BITCOIN & BLOCKCHAIN - 5 Stages to Understanding

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.