believe that satoshi have acquired some btc in the past and he also profited from it .

[goldade]

I personally believe everyone has the right to his or her opinion on a particular matter. If they believe that bitcoin is a Ponzi scheme or a pyramid structure despite having the internet and your word to prove otherwise, then it really is not your problem
You should know that you can't get everybody on the train of digital currency which is where the world is going. They'll only see their mistake in the future when they realize they've missed out on the opportunity of being one of the early adopters
I think the only thing that can be done is to show proof of numerous benefits of bitcoin

[Zionatin]

Money is just a medium of exchange we use. As long as all parties involved in an agreement it doesn't matter what you use as "money" It needs to be something that cannot be easy to copy or replicate.
It could even stone if you so desire. If people give value to it, it becomes a commodity. I think these people you are referring to don't understand their own area of "expertise" this is basic stuff you learn in any business school.

[Renampun]

...

explaining Bitcoin to a completely not tech-savvy person would be very difficult...
today we are faced with people who, although highly educated, do not care about new technology or innovation. what comes to their mind first when they hear about Bitcoin for the first time are game coins or Ponzi schemes 'lol'. I agree with saying that education is important.

[Tim101]

Lyn Alden covered this topic recently... YouTube search lyn Alden pyramid scheme. At first glance it sure looks like it, but no more so than US equities...

[chaoscoinz]

With more and more influential people and companies getting involved with Bitcoin there's been a lot of talks about the crypto world among regular people, to whom Bitcoin is still something new and unknown.

As you might expect, many of these people believe that Bitcoin and all other cryptocurrencies will not benefit the economy, but rather only make it worse, and many are convinced that Bitcoin is yet another pyramid. And what upsets me the most is that among these people are economists, financial advisors, they should know better, than that...

So how do I prove them wrong?

Though I'm not a professional economist, still I've come up with some arguments as to why Bitcoin ISN'T a financial pyramid:

1. There's no single beneficiary
In financial pyramids, there's always someone, an organization, or a group of people who benefit from peoples' investments. Who benefits from Bitcoin? Anyone can become that person if he/she invests enough money, there's no one, who controls it.

However, a friend of mine argued that there are people, who benefit: electric companies from large energy consumption due to mining and the companies that develop and sell the miners.

But that's just crazy, to believe in that we'd have to assume that they're all in collusion.

2. There's no need for new recruitment
That's probably my favorite. The main reason why financial pyramids survive is that they constantly recruit new customers. Without that - the pyramid falls.
But there's absolutely no need to recruit new people for Bitcoin to function, am I right? Without new users, there'll be just redistribution of what there is among the current users, txns will still be going and the miners will have work to do. So there's no required amount of users for Bitcoin to function like there is in the pyramid. I see no potential flaws here.

3. There are no promises
In financial pyramids, it is common that an organization lures people in by promising that they can easily "turn $100 into $1000", for instance. There's no such thing with Bitcoin. Yes, there's a potential for it to grow, you can make money out of it, but there's also a potential for it to drop, everyone invests knowing this can happen and sometimes it does happen, we go in here being aware of the risks.

That's about it.

Also, one thing that people keep telling me and get me cornered with is that there's no actual value behind Bitcoin. And that the economy can't function like that. Making Bitcoin only requires resources (e.g. energy, machines), but Bitcoin doesn't give anything in return. They say that behind the fiat there's an actual value, which is why we can avoid inflation: precious metals, country resources, plus it is fixed to the GDP, which is why the economy can be stabilized.
Without that - fiat is just paper. And while Bitcoin has nothing like that fixed to its price - it is also nothing.
They say you can't just "create" money out of nowhere. The only way Bitcoin can function as a part of the economical system - is if we replace the fiat with it. What can you say about that? Sounds reasonable, but I'm not a specialist. Is that really true?

Don't hesitate to point out if I'm wrong somewhere, it'll help a lot. Also, it would be very helpful if some of you could come up with more arguments, proving that Bitcoin isn't a financial pyramid.

I know it isn't and I also want other people to know that it isn't, and for that, I need as many arguments as possible.

Let's look at things from a different perspective for a second. In a way, Bitcoin's current adoption situation makes it a bit of a pyramid so to speak (maybe). If everyone starts literally pouring in all of their money into Bitcoin, the price would skyrocket. Hypothetically speaking, lets say everyone has decided to cash out, and all at once  . The price would deflate as quick as it had inflated, just like in 2017. Only true believers would be left holding the bag. This is why I'm scared to go all in. Don't want to be left bag holding, should the institutions decided to jump ship, at the same time I have that fear of missing out.
 Exciting times  

[ashmodeus]

ahhh sad story, me too, i don't even know how to tell my family what bitcoin is about, even though bitcoin has been explained on national tv somehow the scheme the pyramid cannot be removed , probably because national tv just reported about price go up like now, and like big correction happen on 2018 , but never explained about the technology in the detail, they even didn't tell reason why bitcoin was created.

[Viscore]

ahhh sad story, me too, i don't even know how to tell my family what bitcoin is about, even though bitcoin has been explained on national tv somehow the scheme the pyramid cannot be removed , probably because national tv just reported about price go up like now, and like big correction happen on 2018 , but never explained about the technology in the detail, they even didn't tell reason why bitcoin was created.

Many people misunderstood Bitcoin, about cryptocurrency, because they have been blocked by negativity. The influence of TV news, social media, and those people are talking about negative before you has already been planted in their minds. As long as they have that kind of situation, that is a big challenge for us to make them understood and empty their mindset.

Maybe telling them every day, showing them proof that you are actually making money from this, guarantees that they will show an interest one day.

[isaac_clarke22]

~

~

"Ah yes, enslaved hodlers", they said.
They're simply just don't have their own instinct. Some people are too easily brainwashed by these people and even by celebrities.
People think that all these celebrities are always correct by their own beliefs.