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Argument towards people not understanding Bitcoin / Crypto

So I heard this statistic the other day that around **68% of retail investors don’t invest in Bitcoin because they don’t understand it** or don’t feel savvy enough too invest in BTC ([source](https://www.youtube.com/watch?v=BPfi8n3XIi8)).

But I really feel that this is a terrible argument, because there is a TON of investment in companies like Apple and Microsoft and they have enormous market caps, but I’m doubtful that more than 1% of them understand how a computer works…

As a matter of fact you can apply this to most large cap stocks, people are willing to ape money into Tesla, but do they really know how an electric car works? I don’t…

So its become pretty clear that the media has perpetuated lies about cryptocurrency for so long that its made retail investors uneasy, which is unfortunate because I think fixing that narrative to something more truthful takes an extremely long time and longer than many expect.

What do you guys think? And was it like this in the start of the tech era? Did people not trust computers back in the day because they didn’t understand it?

*TLDR: Not investing in BTC because of lack of understanding is a shit argument.*



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8 Comments

  1. As a Bitcoin holder, I’ve got to disagree on it being a “terrible argument”.

    People don’t need to be computer manufacturers to know the benefits of computers (and mobile technology) because it is immediately within their daily lives. These are blue-chip companies. Same with Tesla – people have a good conceptual what an electric vehicle is, along with the potential for growth in a more environmentally-oriented future generation.

    Meanwhile, Bitcoin is still seen today by the masses as “Internet Money”, for which they’d have no use for except to invest in for future value. People are still googling “what is Bitcoin”, and they are not googling *”What is a computer?”*.

    Generally, the public starts gaining confidence when they can make use of the technology. Older people weren’t very keen on the internet…. until things like Skype came which basically made overseas call charges obsolete, and Facebook where familiy photos could be shared. Their interest in the web didn’t come as a result of suddenly being tech-heads.

    In El Salvador, Bitcoin has some utility in locals being able to transfer wealth to families overseas. It’s this type of usage that then gets people thinking about Bitcoin’s increase in adoption.

  2. You are mixing up the asset and whatever it stands for.

    They buy Microsoft/Apple/Tesla stocks because they understand stocks themselves. They understand that they represent a business’s value and that these stocks will rise if that business does well and vice versa. And they understand just enough about computers and cars to know why people want more of them.

    They don’t buy BTC because they don’t understand BTC. They don’t understand what it represents and what makes it rise and fall. Because unlike Stocks, it doesn’t represent some real world entity, it represents itself. And that’s confusing them.

  3. ignorance is willful. you can’t save people who don’t want to be saved. bitcoin information is everywhere and easily accessible for those willing. we don’t need amateur bitcoin evangelists annoying their friends and neighbors. that is counterproductive.

  4. You barely need to understand Bitcoin to invest in it.

    People don’t quite understand what FIAT money is, what it represents, how & why it is constantly de-valuating and how this affects their lives. If they did, they would understand enough of Bitcoin to know what it can do for their lives, in the long term. Then they would heavily invest in it.

    The masses are both ignorant and naive. Those who control the world have made sure of it.

  5. I agree with your sentiment but not your reasoning. As others pointed out – people understand how stocks work, but they don’t understand how Bitcoin works. They couldn’t tell you the difference between Bitcoin and any other coin. It’s even common to hear people use the word “Bitcoin” as a synonym to “cryptocurrency”.

    But the reason I think its a shit argument is because it’s based purely on ignorance. It is the best performing asset of all time. How can someone not take a few hours of their time to figure out WHY?

    It’s completely moronic, and they will bathe in regret from sticking their heads in the sand. I guess it just proves how early we still are.

  6. There has been a decade of anti-bitcoin propaganda and it’s infected the psyche of many people. The thing is, those who are intellectually curious and willing to expend time and energy have investigated bitcoin on their own.

    In a loose sense, those who deserve to benefit from bitcoin have and will into the future. Those who haven’t expended their time and energy into understanding the subject will not benefit from the network and technology. It’s good if you ask me.

    Going forward, I personally think that the visionaries (Jack Dorsey, Jack Mallers, Ross Stevens, Alyse Killeen, etc) who have a deep understanding of the tech will build innovative solutions that regular propagandized folk will end up using. They won’t buy in per se, they’ll just be the end user/product.

What do you think?

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