So as it turns out, approximately 65 percent of the general public does not understand bitcoin in any way, shape or form. Both The Guardian and CoinTelegraph reported such statistics. Many simply have no idea what bitcoin is, what it does or how it can be traded or used.
I, myself have seen similar circumstances when talking with people I know or am close to. At a Christmas party last year, I found myself suddenly trying to explain to family members what bitcoin was; how it could be used, how it “flowed” through what’s known as the blockchain, etc. I found that pretty much everybody was staring at me with dazed eyes, and after a while I dropped the subject, as I figured my words were not necessarily falling on deaf ears, but rather misunderstanding ears.
What’s particularly surprising is the amount of people that don’t seem to understand it despite the healthy amount of coverage that bitcoin seems to be getting. For example, several acquaintances of mine who do not delve in bitcoin are familiar with Silk Road and the trial of Ross Ulbricht. Now bear in mind that the extent of their knowledge is that Ulbricht is an alleged drug kingpin who was supposedly selling drugs and other contraband on the Internet. They are not necessarily familiar with Silk Road’s background or its relationship to bitcoin.
Why do you guys think bitcoin hasn’t really penetrated the general population? Is it lack of credible media coverage? Is it because people just don’t care? List your thoughts and comments below.
Images from Creative Commons Images