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RE: How do you see BITCOIN - AN INVESTMENT OR WEALTH PROTECTION AGAINST INFLATION?

in Project HOPE4 years ago (edited)

If I was talking to my friend Bob who knows nothing about crypto, global fiscal or monetary policy, or the technicals of wealth building. I would say this if asked:

Bob: What's Bitcoin?
Me: Internet money, like digital gold, you can trade it, send it and exchange it for dollars.
Bob: Do you have some?
Me: Yeah, I thought what the hell, put $100 in several years ago, and watched it go up, made some good money, what do I have to lose except for $100, ya know?
Bob: That's a good point.
Me: I can send you some Bitcoin if you want, so you can see how it works, then we can go out for Mexican food.
Bob: Sure why not.

Sustainable crypto adoption goes in stages. And it also depends on who you're talking to, how sophisticated they are, their background, etc… If they have a background in computer science and finance, crypto is an easy sell most of the time. If the person is in marketing and spends the rest of their time playing with their kids, crypto is much more difficult to convey.

I'm making this up on the fly, but we'll say explaining crypto goes in five stages. The first stage (introduction), the Bob example; it's an investment, digital gold that you can trade, throw $100 into it, see what happens, explain how it works later.

2nd stage would be explaining how money (the history and function of it) works.
3rd stage would be explaining how the computer science of Bitcoin works.
4th stage would be how do you combine the two.
And 5th stage would be how it's better than the current system.

I think the trick to convincing someone of BTC's usefulness and investment properties is not to get ahead of oneself. Meaning, don't start out with "Bitcoin's immutable blockchain, decentralization and digital signatures offer a compelling alternative to our current fiat monetary system." Instead talk about it casually (above example), as if its normal and no big deal.

If anybody else has anything to add, I'm all ears, because I'm making this up as I go.

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 4 years ago 

Appreciate your amazing (and lengthy) comment @fijimermaid

Thanks for dropping by and taking the time to sharing your thoughts with me.

I can send you some Bitcoin if you want, so you can see how it works, then we can go out for Mexican food.

I would like to have this conversation with you. Free satoshis, good company and mexican food? Paradise! :D

Have a great weekend,
Yours, Piotr