Whether you support the new age of money or just plain skeptic there are 5 reasons in my view why there is animosity towards cryptocurrency. I am not a financial advisor at all and these are just my opinions. Cryptocurrency is not just about making money, which is the boat most people are on. It is about emerging technologies that are looking to change the world. These projects monetize their products allowing investors to grow with them in the creation of a digital form of currency that is secured through cryptography. A whole discussion about cryptocurrency would have to be separate, but that is what it’s all about in a nutshell. Please take this with a light-heart and plenty of good humor.
5- “FUD” Fear, Uncertainty and Doubt lead you to stay away from BTC and ETH. This is normal, especially if you have no idea what it is all about. Actually those who read and observe market trends gain more knowledge that tends to remove some anxiety. When FUD sets in, newbies usually are the first to pull out of an investment. Committing to something volatile like cryptocurrency requires resolve. If fears of government crackdown and banning scare you, then perhaps you need to understand more about the foundations of most cryptocurrency called blockchains. The whole market is very volatile as BTC has shown. It can shoot up more than 300% and you never know for sure when a market correction will take place as these events are affected by what is happening in the world. Follow the news as this can help you analyze trends in the industry. Going into something for the long run and having the belief that the technology you invested in works will give more confidence.
4- “Too lazy to read” When an ICO is issued to raise funds to start a new cryptocurrency, there is usually (if they want to be legit) a white paper. This contains the information, both technical and business that person needs to know about the project. It may be tl;dr but if you really want to learn something you have to invest the time to read and absorb all the information. You don’t just put money into something you heard was making money. Look beyond the money and explore the benefits that it promises to deliver. Doing the research and then meeting and talking to other people also helps.
3- “Not good at investing” You can either invest wisely or don’t invest at all, which is sound financial advice coming from anybody. There is a saying in the cryptocurrency world that you shouldn’t invest more than you are willing to lose initially. There are newbies who get into it because of very bad advice, which is why I don’t recommend listening to everything you hear and take the time to do your own research. This is where we say SFYL to those newbies who bought BTC high, and then panicked due to dips in prices and due to FUD sold low. No one has to be a genius in math to invest money. It really requires common sense and good advice from those who really do understand how the system works.
2-“Too skeptical and close minded” Either you are a wise ass or smart aleck. There are still people who call all cryptocurrency as a bubble ready to burst. Truth is, BTC among others, has crashed so many times you cannot keep track of it with your fingers. Comparing cryptocurrency to a bubble or tulip mania is not exactly the same. Neither should you compare BTC to the “ponzi scheme”. Some also say there is no value in BTC and other altcoins for that matter. Well there is really also no value in paper and ink money or the plastic card used for debit and credit. It is the government that gave it value and the people believe it. With BTC it is market forces that determine it’s value. It has value because it has a purpose as a peer to peer transaction system and there are people who work behind it to validate transactions and keep the network secure. Skeptics tend to also not understand how BTC and other altcoins work, so more education probably removes some of the skepticism. Otherwise, people like this are just too close minded and not willing to accept new ways of doing things.
1-“Don’t have money” The best excuse and best reason is not having the money. This is very understandable. You can always borrow money, but you have to be sure you can pay back the principal. The world of cryptocurrency is very volatile and unlike how normal markets work. Even if you don’t have a lot of money, there are still ways to make money in cryptocurrency. There are well over 1,000 or so cryptocurrency and not just BTC. You can invest less than $100 and getting 100x returns have been known to happen. However, this is not for everyone, especially if you are just putting money into something because prices surged. That is more like gambling. Always understand what you will put your money into first.
It's easy to just take a surfboard and hit the waves, "ignorance is bliss". Then again, opportunity missed is just plain stupidity.
Definition of Terms:
BTC - Bitcoin
ETH - Ethereum
FUD - Fear, Uncertainty, Doubt
SFYL - Sorry For Your Loss
ICO - Initial Coin Offering
Disclaimer: All opinions are the author's own and do not reflect anyone elses. This is not financial advice. Do your own research when making investment decisions.
i agree with you . alot of people are just skeptics. and they dont want to read about how crypto works either
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