Humberto Alvarez

Irrespective the level of the tutor or who ever wants to understand the concept of bitcoin will understand it perfectly without no obstructions,it's based on a personal interest, engagement and determination.

Bitcoin is difficult to understand based on Lack's of attention and research for vital information's concerning bitcoin, its difficult for someone who don't know anything concerning it,and it will very difficult to comprehend.

The question how to keep bitcoin private keys safe is very important and, at the same time, highly challenging concept for average people to comprehend. Even those people who consider themselves security experts sometimes fail at storing bitcoin completely secure. Having to be responsible for own money scares people, self-custody is definitely not for everyone. However, before we dive into complexity of technical stuff, there is another interesting question that needs to be answered - why. Why bitcoin exists? Why would ordinary people keep it safe in the first place? From my point of view, people first should learn "ideological" part of cryptocurrency space in order to start valuing bitcoin. When they know why bitcoin has value, it becomes easier for them to store it properly.

People need to understand bitcoin how they can use bitcoin properly, such as what the bitcoin wallet address, how they can send the satoshi to another wallet, and their wallet address can give or share to others, how to know when the transaction completed. You don't have to know about the fee because it will be automated adjust to current situations. Still, you can learn it later when you already familiar with the previous lesson.

You don't have to learn a complicated lesson about bitcoin, such as how the blockchain works, how the transaction can be submitted to the network, and else because that will need more information. Besides that, you can learn it by yourself by reading many sources on the internet and watching many video tutorials or guidelines on Youtube.
 

It differs on the degree of interest. If one is interested in cryptocurrency very deeply then a text book is comprehensive and detailed enough for it. But if one is interested in the basics, then I guess resources such as https://bitcoin.org/ may be enough, with the help of articles, podcasts, videos, and so on.

Countless of times have I tried to understand Bitcoin a little deeper but then after numerous encounters of words and phrases which are too alien for me, I ended up settling with the very basic.

There are already decent books like Andreas Antonopoulos' The Internet of Money. Though I still think YouTube and internet research is the way to go as it's safe to assume that the majority prefer using the internet over reading physical books.

Also, the difficulty of understanding Bitcoin and cryptocurrencies completely depends on what aspect(technical, economical, etc) a certain person is actually trying to understand.

Lastly, let's not forget that the concept of having a decentralized non-custodial currency is really really new, hence don't expect people to grasp the concept easily. In the first place, it's safe to assume that most people don't even understand how money in general works, what more a quite-new invention like Bitcoin.

Also remember that government or the people behind it, the politicians can make a sudden shift and make a U-turn in their support/oppose of crypto, so it doesn't matter though. Of course we wanted to see governments around the world putting 100% behind crypto but I guess it won't happen as there could be some governments who are going to see crypto in bad light whatever good and positive effects it can bring to them. Supporting bitcoin and supporting blockchain technology is different though. Like China for instance, they have a lot and hate relationship to bitcoin, but with blockchain technology it's different. They have embrace and welcome it with open arms, just look at the patents they have been filing and only US can rival them in terms of the numbers of patents being filed.

0. Date: 05.10.2020
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The financial world is changing right now and those who think they know everything (old school bankers, politicians and investors) may not know anything.
Cryptocurrencies come to solve the 2 great problems of the current financial system, inflation due to excess printing of banknotes (which the FED and the ECB are going to start doing) and depending YOUR money on a third party.
The idea of Bitcoin was great, its approach was brilliant, its technology very advanced for its time and its infinite applications, so 12 years later its price exceeds $ 6,000 and having all the banks and governments against it.
The closer day that governments and banks change their opinion, where will the price of Bitcoin be?
I will only leave a piece of information as a curiosity; The architecture of Bitcoin was originally created to be worth $ 1 Million.

In my point of view, virtual currencies, speaking of bitcoin, are neither good nor bad, since it depends on the use that is given to it and what is expected to be received from them. At first it had a huge boom because it was thought that whoever invested in it would become a millionaire because of the returns it was supposed to have. But, just as this idea came, it also came as in everything, cyber fraud. That generated uncertainty and distrust.

Adopting cryptocurrencies and investing with them today could be risky because as I mentioned earlier, there is already fraud on them, however there is no legislation in my country (Mexico) on the use, prevention or control of them. In the absence of regulations that protect users and investors, it puts bitcoin in a very weak scenario.

Cryptocurrencies, in addition to generating uncertainty and mistrust regarding their safety, performance and volatility, give you the feeling of danger because it does not give financial certainty. It also tends to lend itself to pyramid schemes in order to obtain certain returns.

In addition, it is usually the currency that is used for criminal acts in the deep web, with this it is financed from acts of terrorism to exploitation of people.

cryptocurrencies in general, and bitcoin in particular, have two faces. The first is that it is the most well-known technological currency, which if it is re-regulated it could be the universal currency of the future, on the other hand, it presents a risk of informality in addition to the misuse that it may be given.

Hopefully it is regulated, so in a few years we can talk about how the bitcoin boom happened and how it managed to be the world's currency.

A few years ago the uncertainty was cleared as to whether or not cryptocurrencies will be part of our future. Cryptocurrencies are booming, they are definitely part of the future.

Cryptocurrencies are digital means of exchange. Currently there are many virtual currencies of them, more than 50 exceed a million dollars in capitalization. Most are similar or derived from the first, bitcoin.

Some of its advantages are that the transactions are faster, the fees and taxes are minimal, there are no intermediaries in the transaction, the transactions are completely private and secure, the way of doing the transaction is very simple, they are completely decentralized.

Central banks must decide what role to play in this new environment. Little by little we are abandoning cash.

Some ideas to keep in mind.

1. Cryptos are functional prototypes, ultimately prototypes that cannot support load. They would be slow, expensive, etc.

2. Cryptographic distributed ledger is the disruptive invention, it takes a lot of work and innovation to have a functional finished product, especially when it comes to currency or money. Basically remove (potentially corrupt) middlemen

3. It is not known which currency will be the standard bearer for the exchange.

4. It is not yet clear whether the currency should be anonymous, pseudo anonymous, fully transparent and how it will be regulated.

5. Satoshi created bitcoin for the common man. A global, decentralized currency with a specific money supply. In the end, the citizen chooses his rulers and sooner or later he will impose their use as official currency (or alternative of legal tender) inserted in a new monetary model, it will take his time estimated 20 to 30 years), you have no idea of the transition or adoption agenda.

6. The purpose of a cryptocurrency like bitcoin is to replace the current monetary model of fiat currencies whose money supply serves the noblest to the most perverse ends. Among unwanted ends, financing fiscal deficits, wars, populist policies, irrational indebtedness, favoring power groups, bank usury, etc., etc. In the end, fiat currencies end up losing purchasing power to the detriment of the citizen.

7. The current crypto market is in few hands and is the most volatile in the history of mankind. He beat the tulips. It's like riding waves off beaches rougher than Hawaii versus the tame green shoreline. If you do not know how to surf and an excellent swimmer, you will surely die. (although you can still be badly hurt)

8. The path of cryptos is the path of mass adoption as a means of exchange and store of value, but as long as the currency that allows transactions with adequate speed, cost and maintenance in line with world demand does not appear, it will not be adopted and will be a market only for speculators. Bitcoin took 2 days per transaction and cost $ 5 or more in commission.

Me giving my opinion, I really don't know what will happen to cryptocurrencies. I can only tell you that the technology behind cryptocurrencies, the brockchain, has many cards to stay with us.

I find it difficult to believe that a supranational government has incentives to regulate a currency that can take away the "power" of monetary control. On the other hand, monetary regulations have their objectives, in principle, they are established to avoid currency crisis and grow an economy.

Greetings