Topic: Why do people avoid bitcoin? - page 11. (Read 9331 times)
Because they think bitcoin is a scam that's the main reason why people avoid using bitcoin one time I tell my friend that I using bitcoin and they told me that the bitcoin is a scam. And I ask them where they get the info they said to me many people telling them.
For transactions, bitcoin does offer a number of benefits that disrupt traditional transaction methods; Western Union, Paypal, bank transfer, and Tranferwise etc. In my opinion, I think the lack of acceptance and adoption is largely due to education. Like @ratimov mentioned, common barriers-to-entry are questions around where do I buy crypto, where do I exchange crypto, what is the price of bitcoin-specifically when acquired vs when exchanged into fiat currency, what if I sent money to the wrong wallet address -- do I have security on that?
Bitcoin is different from fiat money. Many people are use to fiat money over some years which will hard them to understand another currency which is faster and steady in network over the world. Those avoiding bitcoin are people who are use to fiat money to do business and other things. Many people are now getting it right how to trade with bitcoin and make a good income from your trade. Many new users are joining the platform to know more about bitcoin and how it works in the areas of market.
With recent pumping in the market many people join because of the pumping, and also make some people to have interest on bitcoin so that they can start trading internal and external .
With recent pumping in the market many people join because of the pumping, and also make some people to have interest on bitcoin so that they can start trading internal and external .
In my opinion people avoid bitcoin because there is still no mass adoption and uncertain legal regulations in different countries
It is not that simple. Just because Bitcoin is faster than a bank transfer does not mean that for many it will be a fast and simple solution.
There is no infrastructure. For example, you have money, and you want to transfer money to your relatives. You need a wallet, and they need a wallet. You need somewhere to exchange the wallets for money. Those to whom you transfer, too, will need to find a place to exchange the bitcoins for cash.
And if he doesn't have it all, he'll have to create it all and understand what and how. Many people are very conservative, especially the older generation, and it will be easier for them to wait 2-3 days and get their money safely in the office than to go into all these wallets, transactions, and all kinds of exchangers.
There is no infrastructure. For example, you have money, and you want to transfer money to your relatives. You need a wallet, and they need a wallet. You need somewhere to exchange the wallets for money. Those to whom you transfer, too, will need to find a place to exchange the bitcoins for cash.
And if he doesn't have it all, he'll have to create it all and understand what and how. Many people are very conservative, especially the older generation, and it will be easier for them to wait 2-3 days and get their money safely in the office than to go into all these wallets, transactions, and all kinds of exchangers.
Exactly. Moreover, the decentralization of cryptocurrency is a big factor for people. They are just afraid that if something happens to our bitcoins what will we do? Where to register complain? These fears and the hectic process of transferring BTC let people avoid using it.
There are several reasons to avoid Bitcoin. These are:
1. If a Bitcoin ‘wallet’ is lost or damaged, it cannot be recovered.
But bitcoin wallets are intangible which means that you can't damage it nor lost. As long as you have the private key or seed of that particular wallet, you can always recover that.1. If a Bitcoin ‘wallet’ is lost or damaged, it cannot be recovered.
2. Too much volatility as a medium of exchange.
The right word would be "as an investment."
some people avoid bitcoin because in some country ban bitcoin transaction. in other countries take many time to transfer bitcoin also. bitcoin is cryptocurrncy it is very difficult to transfer in bank account .
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Well its because they are afraid on something that they don't know.
And also I think that people where soon recognized bitcoin due to the less demand of fist money due to pandemic.
And also I think that people where soon recognized bitcoin due to the less demand of fist money due to pandemic.
They are afraid not because they know bitcoin but because they actually dont know it. They know things that are not good about bitcoin which make them become distant from it. People have been hearing so many negative things about bitcoin which makes them stay away. Pandemic cause more of cyber scams that uses Crypto as form of investment. Projects bearing the name of Bitcoin bring either good or bad impression. We have to educate people well about this new technology, the Blockchain have come so far but there are still many things to work on bringing good impression and view on this new found technology.
There are several reasons to avoid Bitcoin. These are:
1. If a Bitcoin ‘wallet’ is lost or damaged, it cannot be recovered.
2. Too much volatility as a medium of exchange.
1. If a Bitcoin ‘wallet’ is lost or damaged, it cannot be recovered.
2. Too much volatility as a medium of exchange.
I do notice that some people naturally don’t allow bitcoin in any of their daily transactions even when it faster and easier, they still don’t prefer using it, I have noticed this a lot, Some classes of human,
Its because - they don't have the enought knowledge to recognized bitcoin as digital currencies thats why they are afraid to even try to used it.
- numerous scammers are there and the number of the victims are increasing in each day
- Due to government regulations on some country that prohibits bitcoin and other cryptocurrencies.
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Sometimes when they are to receive money from another country like international transfer sometimes it takes 2 3 days to arrive,They will advise them to use bitcoin and they still don’t accept it even it faster and easier. Now how come we make bitcoin come to people.
Well its because they are afraid on something that they don't know. Sometimes when they are to receive money from another country like international transfer sometimes it takes 2 3 days to arrive,They will advise them to use bitcoin and they still don’t accept it even it faster and easier. Now how come we make bitcoin come to people.
And also I think that people where soon recognized bitcoin due to the less demand of fist money due to pandemic.
Since most of the total populace is less proficient about Bitcoin, and numerous Bitcoin hater is getting out deluding word. As referenced, Bitcoin is generally utilized for tax evasion, psychological militant financing, and other criminal operations. This causes numerous individuals to keep away from Bitcoin, indeed, even in my nation Bitcoin exchanging is known as a betting game. All the deceptive data that was spread was surely made by the legislature to drop Bitcoin as I would like to think, in light of the fact that the legislature is worried about the possibility that that one day Bitcoin can supplant fiat.
For now, transfer from banks is already instant, though they are not using any blockchain technology for their digital asset, it quite gives them the edge for financial transactions compared to the blockchain, perhaps, they avoid bitcoin because of its high transaction fee and also long confirmation time depending on the amount of transaction fee we pay. But for the majority of transactions in bitcoin, it focuses on investment, trading, and macro transactions which makes bitcoin better than any other financial system for transactions. If bitcoin could fix this major problem of microtransactions, I can say that bitcoin could really penetrate most of the market.
One of the reasons too on why people do avoid bitcoin is that they do believe that this is just an another sort of scam or what.
Indeed thats the usual reason why some people refrain themselves from using bitcoin. Here in our place, there are only few users who actually use btc either for investment or as currency to spend. Though the transaction is fast and convenient compared to sending through remittance, people hesitate to receive their money through btc thinking that it might be a scam. Its because of the bad news involving btc as tool that influence them to have doubt even its just a currency and not a scam. 
The majority of people out there still dont udnerstand for that they should use bitcoin in general. So hard to change their fiat habbits
Their would be many reasons due to which still people are tied to use fiat. Just like me as well want to use bitcoin in my general life as well but cannot as not many stores do accept bitcoin , some of them are still unaware, then not very clear rules from authorities etc this all makes it tough for merchants to openly accept the bitcoin. I hop in coming years this thing get sorted do that major transaction can be done in bitcoin rather than fiat.
It takes time for adoption to kicks in so lets be patient and wait up for the right time but don't expect that it will really come because government on each country do differs their insights and views
towards bitcoin, neither they would allow or prohibit it.
One of the reasons too on why people do avoid bitcoin is that they do believe that this is just an another sort of scam or what.
The majority of people out there still dont udnerstand for that they should use bitcoin in general. So hard to change their fiat habbits
Their would be many reasons due to which still people are tied to use fiat. Just like me as well want to use bitcoin in my general life as well but cannot as not many stores do accept bitcoin , some of them are still unaware, then not very clear rules from authorities etc this all makes it tough for merchants to openly accept the bitcoin. I hop in coming years this thing get sorted do that major transaction can be done in bitcoin rather than fiat.
There are two things you need to know about Bitcoin. The first thing is that it is unstable, the second thing is that many countries do not allow it. Most people in most countries still know nothing about cryptocurrency. But as long as it's true, people are learning so much about cryptocurrency. While people may not trust Bitcoin in the beginning, now people are starting to trust Bitcoin .
Not as easy as it may seem. Bitcoin goes up and down all the time. Sometimes its lot of big crush. Now if you are asked to transfer Bitcoin instead of Cash then it can be done. But receiver will have to go through many steps and then cash it. Which is very time consuming and requires knowledge. That's why many people do not accept bitcoin instead of cash.
People never avoid the usage of bitcoin. It is the situation as well as the lack of accessibility makes them avoid it.
Few reasons I personally find are
Few reasons I personally find are
- Lack of true understanding about cryptocurrency
- No physical form as the traditional fiat
- Very little stores with cryptocurrency acceptance
- Governments opposing the usage of cryptocurrencies
- More number of scams happening around in the name of bitcoin
- Requirement of basic computer/mobile operating knowledge to use bitcoin
Despite the fact that bitcoin is fast and easy to transact with, people are scared due to the fact that bitcoin transaction is a mobile transaction, people are scared of scammers and pirates, so they prefer the manual method of transaction.
The majority of people out there still dont udnerstand for that they should use bitcoin in general. So hard to change their fiat habbits
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