When they say regarding #bitcoin "I just don't understand, how do they know that it's gonna go up?"
How do non believers get converted to the value of bitcoin?
Discussion
You can explain the scarcity and limited quantity of #bitcoin over time, a simple way to compare it in the "real world" it's with gold, diamonds or oil, it is difficult to extract and there is a limited amount on earth so the value can only increase
Bitcoin never goes up. Fiat just goes down due to its damn nature of economics. Once they look back at the price of houses 200 years ago, they would know how it works:-)
Everybody is living his own universe. There is no way and need to change that. Everything is perfect in the way it is. Your personal view is the only thing that truly can change.
The offerings are always there, the door is always open and when it resonates with you, you'll be guided to something or somebody that takes you on a journey. It always has been and it will always be. the law of cause and effect.
There are so many reasons it is impossible to explain them all within a few sentences or paragraphs.
You really do need to do your own research.
This is the best way because it educates you in almost every field of life: Maths, Electronics, Computers, the Internet, Economics, Politics, Phycology, Philosophy, Game Theory etc...
If you don't want other people making your life decisions for you, then these are required skills.
If you want to sit back and let others choose your fate, then don't bother.
The second option rarely works well.
The entry point for most people is its increasing price, the journey creates self sovereignty.
Everybody is living his own universe. There is no way and need to change that. Everything is perfect in the way it is. Your personal view is the only thing that truly can change.
The offerings are always there, the door is always open and when it resonates with you, you'll be guided to something or somebody that takes you on a journey. It always has been and it will always be. the law of cause and effect.
They can put in some “throw away” money and then see what happens. Even a little skin in the game stimulates curiosity.
So far miners have spent $15B+ on ASICs, Bs on development costs, $1B/year electricity cost all for the chance to be awarded some of this “thing.” The fact that they think this “thing” has value has set its value at $52k … without 99% of the world participating. The miners (with their investments) and the other voluntary participants in the network are what sets the value of bitcoin and protects it from attacks.
Also, bitcoin mining is impossible to stop: China, the most successful authoritarian government tried to ban bitcoin mining in 2021 and they’re still the 2nd biggest country by hashrate in the world.
I always always always start with the basic principles of money. Money as a technology to story value or the energy you save for your future. Ask them why they like what ever they save in. Question their choice in money. Explain inflation and the printing press. The Bitcoin Standard will help you frame these concepts in your own. Words. Number Go Up or NGU Technology is a consequence rather than a feature. The features are Bitcoin’s sound money or better money principles.
It's really just the combination of a hard cap on supply and human greed. If those two things are real and exist, it has to go up.
Why?
The price is a function of supply and demand. We already know that supply is fixed at 21 million.
But what about demand?
The hard cap is actually also responsible for demand, because bitcoin is the only asset in existence with a verifiable hard cap. And as we are seeing, this is something that greedy people value. Because it makes the price always go up when demand goes up. When the price goes up, the demand goes up. It is a self-fulfilling prophecy.
The only caveat is if there is a bug in the code or in the system. Then it could become worthless.
