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Relai Bitcoin Session #8 with Ivana Mitrovic: Explaining Bitcoin to Newcomers

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Ivana Mitrovic

Ivana Mitrovic was our guest on the Relai Bitcoin Sessions podcast. Ivana is a content creator, an entrepreneur, and the founder of the Bitcoin Shirts Club. She was also one of the first contributors to Relai. 

We sat down with Ivana to talk about how she got into Bitcoin and the challenges Bitcoin newcomers face. 

You can watch it here:

You can listen to it here:

Summary

Ivana first heard about Bitcoin through one her friends who had invested in bitcoin early and told her about the returns the digital currency generated for him while she was working in banking in Switzerland. 

“I felt like a missed out on this huge opportunity and thought that it was too late to get into Bitcoin,” she explained. 

However, in 2019, when she attended a hackathon, she heard Relai pitch its app and really enjoyed the presentation, despite not knowing anything about blockchain at the time. 

Following the pitch, she approached Relai’s CEO, Julian, because she wanted to participate in the project and that’s how she first became actively involved in Bitcoin. 

Pain Points Getting Into Bitcoin

Ivana’s family members that are interested in buying bitcoin regularly ask her questions about things like how to secure their investment and how Bitcoin works. But the biggest challenge they seem to have though is where to start. 

Storing private keys safely is another big challenge for Bitcoin newcomers. Unlike in online banking, where you can just restore your username and password, if you lose your private keys, you can’t access your funds anymore. 

Many new investors are also concerned about the lack of global adoption. Once more people will adopt bitcoin – as an investment – the more others will follow, as it will make investors feel safer when their peers are doing the same. 

The technical aspects of Bitcoin, which are arguably more complex than stocks or gold, can also turn off newcomers. It, therefore, helps to avoid the technical jargon when explaining Bitcoin to newcomers because then it doesn’t overwhelm people with too much information. 

Talking About Bitcoin to Newcomers

Once people understand how BItcoin works, they aren’t sure where to go next. Also, it often isn’t a pritoy for most people until the price shoots up and that acts as a reminder. But then, many think, “Oh, it’s too late now.”

“That’s why I tell nocoiners to download Relai so you can invest small amounts of money on a regular basis.” 

Many also don’t understand that they can buy a fraction of a bitcoin, which comes down to education by Bitcoin companies and the community. 

Converting those who aren’t interesting in Bitcoin is very hard. It comes down to the individuals to consiosuly make the decision to invest in bitcoin. If they don’t care about it, let them be and miss out on this great opportunity. Many of them come back later to invest anyway, especially once their neighbor or cousin has invested. 

Ivana believes that once mass adoption of bitcoin as a currency occurs, more people will invest as they can see it being used in everyday life. 

She also adds that most people who invest in bitcoin doesn’t have the time for day trading. Buying and holding is probably the best approach to investing in bitcoin.

“Bitcoin is really more of a long-term investment.”

To start investing in bitcoin, download the Relai app today.

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