How Do You Talk About Bitcoin? Why - Helping out the Noobs - A few practicals
I want to share a few thoughts on how to increase the speed of the adoption of the blockchain, specifically BTC, and toss out a few practicals on how to do that. Would love to invite you to read along, and share any of your thoughts/perspective on the topic.
I see people falling into four categories in regards to blockchain, BTC and the cryptoverse.
Initiators - the people that have been in the space since 2013 and experienced a few of the bigger drops in BTC value in 2011/2013. They understood it enough not to bail out. This may be a slight fraction of 1% of people. As per the number of BTC transactions as compared to VISA/Mastercard at the time.
Early Adopters - I see this as anyone show has jumped into the space in 2017. They have made a few bucks and have a decent understanding of the blockchain. This is a slightly bigger fraction of 1% of people.
Investors - These are people that have jumped into the bitcoin/ICO space in 2017 looking too make some money, often with minimal understanding of the blockchain. These are the people that have seen 100%-2000% gains in a month time that have been suckered in my the hype. They are also generally the loudest people in the space, and unfortunately are the ones slowing down the adoption by the 4th group. These are maybe 1%...maybe (at least in US).
Everyone else - These are the people that have not touched the space outside a brief run in with the news, an advertisement or a friend. Minimal understanding of the blockchain and therefore easily given to the idea of 'fake money' or 'ponzi scam'.
How do we increase the adoption of BTC?
Assuming all of us in this space fall into the first three categories, we are going to be the ones that help the 4th category get on board. As more people engage the blockchain technology, understanding the value of it, and how it impacts the financial industry - our freedom it will only increase with the rise of use and consequently the value of bitcoin.
If you have ever read the book 'Tipping Point' my Malcom Gladwell he talks about how to go about creating a tipping point. Essentially the moment where the awareness or adoption of something hits a critical mass where the idea becomes unstoppable. Others will call it the 80/20 rule, where 20% impact the way the other 80% think.
I believe the BTC tipping point is only a few years away, but would like to see it come sooner.
How do you talk about BTC?
- Stop calling it an investment. I have found that most of my friends have been scared off or intimidated by the idea of bitcoin because their initial exposure to it was in light of making money. This comes from many factors, but primarily because what has happened with the value of BTC in 2017 has little to no comparison. The idea of it being a bubble makes sense if you call it an investment. However, if you understand the blockchain, and what is driving the value of BTC it does not make sense to call it a bubble.
- Learn and practice explaining the blockchain. Most of the people in group 2/3 have a sense of intimidation or think to themselves 'I don't understand all the technicalities of the blockchain.' If that is you, no problem...but learn them! Develop a rudimentary understanding to be able to explain it to your friends (if they are willing to learn....). There are some fantastic ted talks on youtube. As more and more people understand the benefits of the blockchain and how it is closing our need to trust in commerce the more people will begin adopting BTC and other coins. Be able to explain terms like encryption, decentralization, nodes/miners.
- Help your friends get a wallet and send them some BTC. Find an easy to use wallet, show your friends how to get one and send them $5 of BTC. It is still such an abstract concept for people of how to transact 'fake money'. When they can see it for themselves, they will begin to understand the keys, security and give them reason to begin watching the value of BTC. It is only going up. This will only grow their excitement and adoption of it.
These are a few basic thoughts. There is a lot more to this that will impact this conversation. Government regulation, political unrest, MSM, etc...
But building knowledge is key in my opinion to the global adoption of the blockchain and BTC.
Let me know your thoughts, how you have talked to noobs - or if you were a noob, what has been the most helpful in your learning curve?
Thanks for reading, Live Big Today and Dominate Life!