Why is Bitcoin hard for people to understand?

[God Of Thunder]

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3. Lack of interest to learn.

People do not want to learn something if it seems hard to understand. I did not start reading books or watching videos to learn what Bitcoin is. I needed Bitcoin to do some transactions, and then I figured out there are free faucets from which I can collect Bitcoin. So, I wanted to earn Bitcoin. I think there was a website from which I could withdraw directly to Coinbase without paying the withdrawal fees. So, I think Coinbase was my first centralized exchange, and I stored some Bitcoin back then. See - I didn't even know the difference between an exchange and a wallet. So, everyone doesn't learn in a day or a week. If I didn't have an interest, I couldn't learn.
Anyway, how do I connect my Logitech Mouse and Keyboard to my Mac mini? It doesn't have USB Type A port 

[fuguebtc]

The main reason some people do not understand bitcoin is because they do not care about it, they do not want to know about it. If they want to know about bitcoin, only simple information is what they need.

First is that bitcoin has just limited supply. That will later make it scarce, its price will increase more because of that. This information first can make them be eager to learn more about bitcoin.

People do not need the technical parts of bitcoin but just the investment part and also reading about bitcoin security and safety.

Agreed, people find Bitcoin hard to understand, simply because they’re not interested in it.

We need to be realistic that bitcoin is not the only currency or the only profitable investment in the world. Our world is very colorful, not everyone cares about privacy and freedom, and there are many ways to make money and become rich. So don't expect everyone to need and care about bitcoin like we do.

Maybe many of us are struggling in life because of lack of freedom, lack of money but that does not mean others are in the same situation. There are many people out there who are living good and prosperous lives, they are satisfied with their lives. For such people, we cannot force and expect them to care or need bitcoin.

[Danica22]

And secondly, I just made a research and found out that the current World population of the total number of people that owns Bitcoin is 1.2% (i.e 106million people), far higher that the total world population of people that owns gold in the world, which is lesser than 1%, as it can be seen in the image below.

Hence, it's funny when I still hear people say Bitcoin is hard to understand, when we already have over 106 million people who uses it daily for transaction

         

I don't know the accuracy of your research but as far as I know the total amount of gold mined is 205,000 tonnes. Of this, more than 50% of the total supply is held in the form of jewelry, 20% is in national reserves, 20% is held by ETFs, and 10% is used in industries.

In my country, the population is more than 100 million people, in which each family has an average of 3-7 members. But there are 2-4 people who own gold in the form of jewelry. Or India is considered to be the largest consumer of gold in the world and almost every woman owns gold in the form of jewelry. So the claim that only 1% of the world's population holds gold sounds absurd and unrealistic.

[Kelward]

Bitcoin has always seemed like a difficult maths from the time of it's creation, it's name sounds intelligent and many people saw it as something that is very complex. In reality it has it's technical complexity but what some people don't understand is that you don't have to understand it's technicalities to be able to hold it. What you need is basic computer knowledge to know how to open and operate a wallet also how to buy and sell it. The paradigm shift is happening quite fast because of the adoption especially by the younger generation who are more computer literate. Bitcoin has gained a lot of reputation and more people are holding it because it's profitable.

[0t3p0t]

The main reason some people do not understand bitcoin is because they do not care about it, they do not want to know about it.

True. They are not interested on it that is why they don't care for it. They might be curious about it but it won't make them explore. They might also be afraid to engage or know about it because maybe they are engulf with negative connotations about Bitcoin which they usually see on the news online or offline. One reason could be they don't have technical know how on things related to technology and stuff that is why they don't take risks.

[CryptoHeadlineNews]

And secondly, I just made a research and found out that the current World population of the total number of people that owns Bitcoin is 1.2% (i.e 106million people), far higher that the total world population of people that owns gold in the world, which is lesser than 1%, as it can be seen in the image below.

Hence, it's funny when I still hear people say Bitcoin is hard to understand, when we already have over 106 million people who uses it daily for transaction

         

I don't know the accuracy of your research but as far as I know the total amount of gold mined is 205,000 tonnes. Of this, more than 50% of the total supply is held in the form of jewelry, 20% is in national reserves, 20% is held by ETFs, and 10% is used in industries.

Yes, I never doubted that the total amount of gold mined isn't 205,000 tonnes, but what I was making emphasis was actually the total number of people who owns Bitcoin in the world, be it either in the form of jewelry, gold bar or ETFs to be over 1% of the world's population. Which is approximately over 82million to 100million people globally. Because despite the fact that India is known to have the highest number of gold users, and it's women alone to own over 28,000 tonnes, far higher than the gold reserve of US, Germany, France, Italy and Russia combined together. And yet, it still can't be every individual in India who owns gold, out of over 1.4 billion of it's population.

[liasbaa]

As far as I know, we don't need to be very knowledgeable to invest in Bitcoin. If you are not involved in its development, then it is better to be knowledgeable about Bitcoin savings and long-term holding strategies. To understand the underlying depth of the topics covered in this video about Bitcoin, you need to be a Bitcoin holder and have basic knowledge about Bitcoin.

[Zackz5000]

The main reason some people do not understand bitcoin is because they do not care about it, they do not want to know about it. If they want to know about bitcoin, only simple information is what they need.

First is that bitcoin has just limited supply. That will later make it scarce, its price will increase more because of that. This information first can make them be eager to learn more about bitcoin.

People do not need the technical parts of bitcoin but just the investment part and also reading about bitcoin security and safety.

You are very correct, people don't actually care about it though it might entirely not be their fault, some people believe that it's hard for them to understand what Bitcoin is, in as much they tried they will see it as a difficult thing especially as it's something that one can't get the benefits immediately, they find it difficult to care about it.
But, the only thing that might make them to give it a try is when you tell them that there is money involved, that is to say that they can make money through it, this words makes them to feel more energizied to give it a try even when they are not interested in it but the money that you mentioned will push them.

They can be profitable if they accumulate Bitcoin and hodl for long but that is not a guarantee so only telling that there is money in it will make them feel it's what they can get so quick, they should also be able to know the nature of Bitcoin the ups and downs of it so they won't panic when such scenario occur.
It is when an individual is interested about Bitcoin investment that he can learn and understand the basic of Bitcoin investment and start making their investment through that they will understand Bitcoin more better.

[Hammer_Summer]

Bitcoin has always seemed like a difficult maths from the time of it's creation, it's name sounds intelligent and many people saw it as something that is very complex. In reality it has it's technical complexity but what some people don't understand is that you don't have to understand it's technicalities to be able to hold it. What you need is basic computer knowledge to know how to open and operate a wallet also how to buy and sell it. The paradigm shift is happening quite fast because of the adoption especially by the younger generation who are more computer literate. Bitcoin has gained a lot of reputation and more people are holding it because it's profitable.

I think you explained it well. Bitcoin might seem complex to the outside, however, it is just as easy to use as regular online banking or online payments. It has complex technology behind it, and you do not have to know all the ins and outs of it to enjoy its benefits. All that counts is how to put it away and how to go about doing business without misplacing your keys. The barriers are shrinking as more and more people adopt Bitcoin, and individuals are becoming aware that they do not have to be trained cryptography or programming experts to use Bitcoin.

[B-BossMan]

The main reason some people do not understand bitcoin is because they do not care about it, they do not want to know about it. If they want to know about bitcoin, only simple information is what they need.

First is that bitcoin has just limited supply. That will later make it scarce, its price will increase more because of that. This information first can make them be eager to learn more about bitcoin.

People do not need the technical parts of bitcoin but just the investment part and also reading about bitcoin security and safety.

You are very correct, people don't actually care about it though it might entirely not be their fault, some people believe that it's hard for them to understand what Bitcoin is, in as much they tried they will see it as a difficult thing especially as it's something that one can't get the benefits immediately, they find it difficult to care about it.
But, the only thing that might make them to give it a try is when you tell them that there is money involved, that is to say that they can make money through it, this words makes them to feel more energizied to give it a try even when they are not interested in it but the money that you mentioned will push them.

They can be profitable if they accumulate Bitcoin and hodl for long but that is not a guarantee so only telling that there is money in it will make them feel it's what they can get so quick, they should also be able to know the nature of Bitcoin the ups and downs of it so they won't panic when such scenario occur.
It is when an individual is interested about Bitcoin investment that he can learn and understand the basic of Bitcoin investment and start making their investment through that they will understand Bitcoin more better.

Good points. Dude, having interest in anything an individual wants to do should be the first priority. Once someone doesn't have any interest, there's no way you can force him/her to do it. At times, use other logic and some interesting tips for them to understand what Bitcoin is all about: Firstly, start with the basic knowledge of Bitcoin, the benefits and the Bitcoin value, its impact on individuals, on investors and its impact on the world economy.Never start with the risks and the obstacles in investment or in market circumstances so that they wouldn't lose interest at first, then explain the volatile nature of Bitcoin for better understanding and how some investors have made it through cryptocurrency or Bitcoin, rather, explain the investment strategies such as DCA and long-term investment and the patience and the resilience in long-term investment. Although it depends on some people being approached.

[pancelot]

I've noticed that very few people truly understand Bitcoin or see what I see in it. I've always wondered why it's so hard for people to grasp the essence of Bitcoin.
Yesterday, I came across a really good video that explains why it's so difficult for people to understand Bitcoin.

It's simply too big of a paradigm shift.I recommend watching the first 20 minutes  they do an amazing job explaining why most people don’t really see or understand Bitcoin.

https://www.youtube.com/watch?v=c6ZHRci4Kbw

I think it's normal that many people do find it difficult to understand Bitcoin. I mean, it is a very profound paradigm shift. We've long held the expectation that money is going to be physical or at least stamped by a central bank. And then we come along with something like Bitcoin, which is decentralized, has no controlling party, and is digital only, many people are naturally confused.
In addition, most individuals, when they've just begun learning about it and it's complex, think that they've already lost, and therefore they immediately label it as complex.
Another problem is that people perceive Bitcoin as a speculation tool only, while the very essence of it is deeper: financial freedom, transparency, and censorship resistance. Such technologies as blockchain, cryptography, etc., also look complicated, further distancing the average public.
In essence, it requires education and time to let go of the past. Just as with the internet, not everyone initially appreciated its value.

[free-bit.co.in]

The main reason some people do not understand bitcoin is because they do not care about it, they do not want to know about it.

True. They are not interested on it that is why they don't care for it. They might be curious about it but it won't make them explore. They might also be afraid to engage or know about it because maybe they are engulf with negative connotations about Bitcoin which they usually see on the news online or offline. One reason could be they don't have technical know how on things related to technology and stuff that is why they don't take risks.

I find people are making things more complicated and giving too many reasons, and that is unnecessary.

Indeed, those who say they don't understand and don't want to invest in bitcoin are because they do not care about it.
As many of us have said, they don't invest in gold and stocks, and the reason is they don't understand those markets. Meanwhile, we all know that gold and stocks are old markets and learning about them is not that difficult. But many bitcoin investors find them too confusing and they can't invest. It's clear that many of us don't care about gold and stocks, not because they're difficult to understand.

[Awaklara]

As far as I know, we don't need to be very knowledgeable to invest in Bitcoin. If you are not involved in its development, then it is better to be knowledgeable about Bitcoin savings and long-term holding strategies. To understand the underlying depth of the topics covered in this video about Bitcoin, you need to be a Bitcoin holder and have basic knowledge about Bitcoin.

To buy Bitcoin, anyone can do it. But to invest correctly and well-planned, knowledge related to Bitcoin will be important for investors. You certainly wouldn't invest in an asset that you only know about from others or with just basic knowledge. You can still do it, but those who come with large funds will not do such things.
If you ask random people about Bitcoin, some may know, while others may not know at all. This is only related to interest and curiosity. Understanding and studying knowledge is only for those who are interested and curious.

[Inwestour]

To buy Bitcoin, anyone can do it. But to invest correctly and well-planned, knowledge related to Bitcoin will be important for investors. You certainly wouldn't invest in an asset that you only know about from others or with just basic knowledge. You can still do it, but those who come with large funds will not do such things.
If you ask random people about Bitcoin, some may know, while others may not know at all. This is only related to interest and curiosity. Understanding and studying knowledge is only for those who are interested and curious.

People have a hard time understanding many things, and this applies not only to Bitcoin, but those who care will try to understand it as best they can. There's a lot of information about Bitcoin, but I doubt even those who've been holding Bitcoin for years fully understand all the nuances surrounding it. Perhaps investors in large companies are willing to invest in it based solely on charts and news, without even understanding its technological essence, and for them, that's enough if the asset generates profit.

[HONDACD125]

As far as I know, we don't need to be very knowledgeable to invest in Bitcoin. If you are not involved in its development, then it is better to be knowledgeable about Bitcoin savings and long-term holding strategies. To understand the underlying depth of the topics covered in this video about Bitcoin, you need to be a Bitcoin holder and have basic knowledge about Bitcoin.

You don't need to have technical knowledge for investment, but it's essential to at least have basic knowledge about the technology or at least about the cryptocurrency itself, like its history, how and why it was created, who was the creator, where he is right now, what was its initial price, how it started going up, all these things are important for one to learn before they start investing because when you have knowledge about the market and the cryptocurrencies you are investing in, it won't be like you are shooting arrows in the dark.

Nowadays, most people barely try to gain even the basic knowledge about Bitcoin and other cryptocurrencies before they start making investments, they only hear about the potential profits and jump right in without doing any research or read anything themselves, and in the future, when they get stuck at some point, then they realize that it would have been good if they had knowledge themselves, because they wouldn't be stuck if they had tried to gather enough knowledge initially.

[Pauldesaints]

Lack of research and laziness is the main reason why people find it difficult to understand bitcoin.when your passionate about something,you have to sacrifice your extra time and energy to grasp every information surrounding it.so people are more interested about investing in Bitcoin but don't want to dedicate there time to acquire the full knowledge about how it works and what it's all about.

[bitLeap]

Everyone investment needs are different. Those who find it difficult or, more accurately, are not interested in bitcoin will still not be able to accept what bitcoin is and its benefits. In addition, bitcoin education must be made as simple as possible, and the people delivering it must also have a thorough understanding so that they can explain it in simple terms or even make analogies with things found in everyday life. For me, Bitcoin will be accepted if the environment, timing, and people are right.

[Danica22]

Yes, I never doubted that the total amount of gold mined isn't 205,000 tonnes, but what I was making emphasis was actually the total number of people who owns Bitcoin in the world, be it either in the form of jewelry, gold bar or ETFs to be over 1% of the world's population. Which is approximately over 82million to 100million people globally. Because despite the fact that India is known to have the highest number of gold users, and it's women alone to own over 28,000 tonnes, far higher than the gold reserve of US, Germany, France, Italy and Russia combined together. And yet, it still can't be every individual in India who owns gold, out of over 1.4 billion of it's population.

India's population is 1.4 billion people, of which males account for 51.56% or 754 million people, and females account for 48.44% or 709.09 million people. And as you said, Indian women alone hold more than 28,000 tonnes of gold, which is more than 12% of the gold supply. Maybe not all 700 million Indian women own gold, but it is certainly not possible for 100 million Indian women to own 28,000 tonnes of gold. Not to mention that the rest of the world's population still has a very high demand for gold. Don't you find your figures unreliable when it say that less than 1% of the world's population, that is 100 million people hold gold?

[happybitcoinph]

Lack of research and laziness is the main reason why people find it difficult to understand bitcoin.

That's NOT the reason.

What you have mentioned is a common approach for people who are NOT INTERESTED. That's not even laziness. Even though we think HIGH about bitcoin, we can't force that mindset on others. Let them come in by themselves.

Why should they research Bitcoin in the first place if INTEREST is not there?

[MarjorieZimmermanGinger]

I've noticed that very few people truly understand Bitcoin or see what I see in it. I've always wondered why it's so hard for people to grasp the essence of Bitcoin.
Yesterday, I came across a really good video that explains why it's so difficult for people to understand Bitcoin.

If people never care and never try to learn, they will never understand the essence of Bitcoin. In fact, Bitcoin is quite simple to understand and not too difficult. Investing doesn't require extensive knowledge; all you need is knowledge of how to enter the market and buy at the right time. The rest is about how to store Bitcoin in a safe place so that it's truly safe and protected from unexpected activity. There are many resources available to learn about Bitcoin, and it all depends on your interest in learning more about it.