Barriers to Entry into the World of Cryptocurrencies

For the technically challenged individuals (and that’s most of us) integration into the cryptocurrency community is challenging.  Granted platforms such as Coinbase has simplified the process but limits access to specific currencies (Bitcoin, Litecoin, Etherium).  Other outlets such as Steemit allows users to earn Steem based on activity, again easy to use but even more limited.  These applications have undoubtedly solicited the participation of a larger breadth of the population in the crypto market and to boot have made access much easier. 

However, access to the wider array of alt coins remains extremely difficult for most of us. I was cognizant of bitcoin and its promise as far back as 2013 but difficulty in procuring coins, the cost of equipment and lack of technical expertise prevented my involvement.  Watching Bitcoin reach 17,000 was truly a surreal moment, full of reflections surrounding ‘what if’ and ‘why didn’t I’ notions.  Since August of this year my interest in Cryptocurrencies has been rekindled as I watched bitcoin reach 4000$, but my disposable income would not allow me to go all in, and nor should I have, it is still a crapshoot after all.  Furthermore, not many could predict the speed in which its value would skyrocket. 

Through my introduction to Coinbase I was able to finally purchase Bitcoin.  As a prudent investor, I only deposited 400$ and not in the hopes that this meager amount would make me rich, but rather as a means to access exchange sites and trade for altcoins that could potentially have a much higher yield.  To this day, I do not have access to a single exchange (tried Bittrex, Gatehub, Kraken), and am reminded of 2013 and my current reflections of ‘almost’.  I do not want this to happen again, and am not sure why these complications have arisen.  I do work and am in the process of a cross country move these events coupled with family obligations have prevented further research into why I cannot access these exchanges.  Mostly I blame my technical incompetence, but I also blame the lack of user friendly platforms and the elitism many CEO’s have regarding their sites and the core base that subscribes.  They don’t want to make it easy, nor do they want to be ‘mainstream’, at least not until they have made their money.  Perhaps, this is just the bitter in me, or maybe it’s the anger that I have not dedicated more time into learning the nuances of said platforms.  Regardless, barriers to entry remain very high to most alt. coins, the following are some the hurdles that prevent the average individual from segregating;

1. Technical Ineptitude: Not understanding what crypto currency is or how to purchase it, is dangerous. Those not familiar with exchanges, wallets, and trading stand to lose a lot of money. Most of us acknowledge that we cannot write code and are not good with computers, this realization often scares us away from investing.  For instance, I have a MAC desktop, I am not overly familiar with the Apple OS, and I believe that this OS may be the reason I am having problems with the exchanges.  But then again, I am not tech savvy so I don’t really know. 

2. Poor customer support, if any at all: These sites are not user friendly and tech support is usually non-existent or unhelpful. 

3. Investment risk: Emerging technology is always volatile.  At this point the unknowns outweigh the knowns. Those of us that remember the dot com boom know that many business failed and a lot of people lost a lot of money.  Those that backed the right companies at the right times made a lot of money.  But who do you back and when do you back them?

4. Lingo: Decentralized currency, peer to peer network, block chain, digital ledger, digital wallets, API Key, QR Code, multi factor authorization, fiat currency.  I could go on and on. 

5. I can’t spend it: It’s not tangible, I can’t hold it and I can’t spend it. I know that many companies are working to make spending more widespread, but the fact is the stigma remains for many new to the notion. 

Any suggestions or comments that could assist those of new to crypto currency such as myself would be greatly appreciated.