Block Report: Bitcoin: Knowledge and Perceptions

[el kaka22]

The "knowledge feeds optimism" basically is another fancy way of saying "if you know what bitcoin is all about, you would buy it, because if you know it, then you know it will go up". Basically anyone who understands bitcoin knows that they should invest asap. This is a good report, I highly support it, it is quite good to know that bitcoin is something that should be loved, and supported by others that say the same thing as well.

Knowledge is more valuable than money, if you know the right things, then you will never need money ever again in your life, but knowledge without a use is not a good thing, so you should know things that will benefit you, not useless facts.

[hatshepsut93]

I'm curious, how many of those people who said that lack of knowledge is the main reason to not buy Bitcoin are going to actually put their time and learn about it. Because on one hand, it seems like there's a large pool of people who could become new buyers and thus push the price higher, on the other - those people might actually continue ignoring Bitcoin.

[buwaytress]

Also... outside the Americas, more women than men think they know more about Bitcoin. Pretty unexpected.

The reason why women have higher percentage than men because they are more willing to take high risks. They are better prepare to lose anything they have when invested their money in Bitcoin. We all know that Bitcoin is really high risk investment, even men made long consideration to decide invest Bitcoin, but it doesn't apply to the women. The long process or consideration on men's mind made women become one step ahead, and that really makes sense when the data show us the fact.

Not sure you understood the report or what I was quoting. It doesn't say anything like that at all.

Also, past data agrees the opposite is true about women. They're far less risk averse than men, which is why they are fewer women "investing" in Bitcoin.

However, according to this report, they see themselves as more knowledgeable and more open to utility-based knowledge -- as opposed to men who are more interested in it as a speculation/investment/moneymaking venture.

[Zlantann]

I'm curious, how many of those people who said that lack of knowledge is the main reason to not buy Bitcoin are going to actually put their time and learn about it. Because on one hand, it seems like there's a large pool of people who could become new buyers and thus push the price higher, on the other - those people might actually continue ignoring Bitcoin.

In developing countries the number of unbanked population is very high and these citizens need alternative source of payment. Around 57% of the population of Africa, around 95 million people, do not have a traditional bank account. This high number of unbanked people undoubtedly causes problems, as there are limited economic options to serve its citizens. Considering the benefits of the use of Bitcoin many people would be willing to adopt it. But they are hindered by government policies, infrastructural deficit and religious misconceptions. These challenges have greatly affected the spread of Bitcoin enlightenment and acceptance in these countries.The government must give the populance the options of using other currencies without restrictions. This would aid in the spread of the acceptance of Bitcoin. Infrastructural amenities like internet facilities and electric supply would be a big advantage in the quest of educating people about Bitcoin.

https://thefintechtimes.com/top-african-challenger-banks-helping-the-unbanked-through-mobile-services/

[doomloop]

Interesting for me is a top reason is "it's too expensive" and that's also my personal experience, why people go buy shitcoins like Ripple instead of BTC, they don't get you can buy fractions of, and unit price feels too expensive for them.

Also... outside the Americas, more women than men think they know more about Bitcoin. Pretty unexpected.

Same here, when I was a newbie I also think that btc is too expensive that is why I didn't buy it but later on I figured out that btc can be divided in smaller portions and you can also buy it this way. I think this was still included on the knowledge part, the op discussing about.

There are also people that knows that they can buy btc in factions but they still think that they can earn more on a much lighter coin because they can buy millions of it at a much cheaper cost. Btc/cryptos are not a secret anymore and many women are also involved because they know that they can earn an income if they invest and trade it. Most of them are from the third world country where the state of living is poor.

[Lucius]

Over the years, I've tried to explain Bitcoin to many people, and unfortunately I've found that very few people eventually understand what you're talking about. If you try to explain to someone in the simplest and most objective way possible what Bitcoin is and how it works, and that person tells you that it is all a big scam, then we can conclude that some people simply refuse to accept knowledge for some reason.

From my personal experience, I could conclude that such negative attitudes can stem from the attitudes of local institutions such as central banks or various financial agencies that systematically send negative information to the public and thus certainly influence a lot of people to create a negative attitude towards Bitcoin.

If we take into account that most people in every country are blind followers of the system, I would wonder if the biggest obstacle is ignorance or fear of a system that has very effective ways to shape public opinion?

[so98nn]

Seriously mate? 51% do not know anything about crypto currency? That got my attention. In the world where bitcoin or bitcoin related stuff is always in talks, whether it’s our friends, schools and colleges, news, share market world the bitcoin word occurs everywhere these days.

Who are these peeps who does not know anything about bitcoin at all. I’m really surprised about this. Or does the peeps who fall in 51% are all from the worlds those corner where digitalisation is still unattended or awareness is still far from Internet. Definitely interesting topic to discuss further.

[buwaytress]

Same here, when I was a newbie I also think that btc is too expensive that is why I didn't buy it but later on I figured out that btc can be divided in smaller portions and you can also buy it this way. I think this was still included on the knowledge part, the op discussing about.

There are also people that knows that they can buy btc in factions but they still think that they can earn more on a much lighter coin because they can buy millions of it at a much cheaper cost. Btc/cryptos are not a secret anymore and many women are also involved because they know that they can earn an income if they invest and trade it. Most of them are from the third world country where the state of living is poor.

It never hit me like that though. You buy fractions of lots in stock markets, you also buy fractions of gold (who the hell could afford an ounce as a first time buyer anyway), don't know why people saw Bitcoin differently, but I guess it's just because people see the whole BTC price everywhere and it doesn't occur you can buy parts of it. Or as you say, they feel like they're getting in early on a lowcap coin, waiting for the x100 dream.

[TheGreatPython]

Seriously mate? 51% do not know anything about crypto currency? That got my attention. In the world where bitcoin or bitcoin related stuff is always in talks, whether it’s our friends, schools and colleges, news, share market world the bitcoin word occurs everywhere these days.

Who are these peeps who does not know anything about bitcoin at all. I’m really surprised about this. Or does the peeps who fall in 51% are all from the worlds those corner where digitalisation is still unattended or awareness is still far from Internet. Definitely interesting topic to discuss further.

I believe that is probably people who do not know details about bitcoin, not the people who never heard of it. I mean I get it, there is a good case to be made about the situation that would make it look like its people who never heard about it, but I just feel like majority of the people heard about it already, at least 70-80%+ of the people "heard" about it.

However, if we look at people who know what a blockchain is, that drops down a lot, and if we ask about decentralization? That’s even lower. Hence, I believe that if we take it even just a smidge of down into details, there are still majority of the people who do not know about those things.

[fillippone]

However, if we look at people who know what a blockchain is, that drops down a lot, and if we ask about decentralization? That’s even lower. Hence, I believe that if we take it even just a smidge of down into details, there are still majority of the people who do not know about those things.

I get what you are saying. Just be aware that Bitcoin is a complicated subject, which involves many difficult topics. Not everyone can be expert in every aspect. Monetary theory, cryptography, distributed computing, game theory are only of the few aspects one has to masters: so don’t expect everyone gets what you understand well.