Topic: Why do ordinary people feel afraid of Bitcoin? - page 18. (Read 3643 times)
It is true that a lot of people are suspicious and feel scared about bitcoin. The people who have got no technological background, it will be difficult for them to feel safe with bitcoin, as they can't see it. On the other hand, they can keep paper money in their pocket, so they feel safe and confident in dealing with it. Also, as many governments are against it, so they feel that the law enforcement agencies will take action against them if they deal with bitcoin.
Ignorance, fear, and distrust are among the reason why people feel afraid of Bitcoin. It is a natural reaction of people who do not know anything to be afraid. Aside from that, the rampant appearance of scam companies that exploits Bitcoin's decentralized system brings trauma and distrust to people. What worst is, people tend to believe bad rumors without verifying them, making them imagine things that are actually not the case.
It is simple. Ordinary people do not duly understand and do know everything about Bitcoin. It is a nature of human to get afraid of something they do not know and understand and they are just simply ignoring the choice of exploring or taking risk to better know such thing that is new or out of their comfort zones. Also, ordinary people most of the times do tend to listen on other people's opinion which are clearly not that knowledgeable about Bitcoin making them afraid of trying because they are thinking that they might get into the same fate like the other people experienced. Ordinary people are those types that are afraid of risk taking for it seems they are looking at the picture of advance thinking that it might not be worth it even if they are still not trying.
It is understandable that many people are "afraid" of Bitcoin and cryptocurrencies.
Mostly people are afraid of things that are not very clear to them and have a great fear of taking risks. But there is this fear when it comes to investing in everything. People instinctively first look for the hidden reason in a project and how it can take their money. Isn't this a pyramid or a scam, etc.
If most people (ordinary people, as you call them) were not afraid to invest and follow their dreams, now the world would be a radically different place.
Everyone prefers their comfort zone to the unknown ....
Mostly people are afraid of things that are not very clear to them and have a great fear of taking risks. But there is this fear when it comes to investing in everything. People instinctively first look for the hidden reason in a project and how it can take their money. Isn't this a pyramid or a scam, etc.
If most people (ordinary people, as you call them) were not afraid to invest and follow their dreams, now the world would be a radically different place.
Everyone prefers their comfort zone to the unknown ....
That is an extremely regular thing thinking about that bitcoin can be supposed to resemble an air pocket, it can fly whenever. call it when the market rose to the period of 2017, at that point unexpectedly fell low in 2018. Such quick value developments make normal individuals hesitant to purchase bitcoin, not to mention put resources into huge amounts.
Did you know that Fortnite had nearly $2 billion in revenue last year?
Do you know what these billion users got? Different appearances in the game can give characters different dance moves.
You can play the exact same game without paying any fees.
Yes, there are so many investments out there and many of them are bad, but some of you make that mistake of investing in projects that can’t be trusted or projects you don’t know anything about. If you don’t believe that a project is going to be worth it or successful, why not just forget about it and go for something else instead of buying it? It’s just like you have mentioned that there are so many ICOs in the market, why would you be investing in them when you know that there is Bitcoin which is very safe to invest?Do you know what these billion users got? Different appearances in the game can give characters different dance moves.
You can play the exact same game without paying any fees.
There is also ethereum and some good and reliable Defi projects that are here stay and you can invest in them, instead of some projects that you know nothing about.
BTC is still magic internet money for the ordinary people. They dont understand how it work and why they should use it
Yes. Lack of knowledge is one of the roots why people fear a new invention or innovation. Also, if they are not interested to learn about it, there's nothing much we can do. But maybe at least if they can know the basics of bitcoin and crypto, I guess that would be fine so they don't have misconceptions about it. Also, if you will make yourself available for the people you know that is interested in bitcoin, then go ahead and teach them so that they would know bitcoin is not some scam network or anything, because it's not.
When your just an ordinary person and don't have any idea what is bitcoin it's just so difficult to believe especially if you don't have any experience in digital transactions.
This is so true, an average Joe will definitely stay away from something they have no idea about, especially when it's someone who has little or no idea about the internet, such person will be afraid to invest in any online business since it's not a physical establishment which they can see, they would surely feel its a scam since its on the internet. Most of the time like some of my friends that do not believe in bitcoin cannot believe that you can actually earn that kind of profit by just investing in cryptocurrency.
I believe they are not that exposed to things on the internet, that's why they feel online businesses are nothing but scam, becuz of several stories they have heard.
Crypto news is very controversial. Many individuals are also conducting scam campaigns to attract new users, and for some nations, the regulations are still in progress. The new traders are confused by all this.
Another thing is the complexity of buying bitcoin or altcoin - verification of accounts, refusal of payment methods, security of wallets, etc. For everything, it takes in depth research. Even if you have a dedicated first time buyer team guide for beginners, it's still not enough.
Another thing is the complexity of buying bitcoin or altcoin - verification of accounts, refusal of payment methods, security of wallets, etc. For everything, it takes in depth research. Even if you have a dedicated first time buyer team guide for beginners, it's still not enough.
Someone told me not long ago: Bitcoin is a dangerous game. It is even possible for some people or groups to take over the blockchain through a majority and destroy the entire mechanism. People don't know they are playing these games.
In this very part i automatically believe that you are referring to a No Knowledge in Bitcoin at all , calling this as ' A Game" is a total Bullshit i believe.Quote
For a long time buying Google at a high price, Amazon and Apple are both good choices for me.
Well that is a Prerogative that must respect.Quote
Yes, there are a lot of stocks there, there are also cryptocurrencies, there are also many bonds and debt instruments.
In the US, there are obviously 9,600 mutual funds (quick Google search)
. The question is, which of the thousands is worth buying.
Its for you to find out.In the US, there are obviously 9,600 mutual funds (quick Google search)
. The question is, which of the thousands is worth buying.
Quote
Just because some or many of the available options are not good investments, it does not mean that the entire asset class is bad.
Bad of one is not a bad of everyone , yes it can effect but not totally will become the same.
The size of the cryptocurrency world is over $ 194.81B. People's interest in these coins is increasing day by day. The reason some people stay away from Bitcoin is price volatilityBTC. Such rapid changes are not normal in any portfolio. But, there is a new technology here. People should be ready to invest in this despite volatility. For this, first of all, it is necessary to have the financial potential to prepare itself even for important losses. In short, everyone is aware of Bitcoin technology now. The only thing that stops people should be the high price.
hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
If you can learn bitcoin, you will know that bitcoin is not dangerous. Bitcoin teaches us to manage our money and minimize the risk we can get from the investment. But it is normal if someone says that bitcoin is dangerous because they do not have the right information about bitcoin, and they only read from the other website that suggests them not to invest in bitcoin. But with much good news about bitcoin, people who aware of bitcoin will search for other news to make sure that bitcoin is safe for them to decide to invest.
In as much as knowledge is power; information is power. This is why most people feel bitcoin is some extra ordinary stuffs because they have little knowledge about it. Some people also look at bitcoin from the government point of view (illegal) and try to deviate away from it due to fear or panic. But believe me, as adoptions spreads and people continue to learn about the benefits and fundamental advantages of bitcoin; the more they love it and want to hodl some
I personally don't feel its because of many of the reasons listed above, except for being "new". Even then, I don't think people are concerned about the longevity of the currency, as its been around much longer than most people invest in. Instead, I believe its the lack of documentation, and usability that scares people away. Unfortunately, for Bitcoin to exist in the way it does, it had to step out of the comfort zone of many people, and introduce new concepts. Now, its known that the majority of people aren't particularly fond of change, which Bitcoin does a lot. Traditional currencies have always been pretty much the same, and the principles are taught at school from a young age.
Bitcoin doesn't have this luxury, and currently we are stuck between unnecessary complexity, and jargon. Even when you come to this forum, many experienced users who have great knowledge in the subject aren't particularly good at communicating in laymen terms. Of course, Bitcoin requires someone to be specific in order to be clear, and concise about what you're talking about, but this is not friendly those that are just adopting it. I'm guilty of using jargon, not because I'm trying to sound like a smart arse, but that's how it rolls off the tongue, and is specific to what I need to communicate when asked a question about Bitcoin. However, that's just going to confuse, and scare someone new away. Unfortunately, the documentation which exists online isn't that great in communicating in laymen terms either. This is not only stunting Bitcoin's growth, but its hurting the chance for someone to come back later, and be willing to learn.
The challenge that we have as a community is trying to make it accessible for anyone to adopt Bitcoin in a quick, but secure fashion while also introducing new concepts. For example, a paper wallet is actually quite complex to a new user, because they aren't used to the practice. Unfortunately, the very name "paper wallet" although seemingly self explanatory is something hard to grasp for a new user. A "seed" is also something alien to them. These are just some of the very basic issues that we have to find a solution for to make it easier to adopt. I know, the general consensus is that a willing learner can get through this, and understand. However, if we truly want mass adoption then we should be making Bitcoin as easy to use as possible.
Bitcoin doesn't have this luxury, and currently we are stuck between unnecessary complexity, and jargon. Even when you come to this forum, many experienced users who have great knowledge in the subject aren't particularly good at communicating in laymen terms. Of course, Bitcoin requires someone to be specific in order to be clear, and concise about what you're talking about, but this is not friendly those that are just adopting it. I'm guilty of using jargon, not because I'm trying to sound like a smart arse, but that's how it rolls off the tongue, and is specific to what I need to communicate when asked a question about Bitcoin. However, that's just going to confuse, and scare someone new away. Unfortunately, the documentation which exists online isn't that great in communicating in laymen terms either. This is not only stunting Bitcoin's growth, but its hurting the chance for someone to come back later, and be willing to learn.
The challenge that we have as a community is trying to make it accessible for anyone to adopt Bitcoin in a quick, but secure fashion while also introducing new concepts. For example, a paper wallet is actually quite complex to a new user, because they aren't used to the practice. Unfortunately, the very name "paper wallet" although seemingly self explanatory is something hard to grasp for a new user. A "seed" is also something alien to them. These are just some of the very basic issues that we have to find a solution for to make it easier to adopt. I know, the general consensus is that a willing learner can get through this, and understand. However, if we truly want mass adoption then we should be making Bitcoin as easy to use as possible.
Good points Welsh.
While we generally discredit custodial type Bitcoin instruments like Paypal and Revolut
they are actually making Bitcoin 'ownership' easy for people who otherwise are
not interested in buying hardware wallets, creating and recording seeds.
Also the same goes for preloaded smartphone wallets so people have a hassle free
instrument on their new phone ready for them to explore Bitcoin ownership.
These all make it easy for people to get involved without the scary hands on approach
we are accustomed to.
Same thing like when people still afraid of online shopping because they can't physically see the stuff they gonna buy,the current stage of cryptocurrency is like Internet around early 2000, many people doubtful but turn out the Internet revolutionize the world as a whole. same thing with crypto, it will eventually get accepted by the people, they just haven't realized yet the potential of blockchain.
But it seems the popularity of crypto has been increasing steadily.
But it seems the popularity of crypto has been increasing steadily.
Those people whom you think are just ordinary might be someone who owns some big company. They might not get their hands on BTC but those guys cannot be called ordinary just because they are taking care of their financial activity. they've just been vigilant on where they putting their money. We cannot force them to have the same idea as us because we never know how hard they got their money. If they get to know the good thing about investing in bitcoins, you will be surprised at how they will support it just don't lose your hope. these people are just taking their time before executing some of their plans. You just need to know that.
Isn't it obvious people will be skeptical of new "technologies"? "Ordinary" people follows the mainstream media. They don't bother doing their own research. They start believing whatever they read on the internet and this is why they feel scared of using bitcoin or investing in cryptocurrencies.
Let me tell you why. Let's say someone invests in bitcoin. He makes a lot of profit. His coins are safe. He is happy. He doesn't bother telling everyone how much profit he made or how "easy" everything became for him. Now lets consider another person who invested in bitcoin but met a series of unfortunate events. He loses a lot through his investment, his wallets got hacked or the exchange he was using froze his account. This person then reports it everywhere. Starts spreading news about his misfortune and how bitcoin fucked up his life. And these are news the "mainstream" media publishes and people read. Hence all those horror stories are what are driving people away from investing in crypto currencies.
Let me tell you why. Let's say someone invests in bitcoin. He makes a lot of profit. His coins are safe. He is happy. He doesn't bother telling everyone how much profit he made or how "easy" everything became for him. Now lets consider another person who invested in bitcoin but met a series of unfortunate events. He loses a lot through his investment, his wallets got hacked or the exchange he was using froze his account. This person then reports it everywhere. Starts spreading news about his misfortune and how bitcoin fucked up his life. And these are news the "mainstream" media publishes and people read. Hence all those horror stories are what are driving people away from investing in crypto currencies.
The common person always fears what is unknown to him. The people who have less money to spare and invest won't invest in something blindly. Sometimes it's a good thing, and sometimes it isn't good. The common person has to learn about crypto, its technology, and how evolutionary it is. Not just as an investment opportunity.
When ordinary people start understanding that crypto is better than money, they will start using it. The crypto community has a lot to implement and execute. We need efficient projects in all sectors of life. Only then we can achieve something more significant. Only then ordinary people will not be afraid to buy, hold and spend crypto.
When ordinary people start understanding that crypto is better than money, they will start using it. The crypto community has a lot to implement and execute. We need efficient projects in all sectors of life. Only then we can achieve something more significant. Only then ordinary people will not be afraid to buy, hold and spend crypto.
Ordinary people will be framework, their thinking is perfectionist, they like the simplicity and stability. They will reject their unconventional ways of thinking, such as ups and downs, annoyances, damage, risks ... This is the reason that normal people will not like / fear bitcoin.
Actually, the right term for that is people are not afraid but they are lack of knowledge about bitcoin. They just look into the idea of profit or earnings in bitcoin but they didn't actually focusing on the process and it's risk. So thag mostly new bitcoiners have much likely to failed and to loss their savings. And ending up being afraid that they might did again what they have gone before. Bitcoin is a very risky investment in regards to is being volatile, unstable and unpredictable value but if you will research and do some background check in it, you wil somehow prevent getting lose and being bankrupt in the end. Bitcoin is high risk but a lot more good thibg right now considering also its value which is approaching to a new all time high.
that's why when price drop they panic sell at a loss
we all know that bitcoin is too complicated but knowing only the basic will bring a lot of difference
and also if only they know how the market works, the supply and demand, halving
and other things related to the price in bitcoin that's the only time they will feel secure and get peace of mind.
Ordinary people will be framework, their thinking is perfectionist, they like the simplicity and stability. They will reject their unconventional ways of thinking, such as ups and downs, annoyances, damage, risks ... This is the reason that normal people will not like / fear bitcoin.
Actually, the right term for that is people are not afraid but they are lack of knowledge about bitcoin. They just look into the idea of profit or earnings in bitcoin but they didn't actually focusing on the process and it's risk. So thag mostly new bitcoiners have much likely to failed and to loss their savings. And ending up being afraid that they might did again what they have gone before. Bitcoin is a very risky investment in regards to is being volatile, unstable and unpredictable value but if you will research and do some background check in it, you wil somehow prevent getting lose and being bankrupt in the end. Bitcoin is high risk but a lot more good thibg right now considering also its value which is approaching to a new all time high.
Jump to: