As any innovative phenomenon, Bitcoin has numerous supporters and skeptics, and that’s fine. When people are not familiar with the concept, they ask a lot of questions. In general, all the questions are important and require thorough responses. Some of these questions are complex and technical, some are more philosophical and ideological, some financial and economic, whereas others are simply monotonous and annoying.
As the Bitcoin community grows, develops and becomes more complicated, the simple questions from Bitcoin newbies can seem a little frustrating. Here is a list of 5 comments/questions that Bitcoiners can’t simply stand.
“I don’t understand”
The number of times you’ve put all your effort into explaining what a Bitcoin is and how it works. You’ve provided the best analogies, drawn parallels and used layman’s terminology to make the concept as comprehensive as you possibly can. You’ve helped your friend to set up the wallet and transferred 1 mBTC thanking for the beer. You’ve shown that awesomely explanatory video that everyone within the Bitcoin community has seen a million times. You have talked for hours and yet your companion still has no clue what you do, why and how Bitcoin works. Ughhhh…
On the other hand, it can be even more discouraging when people claim that they have understood how the Bitcoin works, when in reality they have no idea. Some people immediately start comparing and paralleling Bitcoin with PayPal or WesternUnion without comprehending that it’s a currency itself.
“Bitcoin a currency widely used by drug cartels and weapon dealers, right?”
Since Bitcoin’s creation, the stigma of being a currency used by notorious criminals, mainly drug traffickers, money launderers and weapon traders, has been clouding over the Bitcoin. The scandalous Silk Road, the marketplace in the Deep Web used for illegal affairs, launched in February 2011, operated by ‘Dread Pirate Roberts’ and shut down by the FBI in October 2013, is often associated with Bitcoin due to the cryptocurrency’s anonymity and confidentiality. However, if you think about, the reputation of all revolutionary innovations with good intentions have been damaged in one way or another. There are always individuals willing to take advantage of the virtues and tarnish the image of a successful concept. In this situation, it is important to weigh the advantages and disadvantages. Obviously, Bitcoin’s pros overcome the cons. Nevertheless, it would probably take another 5 years for Bitcoin to shake off the drug outrage of the past.
“Didn’t Bitcoin already crash? I’ve heard the price is very low now.”
No… It’s hard to take this comment seriously. You’ve tried to explain that the Bitcoin price is highly volatile and that there had been a significant enhancement in Bitcoin’s value if you compare the BTC price of today and 2010. You’ve talked about the price difference now and then; you’ve told the story about the pizza for 10,000 BTCs, but some people still won’t grasp the concept: the development of the Bitcoin community and the increasing number of Bitcoin-accepting businesses guarantee the cryptocurrency’s value and stability.
“So where is the value behind Bitcoin?”
No, there isn’t. Most people are highly disillusioned by the value of the fiat currencies, and, therefore, they try to measure Bitcoin’s value in the same manner. Bitcoin is backed up by nothing other than the ideology and confidence in its value, similarly to Euros, Dollars and all the other currencies that are subject to inflation. I believe it is time for all of us to mourn the gold standard.
Bitcoin is a growing organism. Although we know quite a bit about its possibilities, there are still aspects that require thorough research and development. Be patient, considerate and understanding to everyone how shows interest in the crypto-world. But remember, for some people, Bitcoin is just too much to wrap their head around. 🙂
By Kateryna Iesypenko for CEX.IO