Source: Adobe / Alex White
If you’ve been a Bitcoiner for a while, it’s easy to forget how confusing Bitcoin (BTC) can be when you first set up a wallet and dive down the rabbit hole.
To better understand the challenges that ‘new wallets’ face and play a small role in spreading bitcoin to people, I ‘accumulated a number of orange digital currencies’ in a week, set up a wallet for them, and submitted their first session.
These are the questions they asked me.
So how do you buy bitcoins?
Good question. This is what bitcoin customers love to hear.
Everyone I helped create a bitcoin wallet asked me how they could buy more bitcoins in the future.
Since not all wallets come with built-in purchasing options, and many of those that typically don’t work with all bank cards, buying bitcoins (in most places) is typically not that easy.
My answer was to test the in-app purchase functionality with a bank card other than your main bank account (because we know what some banks may look like). Instead, I recommended peer-to-peer markets, although they are difficult to navigate in early uses. Furthermore, this guide can also help those who want to buy their first Bitcoin.
Uh… what is a blockchain?
In my opinion, explaining blockchain is more difficult than explaining Bitcoin to newcomers.
While newcomers certainly need to understand the basics of how blockchain works and the role it plays in crypto networks, I think the discussion of blockchain tends to confuse newcomers more than it does.
So… Shiba Inu, what do you think?
I shook my head when I heard that. But I understand it.
Beginners are often excited about the prospect of betting on a new coin that is likely to top 10x + in a matter of weeks. I do not blame them. If you have the capital and can afford to lose it, why not turn it all in the dark and let the wheel turn?
But this is not what I recommend for beginners. Tell them to buy bitcoin regularly every month to accumulate bitcoin savings over time.
When I withdraw bitcoins, where does the money come from?
I loved this question because it showed me how far I am from someone new to Bitcoin.
The question also taught me to keep in mind how early we are with Bitcoin, and that in my work with Bitcoin startups, I need to ensure that even the simplest questions, requests, and concerns from our users are addressed.
To be honest, I had a hard time answering this question at first and I explained how new coins are generated through mining. To keep things simple, I explained that in reality, all it does is transfer value from one currency to another and the market determines the value of bitcoin (and basically any other currency).
Is it illegal or not?
Honestly, I didn’t expect to hear that in 2021. But it’s up to us!
If there are still people who believe that it is illegal to own and use bitcoin (outside of the few countries where it is actually found), it is up to us, the bitcoin community, to further educate the public.
Can someone steal my bitcoin?
Unfortunately the answer is yes. But only if you let them.
I set up everyone with unsecured bitcoin wallets and explained the importance of backing up their wallets safely.
“Not your keys, not your cheese,” said Isaiah Jackson, author of Bitcoin & Black America.
While you may end up with crypto stealing malware on your device, most wallet hacks come from social engineering attacks like phishing emails or fake wallet sites. This is why I focus so much on the need to keep opening sentences confidential and to store them securely.
So what do I do with it now?
Without a doubt, the question I was asked the most when they gave people their first bitcoin was, “Well, what do I do with it now?” «
So having to explain that they should ‘HODL’ and buy more regularly doesn’t sound as exciting as depositing cryptocurrency in DeFi or buying a coin that can go as high as 10x. (However, something is happening to them as well: the growing Defi market in Bitcoin, what is actually being reported?)
I think this is where Bitcoiners should work. Educate newcomers on the importance of saving hard money and how it differs from speculating (i.e. gambling) on crypto. And yes, you can also spend your BTC in different places. If you start using the Lightning Network, it will also be a lot cheaper and faster.
For me, the main result of the new orange coin changers has been how distant we are (and many of us in the bitcoin community) from the challenges, fears and fears of the new coin acceptors.
Bitcoin for everyone. This means that we must also make Bitcoin products and services available to everyone from 18 years old in a developing country to 70 years old in New York City. If we can achieve this, we can achieve hyperbitcoinization.
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These are the questions that were asked about Bitcoin