> Using Bitcoin properly requires a certain level of tech and financial literacy most people just don’t have. It also relies on expensive infrastructure that is highly dependent on mining being profitable. Again, this is not 2011 anymore, nowadays only the very wealthy can expect to profit from Bitcoin mining.
But most of the users don't mine - they just buy and hold. It is pretty simple and is as complicated (or simple) as buying and holding gold.
> a crappy volatile cryptocurrency, controlled by a few wealthy individuals
No idea how that is relevant since we are discussing Bitcoin :-p. In seriousness, that is where the social belief comes from. If people believe Bitcoin to be controlled by a few wealthy individuals, then either they will stay away. If they believe Bitcoin to be a truly decentralized store of value not controlled by any single government or entity, they will flock to it. If they are right, they will be rewarded with an asset which will appreciate in the long run. If they are wrong, they will get burned.
> If I were to call any friend from Venezuela and ask them about starting to use Bitcoin right now, they would surely get some 2014 vibes.
I met a Venezuelan last week and he regularly sends Bitcoin back home to help his family. Fiat exchange rate is artificially suppressed so his family would receive less if he sends USD. Gold is hard to send from the US to Venezuela. No one can stop Bitcoin transfers though and it is more trusted than the local currency.
But most of the users don't mine - they just buy and hold. It is pretty simple and is as complicated (or simple) as buying and holding gold.
> a crappy volatile cryptocurrency, controlled by a few wealthy individuals
No idea how that is relevant since we are discussing Bitcoin :-p. In seriousness, that is where the social belief comes from. If people believe Bitcoin to be controlled by a few wealthy individuals, then either they will stay away. If they believe Bitcoin to be a truly decentralized store of value not controlled by any single government or entity, they will flock to it. If they are right, they will be rewarded with an asset which will appreciate in the long run. If they are wrong, they will get burned.
So far, believers in Bitcoin seem to be getting rewarded handsomely and naysayers are proven wrong multiple times (https://99bitcoins.com/bitcoin-obituaries/).
> If I were to call any friend from Venezuela and ask them about starting to use Bitcoin right now, they would surely get some 2014 vibes.
I met a Venezuelan last week and he regularly sends Bitcoin back home to help his family. Fiat exchange rate is artificially suppressed so his family would receive less if he sends USD. Gold is hard to send from the US to Venezuela. No one can stop Bitcoin transfers though and it is more trusted than the local currency.