Why do people avoid bitcoin? - page 17.

pragna

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Quote from: Wesleyeric on October 07, 2020, 02:35:57 AM

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,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.

I think its because of fluctuating market so that people are in fear of BTC. You will see normal fiat market is fixed maximum time with its value but BTC value can change 11k$ to 6k$ in one night. So how people can depends on BTC? I think it needs more time to flexible market of BTC so that people can easily believe on it and hope very recent we will see that.

thanks.

FlightyPouch

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Quote from: Dsdaq on October 10, 2020, 03:08:50 AM

Many people don't use Bitcoin as mode of transaction because they lack the knowledge of the technology, and they are use to the traditional methods. Naturally it's not easy for some people to accept new things in there life but gradually all this will change with time.

Well, I could say that for those people that I know but they do not actually avoid bitcoin since in the first place, they don't know what it is. The people that I know who avoid bitcoin or refuse to use it are the ones that saw it on the news or in an articles that it is being used by a lot of scammers.

Severine

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Bitcoin is a totally in non-regulated space, therefore the money is not safe also another major issue with bitcoin is liquidity, so if prices crash or if a bitcoin exchange goes bust. The returns, are also inflated, which indicates that the cryptocurrency is sliding towards bubble territory and even though it is a cryptocurrency, you can't really buy anything with it.

noorammak

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The problem with using bitcoin is how they convert bitcoin to cash and vice versa. We cannot advise them to use such an informal money transfer service. Nor will they accept such a service. While transferring money quickly, it was also quite troublesome. For the average person, they would choose safety over speed.

Dsdaq

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Many people don't use Bitcoin as mode of transaction because they lack the knowledge of the technology, and they are use to the traditional methods. Naturally it's not easy for some people to accept new things in there life but gradually all this will change with time.

Gotumoot

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Quote from: Wesleyeric on October 07, 2020, 02:35:57 AM

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,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.

I also send the same thing to my friend who is receiving money from abroad but their problem with it are:
1. They don't really know much about crypto currencies.
2. The sender doesn't have enough time to study or understand it.

Genemind

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Not everyone has access to bitcoin, and in some areas liquidating crypto is not as convenient as receiving direct cash right away. Bitcoin may be faster than doing bank transfers or sending remittances, the problem is, can it be used readily or cashed out without hassle especially those who are not familiar with cryptocurrency know-hows.

GeorgeJohn

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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.

Actually some bitcoin transaction is not faster than fiat currency transaction in some extent,because some bitcoin transactions almost take up to three days or more than three (3) days before confirmation, so in that aspects I think both of them transaction speed is equivalent, and from op no one avoid bitcoin it's only people that don't know the rudiments of BTC will avoid BTC

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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.

Yeah you are saying the reality because bitcoin transaction really needs wallet before it can be able to send to whom ever that is receiving it and before the person coverts it to paper money it really needs exchange platform such as luno and binance in order to covert it's to money.

posi

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Quote from: abhiseshakana on October 09, 2020, 08:17:22 AM

Quote from: Taskford on October 09, 2020, 05:40:48 AM

Because of this reason why we will struggle to have a massive adoption and those scam created are the barricade for good visibility to the person who doesn't know it. And if there's really an informative drive that will help Bitcoin to get a spotlight for sure the case will be different in terms of people's decision making. Maybe for now they avoid Bitcoin for that reasons but for sure once the technology about it will spread around the world they will join us here.

Frankly speaking, although half the world feels bitcoin can be beneficial for people on earth, they will think thousands of times to adopt or switch from the fiat system to the bitcoin system. Because a fully decentralized in the government system is only a utopia. The state is still the highest controlling element in the world, so it is impossible for the state to surrender its sovereignty to the market. So a decentralized system will never be fully adopted by a country.

Judging by the total valid bitcoin wallet and level of awareness, I believe only one-third of the world think bitcoin will be helpful and it understandable that the government system will never support the fully decentralization policy which is the reason most of the politicians say negative things about bitcoin and later declare it as people liberty when they leave office.

yayayo

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It's been a long time issue now. First thing it's volatile, second thing some of the country doesn't allowed it and last thing the Bitcoin
and other cryptocurrency seems very complicated to someone they might be needing some time to understand or to learn how to use Bitcoin, accept Bitcoin,
change to preferred currency and more. I think they are not avoiding the Bitcoin but didn't just choose it due to the lack of knowledge and the other mentions I've mentioned

ya.ya.yo!

taufik0911

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People avoid bitcoin as simple as because they don't know it very well. Or maybe misunderstood, or don't like the idea of bitcoin as a cryptocurrency. Also, maybe they alredy loss trades on bitcoin, leaving them to decide to stay away from bitcoin.

I think it's not just because of that, there are still many other reasons including because there are some people who take advantage of "bitcoin" with the lure of investments such as HYIP and MLM
in my country people avoid it because it is because there is a group of people who use the name bitcoin to deceive people

lumeire

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Quote from: pixie85 on October 09, 2020, 10:53:03 AM

The most important reason for people to avoid Bitcoin even when they're told that such transaction would be much faster is the risk. They trust banks and feel like the money will go through even if it takes a week.

They don't trust Bitcoin because to get it they have to register on exchanges and these exchanges are known for losing money, getting hacked, going bankrupt and employing lazy and unprofessional support.

People also feel safe in using banks for saving their money because they think that the money would be safe in the banks as compared to saving it in their own bitcoin wallets as there isn't any risk in loosing their money if they store it in the baks but if they store it in their bitcoin wallets then they can actually loose it if they forget their wallet seed or the password and then there won't be any other way to recover those lost funds.

Ridwan Fauzi

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Quote from: Wesleyeric on October 07, 2020, 02:35:57 AM

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,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.

Because they don't know about bitcoin is or they don't know actually bitcoin is, they just heard from some people who tell that bitcoin is bad. Yeah, I found this issue from my closest friend. He doesn't know that I often use bitcoin and I get used to use it my whole daily life, not for transaction but I use it for trading purpose or sending money.

He told me he will send money for his brother who study abroad and someone was suggested to use bitcoin to send it but he was not believe to bitcoin because there are so many negative information against it. I told him that he should look something subjectively, don't just believe to other people who tell that bitcoin is bad and it is just one side. And told him that bitcoin is good and bitcoin is not scam and I tried to persuade to send bitcoin to his brother and finally he likes it.

Furious 7

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Quote from: pixie85 on October 09, 2020, 10:53:03 AM

The most important reason for people to avoid Bitcoin even when they're told that such transaction would be much faster is the risk. They trust banks and feel like the money will go through even if it takes a week.

They don't trust Bitcoin because to get it they have to register on exchanges and these exchanges are known for losing money, getting hacked, going bankrupt and employing lazy and unprofessional support.

People who are not panatic, maybe they will think of it that way, their bank will feel safer and more secure if there is a mistake in their transaction even though it is a long process, some people still believe it.

But I see that now many have switched to fast bitcoin in transactions, we know this speed is more than usual and investors will use blockchain technology in their transactions they don't care about hackers because they already know assets must be stored in hardware wallets than on the exchange with full of risk.

pixie85

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The most important reason for people to avoid Bitcoin even when they're told that such transaction would be much faster is the risk. They trust banks and feel like the money will go through even if it takes a week.

They don't trust Bitcoin because to get it they have to register on exchanges and these exchanges are known for losing money, getting hacked, going bankrupt and employing lazy and unprofessional support.

samputin

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Quote from: finaleshot2016 on October 09, 2020, 10:40:25 AM

Well, it's not that easy to trust an asset that isn't recommended by the government itself that's why some are trying to avoid cryptocurrency because of ignorance.

Also, cryptocurrency was being used in scams and different crimes that's why they do not fully trust it because it was being used by the criminals. People are being hesitant to use some particular things that haven't been used daily. They also prefer using fiat especially when in daily transactions.

Exactly. Ignorance. And even if they have knowledge about it, they might know it as a tool used in doing fraudulent activities, or other negative things. Also, we can't just push anyone to use bitcoin or crypto just because, for us or for you, it's a faster way of transaction. Most people, of course, would go to their usual and trusted means, and that is using fiat.

FlightyPouch

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It is true though, it is fast but the problem is that I don't think people would be accepting bitcoin as bitcoin. People here in the country use an exchange to send money, they will send it as a bitcoin then it will end up as fiat in a remittance center. It is not for all I guess and right now, I'd rather just hold it and trade it rather than sending it as payment since I could just do that with a fiat.

pinggoki

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Quote from: Wesleyeric on October 07, 2020, 02:35:57 AM

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, 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.

Personally, I don't consider using Bitcoin in my daily transaction either not because I have negative thoughts on it just like other people but I just don't think it would be a good idea to use it as a currency. For me, I consider it as an asset just like gold, I prefer it hold rather than use it for commodities. Anyway, I think one of the reasons why they avoid it is because this has been used in illegal activities that is why it gained so much negative feedback. For Bitcoin to be accepted by people their government must be the one who should introduce it to them because several countries are still against it that is why they are afraid of using it.

finaleshot2016

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Well, it's not that easy to trust an asset that isn't recommended by the government itself that's why some are trying to avoid cryptocurrency because of ignorance.

Also, cryptocurrency was being used in scams and different crimes that's why they do not fully trust it because it was being used by the criminals. People are being hesitant to use some particular things that haven't been used daily. They also prefer using fiat especially when in daily transactions.

genievic23

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maybe if your relatives don't really know anything about bitcoin they'll be hesitant to do the transaction, So it is really important that the person your trying to send your BTC know how it works too. LOL, and the fees of sending Bitcoin today is a no joke. Maybe they'll use it once they saw everyone around them uses it too.

Topic: Why do people avoid bitcoin? - page 17. (Read 9253 times)