Is the average person smart enough to understand #Bitcoin? Hate to say that but it’s a fair question.
Discussion
I don't think they have to. How many people understand the internet or how cars work for that matter?
Ultimately I don't know if anyone understands bitcoin in a comprehensive way.
Bitcoin is emerging and growing continuously. We only need to know enough to use it.
If you're asking how many people will reach that point, I would say everyone gets bitcoin at the price they deserve.
Maybe not fully understand it but more like how to spend it, block times, privacy considerations etc.. Will people take the time to learn about all this or are they going to be lazy and want a CBDC that is stupid simple to use and don’t have to relearn a whole lot.
Bitcoin has to be as easy to use an Apple Pay or adoption among average people is going to be slow going and institutional adoption will make it all but impossible for the majority to catch up.
Yeah I see what you mean.
If the bitcoin protocol stays on its current technical trajectory very few people will ever have a UTXO. Most will and up using a layer two or three version of bitcoin with trust, privacy, and convenience tradeoffs.
Not necessarily the ideal state of affairs, but that's where we are today.
Anyone who opts to use shitcoins (CBDCs and fiat included) will just get poorer continuously until they learn their lesson.
That’s what I’m thinking too.. at that point do they even own Bitcoin if it’s on a layer 2 or three and they don’t own UTXO?
I fear if we could be just end up creating the very system we are trying to escape from because like you said these trade offs are introduced the more layers that are added.
Yeah I have had that concern as well. I do believe that bitcoin will make a dramatic improvement over the previous system, but there will still be rug pulls and scams for a long time to come.
I don't know what the legal structure will look like under a bitcoin standard, but I imagine we will gradually build a structure which makes it prohibitively risky to rug pull people with financial services.
Most people focus on the means of exchange and store of value elemets of bitcoin, but I think the most transofmational factor is the third element, means of accounting.
In my opinion, if a large segment of society begins to think and measure their lives denominated in bitcoin it will bring about a renaissance whether the hold on chain custody or not.
The main element I see as a problem is interest bearing loans. Usury.
I'm not sure how the credit market will adapt to the bitcoin standard, but I don't see how they can coexist.
Saylor and Saifedean recently debated this on his podcast.
Couldn’t agree more. The behavioral changes that come with BTC becoming a unit of account are going to be huge and incalculable. I hope we are around to see this happen.
No.
The average person will follow the masses, do the same as the neighbour.
Doesn"t matter how hard you explain it to them.
That’s my thinking as well.
No, but this isn't the question. The average person isn't curious enough to want to understand. As others have said, the average person is a follower. They will follow.
Focus on the vangaurd and teach the curious.
But will they know how to follow and no best practices or will they get bumped to a custodial situation and have some sort of Bitcoin backed dollar…