Topic: Why do people avoid bitcoin? - page 19. (Read 9320 times)
Thank you everyone for the comments and contribution to the topic I posted, I have also learn from it, know I understand the reason while people don’t actually use bitcoin for there daily transactions. But I think bitcoin should use for international transfers. maybe some people don’t find it interesting because of the chargers, but if any one is comfortable pay the charge the person can go ahead with his or her transaction
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.
This type of immature behaviour is oftenly seen by peop who aren't aware of internet.
They don't trust internet with their money.
Moreover many people are also there, who thought Bitcoins are the source of Gambling, for which they often advised their own friends and families to stay away from Bitcoin.
But i guess it won't last longer, as in this generation all things are adapted via internet and the youth are becoming more concerned about the environment.
I predict in the next few years, we can see Bitcoins as a reputable Currency.
It's not just people who don't understand Bitcoin that prefer not to use it , even those who understand it don't want to use it for money transfers because of the volatile nature of it.
We need a stabl currency for fund transfers between nations.Otherwise we may never see these kind of transaction in digital form.
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.
This type of immature behaviour is oftenly seen by peop who aren't aware of internet.
They don't trust internet with their money.
Moreover many people are also there, who thought Bitcoins are the source of Gambling, for which they often advised their own friends and families to stay away from Bitcoin.
But i guess it won't last longer, as in this generation all things are adapted via internet and the youth are becoming more concerned about the environment.
I predict in the next few years, we can see Bitcoins as a reputable Currency.
Bitcoin is the King of all cryptocurrency community, and the price is very high, and has more prospect than any other coin, therefore people went for a lower price of other alt-coin to invest, while having a hope that, the price we raised to bitcoin one day.
That's not what's being discussed in this discussion, you just read the title and then post a trashy post here. The price of bitcoin is not a problem as long as you have assets equivalent to your $$. Owning 1 BTC is no worse than owning 2 ETH, meaning we don't need to own 2 BTC to be able to match our assets to 2 ETH. And prices do not really affect the mass adoption of transactions.
The problem is that the total supply of Bitcoin is very limited, so when billions of people use a currency that is only less than 21 million pieces, Bitcoin inevitably has to add a lot of zeros in front of it to be used publicly, and that will make everyone disturbed and feel difficulty in transacting
While you castigated ekeh for not being on topic, the limited supply and decimal numbers have nothing to do with why people finding it difficult to use bitcoin to begin with. Its the unfamiliarity. You can fix supply of a currency as 100 Billion but nobody would be willing to transact till it is secure and free from centralized interference, which almost all of these "billion-supply" currencies are. Bitcoin is the King of all cryptocurrency community, and the price is very high, and has more prospect than any other coin, therefore people went for a lower price of other alt-coin to invest, while having a hope that, the price we raised to bitcoin one day.
That's not what's being discussed in this discussion, you just read the title and then post a trashy post here. The price of bitcoin is not a problem as long as you have assets equivalent to your $$. Owning 1 BTC is no worse than owning 2 ETH, meaning we don't need to own 2 BTC to be able to match our assets to 2 ETH. And prices do not really affect the mass adoption of transactions.
The problem is that the total supply of Bitcoin is very limited, so when billions of people use a currency that is only less than 21 million pieces, Bitcoin inevitably has to add a lot of zeros in front of it to be used publicly, and that will make everyone disturbed and feel difficulty in transacting
Bitcoin is still at the infant stage and the mass adoption is still low. To use it as a medium of exchange, both parties must know how to handle digital wallet, deposit and sale and how to convert to fiat money which is the purpose. That is why most people avoid it since they don't understand or have the know-how. But this will change gradually.
The best explanation I've ever heard answering this question came from Andreas Antonopoulos while giving a presentation.. "I think many of the intellectually honest people eventually stop being critics, because they suddenly realize that the flaws they are identifying are temporary features, issues, and not inherent problems. There are very few inherent problems in a dynamically evolving design or ecosystem of different designs all competing, that cannot be resolved. There are critics who criticize this technology primarily based on their world view. It is politically inconsistent with their world view. It’s not that they do not like the technology it’s that they do not like the implications of this technology and the primary criticism you get then is “this should not be” to which all I can answer is ..and yet it is. “but we mustn’t”… and yet we did, “but you shouldn’t”.. but yet we did"
Some people don't understand the potential of Bitcoin. Or they are just influenced by FUDs. So, they are not interested in Bitcoin or avoid to buy it. We cannot blame them, Bitcoin isn't for everyone. For me, it is just for people who know its potential. We cannot deny that investing in Bitcoin is quite risky. If you don't brave enough, you probably avoid it.
Bitcoin is one kind of virtual money. People use it through the internet for the transaction, or whatever they want to do by using it through an internet connection. People usually avoid Bitcoin for some reason, this one is one of them. Because we can not use it without internet access whenever we go outside of the home. That's the main reason I think. Because we need cash money to survive or society needs to reform into cash to cashless. Then we may consider it.
I think that there is a large degree of people who avoid it because it is so different than traditional banking systems and they don't completely understand it. However, as I've had more workers in international companies, I have used cryptocurrency for payment far more often and the fees are much lower compared to other options.
Institutions like Western Union are definitely going to be further replaced by cryptocurrency or have to lower their fees or adopt technologies themselves in the future as adoption increases.
Institutions like Western Union are definitely going to be further replaced by cryptocurrency or have to lower their fees or adopt technologies themselves in the future as adoption increases.
I remember how complicated to withdraw money from western union when I got payment from an Iranian company, I must show my electronic id card, family card, and must withdraw money based on the district of residence according to the id card, can't Withdraw in the nearest western union from my location, and what's more terrible the cost is very expensive.
Unfortunately, many of my buyers refuse to pay using bitcoin for reasons of its volatility. So the fastest option so far is through the money changer they have subscribed to (although have to pay USD 25 fee per transaction). This system is the one most frequently used by Indonesian workers who work abroad to send money back home.
The Swift system is now also faster than the telex system. At the latest for the normal line, we will receive a payment within 1x24 hours, while for the express route it will only take about 3-6 hours for export-import payment transactions. The cost is quite cheap, it around USD 38 / transaction for bank charges for whatever nominal we send it.
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.
Actually you can't blame them. The reason is this, the person telling his friends and families to accept Bitcoin as a means of payment, how much information about Bitcoin has he given to them? Can the receiver adequately create a Bitcoin wallet, get the address and when he receives the Bitcoin can he sell back to fiat and use if for the intended purpose? There are just many questions so, there is no need to blame anyone.
What I think is, before asking someone to accept Bitcoin for means of payment, do well to impact the necessary knowledge because any form of mistake can lead to loss of asset and that won't be funny.
So first thing first, to make Bitcoin come to people, at our spare time, we need to educate them on what Bitcoin is all about, the wallet they can use to receive it, how it works, how to send it out and possibly how to sell back to fiat. By planting the necessary knowledge in them, they will be encouraged to research more and the knowledge keeps spreading.
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.
Although bitcoin has some advantages, in some cases, it's still more convenient to use the traditional one in daily transactions especially that there are still limited merchants who accept bitcoin and most are still using fiat. As for sending money from different places, maybe perhaps they are still not aware of bitcoin or knowledgeable enough to fully understand how it works. Also, the government also needs to be considered in both countries who will have a transaction if there is a restriction or not. But generally, a lot of people still don't really understand Bitcoin and that's a big factor why they don't want to use it.
Some people avoid bitcoin because what they have experience from other cryptocurrencies which some scammer scam all their money which is making them to reason that the same thing will still happen if they start using Bitcoin.
Bitcoin is more secure compare to other cryptocurrency where scammer can have access into your money.
I guess those avoiding bitcoin are those who failed to do some personal research before investing their coins. Bitcoin is more faster and simple in the area of transaction if you know what you are doing in the platform.
Bitcoin is more secure compare to other cryptocurrency where scammer can have access into your money.
I guess those avoiding bitcoin are those who failed to do some personal research before investing their coins. Bitcoin is more faster and simple in the area of transaction if you know what you are doing in the platform.
some people don't like to learn new things.
mostly conservative people who think all of the digital money is not money.
only money with physical form counts as money.
your chance to tell them about bitcoin is small.
the only things that the internet teaches them only whatsapp, facebook, and youtube.
when it comes to non-conservative people who still refuse bitcoin as payment,
they think about more things like the fee, volatility, complexity, etc.
not to mention, most people still think bitcoin is a scam, ponzi, or MLM
mostly conservative people who think all of the digital money is not money.
only money with physical form counts as money.
your chance to tell them about bitcoin is small.
the only things that the internet teaches them only whatsapp, facebook, and youtube.
when it comes to non-conservative people who still refuse bitcoin as payment,
they think about more things like the fee, volatility, complexity, etc.
not to mention, most people still think bitcoin is a scam, ponzi, or MLM
Very good observation. People are scared to touch something that they are not fully oriented with. Most of them don't even know where to start, like getting bitcoin wallet or generating bitcoin address. So you can't really expect someone to do what you are suggesting as it will take time to even understand how wallets work. If the OP is sincere in giving the advice to others, why not try it to one close person of his, that is doing this overseas remittance or receiving remittance? Suggest him small amount at first. Of course, the other end should also know what to do. Teach them step by step. How to generate bitcoin address, where to buy btc (reputable exchanges) up until sending it to their local remittance center. This is not an easy task as you are guiding noncrypto users. But once they got it one time and see the difference, definitely they will use it again. So for the OP, you need to understand the underlying situation. A lot of them are saying no because they don't know how to do it, not because they are afraid of it.
some people don't like to learn new things.
mostly conservative people who think all of the digital money is not money.
only money with physical form counts as money.
your chance to tell them about bitcoin is small.
the only things that the internet teaches them only whatsapp, facebook, and youtube.
when it comes to non-conservative people who still refuse bitcoin as payment,
they think about more things like the fee, volatility, complexity, etc.
not to mention, most people still think bitcoin is a scam, ponzi, or MLM
mostly conservative people who think all of the digital money is not money.
only money with physical form counts as money.
your chance to tell them about bitcoin is small.
the only things that the internet teaches them only whatsapp, facebook, and youtube.
when it comes to non-conservative people who still refuse bitcoin as payment,
they think about more things like the fee, volatility, complexity, etc.
not to mention, most people still think bitcoin is a scam, ponzi, or MLM
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.
The best reason I can think of on why people avoid Cryptocurrencies are the news revolving around it that it only scams people which is misleading since people who earn from it are more notable than people who are scammed by it. People who have no idea about it are only scared because they might get involve with it in the wrong way.
We cannot trust the media. They can easily manipulate the information they have. People loves to believe in fake news or anything that is not supported with evidences. They are scared because of this. That's why we have to educate them with the right knowledge and it is up to them if they will believe us. Also, people avoid bitcoin because it is really a high-risk investment, anytime ,you can lose what you risk but it is part of life
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.
The best reason I can think of on why people avoid Cryptocurrencies are the news revolving around it that it only scams people which is misleading since people who earn from it are more notable than people who are scammed by it. People who have no idea about it are only scared because they might get involve with it in the wrong way.
You can do an example transaction to the same country by showing it to them. Some of them will surely try it if they see themselves. The transaction is faster compare to the system or bank they're using right now. It's not enough to advise someone to use bitcoin, because many people are afraid to try new things. Teach them to use it to lessen their fear of having mistakes on their own by using a new system like this. And it would help if you focused on lecturing them the simple mistakes on bitcoin like double-check the address before sending because bitcoin transaction cannot be reversed.
Regarding the use of Bitcoin for transactions or payments, it may not come from their personal. But it is more about the regulations in that country.
However, if the country has legalized Bitcoin and they are still not interested in Bitcoin, this is their personal business.
In this case, we cannot blame them. Because they may not know it, so they don't know the positive side of Bitcoin.
However, if the country has legalized Bitcoin and they are still not interested in Bitcoin, this is their personal business.
In this case, we cannot blame them. Because they may not know it, so they don't know the positive side of Bitcoin.
Yes,it's faster than any other transaction and specially this is all over the world.So this is helpful but the simple issue is this is popular but a huge number of people did not know about the details using of bitcoin and how does it works.Most of them even don't have any wallet to send or recieve bitcoin.So the fact is they use their common payment method in their everyday transaction.that's why they are avoiding bitcoin.
Jump to: