BITCOIN & BLOCKCHAIN - 5 Stages to Understanding

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These are the 5 stages that most individuals go thru in the process of dealing with BITC0IN - the first crypto-currency that they are likely to discover. Bitcoin came into existence in January 2009. It is nine years old and I was not introduced to it until it was seven years old. In two years I have come to realize and accept the uniqueness of this amazing technology.

Stage 1 - DISDAIN:

When first introduced to BITCOIN most individuals would laugh out loud and call it invisible monopoly money. How could something that you couldn't touch or feel be real money. It has none of the characteristics of money (tangible note issued by governments and not backed by precious metals).


It was part of a virtual digital world which I at age 73 had difficulty relating to. I easily denied the existence of bitcoin and saw it as another fad like pet rocks which the younger generations would engage with and then quickly forget it in a year or two.

Stage 2 - SKEPTICISM:

In 2016 I saw enough bloggers writing about Bitcoin on the Internet, that I realized some individuals believed it was real. I paid some attention, but couldn't make sense of it. It was ethereal and seemed like another Multi Level Marketing or Ponzi scheme that would just eat up my money, if I ever got involved.

Some individuals appeared to be making money and treating it as an actual asset, but I was skeptical that it would ever compete with my property, gold, stock, mutual funds and cold, hard cash.

Stage 3 - CURIOSITY:

In early 2017 I heard more about individuals making money with Bitcoin and saw the word so often I became more curious. Perhaps the Millennial generation was on to something. I had gone to university to get an M. Ed. In education and had been a teacher/school administrator for many years. In that time I changed philosophically from a Teacher to a Facilitator; and saw the Students and myself as Learners.

At this stage I started taking home every book from the library that I could find on Crypto-currencies and reading numerous articles on the Internet.

Stage 4 - CRYSTALLIZATION:

It was in the fall of 2017 that I began to think about actually investing in Bitcoin, but I was now 74 and believed that such an investment was for the Millennial who could afford to lose everything and still start over. BUT I couldn't bring myself to squander any of my retirements funds on something I knew so little about.

At this time I came across a free, accredited course called "Introduction to Digital Currencies" from the University of Nicosia, Cyprus which led to a further 8 courses and an M. Sc. In Digital Currencies. I investigated the course and university, and found the university to be English-speaking and as credible as any in North American. The course had started in 2014 in response to the banking crises in Greece and Cyprus, as an alternative to banking and fiat currency. The course was on line and I enrolled on Oct. 26, 2017.

My most influential professor was Andreas Antonopoulos and if you have doubts please take the time to listen to his presentation on YouTube to Canadian Senators. It was an AH! HA! MOMENT for me! A light bulb went of in my mind and I suddenly realized why so many individuals were joining the movement.


It was like being a little boy again and I was learning to ride my bicycle. I fell off many times, but always got back on and thrilled at the freedom and adventure it brought me. I couldn't sleep and started two more related course from the Linux Foundation and Princeton University. By mid November I was swamped as I had now discovered the BLOCKCHAIN (an even more promising technology) on which the BITCOIN is based. The BLOCKCHAIN is a new way of doing things and can bring trust back to society - world-wide.

Sage 5 - ACCEPTANCE:

In late 2017 I found myself totally accepting digital currencies and the underlying technology as not only a new way of doing business that was cheaper, faster and giving individuals more control over their finances, but also a way to create trust.

Through learning I reached this stage and my ultimate goal is to bring trust back into education through the blockchain.

There is no doubt I will have to learn a lot more knowledge, gain many new skills and learn how to work with inter-generational groups, but what better way is there to leave a worthwhile legacy and enjoy the trip?

Next Weeks Blog will be about the course I took that got me to Full Acceptance.


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Recent Comments

33

That’s a good way to help the stubborn community to make an attempt to approach the concepts before making a decision and do some research to understand how, and I know and believe this, blockchain technology was a major advancement in technology.

Bitcoin is the No.1 crypto, it holds value, and I’m a belieber in it as value as well as the technology behind it and all others. You can make purchases with is, trade it/invest and the real money is in investing it and day trading (short term); the exchanges are identical to Forex and so are the strategies.

Another is when you dig deeper you find Ethereum. Similar to Bitcoin, but there’s so much more to Ethereum. It hold value, widely accepted, it’s not as volatile in my opinion, but based on single days... anyway the importance is that it’s a blockchain application platform. You can use Ethereum to build applications.

“Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.”
(From the Ethereum website I cannot link it yet but it’s Ethereum dot org )

From an IT standpoint I think that this may someday lead to an Internet that is nonlonger client/server based but more peer-to-peer as far as security and visual representation goes...

Tokens, similar to cryptocurrencies like bitcoin, are a very good marketing strategy... I was hoping to see more on all of this, but who knows soon enough, it’s still early.

I just wanted to add the true value behind that entire area. Bitcoin could die tomorrow, but the technology is what’s important. It could be greater than anyone would excpect (my opinion is it will lead to a major leap in several technological areas, just like machine learning, artificial intelligence, quantum computing, and the way that ARPAnet transformed society giving us the wonderful TCP/IP protocol that allows us to connect to this website and then interactive web design is giving us everything we see on this page from any device, haha IoT is another to add... since the “dot com boom” we’ve made significant progress. It’s truly amazing to me, I wish I could see what year 2100 is like, as long as people cut down on aggression, fear, and singleminded ideological views that seem to now trump compassion, respect, and just human decency.

Truly excellent way to have someone at least consider it rather than hate or dismiss it without reason (hate seems to be connected to fear)...

I’d love to give your post to my family and friends... and probably will.

Block Gemini is a blockchain company based in Dubai.

Hi Roger!

Loved this post but this article seems cut off, Stage 4 isn’t finished and can’t see stage 5.

Where’s the rest of the post? :) Would love to finish the read.

Grace

Grace,
Thanks so much for the heads-up. I will get to work on that right away and have it up within an hour or 2. Will edit more carefully next time.

Must of got in a hurry to get the blog up. I am in Stage 5 myself (ACCEPTANCE) and now I can't go back.

Roger

You can edit your post and continue it. :)

That’s great to see how you’ve moved from skepticism to believer, what a journey and how much youve learned in the process. It seems people either love it or hate it but it’s a matter of understanding this technology is the difference between the two types of people.

Blockchain is definitely here to stay I think too, it’s like the internet, people are still coming online as new users of it and finally trusting to do online shopping and other things. Soon, blockchain will be something we must all incorporate in our lives in one way or another.

I hope to learn more of this in the coming months and years.

You are more than welcome to join David Eversleyy and I as we start Introduction to Digital Currencies on Feb. 12th (the 9th time the course has been offered). There are 2,395 signed up as of Jan. 6. As far as I know the main requirement is a recognized university degree and fluency in English.

Does this course you guys are taking cost money?

NO cost. It is been used successfully by the University to get individuals who complete it successfully, to continue on with 8 more courses, that leads to a M.Sc. Mind you, one has to have an acceptable undergraduate degree to be considered to enter into the program.

For me the most exciting thing is that Blockchain Technology could possibly used in the future at WA to create truth in comments, contracts etc. Some are trying to get politicians to state their commitments on a Blockchain where they can not be changed and remain forever. Their are some politicians that agree to do it, but they are far and few between.

I expect to see something within two years.

The undergrad degree is not a problem, I have since gotten myself some other courses so I will stick with those for now as that's all I have time for, but will add to this if I need it.

That is true about what you say about the blockchain, that's what's exciting about it, it can be used in so many different applications that it will really change the world for us.

This is very exciting stuff!

Just like many people, I've been aware of cryptocurrencies for awhile but haven't done anything with them.

I sat in a couple crypto classes at The Money Show in Las Vegas in the beginning of November. I bought $100 of Bitcoin just to dip my toes in. That hundred is now up 125%.

The history of crypto is fascinating. Like you, I think it's all about Blockchain.

SuzaMarie
I can see you are getting active with your posts and I look forward to seeing your first site. Hopefully you can tie your passion to the blockchain some how. I love learning and will be looking for ways the blockchain will disrupt the educational business. Wouldn't be surprised to see Universities as we know them follow the path that banks may be taking - downhill.
Roger

I'm definitely interested too! Were you able to get a hold of any Ripple or Tron? My deepest frustrations, are that it seems impossible to get on an exchange right now, and it's also really tedious to buy Ripple and Tron because you usually need to buy other cryptos first, and then exchange them, instead of buying them directly.
Do you know if there's an affordable way of doing this, or do you need to be able to afford Bitcoin or Etheureum? Is it possible to invest in Blockchain as a stock?

JMeola,

I have been and am still learning before I invest in a couple of Cryptos by the end of this month. Looking at IOTA and Ethereum, but things could easily change in the next couple of weeks.

You can buy Cryptos for $10, $50, $100, $500 or what ever amount you want. Be aware that transaction cost may be more than the amount you invest.

You are right - demand has increased and most exchanges don't have the infrastructure to keep up.

The easiest is to create a wallet and buy for cash as a vending machine. Service charges may be high though. A better way is to find some one locally that you trust and is willing to sell at a mutually agreed to price.

You need to be patient and practice with small amounts until you are comfortable with how to do it.

If you are really serious about digital currencies I would suggest you join some of us and enroll in the online course "Introduction to Digital Currencies" from the University of Nicosia (Feb 12 - Apr 13). I will be writing a detailed blog next week about the course on my WA blog.

Roger

Thank you Roger! As always, you've been helpful. I'm just beginning to get my feet wet, but it's an exciting opportunity.

Thank you for sharing your knowledge! Great stuff!!

I appreciate your comment. There is a great deal to share as the blockchain will affect everyone's daily life.

Individuals with degrees in computer sciences about the cryptocurrencies and blockchains, who have experience are in extremely high demand world wide. I have hear offers of $500,000 plus generous benefits in New York. If I was headed for University, it would definitely be the U of Nicosia and one of their 3 programs (M. Sc in Digital Currencies, Robotics or Artificial Intelligence).

Thank You!
The Blockchain is the New Trend! I agree, those that have computer science underneath their belt has the upper hand right now. Even people that are majoring around on electronics engineering has a lot to contribute.

We all humans might as well face "The New Reality."
Our universe is going through something that will affect everyone globally.
Look!
Climate Change
Currency Change/coins/ Bitcoins/PacCoins...the list goes on!
Cyprocurrency is what the new money is right now!
People might as well get with the program, invest in Cyprocurrency!
Vehicles going electric.
Mining is it, gold is in, high yield!

I'm in, I take chances.
I wish that I was awake in 2009. I would be a rich woman by now!

I understand what you're saying Roger but, anything that can have 20-30% gain/decline swings from one day to the next....that's beyond Volatile, it's unnervingly unsteady. Personally, if you want to invest that kind of money ($14-18K per share/bitcoin) why not purchase Amazon at a tenth of the cost (buy AMZN @ $1230 share) & reap dividends as well. Guys I get info from up at Gradient Financial Group are saying the Upside for Amazon is limitless, not so for Bitcoin & Cryptocurrencies. Just saying.....Think about this, dependent on your age, use the rule of 100. Take 100-your age and that amount you can use for risky investments. 100-74=26 You can take 26% of your retirement money and use for risky positions/investments. This is a rule used by Thousands of Advisor's. This is just my opinion based on info I've received.

I appreciate hearing your comments.In the 60's I often heard 10% for risky investments; which edged higher as the decades past. Now I like about 40% in Real Estate; 20% in precious metals; 20% in commodities, mostly mining stock; and 10% in high risk like Bitcoin. I suppose it is largely because of bad experiences with the regular stock market and mutual funds that I no longer invest in Blue Chip stocks.

RE and Commodities...U never go wrong because they're not going anywhere. Everyone needs commodities and they're not making anymore Land. Except on the occasional landfill.

I think the cryptos may be the ultimate investment. It definitely makes sense why going with what you know (Amazon being a good example) is the safest road, and takes far less research. But think about it... a single Bitcoin in 2011 was about $0.08. A $1,000 investment would have been worth well over $45 million by this past Christmas. At that rate, a $10 bill would have made you almost 2 million dollars.
I definitely agree, probably less than 20% of your investing funds should be in risky things. I write life insurance and annuities for a variety of clients. You can build really solid and safe retirement funds using things like that. Some life policies make up to 12.5% interest regularly, with guaranteed minimums at 2%, which is way better than a typical savings account.
But cryptos are an area where you can invest tiny amounts of money, that are no significant concern whether you win or lose. Like penny stocks. With some research, you can find cryptos with far better utility than Bitcoin, for microscopic prices. When I first caught wind of Ripple it only cost $0.80 and Tron when it cost about $0.18, now both in the top 10. You could have bought reasonable amounts for a jar of quarters. Even if they don't have lasting value, as they suspect, as long as there are enough people that think it does, you can ride massive waves, make massive profits, and bail.

As most Brokers (Legitimate) will tell you the problem with Crypto is they are not tangible and not, at this point a usable commodity.
But, everyone has their opinion and feel for what can be good or not. Most of my clients prefer to stick with more Tangible assets when it comes to Stocks/Bonds/Commodities/REIT's and they all do quite well. There is an old saying; Young warriors rush in to fight the battle up front while Old warriors sit back and let the weaknesses unfold.....I tend to listen to even older warriors than myself. I understand your exuberance Jordan, but sometimes it is best to wait just a minute.....although at 22, you have time on your side. I do not, therefore I am a little more conservative. Best of luck to you at all you venture.
Dean

Dean,
If commodities cycle up I will do good and in 3 or 4 years I would cycle into revenue producing real estate if it is down where I expect it to be (will depend on what country I am in).
Roger

You are correct sir...

Stage 5 TAKING THE PLUNGE. I get that "I feel lucky" Google feeling and go for it!

Yes, I am dipping my toes in this month, but not plunging in head first. I will be wearing a life belt.

Amazing .Cryptocurrence has come to stay. You either embraze or leave it. Great thought.

Thank you.

I feel that everyone will get in the water sooner or later, because the blockchain will affect so many aspects of everyday life. They may not realize it but they will certainly will feel the impact. Luckly it will be a good impact overall.

Hi Roger! Interested read about your journey from skepticism to a believer. I am quite keen on crypto but haven't quite done any major research apart from when a few friends were trying to convince me about OneCoin (which has the MLM attached).
I have to enroll in a few courses probably.

Are you finished with your with your presentation?

David

David,
Along with all the training at WA etc. etc. I am committed to adding a post a week on my profile page. Next week I will write about my experience and involvement in "Introduction to Digital Currency" - the most comprehensive and believable course I have found on the Internet.

Version 8 of this course runs from Feb 12 to Apr 15, 2018. No cost but lots of work and good results.

Roger

I will sign up and gain the knowledge. Thanks, Roger.

Just signed up for the course. Thanks, Robert! Can't wait.

David,
Having someone to do the course is going to make it a brand new experience for me. Thanks for signing up. Total for this semester is now 2,395 learners with a 17% historical completion rate. Enough go on to complete the M.Sc. that they can afford to give you the first required course for free. If I was only 40 yrs old I would sign up for the on campus program.
Roger

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