Share your stories after trying to explain what bitcoin is

Let me hear your stories when you have tried to explain to someone what bitcoin is and how the economy works. what reactions and answer have you got ?

I have been called many things when I try to explain to people what happens in world​​ with the economy. A classic nickname is tin foil hat man :laughing:.

Only today I got an ironic question if I have a foil hat :laughing: when I tried to explain that the dollar is not backed by gold and that it was removed in 1971.
I’ve had people get mad at me when I try to explain what bitcoin is and how it works.
Hopefully one day they will ask for my help instead.

But most people are interested and I have got some good response.

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People would listen to me, but wouldn’t get excited too much. Even if they did get some interest out of it, they would say bitcoin was just a get rich quick scheme. They don’t think too much about what money is except one of my close friends. He is very passionate about hard work in general and loves to think about business opportunities. I am sure he will achieve great goals in the future.

I do love to share knowledge about cryptocurrencies. This place feels like home to me. For the first time, I can help people that want to learn something new, rather than trying to find people locally.

I love this community. :heart:

Thank you for your post. :smiley:

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Agreed @Mauro, this is an awesome place here! The energy of the people, the curiosity and enthusiasm, the mutual helping, just awesome!

About the original question: People mostly are in “friendly disbelief”. They listen and nod and smile and are happy for me and think it’s (somewhat) interesting, but then very few people ever want to get some crypto for themselves. I think many think “it’s already too late” and that the possible gains at this point are not worth the risk. I don’t want to push or preach or anything and just leave it at that mostly.

In the beginning I could not understand how people are just letting it all pass them by, but I figured out that few people are in general up for entrepreneurship and risk taking. They think about money mostly in terms of salary, savings or spending, but investments, cashflow, ROI etc is just not something they really think about (especially younger people, older people than might do stocks or gold etc). I think German culture is especially not-so-entrepreneurial , especially compared to the US ! People go to school, then to university if they can, hoping they’ll find a good job afterwards. But very few people ever think of somehow trying out entrepreneurship, starting a business or such.

And the bureaucracy does the rest…(for ex. If you just want to put up a website or blog, you need to publicly put the address and telephone number of someone responsible, which in many cases would mean putting your personal details and private phone on the internet for spammers and scammers to use to their liking.

If you don’t do it correctly and/or don’t respond correctly, in case that somebody has an official complaint to you, you might quickly be in violation of the law and fines of around 150.000 Euros could hit you. So imagine all the laws you have to consider if you want to do a start up…)

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@Farid you have absolutely right about that people think is too late. On my old job some of my coworker ask me if there was to late to buy bitcoin. I told them that is not too late to buy, but there’s a risk involved like everything else. That scares people and instead of investing they buy lottery tickets.
The sad part here is that from my one experience most people in sweden don’t want to talk about money and finance.

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Yeah the community is awesome and people are open minded, have different ideas and stories to share. Agreed, most people listen but my friends can’t handle it and say it’s too complicated and yes, it’s hard to wrap your head around it in the beginning. :smile:.
There is so much that is connected; the economy, digital scarcity, wallets, mining and so on :laughing:

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@Timmy exactly my thinking…

also: money is such an emotional topic, it’s really something special. When I was younger I thought that it was mostly math and logic but if you really look at it there is SO much emotion involved - and lots of “invisible scripts”, i.e. people don’t know what they believe about money and why they believe it, but they have strong reactions or opinions nonetheless.
and (good) financial education is really rare - or lets say was, before the internet. But still, most people don’t trust, people don’t really ask, nor try to read a book on the topic or anything. You can easily go through the whole education system in Germany and almost learn nothing about money, banks, debt, interest, assets, etc. Seems to be like that in a lot of places still…

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Thank you for the kind words. I am glad to have you here at the academy. The overall space is very exciting. :slight_smile:

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Such a great question! And one I am very curious about as well. I joined the academy so that I could try to find a way to help the spread the word and strengthen my own knowledge so I could be a better explainer of the topic.

My impression is that some think I’ve become radicalised in some way :laughing:. But if I self reflect this may happen when I speak too “passionately” about BTC or Cryptos so I try to relax my tone a lot.
My friend who is an ACCOUNTANT still only thinks of it as a “good investment opportunity” I first spoke to her about it 4 years ago and she still does not see it for what it is. (How! She works with money every single day :woman_shrugging: ) Seems only interested in making a big ROI.
My non tech savvy Mom follows it, is curious about it but is still too nervous to invest. I’ve spoken to her about it since I first discovered BTC in 2013. Recently when talking about everything that’s going on now I asked would she not invest a little in BTC and she said she just does not understand it. She deals mostly in paper money does not do internet banking etc. But I think she might change her mind, as my brother invested 2 years ago and BTC went 3x since he bought in.
I also had a guy call me a tin hat wearer on twatter the other day and the points he made showed he clearly did not understand the subject. I did not engage as sometimes it’s just too soul destroying to try and have such a technical conversation with 140 characters a time.

Phrases I think are good when explaining:

  • It is the first time we can have a seperation of Money and state. Meaning politicians have the same access to newly minted coins as you or I.

  • Bitcoin is a form of unforgeable token who’s production is mathematically predictable and can not be influenced by third parties. Potential boom moment for a person who has watched The Hidden secrets of money.

I’d really like to hear other good phraseology teachers use.

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For sure, it does feel like home. So grateful to be around like minded people.

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I’ve got the “It’s too late” reaction a lot. When I tried to explain why it was not to late to a co-worker he just firmly said “Look I got burnt badly in the dot com bubble ok?!” So I just left it.

But usually when I try to explain why it’s never too late to buy BTC, the reaction is one like I’m trying to get people involved in a pyramid scheme.

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Hi Margo

The entire category struggles with an image problems outside the already converted and passionate user base…

  • cryptocurrency = for criminals
  • bitcoin = snake oil
  • blockchain = bitcoin

If we want to see mass adoption in this arena we will have to overcome these negative perceptions perhaps by reframing the category…

  • digital money = cryptocurrency
  • digital reserve and the no.1 currency = bitcoin
  • digital security = blockchain

I know that’s seems so simplistic but if you can’t explain it to my crazy aunt Mary in the Midwest then we will see mass confusion when countries unleash their digital currencies and people will shy away from crypto even further.

The category needs an image rebrand!

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It depends on who asks and why? For those who ridicule bitcoin - I usually keep quiet, knowing full well that their response is selected from main stream media highlighting the stolen coins or hacked exchanges, used by criminals for drugs, counterfeit money etc. To that group - I ask them what do they know about fiat currency and also remind them that the accusations pointed to bitcoin continues in the world of fiat too. The history of money posted by Mike Malone covers this very well.
For those who have a genuine interest - I tell them if I owe you $5 in fiat - it has to go through my bank, to your bank and then to you. If you had a bitcoin wallet - I pay the equivalent $5 value in bitcoin direct to your wallet. NO BANKS INVOLVED. This is difficult for many to comprehend. Even the act of becoming your own bank is hard to get used to, when we have grown up with banks that take care of our fiat.
The other tactic I use - I am forever reading up stuff relating to the crypto world or listening to podcasts, at the train station, on the ferry, waiting for uber - when they hear Ivan’s voice pumped up and vibrant - curiosity gets the better of them - they want to know who Ivan is - one of my friends heard that India had banned bitcoin recently. He is from India. We live in New Zealand. He wanted to know more - I gave him 5 links - Ivanontech, Andreas Antonopolous, Mike Maloney, Bitcoin 99, The Hated One. Haven’t heard from him yet. Time will tell.
Another tactic -( I stole this from Andreas). “Bitcoin today is much like what the internet was like when it first came out - dial up, yahoo, microsoft getting hacked and websites were out for days and then compare it to what internet is today”.
I love it when they ask me what am I doing with myself these days - I keep it short - I’m learning c++ programming language. What for? - because I can choose a job working from home, once I’m qualified. I won’t be looking for work. It will find me. All I need is a ph, laptop and internet connection.

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Yes money is an emotional topic. Many I have met do not want to talk about money and see it as something negative. They want to make money and get rich but they do not want to talk about how it works and calls it evil capitalism :upside_down_face:.
It’s the same in Sweden, when I was growing up we never talk about money in school. We talk about Sweden’s BNP once if I remember correctly haha

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You absolutely right @tanyiakandohla. When I try to talk about bitcoin I always talk about people that actually use and need bitcoin, like in zimbabwe, Venezuela, to give them more of an understanding how people actually need this money / crypto.
I usually link people to Andreas antonopoulos youtube.

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Completely agree.

Donno if you listened to this (https://www.youtube.com/watch?v=UbMaPYX52go) conversation where Bill Burr talks Bitcoin with Anthony Pompliano. I really admired the way Anthony responds to Bills questions. Also think this could be useful to share with Newbies as Bill asks some common newbies questions.

Yesterday a guy on twitter told me he didn’t understand Bitcoin AND it was the stupidest thing he’d ever heard of - in the same sentence. How can you say its stupid if you don’t understand it? :face_with_monocle:

Anyway the story ended well, I sent him a link to the hidden secrets of money and AAntop. It ended with no response only likes on my final tweets. I think it was a convert :wink:

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Tried and confused more myself and uncompleted haha

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People are pissed as they lost money on scams and also didn’t sell in 2017, they regret investing in Cryptos while they got caught up with FOMO back then :rofl:

Thank goodness I landed at this academy. Blockchain and Crypto education is a must in the long run :rocket:

Loving this community day by day! :heart_eyes_cat: :coffee: :sun_with_face:

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Hi, yes there’s a strange phenomenon when you try to speak about doing successful things, its like you feel resented…? “That will never catch on” my family say all the time…lol regards, Patrick

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Maybe coz you’re not getting the support you would need :thinking:

Anyway, you are your own support at the end of the day…and us here in the blockchain space at ivan On Tech :smile::wave:

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I’ve been preaching the Satoshi gospel for the past 3 years… it has become easier to start the conversation by letting everyone know that I wear tinfoil hat :laughing:. Lack of decent education in monetary system across the globe and the trust everyone still holds in fiat definitely makes for challenging conversation but I find that many people tend to show more interest when the conversation is about permissionless nature of bitcoin. And unlike the current monetary system, bitcoin is available for everyone in the world to use if they decide to join. Thanks to this academy, I’m getting a bit better at explaining & curious people are now coming to me with questions :slightly_smiling_face: And everyone who fell into the rabbit hole seem to enjoy the gained knowledge.
I just can’t contain my excitement when comes to conversation of decentralized future & how it can be great for all of us!

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