How do you explain the blockchain world to Gerard, through our Crypto Glasses?
While for many of us here on Steemit, crypto currencies have become a way of life, we must remember this is not true for the majority of people. Our minds can become trapped in our very own crypto currency bubble, and we forget how most people out there are actually living. This is because our minds are focused on crypto, and so we are actively tuning in to everything crypto related. We seek out the crypto reference in everything. It is as if we are suddenly looking at the world through crypto glasses.
Gerard
All this became very evident to me yesterday as I was shopping for dinner. I handed the butcher some cash to pay for my purchase, but he didn't have the correct change. So I said to him, "Gerard, you'll have to start accepting Bitcoin". He replied, "What?", with a very noticeable blank look. I said "Bitcoin! Have you heard of it?". Again he replied questioning, "Aahh, bit... what?" not even recognising the word. Instantly I thought, how the hell am I going to explain this!! So I copped out, smiled, and simply said, "Aaa you'll have to get the computer out and read up on it", smiled again, and skulked out the door.
Now, Gerard is a very busy man and seldom if ever sits down to watch TV or browse the Internet. But Bitcoin obviously hasn't come up in conversation, even with all the people he meets everyday! So while you may read many news reports, stating you can't even step into a London taxi without being given advice on Bitcoin, I believe this to be a massive exaggeration by the media, just to make their point.
How to explain?
I write the above paragraphs in order to write this. I believe there are multitudes out there who don't have a bull's notion what Bitcoin or crypto currencies are, and we need to inform them. How do we explain the whole blockchain phenomenon to Gerard?
Crypto driving license
Sure, you can point him to online resources, as I did, but in truth I can barely understand most of those resources myself! We are talking about explaining it to your decent, average, non tech, hard working person, Gerard. Even to try and explain the basic concept in plain simple English would be a challenge, never mind instruct him on how to get involved in this space. Now, obviously you would not be going deep in your explanations for Gerard, as it would be totally over his head, and would put him off even wanting to understand. But you don't need to understand how the internal combustion engine works, to drive a car. This would have be a crypto currency driving education.
I guess there is not only a rebel, but also a tiny piece of geek in all early crypto adapters, and we want a deeper understanding. But we are in the minority, and the majority will only want enough understanding to be able to use crypto products and services to enhance there daily lives. Very similar indeed to how the Internet was adapted, and how it is now seamlessly incorporated in our daily living.
The Crypto rabbit hole
Although I have traded Stocks, Options, Futures, Commodities, Indicies and Forex full time for over ten years now, and I come from a tech background, I am still reasonably new in the blockchain space. I believe this newness along with my previous experience, may put me in a place to deliver this type of crypto driving education to Gerard. Watch this space, as I may build up the courage to dive down this rabbit hole!
Mass adaption
To bring crypto currencies to the masses and make it mainstream, we need to make it simple enough to explain, and easy enough to use. It will take time.
Disclosure
To put you in the picture, I still do not trade crypto currencies, as I believe the market is not liquid nor mature enough yet, and I am much more comfortable trading my time tested forex markets. I can see the manipulation in the forex markets, and this is what I trade. I do not see it in the crypto currency markets yet. This will happen when the large players enter the game. I do however speculate for the long term, with small amounts of crypto as I slowly build my crypto asset portfolio. And yes, I did use the word asset rather than currency.
Hi. I think this is a very completely explanation, I do not really understand about bear market, my boss @rt395, he always cursing if his price goes down, but he's still eager to work for it, I'm so glad to see him, sorry I'm praising him here , but your writing is very interesting for reference to my crypto money problem,
hey, where have you been?
Hey mrday, I guess I'm spending more time on my trading right now than steemit, because my trading pays the bills :). Steemit is a little ways off yet from paying any bills ;).
Since I learned the lesson with bitcoin years ago, now I like to understand how everything works in the crypto currencies world and I don't have time for posting in steem haha...
I'm still trying to understand whhy SBD is not 1.0 USD and creating an strategy, or plan whatever you want to call it, to deal with it.
Isn't GDAX liquid enough? I am also investigating bitshares and all the new decentralized platforms. It is difficult to see Forex manipulation because there is not a central database of all the orders etc, like in cryptos. Each broker or exchange has its own book. While in forex is almost impossible to do arbitrage, maybe in cryptos it is possible? That is what I was thinking the other day and couldn't sleep
I'll experiment explaining, to all the "Gerards" I will encounter ;)
Hey @hedac, it's not the broker's liquidity that's the issue, it's the liquidity of the actual trading pairs. If trading volume is too small, one whale can easily move price on their own, and it can be difficult to get out. Sure, forex brokers have their own books but they are all dipping into the same liquidity pool, and there is basically no difference in their pricing.
I have looked at Bitshares and like the idea that there has to be a seller for a buyer with no middle man. I'll be exploring this for sure, but only for speculation and not for trading. But hey, who knows what the future will bring. Say hello to Gerard for me :).
Ah...yes. That is why volatiliy is high in crypto. Sometimes it is like trading forex in continuous NFP like when bitcoin was around 20000 it was crazy for some days. And it is more difficult to understand which news are affecting the price. But for some strategies volatility is good!
Yes Bitshares seems interesting and ot was created by the same person that created steem. Now he is into EOS and the EOSFINEX seems also interesting for trading. It is all still very new but the future seems bright :)
Thanks for sharing this information!
Thanks for stopping by :).
Great post, thanks! I think it's important to share blockchain 101s with friends and family, since it is complex but also holds so much potential beyond the financial markets!
Thx @michaeljed :). Also beware not to upvote posts older than 7 days. Payouts are done on posts after the 7th day and are of no value afterwards. Not a great system, I know :). Best of luck with your journey here on Steemit.