Here’s Why Bitcoin Is Going Nowhere Fast: Financial Literacy
Bitcoiners love to believe their complicated version of money will win hearts and minds. But they might be overlooking one crucial aspect – most people don’t even understand traditional finance, let alone the uber complicated digital finance of the future.
Almost two thirds of Americans can’t calculate interest payments. Yet, Bitcoiners believe their complicated digital currency, which incorporates encryption and deflation, will catch on and ‘revolutionize’ finance.
A new study released today determined nearly two-thirds of Americans would fail a basic financial literacy test. They got less than four answers on a five-question quiz correct. How many people who could pass the test has declined since the financial crisis. Last year, just 37% could pass. So, good luck explaining to them SHA-256 and mining.
This post was published at Crypto Coins News on 15/07/2016.