Why Do So Many People Still Not Trust Bitcoin?
Why Do So Many People Still Not Trust Bitcoin?
Here are at least 6 obvious reasons for this problem that only time will solve.
If you liked reading this, feel free to click the ❤️ button on this issue so more people can discover it on Substack 🙏.
Special offer “US Debt Ceiling Crisis”
As America faces yet another debt ceiling crisis, I think it's more important than ever for you to understand why Bitcoin is your way out of this flawed and not fixable system.
To encourage you to see this through, I'm offering a special deal until June 1, 2023, the date of a possible American debt default.
This offer allows you to benefit from a 20% discount on the annual subscription to the premium offer of the newsletter. A good opportunity to understand the potential of the Bitcoin revolution in the coming months:
By dint of your efforts to deepen your knowledge, and because you have also been reading this newsletter assiduously for a long time, you have come to understand the why of Bitcoin.
You are convinced that the current system is flawed and that it will not be fixed because no one has any interest in it. You are also convinced that this system is not sustainable in the long run and that you need to look for a safer and fairer alternative for the majority.
This alternative is BITCOIN.
Now that you have opened your eyes, you can never close them again. Your vision will never be the same again. You will not be able to fall back into the blissful ignorance of the majority of the general public.
From then on, you will probably ask yourself the following question: Why Do So Many People Still Not Trust Bitcoin?
As a long-time Bitcoiner, I've asked myself this question frequently, and I've already been able to provide some answers that I'm happy with for the moment. So I'll try to make you understand why I think this is so. Then you will realize why I keep telling you that we are only at the beginning of the Bitcoin revolution.
1. Bitcoin is unlike anything you know
The first obvious reason why so many people don't believe in Bitcoin is primarily because the very idea behind Bitcoin is unlike anything you've ever seen before.
A decentralized P2P currency backed by math and people? Admit it, it sounded incongruous at first.
And yet you came to understand the power of the Bitcoin concept. You've come to understand why the Bitcoin revolution, which had over 220 million uses by early 2023, is already a huge success.
But for some, it will take longer than for others. That's why they say that everyone pays their Bitcoin at the price they deserve.
2. The media pushes the anti-Bitcoin narrative of the powerful people at the head of the current system
The main reason so many people doubt Bitcoin is that the media is constantly pushing the anti-Bitcoin narrative of the powerful people at the head of the current system. Not a day goes by without articles coming out to reach the general public pushing the idea that Bitcoin is worthless or an environmental disaster.
Others will tell you that Bitcoin is only used for illegal activities. In short, nothing is true, but you know that it is always easier to make people believe lies than to set the record straight.
You know why the media pushes this narrative: it's all about power. Governments and central bankers will do anything not to lose their power to create money. The fact that they have to lie about it doesn't scare them, since they have been doing it for decades.
As far as government attacks are concerned, here is the latest one from the UK:
Always the same false clichés that are repeated over and over again. Saying something stupid 1,000 times doesn't make it true.
This type of attack only promotes Bitcoin in reality.
3. Most people don’t understand money and economics
Most people don't understand how money works. That's a given. The fault lies with the educational system that does everything to keep you in the dark.
Some come out of it faster than others of course, but overall, a lot of educational work needs to be done. That's why I've been writing about Bitcoin, money, and the economy since 2016 daily. I try to contribute modestly at my level to move the lines in the right direction.
As Henry Ford once said, a revolution would break out tomorrow if the people understood how unjust the current system is.
This same Henry Ford had already put forward more than a century ago the idea of a currency based on energy like Bitcoin:
That's why I keep saying that the first step to understanding Bitcoin is to understand how the current system is flawed. This is a kind of essential prerequisite. Indeed, you cannot appreciate the solution that is Bitcoin unless you understand the problems that this solution solves.
4. “Bitcoin has no intrinsic value, it is issued out of thin air”
Opponents of Bitcoin will tell you that Bitcoin is issued out of thin air. They will tell you that Bitcoin has no intrinsic value. These people don't seem to know the theory of the subjective conception of value.
Here is what that theory says:
“The subjective conception of value is a conception of value in economics that posits that to be valuable, an object must be useful and rare. It also recognizes that an object can meet the needs of one individual and not another.”
Once you understand this, you will understand that Bitcoin has no more intrinsic value than a piece of paper that corresponds to the U.S. dollar or the euro.
It's all about trust and utility. And Bitcoin is useful to over 220 million people. So Bitcoin is valuable to these people. Bitcoin is backed by the laws of mathematics and by the people.
5. A currency not backed by governments? Impossible!
The fact that Bitcoin is backed by mathematics and the people seems to strike some as odd. For them, a currency cannot exist if it is not backed by governments.
And yet, Bitcoin has existed for over 14 years as well. Bitcoin needs no intermediaries. Bitcoin is not controlled by anyone and belongs to all its users. It has worked perfectly for 14 years and will continue to do so in the future because all Bitcoin users have an interest in it.
Bitcoin shows you that a currency does not need a few unrepresentative powerful people who place themselves above the people to exist. Within the Bitcoin system, all users have equal weight, and all users have equal opportunities.
This is a difficult paradigm shift for many to integrate. But once you do, it will change your life for the better forever.
6. You have the power, but you must take responsibility for your money
You have the power, but you have to take responsibility for your money. What scares some people about Bitcoin is precisely the limitless power it gives you. It may seem counterintuitive, but many people are afraid to take responsibility for the security of their money themselves.
In the Bitcoin system, you won't have bank insurance to cover you in case of mistakes or scams that you get caught up in. You won't have supreme authorities to come to your aid. Why not? Simply because the ultimate authority for the fruits of your labor in the Bitcoin network is you!
Scary at first, but it gives you immense control and insurance once you take possession of your private keys and follow some basic security rules. Those who take the plunge never regret it. And even less so when they see the current banking crisis that threatens to cause the banking system to collapse completely.
Bitcoin lets you sleep easily.
Final Thoughts
I've just given you 6 big reasons why most people still don't trust Bitcoin. This may frustrate you from time to time, but it will also help you develop patience because you must understand that patience is essential in a unique currency revolution like the one embodied by Bitcoin.
With Bitcoin, patience always makes a difference.
Feel free to give me your ideas in the comments. I must have forgotten other reasons :)
Don't take for granted the word of Bitcoiners who tell you that Bitcoin is an incredible monetary revolution, but verify it for yourself by developing the knowledge to build your truth about Bitcoin.
That's what I suggest you do in the book “The Truth About Bitcoin: Everything you need to build your truth about Bitcoin and stop trusting others without verifying.”
The book is available on various platforms:
In P2P mode in PDF format or EPUB format with payment in BTC (-20% if you buy in Bitcoin): contact me by email at sylvain.saurel@gmail.com