You're not the only one. I've been following bitcoin for a while now, and still learning little nuances of the bitcoin protocol everyday.
For instance, I just learnt recently that there's transaction cost associated with each transaction, and if you set the transaction cost to zero, the transaction may take a while to get accepted (or never) into the blockchain because of the reduced incentive to miners.
This comes as a bit of surprise to me because one of the popular benefits of bitcoin touted by advocates is the reduced transaction fee over traditional means of monetary payments, but I guess that's a fault in my own understanding as 'reduced' does not mean 'none'.
The complexity of the concept is a barrier to the mass adoption of bitcoin. Wallet and payment merchants make it easy for people to use bitcoin without understanding the underlying technology, however I believe there's still a perception problem. People are hesitant to use things they can't wrap their minds around, especially when it's tied to money.
We need more articles like this that can ELI5 to lower that barrier.
For instance, I just learnt recently that there's transaction cost associated with each transaction, and if you set the transaction cost to zero, the transaction may take a while to get accepted (or never) into the blockchain because of the reduced incentive to miners.
This comes as a bit of surprise to me because one of the popular benefits of bitcoin touted by advocates is the reduced transaction fee over traditional means of monetary payments, but I guess that's a fault in my own understanding as 'reduced' does not mean 'none'.
The complexity of the concept is a barrier to the mass adoption of bitcoin. Wallet and payment merchants make it easy for people to use bitcoin without understanding the underlying technology, however I believe there's still a perception problem. People are hesitant to use things they can't wrap their minds around, especially when it's tied to money.
We need more articles like this that can ELI5 to lower that barrier.