YouTube blogger Capital Creators conducted an experiment that allowed college students to choose between $1 and 1 bitcoin. Most people choose the dollar.
So we have to start ruthlessly laughing at the American education system and blaming American students for being too stupid? of course not. It seems more effective to figure out why these students value the dollar and help them make the right choices next time.
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Why choose 1 USD?
The price of Bitcoin at this video was around $5,400. The filming location was at the University of Colorado, Boulder School. Why do students in this school only want $1 instead of 1 bitcoin?
One of the most common answers is that the dollar is tangible and people know its value. So, do students think Bitcoin is worth less than $1? When Bitcoin reached $20,000, most people and mainstream media realized its existence? Do they really think that Bitcoin has been turned into Uganda?
In fact, respondents simply don't understand or know enough about Bitcoin, and they don't know how to judge their value. Reports from mainstream media are usually negative or selectively ignored, which simply means that Bitcoin is not the target of their attention.
One interviewee learned that Bitcoin is password protected, and forgetting the password would mean losing her bitcoin. However, she concluded that she would not lose $1.
Many people think that $1 will allow them to buy snacks from vending machines and get immediate satisfaction. This is hard to retort…but one bitcoin is worth at least $8,000!
But beyond that, it does show that micropayments are an important application when it comes to mainstream adoption. If the lightning network can be used more easily, we should buy carbonated drinks and snacks through this network as soon as possible, which is better for the mainstream.
Here are the reasons given by respondents who chose the US dollar:
I choose the dollar because:
You can buy a pack of Reese's chocolate for $1 (there is really no way to eat)
I don't know Bitcoin, but I know the US dollar (are you sure you know the US dollar?)
Bitcoin is password protected. If the password is lost, your bitcoin will be lost, but I won't lose the dollar. (Miss Sister, is the $1 that is sharded in the washing machine yours?)
Because now I only have 83 cents, I want 1 dollar… In addition, Bitcoin is also risky. If I want to invest, I will invest in something other than Bitcoin. (Investment is risky)
Because I am very hungry, $1 can be used directly on vending machines (good, food)
Because I know that the value of the dollar will not change, and I don’t need to rely on other people (the Fed does not agree)
Choose a minority of Bitcoin
One of the respondents chose Bitcoin, which he said because he has been "focusing on Bitcoin." However, he has no way to collect coins because "the app must be installed" and he believes that "no one has ever traded bitcoin."
Another respondent realized that Bitcoin prices were rising and chose Bitcoin. He invested in bitcoin, earning $1,000 a week and then losing all of it.
Here are the reasons given by respondents who chose Bitcoin:
I choose bitcoin because:
I have been paying attention to Bitcoin.
Bitcoin is worth $5,000, right? (The bitcoin price was $5,400 when the video was shot)… I invested in Bitcoin last year, earning $1,000 a week and then losing it.
World beyond bitcoin
As Bitcoiners, it's sometimes easy to forget that outside of our little cryptocurrency circle is a world without bitcoin. If we want Bitcoin to be accepted by the public, then we should regard it as our responsibility.
Although none of the respondents actually received Bitcoin in this experiment, the moderator did let them understand the development of Bitcoin. After learning more about the value, role, and workings of Bitcoin, most people changed their choices.
The host also asked them to download a wallet app and transfer them a bit of bitcoin. Many people understand Bitcoin in this way.
Everyone can do this. Give everyone you know $1 (very few will refuse), then install a bitcoin wallet and give them $1 bitcoin.