Crypto currency is the 'linux' of money: more secure, smarter, but less user friendly with high barrier to entry
Bitcoin frenzy has outsiders wondering: 'how do I get in on the action'? Bitcoin insider replies: 'What, you don't know what the terminal is? MOVE!'
To an outsider the term 'crypto currency' sums up their understanding of it: cryptic and meaningless; has something to do with money; people are getting rich off of it, possibly coal miners.
The current bitcoin bubble and the media attention it garners is attracting newcomers who are wondering how they can convert their fiat money (if they even know what that is) to this miracle investment opportunity called bitcoin.
So they go to the googler and type: 'buy bitcoin'.
"Alright! Make millions with bitcoin! Use my credit card to buy it! "
"Oh. But I didn't even enter a credit card number. This site is broken."
After a bit more research the outsider gets smarter: So, crypto currency is a blockchain technology that is based on real value produced and limited supply. Mining is based on power consumption, computing speed, or in the case of STEEM contributions to a community.
"Okay, maybe I can't buy bitcoin right now, but I can set up a steemit account and accrue value in STEEM dollars that I can convert to bitcoin!"
Several months later:
"Sweet! My steem account has an estimated value of $125! Let's convert it to bitcoin so I can start trading it on an exchange."
The Linux of money...a very apt description lol.
This is all new to me, only joined today. A lot to learn
I've had an 'onlooker' interest in crypto currency since it first took shape as bitcoin. To this day, it is still not straight forward to buy bitcoins. I happen to have a tiny amount of bitcoins and have been trying to transfer them from coin.space into an exchange so I can pick up some Saicoin, but coin.space has cancelled every transaction I've attempted for the past two days, inexplicably. This technology is certainly interesting, and clearly profitable for those who began mining early on, but will become an echo chamber circle jerk if the architects behind it can't make it accessible to average, even above-average, consumers of technology. This is why I think BTC will crash and crash big after this push in the media. Then, I'll buy and buy lots.. Because they'll realize this flaw after that crash... It might take a while to fix it, but, once they do, then it will be mainstream. But not until then.
While it may indeed, for now, be the 'linux of currency', in my opinion, in a bit of time, when we develop even more, it won't be so.
I believe it's possible to reach a level where even your avarage John would be able to use bitcoin, duh, he might now even be avare he's using it, as it may automatically be showns as usd or some other currency. We're slowly moving towards world without cash, and it such a world, bitcoin could be a big winner in my opinion.
So... It's just a matter of time.