Topic: Why do ordinary people feel afraid of Bitcoin? - page 12. (Read 3654 times)
Previously ordinary people used to be hesitant to invest in Bitcoin. Because Bitcoin was not supported by the banks or other mainstream financial institutions. It was also not legal in many of the countries. But the situation has changed with the entry of corporations such as PayPal, MasterCard, MicroStrategy, Tesla and New York Life. Now ordinary people believe that Bitcoin has become more mainstream and it is safe to invest in it.
There is not a simple answer to this but I dare say that a fundamental factor underlying this is definitely the lack of interest and/or education around this space.
Too often, I hear people voicing their opinion about Bitcoin, and I hear the same thing, time and time again. To them Bitcoin is just a scam and a way to lose your money if you dare get near it! Even now I hear the same thing and despite trying to tell them otherwise these people seem to have their mind blocked from hearing out other people's thoughts, they will not be moved from their 'ideal'. This is WRONG.
This needs to change but unfortunately it won't change unless these people, common people, want to make that chance and accept that their wiped idea is far from reality.
I guess aside from the lack of background or idea of an ordinary people about cryptocurrency especiallly bitcoin i think the mere fact also that the scammed were timely relevant was also one of the causes why ordinary people are afraid of Bitcoin. To be honest, the name of Bitcoin were so used in many scam tricks of scammers, make it as a front page on their website to attract people. Hence, scam were not only applied in Bitcoin but in any kind of platforms it happen so we should be very careful because not only ordinary people fall on their trap. Too often, I hear people voicing their opinion about Bitcoin, and I hear the same thing, time and time again. To them Bitcoin is just a scam and a way to lose your money if you dare get near it! Even now I hear the same thing and despite trying to tell them otherwise these people seem to have their mind blocked from hearing out other people's thoughts, they will not be moved from their 'ideal'. This is WRONG.
This needs to change but unfortunately it won't change unless these people, common people, want to make that chance and accept that their wiped idea is far from reality.
My watch word in business is "risk is involved in every thing". One thing you should know is that our level of risk taking varies. Lack of information also promotes fear. I have a boss that is always playing safe but he called me recently and asked me, I want to know more about this Bitcoin and cryptocurrency you have been talking about. I want invest; tell me how I can make money it?
Investing in cryptocurrency was one of my best decision ever taken.
Investing in cryptocurrency was one of my best decision ever taken.
People are not afraid of Bitcoin and cryptocurrencies, they are afraid of uncertainty and the chance of losing all their money and savings.
Most people live day by day and this does not allow them to think about where to invest their money for the simple reason that they barely make a living from salary to salary.
People are afraid to step out of their comfort zone, not specifically Bitcoin or some cryptocurrency.
Most people live day by day and this does not allow them to think about where to invest their money for the simple reason that they barely make a living from salary to salary.
People are afraid to step out of their comfort zone, not specifically Bitcoin or some cryptocurrency.
Interesting, I just had a friend who I went to highschool with asked me about if Bitcoin was something he should look into, this was several months ago, at the time, I think BTC was around 30,000. I told him that I had bitcoin and was in on it from the beginning, (with disclaimer, (this is not financial advice) LOL) I do not know if he decided to invest or not. (have not heard anything so I think he did not buy any) who knows for sure but it does look like the average person is just not going to be interested in nerd stuff, (That is basically what this is) Nerdsville, If you were a nerd in school, chances are that you are doing much better than your contemporary classmates. The one thing that is interesting here about BTC that is, Inflation is not a problem, this is the opposite of classic inflation like in the past, in the 1900s, Hyperinflation, with regard to paper money because a real issue, As well today, we have paper money that has been inflated by printing more money, which devalues the overall value of that currency. With Bitcoin, it is the opposite at least for now. I expect the price to go up and down, with a big adjustment likely coming up this month or early next month. But it will go back up.
So, I assume that when you say ordinary people you say ordinary like very common people, those who have almost zero knowledge of cryptocurrencies. Well, for one they won't be afraid of Bitcoin, simply because they have not heard of it. Second, even if they heard it they will not be afraid, why would they be afraid of Bitcoin? Is bitcoin a monster that they need to be afraid with? So in my opinion the title of the OP's post is not really well thought of. Bitcoin is not a monster for people to be afraid of. They will shrug it off because they don't know anything about it.
Because they don't know about bitcoin and scared to take the risk or maybe they just jealous because they investment cant rise higher than bitcoin.
I already meet a lot of people's who talking shit about bitcoin and i just pretend to smile but i actually don't really care about what they said because i really know how good bitcoin it is.
I already meet a lot of people's who talking shit about bitcoin and i just pretend to smile but i actually don't really care about what they said because i really know how good bitcoin it is.
Bitcoin may often be used on the black market by certain people, because virtual money is not directly monitored by the government. This is what makes people hesitate to use Bitcoin because it is mostly used for criminality. In fact, not all Bitcoin owners use it for crime
I agree with you regarding bitcoin being used illegal purposes and in illegal markets.
However just because there are some negative aspects to bitcoin doesn’t mean its use should be withdrawn.
Ordinary people don't know about Crypto currency. They just know and believe showing things. They don't believe electrical currency. They afraid of it.
It isn't electrical currency, it's better to be said as cryptocurrency or digital currency. That sounds entirely different if you would call it as electrical currency.They hesitate to use Crypto. Somehow any ordinary people know about Bitcoin but he don't want to invest on it though Bitcoin is potential and good coin. I think day by day everyone will know about Bitcoin and other crypto currency and after that they don't afraid of Bitcoin.
They would know about it. If someone tells it to them directly or if it keeps on showing some news on them through social medias or when they do their own act to search what it is all about.
There is not a simple answer to this but I dare say that a fundamental factor underlying this is definitely the lack of interest and/or education around this space.
Too often, I hear people voicing their opinion about Bitcoin, and I hear the same thing, time and time again. To them Bitcoin is just a scam and a way to lose your money if you dare get near it! Even now I hear the same thing and despite trying to tell them otherwise these people seem to have their mind blocked from hearing out other people's thoughts, they will not be moved from their 'ideal'. This is WRONG.
This needs to change but unfortunately it won't change unless these people, common people, want to make that chance and accept that their wiped idea is far from reality.
Too often, I hear people voicing their opinion about Bitcoin, and I hear the same thing, time and time again. To them Bitcoin is just a scam and a way to lose your money if you dare get near it! Even now I hear the same thing and despite trying to tell them otherwise these people seem to have their mind blocked from hearing out other people's thoughts, they will not be moved from their 'ideal'. This is WRONG.
This needs to change but unfortunately it won't change unless these people, common people, want to make that chance and accept that their wiped idea is far from reality.
Ordinary people don't know about Crypto currency. They just know and believe showing things. They don't believe electrical currency. They afraid of it. They hesitate to use Crypto. Somehow any ordinary people know about Bitcoin but he don't want to invest on it though Bitcoin is potential and good coin. I think day by day everyone will know about Bitcoin and other crypto currency and after that they don't afraid of Bitcoin.
By your ordinary people you mean the government? The banks? A few extremely wealthy folks? I asked because these are the sets I know are truly scared of Bitcoin. The supposedly ordinary people in my books are the masses/poor folks and by all intent, these ones don't seem to be scared of Bitcoin. If anything, the thought of Bitcoin excites them because they see it as a source that could lift them out of their precarious and poor state if they hodl it.
BTW, those in the first classification are beginning to realize that the fud they harboured about Bitcoin are lies but are finding it difficult to make public confessions about it.
BTW, those in the first classification are beginning to realize that the fud they harboured about Bitcoin are lies but are finding it difficult to make public confessions about it.
In general, bitcoin is probably a very speculative and very volatile asset and there are concerns about potential losses, many scams have occurred and caused huge losses and can also be used for black market transactions, and many other concerns in general about bitcoin shortages.
because they are not directly involved in bitcoin so they will never know the good benefits that will be obtained from bitcoin and it all depends on who uses it and will be more useful and useful if used properly, safely and positively.
Yes, an asset with no clear background and no clear origin, besides that the valuation is not completely reasonable and accurate according to common sense, there is not even a lack of legal lawsuits that are related, ordinary people have certain fears is normal, as you said do not participate and do not understand bitcoin will not know the specific situation of the problem. Skepticism about bitcoin is the biggest weakness of ordinary people, when they dismiss their skepticism and look directly at bitcoin, they will probably regret it even more because they are not directly involved in bitcoin so they will never know the good benefits that will be obtained from bitcoin and it all depends on who uses it and will be more useful and useful if used properly, safely and positively.
Believe me, if a person tries to invest in crypto, that does not make him unique and not an ordinary one. I can give an example. A friend of mine has been interested in the world of crypto for more than 10 years. It seems he knows everything. But he also makes great mistakes and loses his money. Some of his actions seem weird to "ordinary people". For example, he decided to try crypto gambling, but he even did not check if the casino uses a blockchain. I (an ordinary guy play on fairspin.io and know that their blockchain technology works for me.
We who are into Bitcoin are a minority, we are early adopters of Bitcoin, Why cant everyone
see what we can see?
Knowledge is the key, if they took the time to do a little research they would realise, its too
easy to rely on mainstream media.
Bitcoin is very volatile
Bitcoin is used by criminals
Bitcoin is a Ponzi
Bitcoin will be banned
These statements are not used for traditional investment instruments so generally people
dont want to take chances particularly with something which is alien to them, they are
happy enough to go about their business, work hard and trust the traditional monetary system.
The best strategy to downgrade something is to praise the negative impact than the positive impact. From the small economics I studied in school, I understand fiat currencies have both advantage and disadvantage but the government will praise the advantage and covers up the disadvantage. So also what we are witnessing today about bitcoin even though some of this assertions are not even right e.g calling bitcoin a Ponzi scheme. bitcoin is volatile, yes but fiat also can create economy instability see what we can see?
Knowledge is the key, if they took the time to do a little research they would realise, its too
easy to rely on mainstream media.
Bitcoin is very volatile
Bitcoin is used by criminals
Bitcoin is a Ponzi
Bitcoin will be banned
These statements are not used for traditional investment instruments so generally people
dont want to take chances particularly with something which is alien to them, they are
happy enough to go about their business, work hard and trust the traditional monetary system.
it happened because they didn't want to try to buy Bitcoin...
the first time I was afraid to buy Bitcoin for fear of loss and doubt overtook me, but over time I learned that Bitcoin is a trusted asset that could not harm me. many people have never been educated about what Bitcoin is, I think education is the most important thing.
the first time I was afraid to buy Bitcoin for fear of loss and doubt overtook me, but over time I learned that Bitcoin is a trusted asset that could not harm me. many people have never been educated about what Bitcoin is, I think education is the most important thing.
Trust the importance for the all prices. Bitcoin reached the people. But ordinary people don't know the bitcoin know. So frist people know the bitcoin and understanding the bitcoin. Ordinary people don't know the bitcoin. That the reason for peopl not invest and afraid the bitcoin investment. Before use the bitcoin improve the bitcoin know
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It is even possible for some people or groups to take over the blockchain through a majority and destroy the entire mechanism.
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It is even possible for some people or groups to take over the blockchain through a majority and destroy the entire mechanism.
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this is a true statement. blockchain can be manipulated with 51% Attack. CMIIW.
https://bitcointalksearch.org/topic/51-attack-5220202
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Just because some or many of the available options are not good investments, it does not mean that the entire asset class is bad.
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The prosperity of encryption technology is just like the technological prosperity. They have got a lot of IPOs because of various stupid ideas. Most of these technology companies are stupid and not worth it.
-snip-
Just because some or many of the available options are not good investments, it does not mean that the entire asset class is bad.
-snip-
The prosperity of encryption technology is just like the technological prosperity. They have got a lot of IPOs because of various stupid ideas. Most of these technology companies are stupid and not worth it.
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just say the password
"wallstreetbets" lol.
I believe anything that happens in the crypto market is happen too in stock markets or any investment.
a different instrument, but same strategy.
a bunch of misleading and bad narratives about cryptocurrency.
- monkey business
- ponzi
- scam
- illegal
- bubble
- etc
people believe it without trying to learn about it. why? because that narrative comes from an educated people, let say bankers, financial advisors.
10%-20% a month is their standard for a realistic return from their investment. other than that? it's a scam investment.
In general, bitcoin is probably a very speculative and very volatile asset and there are concerns about potential losses, many scams have occurred and caused huge losses and can also be used for black market transactions, and many other concerns in general about bitcoin shortages.
because they are not directly involved in bitcoin so they will never know the good benefits that will be obtained from bitcoin and it all depends on who uses it and will be more useful and useful if used properly, safely and positively.
because they are not directly involved in bitcoin so they will never know the good benefits that will be obtained from bitcoin and it all depends on who uses it and will be more useful and useful if used properly, safely and positively.
I think it's difficult for an ordinary person to see the value in Bitcoin. The value in Google, Amazon and Apple is obvious. They make physical products and services that are used and solve problems. At present, Bitcoin does not really solve a real problem. At least not for the average ordinary person. It has minimal use in payments on the whole (also note long confirmation times and relatively high transaction fees) and even many of its supporters acknowledge it's a "store of wealth" at this point. If a person wants to buy a coffee at their local shop or buy some new furniture, why is Bitcoin helpful?
At best, Bitcoin is fascinating to the average ordinary person because the price might go up and make them wealthy. That, in and of itself, is not a stable proposition, and is rightly something to be worried about. Obviously, people more technically inclined see it a different way, but the average ordinary person (and even the average Bitcoin investor) is not that.
In addition, all the scams (eg in response to Elon Musk tweets) are not exactly reassuring.
At best, Bitcoin is fascinating to the average ordinary person because the price might go up and make them wealthy. That, in and of itself, is not a stable proposition, and is rightly something to be worried about. Obviously, people more technically inclined see it a different way, but the average ordinary person (and even the average Bitcoin investor) is not that.
In addition, all the scams (eg in response to Elon Musk tweets) are not exactly reassuring.
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