People don't understand the problem with monetary system.

[vv181]

we can draw a conclusion that given a critical attention we will agree that nearly all the people that have adopted bitcoin, using it as alternative of fiat money are people who have an understanding of  monetary system  wholly and how bedeviling it (fiat) has been to citizens financial freedom and privacy due to intricacies of government regulatory policies surrounding it.

No. Not all Bitcoin user uses bitcoins because they have a comprehension of the monetary system and merely apprehend FIAT as troublesome.

People do not understand Bitcoin, and that is okay, People do not understand the monetary system, and that is okay. People do not understand the FIAT system, and that is also okay. Bitcoin is complex, no one should expect many people easily comprehend it before they are able to adopt it. Moreover, complexities are also within the monetary system. You might call them ignorance but people have their own different priorities and interest. Bitcoin does not specifically serve all people's interests, so there isn't any requirement or direct causal link just because people using that means they understand a problem or issues.

[Sayeds56]

Certainly, the understanding of people regarding problems with monetary system depends on various factors such as, level of education, awareness and perspective. However, there are common concerns and criticism that people often raise such as, inflation, inequality in income and debt based system.

Indeed, Bitcoin with its inherent features of decentralization and noninflationary design holds the promise of mitigating these concerns. It is also important to mention here that due to complex technology and lack of awareness among majority of the world population,  Bitcoin's wide-spread adoption may take long time to materialize.

[hyudien]

It was agreed that with today's technological sophistication, everyone will be more critical and question the resilience of fiat values.

But let me speak as a layman who every day thinks only of surviving on fiat and depending on it. It doesn't matter how economic cycles develop and the financial revolution advances. Because it means encouraging everyone to be more critical and not wait for government instructions, because ordinary people always think practical as long as they are lucky. The presence of Bitcoin provides a choice or a way to manage our finances on the basis of full control. Expansion is needed like education because it will be the main thing as well as the basis for making choices.

[Mauser]

The other camp don't have an understanding of the problems they are facing under fiat which bitcoin is here to solve.

Understanding bitcoins and crypto currencies is one thing, but now many people actually understand the monetary system they live in? I would say that most elderly people and most younger people don't really understand the current system, but even worse they don't even want to understand it. Here on the forum its a very special group of people that ask the right questions and want to learn. Unfortunately the majority of people in my country are not the same. When talking to strangers I realise that many people are happy in their current lifes, as long as they get enough money each month to buy snacks, drinks and alcohol everything is okay. It's hard to reach such people and try to teach them what is actually wrong in the current monetary system and how we could fix it. The best approach in my opinion is to show people the benefits of investing in crypto currencies, if they can make long term profits with it then it might convince more people to learn about the ideas behind cryptos.

[kryptqnick]

While I agree that many fiat users don't understand the problems of the traditional system, I don't believe that all or even most Bitcoin users are mainly motivated by their distrust to the system in their usage of Bitcoin. To support my claim a bit by evidence, according to FED research, only 5% of US citizens who use cryptos for financial transactions do it mainly because of not trusting the banks. People often use Bitcoin as an investment or as a supplement to the traditional system, so not understanding what's wrong with it can be combined with actual Bitcoin usage.

[m2017]

The traditional monetary system is familiar and understandable to people, while bitcoin is completely different and doesn't fit into their understanding. They should not be reproached for ignorance and unwillingness to change their established habits. I understand your bewilderment and indignation, because you saw and realized the possibilities offered by bitcoin and it seems to you that those who have not comprehended this knowledge are fools. This is absolutely not true. Just to accept something new, you must first try it and find the benefits for yourself in it. But it turns out that most people are comfortable within the traditional monetary system and they simply do not need to experiment with btc. Without the necessary need, they will be too lazy to switch from the usual and familiar fiat to something completely different. Most don't need an understanding of the current monetary system (applies not only to this, but also to most other areas of life) and they live so well without stuffing their heads with such nonsense. Up to a certain point.

[MFahad]

It's really strange that people are not aware what is the main cause of inflation. Bitcoin is a hedge against inflation and those who know this will move their wealth in bitcoins. The general public has no concern to know the flaws in the current monetary system. All they want is to get the wealth.

You're right that people these days invest in Bitcoin because they want to spend online, or they want to do trading but there are very few who are accumulating Bitcoin in order to perverse their wealth and keep them safe from the ever-increasing inflation.

The next financial crisis, similar to the one that happened in 2008, is very near and if we do not keep our wealth in Bitcoin or Gold, it will be very difficult for us to survive that crisis.

Everyone says easily that inflation is easily overcome by investment in Bitcoin but its very hard for poor people to buy bitcoin, manage the risks and then forget about the loss. We all says that bitcoin can enhance the money but poor people have only one source of income and if they put it in bitcoin they they will never be able to put money into other source or even they will not be able to operates the system of home well.

Gold is better option but for bride poor people hardly buy gold, it's means that they only worked hard to make the life of their children happy but they don't work for themselves. Everything become possible but time and patience is needed and I saw many people who are not wealthy by birth but they worked hard and now they can easily achieve what they wants to get.

Everyone wants to be wealthy and everyone knows the fact and the ways through which they can become wealthy but they are not able at start and surely they will do all these strategy one day as poverty does not persist always.

[Unbunplease]

The traditional monetary system is familiar and understandable to people, while bitcoin is completely different and doesn't fit into their understanding. They should not be reproached for ignorance and unwillingness to change their established habits. I understand your bewilderment and indignation, because you saw and realized the possibilities offered by bitcoin and it seems to you that those who have not comprehended this knowledge are fools. This is absolutely not true. Just to accept something new, you must first try it and find the benefits for yourself in it. But it turns out that most people are comfortable within the traditional monetary system and they simply do not need to experiment with btc. Without the necessary need, they will be too lazy to switch from the usual and familiar fiat to something completely different. Most don't need an understanding of the current monetary system (applies not only to this, but also to most other areas of life) and they live so well without stuffing their heads with such nonsense. Up to a certain point.

For many people, bitcoin is still something exotic. And, unfortunately, many people will choose to switch to CBDC rather than bitcoin because states will spend a lot of money to indoctrinate people that CBDC is convenient, easy and practical. That it's digital slavery is all many ordinary people are talking about.

[Silberman]

While I agree that many fiat users don't understand the problems of the traditional system, I don't believe that all or even most Bitcoin users are mainly motivated by their distrust to the system in their usage of Bitcoin. To support my claim a bit by evidence, according to FED research, only 5% of US citizens who use cryptos for financial transactions do it mainly because of not trusting the banks. People often use Bitcoin as an investment or as a supplement to the traditional system, so not understanding what's wrong with it can be combined with actual Bitcoin usage.

Then we should consider those people that are investing in bitcoin but that do so simply for the financial benefits they can obtain to be incredibly lucky, as out of the limitless universe of assets they could have chosen they decided to invest in one of the few that should do really well in the case of a systemic crisis on the economy, still the fact that they do not know what they are doing is worrying as this means they could sell their coins at any moment and lose that protection.

[Sayeds56]

Everyone wants to be wealthy and everyone knows the fact and the ways through which they can become wealthy but they are not able at start and surely they will do all these strategy one day as poverty does not persist always.

You have brought up important points regarding the challenges that people with limited income face when considering investments in assets like Bitcoin or Gold.  You are absolutely right in your observation, however there are ways to improve income through education and skill development. We all have witnessed many examples in our families and friends circles who successfully transformed their lives from unfavourable circumstances by actively pursuing education and improving their skill sets.

The present monetary system despite its weaknesses, doesn't pose obstacles for those who are resolute in their goal to make their lives better.

[dothebeats]

Everyone wants to be wealthy and everyone knows the fact and the ways through which they can become wealthy but they are not able at start and surely they will do all these strategy one day as poverty does not persist always.

You have brought up important points regarding the challenges that people with limited income face when considering investments in assets like Bitcoin or Gold.  You are absolutely right in your observation, however there are ways to improve income through education and skill development. We all have witnessed many examples in our families and friends circles who successfully transformed their lives from unfavourable circumstances by actively pursuing education and improving their skill sets.

The present monetary system despite its weaknesses, doesn't pose obstacles for those who are resolute in their goal to make their lives better.

As unlikely as many will see it, this is true. It may not be as fruitful as the next person, but improving one's skills and pursuing education can lead to ultimate success. Sometimes with those two opportunities will be the ones to present themselves to you. Again, it doesn't always happen, but it is possible.

[someone703]

Indeed, many people find dissatisfaction and distrust in the current financial system with its problems of corruption and reliability.

However, understanding how currency works and how Bitcoin can change the way we interact with it really takes time and effort. There are many complex aspects of money and finance that we need to understand in order to make informed decisions.

But access to and understanding of Bitcoin is still a work in progress. Everyone has their own approach and understanding of it, and this can take time to understand and accept.

[mindrust]

The problem is pretty simple actually. The central banks became the bitches of the governments. They print money whenever the gov demands it. But money doesn’t grow on the trees. When you create money out of nothing, stuff with actual value go up in price. That’s the core of the problem. Printing money. Bitcoin solves this problem because nobody can print bitcoin. The supply has a hard cap and it is limited to 21 million units. The USD supply on the other hand has no limits or whatsoever. The central banks can print FIAT forever till they kill the currency completely and these FIAT currencies die eventually. None of them survive forever. Only the hard goods like bitcoin, gold, land and similar stuff do.

We need to get rid of the central banks and build a new economy which doesn’t depend on the FIAT currencies.

[eightdots]

The problem is pretty simple actually. The central banks became the bitches of the governments. They print money whenever the gov demands it. But money doesn’t grow on the trees. When you create money out of nothing, stuff with actual value go up in price. That’s the core of the problem. Printing money. Bitcoin solves this problem because nobody can print bitcoin. The supply has a hard cap and it is limited to 21 million units. The USD supply on the other hand has no limits or whatsoever. The central banks can print FIAT forever till they kill the currency completely and these FIAT currencies die eventually. None of them survive forever. Only the hard goods like bitcoin, gold, land and similar stuff do.

As a result of the unsuccessful practices of unsuccessful administrations, the Central Banks could not fulfill their essential duties. Now their only job is to print money by order of the state. They've been doing this for years and now these people are responsible for what economies have become.

If you put a person in charge of a job they don't understand, the success rate of that job drops and that job becomes worthless. This is the case in many governments. Mistakes made by people who do not understand economics put people in a difficult situation. Many negativities in inflation and the economy did not happen in a year. These arose as a result of failed moves. After years of unsuccessful management, we have come to this point.

We need to get rid of the central banks and build a new economy which doesn’t depend on the FIAT currencies.

I don't think that could happen. It is something that should happen, but it does not seem possible in today's conditions.

[tbterryboy]

nearly all the people that have adopted bitcoin, using it as alternative of fiat money are people who have an understanding of  monetary system  wholly and how bedeviling it (fiat) has been to citizens financial freedom and privacy due to intricacies of government regulatory policies surrounding it.
The other camp don't have an understanding of the problems they are facing under fiat which bitcoin is here to solve.

I agree with you on this statement. Those who truly know the potential of Bitcoin are the ones who are using it on a daily basis. Maybe saying daily basis is a bit too much, but you got the point right. But not everyone that is involved with Bitcoin is here for the same purpose. Most of them are here for the money. This sounds a bit odd but this is the truth. Those who are also here for the things that Bitcoin gives are running for the profits too. I mean why not. If you can make money from something then why not take that opportunity? The majority are not here for the main reason behind the creation of Bitcoin. But even if they are here for the money, they are doing a great job in order to spread Bitcoin to the people.

If they use it once and feel the power that comes with Bitcoin, I think they will get interested in Bitcoin in no time. You never know until you try it. So the main thing would be to get people to use it first. After that, they will understand the problem and get interested in Bitcoin to solve the problem with the monetary system.

Bitcoin would never gain this much popularity or get adopted so widely in such a short time if it wasn't for its volatile nature, people got interested in Bitcoin and started buying when they saw it growing up and not stopping at all. At first, most people didn't believe in it, they said it's useless, it's a criminal currency, it's a bubble that will burst very soon, but as the price started going up further, those who said such things also started buying Bitcoin because they saw they can get profit as well.

So the main reason behind Bitcoin's adoption reaching this level is basically the price it has. Imagine Bitcoin having a not-so-volatile price and staying somewhere below $1,000, it would never have this many people running behind it ever, it could get popular based on its usefulness but that would take so much time.

[Unbunplease]

The problem is pretty simple actually. The central banks became the bitches of the governments. They print money whenever the gov demands it. But money doesn’t grow on the trees. When you create money out of nothing, stuff with actual value go up in price. That’s the core of the problem. Printing money. Bitcoin solves this problem because nobody can print bitcoin. The supply has a hard cap and it is limited to 21 million units. The USD supply on the other hand has no limits or whatsoever. The central banks can print FIAT forever till they kill the currency completely and these FIAT currencies die eventually. None of them survive forever. Only the hard goods like bitcoin, gold, land and similar stuff do.

We need to get rid of the central banks and build a new economy which doesn’t depend on the FIAT currencies.

Bitcoin also has problems - an inconsistent and cumbersome blockchain, relatively slow speed, and periodically expensive transactions. If you need to send a dollar and you have to pay 10 dollars for it, you will not be interested in such an opportunity. So fiat and bitcoin have problems everywhere. By the way, if you send money to the wrong wallet through the bank, you have the opportunity to cancel the transaction, but if it's bitcoin, you can't cancel the transaction.

[Aanuoluwatofunmi]

Having interest in bitcoin is far beyond it's volatility, people have already wanted to see a change in the financial system and ever since they heard about the introduction of cryptocurrency, they discovered that bitcoin got all the possible solutions they would have wanted with a financial system, government politics and policies is what people kicked against and need to have back their freedom in handling their financial economy lives.

[tjtonmoy]

~snip

Haters are the ones who are going to join first when they see the opportunity to make a profit. This has happened multiple times in the past and will continue to happen again and again until everyone accepts it. There will be no other choice but to accept the reality. Those countries that banned Bitcoin were the first ones to accept it when they saw its potential. The same goes for people. And yes it's a long process but it will happen eventually.

Most of the people involved with Bitcoin are interested in its profit-making capability. But it's a good thing too. This way or that way, it is doing a good job for Bitcoin itself. Many have turned from profit to Bitcoin's use case. The first thing that is needed is accessibility to Bitcoin. Then by using it, people will understand its value.

[crwth]

Where did you quote this OP? I don't think there's a link or something. There's no source. Is it a book or something?

Maybe people will realize once it has shown the problem, and they could feel it. People tend to be short-sighted and deny these types of things.

[KingsDen]

...my attention was directed to the ignorance of people in the adoption of bitcoin , and as usual they all revolved within the circle of a lack of knowledge and understanding of fiat money problem.

An average citizen wants to get a job and be paid hourly, weekly or monthly. An average citizen wants to start a business and earn daily. What they want is to earn and save in banks, use it to return market to buy more goods, buy properties with it, pay hospital bills and other bills and most importantly live a comfortable life. Not everyone and not many people wants to know the economics of fiat, whether or not it is losing value. They don't even care if there is a problem with the fiat system.

...we can draw a conclusion that given a critical attention we will agree that nearly all the people that have adopted bitcoin, using it as alternative of fiat money are people who have an understanding of  monetary system  wholly and how bedeviling it (fiat) has been to citizens financial freedom and privacy due to intricacies of government regulatory policies surrounding it.

Nearly all the people that adopted bitcoin did so because of its volatility. For the price to be able to rise and give profits, that's all. Except the few early adopters, almost everyone one that adopted bitcoin did so for the ROI. It is when some invested that they discovered that there are other things bitcoin offer.