Problem with Bitcoin

Personally I’m a maximalist. For the last year or so I’ve spent free time talking to people I work with, friends, family, local businesses, and people from my church about bitcoin. These are my thoughts from the conversations I’ve had with people.

1. The largest problem with bitcoin, currently, is it’s lack of relevance to the everyday average person. He can still live his life without it and not perceive to be missing out on an opportunity.

•the difficulty inherent for the average person to understand bitcoin is part and parcel of this as understanding opens eyes to opportunities.

1. Nor is there any everyday use case for it that is vastly better for him to go through the hassle of moving all of his money/assets into bitcoin just to conduct his day to day business or even operate an actual business with.

•I can still buy and sell with immense ease in my daily life, and I have yet to find a single business in my local area that accepts bitcoin in transactions. Additionally, they don’t know how to handle it with regard to taxes.

1. There is a disconnect in understanding how a person can own something that is digital. Because you can never have it as a physical thing that can be held in one’s hand so do you really own it.

•Ownership is authority and control. You only lose those through abdication or theft/subversion.

1. There is no easy explanation of bitcoin, besides saying, “it’s digital gold”. That itself requires a convoluted explanation.

•The best explanation for bitcoin is to call it a currency and essentially what all maxis are doing by hodling is long term currency trading. From there you can go into all the other explanations of what it is and what it can do.

I’m curious what everyone else has found to be the major hurdles for bitcoin adoption amongst the people they’ve spoken with and how they handle them.