Post
Topic
Board Bitcoin Discussion
Re: Why is Bitcoin difficult to understand?
by
Bugcoin5
on 30/06/2018, 10:46:49 UTC
If you look at it as Currency, it is difficult for an average person to understand it because it is different.
Bitcoin, being a different kind of a digital currency, it breaks down conventional thinking in many aspects. No central regulatory body. The concept of mining. The open-ledger (blockchain), the way miners are rewarded, how transporting value is determined by its packet size and not value, the hash rate, the concept of limited supply. The 100 Million pennies in a Bitcoin, etc.
Its difficult enough for people in the money space to thoroughly understand Bitcoin (we all say we understand it, but do we really?).
For a common person, its an overkill. Its like trying to explain the concept of TCP/IP, Networking, Routing, the Internet for someone who wants to use email.  Overkill.
Bitcoin is difficult for some people to understand because it is a complete disruption of the financial system as we know it.But if you want to learn about it you need more time to study about crypto.