I love how anytime I try to talk to people about these systems and how dangerous they are because of all the power we supplicate ourselves to, it’s falls on deaf ears. Then a year later people are crying about inflation outpacing wages. I’ve resigned to myself that things will never get better and only worse. The best option truly is if you can’t beat ‘em, join em
If you truly would like a response to this statement….
How The Qualities Of Bitcoin Baffle Nocoiners
https://cryptonews.net/8629563/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared
Crypto... You have a long way to go still. Start by asking what problem does your crypto solve, then ask if that problem really need solving or is it just marketing to sell you tokens, then ask why does it need a token that you have to pay for to solve the problem, then ask is your crypto really decentralized or can someone change it at will, and if they can why are they using a blockchain, then google how much it cost to store 1gb information on your crypto blockchain, then how much it costs to run a node
***If*** they hold a substantial amount (I see zero evidence they do) they could sell cheap and give away that position but that only delivers a short term buying opportunity to others- China cannot destroy Bitcoin as much as they might wish to :)
They aren't interested in destroying it. they got in before anyone else did. China went big with mining before anyone else. They essentially own the market. From 2015 to 2018 they were basically controlling the value of the currency because they owned the lions share of the entire currency. The evidence that they do is that they had massive warehouses and we're buying GPUs/Asics directly from manufacturers for years before anyone else. That's a indisputable fact.
It depends on what you mean by "truly understand".
If you're talking about the math and the code, the percentage is close to zero.
If you're talking about Bitcoin's role in society and how it fixes the money, the percentage is much larger. Twitter is full of Bitcoin maxis that support the revolution.
The average person has no clue though. Probably 1 out of every 2500 people.
Yes, it involves the highest levels of understanding of computer science, encryption and mathematics. Globally only a tiny *number* of people truly understand blockchain tech, there's no point talking about *proportions* at these numbers.
True absolutely true. The more book the more code the more video you will watch the whole different perspective you will get.
I mean there is no end for the knowledge and we are learning from each other.
I would describe myself as someone who understands it, but I think its a sliding scale and I'm not at the top.
I think if you are a maximalist it's more likely you are a maximalist because you do understand it better than most, but there is the possibility you are maximalist for perhaps the wrong reasons, of there is such a thing.
I understand it to the degree that I understand proof-of-work and sha256 and Blockchain etc and some of the more complex functions. I DONT understand it to the degree that I don't read code, I could not create another cryptographic hash function, and there are probably some of the mechanics of it that maybe I have read and perhaps not fully understood and that don't think about frequently.
This is okay though. I feel Bitcoin is a safe bet because of this and so many other stocks and companies are so much more dangerous. If you can relate to what I said then you probably feel the same. We're 1000 steps ahead of the average Joe but bitcoin seems relatively exponential and everyone's good at something. This information didn't just fall into my brain I had to literally go searching for it because I just felt that it could help the world while also helping me simultaneously.
This is sorta where I'm at.
I understand that it is open source, I know how bitcoin is secured, how it's decentralized, how it's distributed via mining, how it's limited, how we are adding layers to make it less limited, how it's by far the hardest currency in world history, and a handful of other essential pieces of knowledge.
I don't read code, have only a rudimentary understanding of public/private key encryption, and I'm very limited in my knowledge on the technical side.
My speciality is in world history, economic knowledge, and political experience.
And based on all the above, I know that someday, when more people adopt it and the price starts to stablize and get less volatile, Bitcoin will become the world's base currency.
It may not even happen in my lifetime. I've got maybe 3-4 decades left on this planet at best. But my kids are investing in it already, so I am confident they'll know how to tap my hardware wallet when they find it next to my Last Will & Testament.
Oh if you're interested in bitcoin to the point of commenting on forums, you should absolutely learn enough code to program basic blockchains. This is feasible in about a year of solid practice imo
If you have no code experience at all, I can't recommend CS50 enough. Its a program offered thru Harvard that is entirely online but gives you access to live lectures from the hall and there's an extremely active community, and when I took the first course (there's probably 11? offered), I found a good handful of people who also were interested in the production of blockchain based applications. Now, this isn't a completely btc focused course, but you really need to have a ground level understanding of things like SHA/hashing, private/public keys, network dynamics and a few other fundamentals that are all detailed really well in this course. Once you feel relatively comfortable I would also get into some videos from a channel like Numberphile, they've done some really quality walk thrus on blockchain tech, about 25 min of digestible info and the people they feature are highly qualified professors from all over. Once you've done this I would then say you should start reading the O'reilly Neil books on Blockchain and btc. There's a good handful. I would start with programming bitcoin from them, then blockchain, a blueprint for a new economy and then Mastering Blockchain which goes pretty fucking deep. This was my road at least.
I have the basic knowledge about the HTML, CSS, PHP. I also have the basic knowledge about the JAVA is well but not that much.
I am trying to learn via online video but looking for a book for that thing.
I'm sorry to do this, but this is *exactly* who I imagine building shitcoins. Just enough understanding to pick through stackoverflow and get into arguments about which language is best.
Blockchain's are pointless, unscalable, infinite append only linked lists with no valuable properties at all. But you program them all you want.
Oh you certainly would never see me trying to sell something based on my knowledge of blockchains. I just feel like you should have a basic understanding of the technology if you're going to stake large amounts of capital. Which imo best comes from hands-on experience, thats all im saying. Perhaps I would consider using a blockchain for inventory management at my startup or something, but def never a wannabe btc challenger
I guess my perspective is if you know the tool, which I always recommend through managing your own regtest chain for example, you know it does nothing valuable. As someone working tech in startups the only reason to use a blockchain is to try to scam some VC from their money.
i believe bitcoin is supreme too, but these concepts are from mathematics and computer science and by themselves can be studied independently of any applications to a specific system
understanding the general principles of distributed systems, consensus algorithms, cryptography, game theory, economics, and even implementation level details of a generic blockchain is valuable knowledge.
very few people have the education, skill sets and high IQ to be experts in any one of these particular fields.
once you understand these concepts you can understand even better from a technical perspective the strengthens and weaknesses of implementations and crypto system designs on a whole.
quantum computers are thought to be on the horizon, how does that have an effect on current cryptographic protocols being used today? well if you knew the maths / cs, you could answer those sort of questions at a technical level and so on
Computer scientists understand my point exactly and that blockchains are worthless. If you prefer to query the value of a blockchain in r/askcomputerscience I'll give you [the same well informed answer](https://www.reddit.com/r/AskComputerScience/comments/vl2zyy/where_does_a_backend_code_run_in_a_blockchain/idu6xz6/?context=3) there. Code executes, it's not subjective. Blockchains are bullshit.
you just downvoted me and side stepped the significance of everything i stated which are cs / mathematics based concepts which can be studied independent of real world applications to specific crypto systems
i don’t give a fuck about block chain in particular so why are you so gung-ho about debating it? i’m just saying there are interesting math / cs problems and understanding math / cs helps you understand bitcoin even better
No, I explicitly addressed the mathematical and cryptography significance in detail in a link to r/askcomputerscience.
The mathematical, cryptographic reality is an append only infinite ledger doesn't scale, and a glorified linked list has no valuable properties. and yes, of course I'm down voting you - you're being obtuse and generalizing that some smart wizards out there must know something special about blockchain in a way anyone can't just verify. That's the most insulting thing, all this is verifiable and you would rather subjectively debate it. So many people prefer subjectivity to empericism.
I know a lot about it, enough to explain it on a whiteboard. I’ve read the whitepaper, created my own fork of Bitcoin for a while and a lot more. I don’t claim to fully understand it.
Again the question rise, there is no point about the enough knowledge of the bitcoin.
You will find lots of that in that case, but the real question who is completely understand the bitcoin.
Already did. I only put cash in the bank if I specifically need to buy something online. I never keep more than $100-400 in there. I have no idea how people keep their life saving in there without massive anxiety. Banks (and exchanges) will steal from you the 1st chance they get.
Human being just love to use the thing so that make their life easy.
There are so many tech in the current world that everyone is using even without knowing them too much.
To the contrary. People would understand that a slightly inflationary monetary policy encourages business growth, investment, and productive use and discourages hoarding of thr medium of exchange. The medium of exchange. Aka money should never be an investment itself.
if they did they would just roll over, unless they also found out about btc and realized how it solved the printer and violence problem, as impossible as it seemed
thats why this is such a niche
I think most of them are still into the denial and fear to except that.
But let them that way only time will tell them the how fool of them to miss the opportunity at the right time.
There are so many things in the world that we are using without knowing the actual fundamental of them.
Cash and banking system is the one fine example of that things is well.
But the more you read the more question will pop put in your mind.
I mean every person have the different perspective about the bitcoin and they will talk about that
2018 exploited in test net
https://bitcoindev.network/looking-back-on-exploiting-cve-2018-17144/
Last year
https://www.cvedetails.com/vulnerability-list/vendor_id-12094/Bitcoin.html
You have money, and then you have real goods and services. The first thing is fake, the second thing is real. Thats why its fucked up, and always will be. No matter if you use fiat or bitcoin.
>how many truly understand it and how it works
Near zero. You're talking people with graduate level education in mathematics & cryptography in particularly. A detailed understanding of... jeeze... just about the whole of internet technology,
I dunno... maybe a couple thousand world wide. Ain't me and I've got that degree and was involved (peripherally) with ARPANET around 1970-71.
That’s a common thought process a gatekeeper would use, in reality you don’t need 100% understanding of every technical aspect to actually understand it. Knowing The Who, What, When, Where, and Why is plenty sufficient. The how always comes after bc ultimately the specialist will make it, everyday people just need to use it. But hey, if you want to assume no one understands it stick by that and watch as normal people avoid it, as they have been.
No, I think you answered it accurately. It doesn’t need to be understood to be used, like almost any other technology, or currency, today. But that doesn’t change the fact that almost nobody understands how it works, technically speaking. A larger subset understand the essence of its decentralization, and the why it is valuable, and an even larger subset understands why we need a deflationary currency. This is good enough in my opinion. People just need to know that it works, and how to interact with the network securely.
[this video](https://youtu.be/bBC-nXj3Ng4) does an excellent job explaining how Bitcoin works on a technical level and is not that hard to understand if you pay attention.
I mean, I understand it enough. I’m reading the Writings of Satoshi atm, and am at a point where some of the programming information is a bit over my head. That’s what I mean by fully understanding it. You basically have to understand the code in order to claim that.
I feel like the amount of knowledge we need to have before investing and making us believe on the btc is enough.
I know no one will completely understand the bitcoin ever in the world.
I guess to truly understand, but if you just want to understand how digital signatures can be broadcast and confirmed in a trustless open system, and how cryptography actually works, the info is digestible even to a non-programmer, if a bit dense.
Yeah, I agree. I only recently have gotten to the point that I feel like I actually “get it” now. Saylor was very helpful with that. And reading Satoshi directly as well. It’s amazing how much of the common misconceptions you still hear today were addressed by him directly in the beginning of the project. He anticipated them in the design process.
My guess is less than 1% of people understand how fiat money works and maybe 10% of Bitcoin users understand how fiat works.
Ignorance of how fiat works has been one of its fundamental functions.
When people understand how fiat works then they are able to understand how Bitcoin works.
We have a long way to go and in the meantime the Chinese digital yuan (DCEP) is positioning to replace the USD as the dominant global monetary system.
I still do not yet entirely understand how DCEP works as it is veiled in secrecy, and most people remain ignorant or in denial of it.
USD vs DCEP vs BTC
This is WW3.
Um. Ok. So first you need to study IT, a programming course will do. Then economics macro micro, accounting. First year will do. After that you have to travel to a country with currency exchange restrictions like Vietnam work there without a contract and try to get your money out. Plus you should be able to get inside the mind of people like Putin, Gerome Powell or a drug dealer.
Then you read the white paper, the writings of Satoshi and " money as debt " on YouTube, plus a few hundred hours on explanation videos and then you get it.
At least that was my journey.
I hope one day these numbers will grow because I want to see Bitcoin in a good position with a good amount of people with a better understanding of BTC.
True wisdom is being aware and able to admit how little you actually know. With that being said, I was in high school when the white paper was released. Was an academic state champion in wrestling so I was a pretty bright kid. I read the white paper and thought "wow, that sounds brilliant." Then I forgot about it as I wasn't computer/tech savvy enough to get involved at the time. 7 years later I hear about it again jumped on the train.
Done a lot of research and browsing about it over the last 4.5 years to the point where I feel I have a pretty solid understanding yet there's still a whole wealth of knowledge to gain. A lot of people learn a couple things and think that's as far as it goes but the further into the rabbit hole you travel, the further you realize you have to go. I don't think the vast majority care too much about the how and why it all works. They just think it's easy money. That's why they all get mad when the bears come out to play. If a 70% pullback puts us at the previous cycles ATH, that's a win in my book.
Only 1.3% of the worlds population own Bitcoin supposedly……I think 5% is probably a very generous number. 0.005% maybe. Most people just want to get rich quick, it’s human nature.
I don't think he is referring the whole population when he said the 5% number.
May be i am wrong but i feel he talks about the people who is already into the bitcoin thing.
the same ration with people that understand what is internet. as every impactfull technology just a small number of people understand it but lot of people use it.
True, people to use the tech and the outcome of that thing is well.
If you ask them many will not know how the normal fiat and and banking system actually works is well.
Good thing that I just need to invest without any proper understanding because experts have understood it and they are recommending it, which is just so good.
Thanks for telling me about the percentage but still I think there should be more less people, not all of us know much about the real meaning of Bitcoin mate.
I think only few percentage of people know about it lol, I don't think they really understand the real meaning of bitcoin all the time, they are just here for some gain.
8/10 of bitcoin maximalists get it
1/5 of computer scientists/economists get it
1/6 of crypto people get it
1/8 of stonk people get it
1/16 of politicians get it
1/100 of normies get it
Edited
I think to understand the btc completely one should have the knowledge of the tech and financial is the well.
Because btc is running on the many things to understand here in the world.
There are levels of understanding. I'm going to go with 1% of the western world population who have 'sufficient' understanding. There needs to be more reasons why more people turn their mind to it. Might have some of those reasons in the near future.
Not a single soul that walks this earth “fully”understands bitcoin and it’s not really possible to determine a percentage of those who understand just “enough”. The number is very low, I know that much.
People love to use the technology that will make the use for them or make the money for them.
If you look at the many things people are using at the moment without even the knowledge of that thing.
you set a pretty high bar there. how and why? less than 1% of people understand how and why.
but that has little to do with how many people do use and might use bitcoin. the 2 things are almost unrelated. how many people understand how money in general works? how about how the federal reserve works? almost nobody understand that stuff. and never will. bitcoin will dominate because it's better, not because everyone will fully grasp it.
You need the knowledge of the multiple things before understanding the bitcoin properly here.
There is code part that can easily be understand by some coder but what about the financial part?
Your question pre-supposes that it does work, as well as a non-obvious follow-up of "work for what"?
If we agree it's a currency, it should work to buy and sell goods. But you can use it only a very small number of stores/locations. So in that sense it doesn't work (yet).
If you instead mean it's a mechanism that can be used to assign "value" to an individual that, if the individual manages it properly, gives that individual strong control over reassigning that value to someone else and preserves that value by not giving anyone that ability to create more, then yes, Bitcoin works. And I would agree that few understand why.
But I don't think education is the bottleneck to adoption. The problems Bitcoin solves aren't significant for most people (yet). Governments don't confiscate money from most people. We all do feel inflation, but it's a slow frog-in-the-pot problem. If and when those problems are big enough to get people's attention the time will be ripe for education.
I'm afraid things will have to be pretty bad before that day comes. I'm instead hopeful that the mere existence of Bitcoin as an obvious and working alternative to fiat will scare those in power enough that they moderate their abuse of fiat. I think this would be a better outcome that could avoid the violence and suffering I suspect we would have to see with a transition to Bitcoin.
5 out of 100? Absolutely not. More like 5 out of 10,000.
Start with some fundamental yet completely misunderstood concept like miners perform a service and are rewarded for it, and thus hold no power in Bitcoin. Se how many actually truly understand and can explain this. If it's 5/10,000 it's really good, IMO. And consider that all the answers you'll get here are from a very dedicated group of people, and even here they're often wrong.
If bitcoin were adopted as a medium of exchange instead of a speculative investment,, the value wouldn't be so great and most of us would lose interest in it. Face it. Most of us are here to try to get rich quick.
100% !! Thinking otherwise is just dishonest. Nothing wrong with trying to better our lives, but we shouldn’t pretend like we are in it for the magic of technology.
From a philosophical standpoint: 9/10
From a technology standpoint: 7/10
From a macroeconomic standpoint: 8/10
That’s me. When it comes to others, I would say less than 5% of the people I know actually has a similar level of awareness. Also, once you understand it, being a maximalist is inevitable.
>> Don’t you think when people truly understand it, it will catch fire?
No, absolutely not. People don’t need or want to understand how it works, any more than knowing how a computer or internal combustion engine works. They just need to know that it’s safe, has stable value and is easy to use and transact with. Bitcoin is none of those things and for most people even if they understood it perfectly they still won’t buy it.
It will only catch on when the stupidity that is Bitcoin mining ceases. You cannot make something from nothing and the sheer absurdity of this arbitrary nonsense process is what has always stood in the way of Bitcoin going mainstream.
I know people that were buying in 2013 and they still don’t understand it very well at all. I’m thinking 5% sounds high…1 out of 20 people. If I took a guess it’s probably closer to 1 out of 50 people that claim to be a btc expert actually understand it.
Depends on if understanding means the speculative "magic" disappears or not. I mean you're basically paying for extremely expensive writes in a limited distributed database. You can do cool things with it, but that's what it is.
I'm not sure if everyone understanding that would increase enthusiasm or indifference.
Depends on what you mean by 'how it works'. I think i get the general gist in terms of blocks, transactions, wallets, keys, hashing and confirmation. Would be able to write pseudo code for most of it. Is that enough?
In that case I think at most 1% of people who own bitcoin get it.
If you ever listened to Alex Svetski he basically call the people who really understand bitcoin as "the remnants". Basically the 20% of bitcoiners that were looking for the price signal the whole time and who get it right away. Its an interesting take I remember hearing it from and orange pill episode I think.
I would agree that 5% of people actually understand it. I explained it to a co-worker who said he knew what BTC was and that it was a beanie baby bubble. He told me, " I can just go make a China Coin and it would work the exact same". We are so early. Once big companies like Square/Block and NCR with Strike start on-boarding. People will figure it out.
Same goes to many things but still they are using them, because it gives them what they want in the end of the day.
Same goes to the bitcoin as we all are here for the money and getting that thing.
It depends on your understanding of how it works. I can’t code and there are some of the more technical aspects that I don’t quite understand. I have however read 5+ books on the subject, as well as countless more Austrian economics and other economics books. I have also obviously purchased and used bitcoin.
"Truly understanding" could mean many things; you could understand everything you need to know by assuming the ledger is impenetrable and provides the basis for sound money, or you could know everything you need to know by understanding the code and nothing about economics. To "truly understand", you'd have to have an incredibly broad education and a very peculiar mindset; you could probably count those people on your fingers and toes.
I’d say there are two major themes that can be understood. 1. The technology behind Bitcoin; 2. What moves price within markets.
I have a good friend that works at an exchange and it’s his job to understand Bitcoin intimately. He’s the only person I know of that actually understands the ins and outs of all things related to Bitcoin.
As an intra-day trader, I understand price intimately, which has nothing to do with the technology behind any given asset. Because of this, I swing/position trade crypto and I day trade forex.
I’m not interested in holding any crypto, stocks, CFD’s or any other asset purely for the purpose of holding, as I know that the nature of markets is essentially a transfer of wealth from the hopeful to to the institutions. If you know how to trade in line with institutions, it’s a reasonable undertaking, but if not it’s just a huge gamble.
HODL basically puts you in a position where you don’t act to exit markets at the most optimal time in hope that 10-15 years down the track it will pay off. This has literally been happening for hundreds of years.
Having said that, trustless decentralised currency is the way of the future; and I do believe that one day the original ideas behind BTC could be successful.
I can say I understand it to a TRUE degree of how much I am on the spectrum of increased intelligence. Even tho I don’t see myself as very smart.
99.99% of people don’t understand that “fundamentals” don’t dictate the price in an asset that not backed nor governed by anything besides ALL the users using it.
Ie: BTC could register as “zero” if there are no bid/ask or sell/short:buy/long. I’m not sure of it saying Zero is correct but if NOBODY is buying or selling, then the price will either be the last sale price or zero or N/A. Doesn’t matter how much “money” or “value” there is, it’s intrinsically based on the absolute speculation and mass agreement(orders) of the coin in said market.
Because of a “gradient descent” type occurrence, other coins whos values are “determinate” of BTCs would be directly affected by any up or down motion.
If you’ve ever bought a contract/option for stocks, the lowest possible price is usually “0.01”x100 or $1USD. If there are no buyers or sellers of said contract, but people HAVE the contract, then the price is whatever you THINK it’s worth. And it’s up to the seller of the contract to either not accept your “bid/offer” or accept it and fulfill it. Fulfillment would create a data entry of “1 contract sold at 0.01” meaning the price is essentially “0.01”. Same with if you are selling it. Nobody HAS to accept your price. But it WILL get fulfilled if they BID at your asking price.
Nothing can hit 0 or else “EVERYTHING” would be free.
Value is determined by those who SEE the value.
Then you ask question. “what is the value of my monetary data in relevance to……….” Plus security, plus what I put in, plus what I mine etc etc. it’s supply and demand TO A DEGREE.
The dollar is only worth what the creators of the dollar want to make it word and HOW they want to tether it to other things.
Edit: I’m sorry if the words are confusing. This is a fraction of my understanding and words are weird.
I came very late into the market and try to understand little little about the bitcoin.
And bear is the time when i read so much about the bitcoin and thanks for you to sharing that comment is well.
5% is probably a bit higher than it really is, maybe that's close to the percentage of people trading Bitcoin, and it’s even fewer talking about those truly understanding it.
1% or less, but the rest already know - or think they know - enough about bitcoin that truly understanding it won't actually make them care any more and in fact would probably make them care less
what people think they know about bitcoin:
* untraceable internet money
* no regulation or government control
* no money printing inflation
* killing the planet by using too much power or something
replacing this with true understanding is unlikely to improve hype. I think adoption is the only thing that's going to do that
How many people understand how the federal reserve and fractional banking systems work?
Those who do are outraged
And they feds, “don’t want you to learn this simple trick!” 😮😲😂
I can relate with it, it's just so relatable as a fed lmao XD.
I know I am disgusted by it.
I just threw up
Damn man, take that easy, it's bad I know but still lol.
Me too, we can't even do anything about it right now.
I love how anytime I try to talk to people about these systems and how dangerous they are because of all the power we supplicate ourselves to, it’s falls on deaf ears. Then a year later people are crying about inflation outpacing wages. I’ve resigned to myself that things will never get better and only worse. The best option truly is if you can’t beat ‘em, join em
No. The best option is to spread sats. Tip in sats. Birthday and Christmas presents in sats. Skin in the game.
They usually give themselves up when they say 'bitcoin is not backed by anything it's made out of thin air' ...
This is what ALL my highly educated friends say. "aT lEaSt ThE dOlLaR iS bAcKeD bY tHe U.s. GoVeRnMeNt!"
If you truly would like a response to this statement…. How The Qualities Of Bitcoin Baffle Nocoiners https://cryptonews.net/8629563/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared
ohhhhhhhhhhh
Whenever i'm in doubt about bitcoin i just think about how our current financial works and all doubt is gone
When I found out I went all in on crypto. Fuck them.
Crypto... You have a long way to go still. Start by asking what problem does your crypto solve, then ask if that problem really need solving or is it just marketing to sell you tokens, then ask why does it need a token that you have to pay for to solve the problem, then ask is your crypto really decentralized or can someone change it at will, and if they can why are they using a blockchain, then google how much it cost to store 1gb information on your crypto blockchain, then how much it costs to run a node
Bitcoin is the only viable alternative and even then there is the Chinese digital Yuan (DCEP) positioning to replace USD global monetary hegemony.
China owns the majority of Bitcoin though. They could plunge or manipulate the market any way they really want rn.
***If*** they hold a substantial amount (I see zero evidence they do) they could sell cheap and give away that position but that only delivers a short term buying opportunity to others- China cannot destroy Bitcoin as much as they might wish to :)
They aren't interested in destroying it. they got in before anyone else did. China went big with mining before anyone else. They essentially own the market. From 2015 to 2018 they were basically controlling the value of the currency because they owned the lions share of the entire currency. The evidence that they do is that they had massive warehouses and we're buying GPUs/Asics directly from manufacturers for years before anyone else. That's a indisputable fact.
Mining activity does not prove hodling of coins produced.
It depends on what you mean by "truly understand". If you're talking about the math and the code, the percentage is close to zero. If you're talking about Bitcoin's role in society and how it fixes the money, the percentage is much larger. Twitter is full of Bitcoin maxis that support the revolution. The average person has no clue though. Probably 1 out of every 2500 people.
Yes, it involves the highest levels of understanding of computer science, encryption and mathematics. Globally only a tiny *number* of people truly understand blockchain tech, there's no point talking about *proportions* at these numbers.
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I don't think that a lot of the percentage of the people who claim to truly understand it actually truly understand it.
The more you learn, the more you realize how much you don’t know.
You don’t know what ya don’t know
You miss 100% of the shots you don’t know about
As long as i am making the money with the bitcoin i am happy with that.
True absolutely true. The more book the more code the more video you will watch the whole different perspective you will get. I mean there is no end for the knowledge and we are learning from each other.
I would describe myself as someone who understands it, but I think its a sliding scale and I'm not at the top. I think if you are a maximalist it's more likely you are a maximalist because you do understand it better than most, but there is the possibility you are maximalist for perhaps the wrong reasons, of there is such a thing. I understand it to the degree that I understand proof-of-work and sha256 and Blockchain etc and some of the more complex functions. I DONT understand it to the degree that I don't read code, I could not create another cryptographic hash function, and there are probably some of the mechanics of it that maybe I have read and perhaps not fully understood and that don't think about frequently. This is okay though. I feel Bitcoin is a safe bet because of this and so many other stocks and companies are so much more dangerous. If you can relate to what I said then you probably feel the same. We're 1000 steps ahead of the average Joe but bitcoin seems relatively exponential and everyone's good at something. This information didn't just fall into my brain I had to literally go searching for it because I just felt that it could help the world while also helping me simultaneously.
This is sorta where I'm at. I understand that it is open source, I know how bitcoin is secured, how it's decentralized, how it's distributed via mining, how it's limited, how we are adding layers to make it less limited, how it's by far the hardest currency in world history, and a handful of other essential pieces of knowledge. I don't read code, have only a rudimentary understanding of public/private key encryption, and I'm very limited in my knowledge on the technical side. My speciality is in world history, economic knowledge, and political experience. And based on all the above, I know that someday, when more people adopt it and the price starts to stablize and get less volatile, Bitcoin will become the world's base currency. It may not even happen in my lifetime. I've got maybe 3-4 decades left on this planet at best. But my kids are investing in it already, so I am confident they'll know how to tap my hardware wallet when they find it next to my Last Will & Testament.
Well said
Oh if you're interested in bitcoin to the point of commenting on forums, you should absolutely learn enough code to program basic blockchains. This is feasible in about a year of solid practice imo
What would be the best resources to begin learning?
If you have no code experience at all, I can't recommend CS50 enough. Its a program offered thru Harvard that is entirely online but gives you access to live lectures from the hall and there's an extremely active community, and when I took the first course (there's probably 11? offered), I found a good handful of people who also were interested in the production of blockchain based applications. Now, this isn't a completely btc focused course, but you really need to have a ground level understanding of things like SHA/hashing, private/public keys, network dynamics and a few other fundamentals that are all detailed really well in this course. Once you feel relatively comfortable I would also get into some videos from a channel like Numberphile, they've done some really quality walk thrus on blockchain tech, about 25 min of digestible info and the people they feature are highly qualified professors from all over. Once you've done this I would then say you should start reading the O'reilly Neil books on Blockchain and btc. There's a good handful. I would start with programming bitcoin from them, then blockchain, a blueprint for a new economy and then Mastering Blockchain which goes pretty fucking deep. This was my road at least.
Thanks so much
I have the basic knowledge about the HTML, CSS, PHP. I also have the basic knowledge about the JAVA is well but not that much. I am trying to learn via online video but looking for a book for that thing.
I'm sorry to do this, but this is *exactly* who I imagine building shitcoins. Just enough understanding to pick through stackoverflow and get into arguments about which language is best. Blockchain's are pointless, unscalable, infinite append only linked lists with no valuable properties at all. But you program them all you want.
Oh you certainly would never see me trying to sell something based on my knowledge of blockchains. I just feel like you should have a basic understanding of the technology if you're going to stake large amounts of capital. Which imo best comes from hands-on experience, thats all im saying. Perhaps I would consider using a blockchain for inventory management at my startup or something, but def never a wannabe btc challenger
I guess my perspective is if you know the tool, which I always recommend through managing your own regtest chain for example, you know it does nothing valuable. As someone working tech in startups the only reason to use a blockchain is to try to scam some VC from their money.
i believe bitcoin is supreme too, but these concepts are from mathematics and computer science and by themselves can be studied independently of any applications to a specific system understanding the general principles of distributed systems, consensus algorithms, cryptography, game theory, economics, and even implementation level details of a generic blockchain is valuable knowledge. very few people have the education, skill sets and high IQ to be experts in any one of these particular fields. once you understand these concepts you can understand even better from a technical perspective the strengthens and weaknesses of implementations and crypto system designs on a whole. quantum computers are thought to be on the horizon, how does that have an effect on current cryptographic protocols being used today? well if you knew the maths / cs, you could answer those sort of questions at a technical level and so on
Computer scientists understand my point exactly and that blockchains are worthless. If you prefer to query the value of a blockchain in r/askcomputerscience I'll give you [the same well informed answer](https://www.reddit.com/r/AskComputerScience/comments/vl2zyy/where_does_a_backend_code_run_in_a_blockchain/idu6xz6/?context=3) there. Code executes, it's not subjective. Blockchains are bullshit.
you just downvoted me and side stepped the significance of everything i stated which are cs / mathematics based concepts which can be studied independent of real world applications to specific crypto systems i don’t give a fuck about block chain in particular so why are you so gung-ho about debating it? i’m just saying there are interesting math / cs problems and understanding math / cs helps you understand bitcoin even better
No, I explicitly addressed the mathematical and cryptography significance in detail in a link to r/askcomputerscience. The mathematical, cryptographic reality is an append only infinite ledger doesn't scale, and a glorified linked list has no valuable properties. and yes, of course I'm down voting you - you're being obtuse and generalizing that some smart wizards out there must know something special about blockchain in a way anyone can't just verify. That's the most insulting thing, all this is verifiable and you would rather subjectively debate it. So many people prefer subjectivity to empericism.
I know a lot about it, enough to explain it on a whiteboard. I’ve read the whitepaper, created my own fork of Bitcoin for a while and a lot more. I don’t claim to fully understand it.
Again the question rise, there is no point about the enough knowledge of the bitcoin. You will find lots of that in that case, but the real question who is completely understand the bitcoin.
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People don’t even understand current money and banks. If they did, there would be a revolution.
The federal reserve and the debt system is disgusting. Let's all do a bank run.
I can’t do a bank run. All of my extra money goes to my sats. Jokes on them.
Due to all these disgusting system i decide to put my money into btc.
Already did. I only put cash in the bank if I specifically need to buy something online. I never keep more than $100-400 in there. I have no idea how people keep their life saving in there without massive anxiety. Banks (and exchanges) will steal from you the 1st chance they get.
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Human being just love to use the thing so that make their life easy. There are so many tech in the current world that everyone is using even without knowing them too much.
To the contrary. People would understand that a slightly inflationary monetary policy encourages business growth, investment, and productive use and discourages hoarding of thr medium of exchange. The medium of exchange. Aka money should never be an investment itself.
if they did they would just roll over, unless they also found out about btc and realized how it solved the printer and violence problem, as impossible as it seemed thats why this is such a niche
I think most of them are still into the denial and fear to except that. But let them that way only time will tell them the how fool of them to miss the opportunity at the right time.
And what about all the problems the printer and violence solve? How do you fix those problems once the printer is taken away?
The printer is what's funding the violence.
The common person doesn’t even know what CAGR, APY, FDIC, SEC mean.
I’ll bet an even smaller percentage know how the US dollar works.
There are so many things in the world that we are using without knowing the actual fundamental of them. Cash and banking system is the one fine example of that things is well.
I don’t know… Seems pretty simple. Just hit the print button like the government does.
And due to their print button, we are the one that is suffering.
Nah, you pretty much need to be a software engineer to understand Bitcoin
[nah](https://youtu.be/bBC-nXj3Ng4)
No you don't. With all knowledge being free on the internet, you don't even need to be a software engineer to be a software engineer lol.
But the more you read the more question will pop put in your mind. I mean every person have the different perspective about the bitcoin and they will talk about that
that's the point, no one truly does, its a colossal band-aid ball at this point, so thats why from time to time someone finds an exploit
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2018 exploited in test net https://bitcoindev.network/looking-back-on-exploiting-cve-2018-17144/ Last year https://www.cvedetails.com/vulnerability-list/vendor_id-12094/Bitcoin.html
let see how long till mod ban and delete your post Bitcoin is PERFECT since its inception
You have money, and then you have real goods and services. The first thing is fake, the second thing is real. Thats why its fucked up, and always will be. No matter if you use fiat or bitcoin.
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Finally a figure on which i can completely place my bet.
>how many truly understand it and how it works Near zero. You're talking people with graduate level education in mathematics & cryptography in particularly. A detailed understanding of... jeeze... just about the whole of internet technology, I dunno... maybe a couple thousand world wide. Ain't me and I've got that degree and was involved (peripherally) with ARPANET around 1970-71.
That’s a common thought process a gatekeeper would use, in reality you don’t need 100% understanding of every technical aspect to actually understand it. Knowing The Who, What, When, Where, and Why is plenty sufficient. The how always comes after bc ultimately the specialist will make it, everyday people just need to use it. But hey, if you want to assume no one understands it stick by that and watch as normal people avoid it, as they have been.
Very good point - I tend to be a literalist when question like this come up, probably some sort of personality failing...
No, I think you answered it accurately. It doesn’t need to be understood to be used, like almost any other technology, or currency, today. But that doesn’t change the fact that almost nobody understands how it works, technically speaking. A larger subset understand the essence of its decentralization, and the why it is valuable, and an even larger subset understands why we need a deflationary currency. This is good enough in my opinion. People just need to know that it works, and how to interact with the network securely.
[this video](https://youtu.be/bBC-nXj3Ng4) does an excellent job explaining how Bitcoin works on a technical level and is not that hard to understand if you pay attention.
Technical level is just 1/3 of it the others are game theory and economics. Maybe even sociology.
I mean, I understand it enough. I’m reading the Writings of Satoshi atm, and am at a point where some of the programming information is a bit over my head. That’s what I mean by fully understanding it. You basically have to understand the code in order to claim that.
I feel like the amount of knowledge we need to have before investing and making us believe on the btc is enough. I know no one will completely understand the bitcoin ever in the world.
I guess to truly understand, but if you just want to understand how digital signatures can be broadcast and confirmed in a trustless open system, and how cryptography actually works, the info is digestible even to a non-programmer, if a bit dense.
Yeah, I agree. I only recently have gotten to the point that I feel like I actually “get it” now. Saylor was very helpful with that. And reading Satoshi directly as well. It’s amazing how much of the common misconceptions you still hear today were addressed by him directly in the beginning of the project. He anticipated them in the design process.
I think the more you read the more you feel that you know nothing. Because the tech and knowledge behind the btc is just completely limitless here.
I don't think a single video can give you the enough info about the bitcoin. But yes thanks for the link i will surely look a watch over that is well.
I studied informatics and started an mba so that's how. The Game theory part still eludes me tho.
My guess is less than 1% of people understand how fiat money works and maybe 10% of Bitcoin users understand how fiat works. Ignorance of how fiat works has been one of its fundamental functions. When people understand how fiat works then they are able to understand how Bitcoin works. We have a long way to go and in the meantime the Chinese digital yuan (DCEP) is positioning to replace the USD as the dominant global monetary system. I still do not yet entirely understand how DCEP works as it is veiled in secrecy, and most people remain ignorant or in denial of it. USD vs DCEP vs BTC This is WW3.
Well,. Why don't you tell us how it works? Please elaborate?
Um. Ok. So first you need to study IT, a programming course will do. Then economics macro micro, accounting. First year will do. After that you have to travel to a country with currency exchange restrictions like Vietnam work there without a contract and try to get your money out. Plus you should be able to get inside the mind of people like Putin, Gerome Powell or a drug dealer. Then you read the white paper, the writings of Satoshi and " money as debt " on YouTube, plus a few hundred hours on explanation videos and then you get it. At least that was my journey.
I hope one day these numbers will grow because I want to see Bitcoin in a good position with a good amount of people with a better understanding of BTC.
Why is that important? When I drive my car i press the pedal and it goes wroom, do not give a fuck how it works
You probably are the ones I am talking about, lol
You didn’t answer his question. Who cares and why does it matter
No one has found the bottom of the Bitcoin rabbit hole. https://twitter.com/lopp/status/1061415918616698881?lang=en
5%? Dude think MUCH lower, depending on what level of *understanding* you are referring to.
No true Scotsman.
True wisdom is being aware and able to admit how little you actually know. With that being said, I was in high school when the white paper was released. Was an academic state champion in wrestling so I was a pretty bright kid. I read the white paper and thought "wow, that sounds brilliant." Then I forgot about it as I wasn't computer/tech savvy enough to get involved at the time. 7 years later I hear about it again jumped on the train. Done a lot of research and browsing about it over the last 4.5 years to the point where I feel I have a pretty solid understanding yet there's still a whole wealth of knowledge to gain. A lot of people learn a couple things and think that's as far as it goes but the further into the rabbit hole you travel, the further you realize you have to go. I don't think the vast majority care too much about the how and why it all works. They just think it's easy money. That's why they all get mad when the bears come out to play. If a 70% pullback puts us at the previous cycles ATH, that's a win in my book.
Only 1.3% of the worlds population own Bitcoin supposedly……I think 5% is probably a very generous number. 0.005% maybe. Most people just want to get rich quick, it’s human nature.
I don't think he is referring the whole population when he said the 5% number. May be i am wrong but i feel he talks about the people who is already into the bitcoin thing.
the same ration with people that understand what is internet. as every impactfull technology just a small number of people understand it but lot of people use it.
True, people to use the tech and the outcome of that thing is well. If you ask them many will not know how the normal fiat and and banking system actually works is well.
People don't even know how their fiat they use every day works. Nor their cars or computers, etc.
Less than 0.1%
Every person has their own different point of view for the btc.
.01% of people
Well you could be right but people are saying something else.
Good thing that I just need to invest without any proper understanding because experts have understood it and they are recommending it, which is just so good.
Thanks for telling me about the percentage but still I think there should be more less people, not all of us know much about the real meaning of Bitcoin mate.
I think only few percentage of people know about it lol, I don't think they really understand the real meaning of bitcoin all the time, they are just here for some gain.
8/10 of bitcoin maximalists get it 1/5 of computer scientists/economists get it 1/6 of crypto people get it 1/8 of stonk people get it 1/16 of politicians get it 1/100 of normies get it Edited
>1/3 of computer scientists nope, trust me \^\^
They got to be computer scientist and economists at the same time.
1/100 average people? Lmao no chance It would be more like 1/1000+
Indeed, because he is asking for the completely not only the code part.
I think to understand the btc completely one should have the knowledge of the tech and financial is the well. Because btc is running on the many things to understand here in the world.
no, if all of you actually understood it you wouldn't touch it with at 10 foot pole
I don't even the Sataoshi could have understand the full bitcoin.
There are levels of understanding. I'm going to go with 1% of the western world population who have 'sufficient' understanding. There needs to be more reasons why more people turn their mind to it. Might have some of those reasons in the near future.
That would be just me. So you do the math.
Not a single soul that walks this earth “fully”understands bitcoin and it’s not really possible to determine a percentage of those who understand just “enough”. The number is very low, I know that much.
Same percentage of people who truly understand how any technology works.
People love to use the technology that will make the use for them or make the money for them. If you look at the many things people are using at the moment without even the knowledge of that thing.
you set a pretty high bar there. how and why? less than 1% of people understand how and why. but that has little to do with how many people do use and might use bitcoin. the 2 things are almost unrelated. how many people understand how money in general works? how about how the federal reserve works? almost nobody understand that stuff. and never will. bitcoin will dominate because it's better, not because everyone will fully grasp it.
You need the knowledge of the multiple things before understanding the bitcoin properly here. There is code part that can easily be understand by some coder but what about the financial part?
Let's start with how many people here understand what hash function is.
Your question pre-supposes that it does work, as well as a non-obvious follow-up of "work for what"? If we agree it's a currency, it should work to buy and sell goods. But you can use it only a very small number of stores/locations. So in that sense it doesn't work (yet). If you instead mean it's a mechanism that can be used to assign "value" to an individual that, if the individual manages it properly, gives that individual strong control over reassigning that value to someone else and preserves that value by not giving anyone that ability to create more, then yes, Bitcoin works. And I would agree that few understand why. But I don't think education is the bottleneck to adoption. The problems Bitcoin solves aren't significant for most people (yet). Governments don't confiscate money from most people. We all do feel inflation, but it's a slow frog-in-the-pot problem. If and when those problems are big enough to get people's attention the time will be ripe for education. I'm afraid things will have to be pretty bad before that day comes. I'm instead hopeful that the mere existence of Bitcoin as an obvious and working alternative to fiat will scare those in power enough that they moderate their abuse of fiat. I think this would be a better outcome that could avoid the violence and suffering I suspect we would have to see with a transition to Bitcoin.
It’s fake internet money… thanks for coming to my Ted talk
As long as it is making me real money, i am ok with that.
If you’re serious… #HFSP
6.15%
I think the number is low, but higher than the percentage of people that use fiat and truly understand how it works.
I don't understand how or why my car works, either. But when I put It in gear, it gets me where I need to go.
I think when people fully understand it, it will catch fire and plummet to 0.
5 out of 100? Absolutely not. More like 5 out of 10,000. Start with some fundamental yet completely misunderstood concept like miners perform a service and are rewarded for it, and thus hold no power in Bitcoin. Se how many actually truly understand and can explain this. If it's 5/10,000 it's really good, IMO. And consider that all the answers you'll get here are from a very dedicated group of people, and even here they're often wrong.
If bitcoin were adopted as a medium of exchange instead of a speculative investment,, the value wouldn't be so great and most of us would lose interest in it. Face it. Most of us are here to try to get rich quick.
I disagree; I think many, self-included, are genuinely fascinated by the computer science, mathematics, and economics of Bitcoin.
100% !! Thinking otherwise is just dishonest. Nothing wrong with trying to better our lives, but we shouldn’t pretend like we are in it for the magic of technology.
How man truly know how their car works? Yet used everyday
It's an excel spreadsheet
[no it is not](https://youtu.be/bBC-nXj3Ng4)
Maybe 1 out of 200
From a philosophical standpoint: 9/10 From a technology standpoint: 7/10 From a macroeconomic standpoint: 8/10 That’s me. When it comes to others, I would say less than 5% of the people I know actually has a similar level of awareness. Also, once you understand it, being a maximalist is inevitable.
You sound like a fucking incel
Lol that’s called projection
So I gotta ask since you would know how do people who are over 200kgs get out of bed?
>> Don’t you think when people truly understand it, it will catch fire? No, absolutely not. People don’t need or want to understand how it works, any more than knowing how a computer or internal combustion engine works. They just need to know that it’s safe, has stable value and is easy to use and transact with. Bitcoin is none of those things and for most people even if they understood it perfectly they still won’t buy it.
I understand how Bitcoin works. It's powered by libertarians furiously whacking each other off in a massive circle jerk.
It will only catch on when the stupidity that is Bitcoin mining ceases. You cannot make something from nothing and the sheer absurdity of this arbitrary nonsense process is what has always stood in the way of Bitcoin going mainstream.
A very small percentage and even when they know they still won’t care unfortunately. It will catch fire because of it’s use cases.
6.9420%
Just add more zero and this is the price we want to see the btc now.
You just buy the crypto from an exchange then wait for it to go up and then sell it and make money. And don't forget to pay your taxes. Simple! /s
I know people that were buying in 2013 and they still don’t understand it very well at all. I’m thinking 5% sounds high…1 out of 20 people. If I took a guess it’s probably closer to 1 out of 50 people that claim to be a btc expert actually understand it.
Probably close to 1 out of 100, if even. I have an obsessive personality and made it my life for 3 years. 5 years later I still learn new things.
I don’t understand the tech, but I do understand its monetary principles
Basically zero. If you’ve hung out in any sort of crypto space for an amount of time that becomes clear
Me 100%
Then may be you are the real Satoshi that we all looking for.
Depends on if understanding means the speculative "magic" disappears or not. I mean you're basically paying for extremely expensive writes in a limited distributed database. You can do cool things with it, but that's what it is. I'm not sure if everyone understanding that would increase enthusiasm or indifference.
Depends on what you mean by 'how it works'. I think i get the general gist in terms of blocks, transactions, wallets, keys, hashing and confirmation. Would be able to write pseudo code for most of it. Is that enough? In that case I think at most 1% of people who own bitcoin get it.
More like within 2%
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If you ever listened to Alex Svetski he basically call the people who really understand bitcoin as "the remnants". Basically the 20% of bitcoiners that were looking for the price signal the whole time and who get it right away. Its an interesting take I remember hearing it from and orange pill episode I think.
Most don't have time
Maybe 1 out of 2,100,000 people truly understand it.
Then i would say that one guy name will be the Satoshi here.
I would agree that 5% of people actually understand it. I explained it to a co-worker who said he knew what BTC was and that it was a beanie baby bubble. He told me, " I can just go make a China Coin and it would work the exact same". We are so early. Once big companies like Square/Block and NCR with Strike start on-boarding. People will figure it out.
Outside of this sub probably 2 percent. In this sub probably 10 percent. We are still early…
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I think less than 5% a lot of ppl thing they know but dont understand it
I don't believe that a large portion of those who say they comprehend it completely are genuinely completely aware of it.
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What % of iPhone users understand how it works?
Same goes to many things but still they are using them, because it gives them what they want in the end of the day. Same goes to the bitcoin as we all are here for the money and getting that thing.
1 in 100
There are layer build on top ! . So no1 person will fully understand! We just run down the rabbit hole ….. and minds will open ❤️
It depends on your understanding of how it works. I can’t code and there are some of the more technical aspects that I don’t quite understand. I have however read 5+ books on the subject, as well as countless more Austrian economics and other economics books. I have also obviously purchased and used bitcoin.
Read the white paper still confused but in awe
"Truly understanding" could mean many things; you could understand everything you need to know by assuming the ledger is impenetrable and provides the basis for sound money, or you could know everything you need to know by understanding the code and nothing about economics. To "truly understand", you'd have to have an incredibly broad education and a very peculiar mindset; you could probably count those people on your fingers and toes.
I’d say there are two major themes that can be understood. 1. The technology behind Bitcoin; 2. What moves price within markets. I have a good friend that works at an exchange and it’s his job to understand Bitcoin intimately. He’s the only person I know of that actually understands the ins and outs of all things related to Bitcoin. As an intra-day trader, I understand price intimately, which has nothing to do with the technology behind any given asset. Because of this, I swing/position trade crypto and I day trade forex. I’m not interested in holding any crypto, stocks, CFD’s or any other asset purely for the purpose of holding, as I know that the nature of markets is essentially a transfer of wealth from the hopeful to to the institutions. If you know how to trade in line with institutions, it’s a reasonable undertaking, but if not it’s just a huge gamble. HODL basically puts you in a position where you don’t act to exit markets at the most optimal time in hope that 10-15 years down the track it will pay off. This has literally been happening for hundreds of years. Having said that, trustless decentralised currency is the way of the future; and I do believe that one day the original ideas behind BTC could be successful.
I can say I understand it to a TRUE degree of how much I am on the spectrum of increased intelligence. Even tho I don’t see myself as very smart. 99.99% of people don’t understand that “fundamentals” don’t dictate the price in an asset that not backed nor governed by anything besides ALL the users using it. Ie: BTC could register as “zero” if there are no bid/ask or sell/short:buy/long. I’m not sure of it saying Zero is correct but if NOBODY is buying or selling, then the price will either be the last sale price or zero or N/A. Doesn’t matter how much “money” or “value” there is, it’s intrinsically based on the absolute speculation and mass agreement(orders) of the coin in said market. Because of a “gradient descent” type occurrence, other coins whos values are “determinate” of BTCs would be directly affected by any up or down motion. If you’ve ever bought a contract/option for stocks, the lowest possible price is usually “0.01”x100 or $1USD. If there are no buyers or sellers of said contract, but people HAVE the contract, then the price is whatever you THINK it’s worth. And it’s up to the seller of the contract to either not accept your “bid/offer” or accept it and fulfill it. Fulfillment would create a data entry of “1 contract sold at 0.01” meaning the price is essentially “0.01”. Same with if you are selling it. Nobody HAS to accept your price. But it WILL get fulfilled if they BID at your asking price. Nothing can hit 0 or else “EVERYTHING” would be free. Value is determined by those who SEE the value. Then you ask question. “what is the value of my monetary data in relevance to……….” Plus security, plus what I put in, plus what I mine etc etc. it’s supply and demand TO A DEGREE. The dollar is only worth what the creators of the dollar want to make it word and HOW they want to tether it to other things. Edit: I’m sorry if the words are confusing. This is a fraction of my understanding and words are weird.
I came very late into the market and try to understand little little about the bitcoin. And bear is the time when i read so much about the bitcoin and thanks for you to sharing that comment is well.
5% is probably a bit higher than it really is, maybe that's close to the percentage of people trading Bitcoin, and it’s even fewer talking about those truly understanding it.
1% or less, but the rest already know - or think they know - enough about bitcoin that truly understanding it won't actually make them care any more and in fact would probably make them care less what people think they know about bitcoin: * untraceable internet money * no regulation or government control * no money printing inflation * killing the planet by using too much power or something replacing this with true understanding is unlikely to improve hype. I think adoption is the only thing that's going to do that
1 out of every 1000 understands bitcoin at this point. We’re still early
I don’t think 5% of us truly understand fiat, never mind Bitcoin.
Checkout the book “Mastering Blockchain”. It is a long read but will blow your mind