Why people lose interest in cryptocurrency

All too often we have seen some become really enthusiastic about cryptocurrency only to quickly lose interest later and sometimes we often wonder why anyone would lose interest at the opportunity to be involved in cryptocurrency the future of money but then there seems to be legit reasons why people do lose interest in cryptocurrency and indeed the reason for doing so is understandable.

The reasons often vary and depend on the individual as the reason why Mr A lost interest is often different from why Mr B lose interest, there is varying reasons why people lose interest in cryptocurrency and I will be writing on what some of these reasons maybe:

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Common reason for people losing interest in cryptocurrency

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One of the reasons why people often lose interest in this space is most times due to their inability to handle the much volatility present in this space the extreme price volatility of cryptocurrency is one of the contributing factor why people lose interest in crypto, in this space is very common to see sudden price in crash and the honest truth is that not everyone is emotionally equipped to handle that and for the most times in cases of extreme volatility in price many sell scared and as such can't be profitable.

Truly market speculation of the cryptocurrency market is one of the driving factor behind people losing interest in cryptocurrency I have often heard some compare cryptocurrency to gambling they feel the volatility and speculation here means that cryptocurrency is more of gambling than investment and as such that's exactly what contribute to some leaving the cryptocurrency market or losing interest in it due to this mindset.

Another reason why some lose interest in cryptocurrency is for security reasons there have often been cases of reported hacks especially for many whose funds are in centralized exchanges and in some instances we have heard of these exchanges getting breached and some projects being scams after investment into a project some will lose funds due to lack of proper research as the project will turn out to be scam so this is another reason which has eroded people's trust in cryptocurrency.

And cryptocurrency isn't like banks where they have our private keys which means that our account is easily recoverable even if we forget any of the passwords as the banks have records of this things but in cryptocurrency it ain't that way as everyone has their private key and if they lose it automatically all the asset in their wallets is lost hence the security concerns surrounding cryptocurrency leads to people losing interest of feeling cryptocurrency is not for them.

Then we have cases of regulatory uncertainty in truth there is legal issues surrounding cryptocurrency and it's ever present and most times regulations make take a quick turn for bad and that affects cryptocurrency drastically as they are some things as cryptocurrency legality in a place as well as taxes or even the compliance rule may become an issue when it becomes highly unreasonable which may not really bode well for cryptocurrency many people are not so keen to continue here with the regulatory uncertainty surrounding cryptocurrency.

We have so many countries who impose bans on cryptocurrency apart from having strict rules that makes it difficult for crypto to comply some outright ban crypto and this no doubt makes cryptocurrency use in places to be restricted and truly that tend to make people in that region lose interest in cryptocurrency I mean the allure of cryptocurrency investment may no longer be appealing to them due to possible regulatory crackdown.

Some users also lose interest in cryptocurrency investment due to the technicality involved I mean it ain't always easy for new users who don't have the technical know-how to get in here and become familiarized with everything, some have difficulty using cryptocurrency wallets and how to go about securing their keys and some don't really know the best way to be security conscious here and may make mistakes that exposes their funds to great risk and for this reason some may lose interest in cryptocurrency as they are not able to navigate the complexity and technicality involved in crypto use.

Also apart from wallet for one to also stay long here they need at the very least a basic knowledge of technology and finance, some people love the idea of traditional investment with banks and all that where you don't need to understand much just invest and be getting monthly or annual returns depending on the terms but here one needs a steep learning curve and deep understanding of blockchain to invest and this is something some may not feel so keen about and maybe rather too overwhelming for them.

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conclusion

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So these are the possible reasons why I believe some quickly lose interest in cryptocurrency and don't stay for long, regulatory uncertainty, security issues, deep learning curve and most importantly market volatility. Market volatility especially has been something that makes many give up on cryptocurrency before they even begin and having a view of cryptocurrency being a gamble.