alt Hacker NewsMy solution to this is that I ring my bell when I'm far from people, usually twice while I'm still a fair way away. It just gets pedestrians conscious that there's a bike around, while also being far enough away that it's not going to surprise them and I don't think they assume it's an aggressive bell.
My least favourite is when a cyclist speeds past and shouts "on ya right" (I'm in Australia) but they shout it when they're so close that there's no chance of hearing and understanding in time.
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The problem with bells is that they aren't very directional. It's hard for my brain to figure out from which direction the sound is coming from. Someone speaking "on your left" is much more directional, and it includes important context as to what the warning is about.
That's how I do it too. I'll tap bell once (and let the ring sustain) when I'm about ~5 seconds from overtaking them so people know there's something coming up behind them, and the sustained sound tells them how fast it's coming. This is especially important with runners, who are prone to suddenly take a U-turn if they're at the end of their route.
Pedestrians regularly wave acknowledgement or even say "thank you." Some other cyclists (especially on e-bikes) just blast by with no warning.