Topic: Why do people avoid bitcoin? - page 2. (Read 9331 times)

The single most reason why some people avoid Bitcoin is due to the lack of clarity in legality and tax requirement. Some of the countries, such as Japan, Germany and South Korea have moved to make Bitcoin 100% legal and they have regulated this asset. However, that is not the case in the majority of the countries. And then we have countries such as China and India, where Bitcoin is under de facto ban.

It's faster for sure, but what if the person wants to be sure that what is being send is exactly worth $1,000 for instance at the time of converting, with Bitcoin being volatile you can not be exactly sure that the price stays at the same level after you waited for network confirmations and the time it takes you to convert it to your national currency to be able to use it.

That being said that doesn't mean you can not use Bitcoin for international transfers, I totally agree with your points you're trying to make, but the thing is, it really depends on the use case of those that are sending money internationally too, and while you and many other could be totally okay with some downsides that crypto transfers could have such as volatility, some other may not, also don't forget the fact that many still largely unfamiliar with crypto or even consider it as exit scam waiting to happen to this day.

Yes this is true. This is usually done by hamsters who buy it at the top when bitcoin soars. They just keep it until it falls and sell it under the pressure of the same people who shout that bitcoin will not rise again, etc. They ended up buying for $ 20k and selling for $ 4k. The same thing is happening now. On the course $ 40k was bought and sold at 35k. Then listen to these experts.

As said above, the speed of confirmation depends on the fee rate you use. If the mempool is stucked and you use fee rate at 1 satoshi/(v)byte, your transaction can be stucked for days or even 2 weeks before difficulty on the network was readjusted and mempool status becomes better.

The greatest reality is misleading and less information in terms of putting resources into bitcoins. The individuals who as of now lose their cash in bitcoin in frenzy sell consistently deceive individuals to keep away from bitcoins and consider it as a scam. Another chance they're apprehensive from the public authority since it's illicit in some area (counting my nation) so individuals never take an interest. Their government can capture them on the off chance that they attempted to use it.

Bitcoin is a digital currency and in this system people can send money by using a computer or smartphone. Actually it's a computer file. It's controlled by the users. Even governments or financial authorities can't control bitcoin. That's why most of the governments don't like bitcoin. As governments don't like it, so a lot of people don't trust bitcoin and it is one of the major reasons why a lot of people don't have faith on it.
There are many reasons of avoiding bitcoin by some people.

Bitcoin is still an unclear system for most of the people. As a result, people can't use bitcoin easily.
Fraud or theft is a serious issue in this system. Hackers can hack bitcoin system and it's a disaster for the users.
Bitcoin has no regulation.
Bitcoin users have to pay tax for using bitcoin.
Bitcoin mining is risky.
Virus can also corrupt bitcoin system.
There are some problems in maintaining the bitcoin system.
Bitcoin functions are incomplete.
Because of this reasons some people avoid bitcoin.

That's certainly true, mate. It's not that people are avoiding Bitcoin, it's just that they don't know what it is or how it works. Without proper education into crypto/Blockchain tech, people will become unaware of Bitcoin. That's why it's important to spread the word about Bitcoin, in order to lure as much people as possible into it. Even with our efforts, we may not be able to attract everyone into Bitcoin. That's largely because governments and mainstream media have been doing their part by spreading misinformation and negative comments about Bitcoin in order to scare away the public. This, alongside the ever-growing number of scams, and hacks in the ecosystem, will make most people think twice before joining the game.

What matters is that Bitcoin remains decentralized so that it could last a lifetime. As long as there are a number of people backing Bitcoin, there should be nothing to worry about. Despite Bitcoin's latest achievements, it hasn't been able to replace Fiat in its entirety. This means that central banks will still be relevant, as people trust Fiat currencies more than Bitcoin itself. Adoption will certainly grow for crypto/Blockchain tech, but not to a point where it surpasses Fiat's adoption in the mainstream world. ATM booths will prove to be extremely convenient for Bitcoin "hodlers" to cash out to Fiat (or vice versa). But the volatility of Bitcoin's price, makes it a terrible currency for day-to-day payments. Just my thoughts

people who don't understand bitcoin will say it's a scam. especially if there were a decline and other negative rumours, the decision would only get stronger. nothing can change his mind but himself. If you cannot accept the truth and facts, it will be difficult to accept and adapt to the changes.

Indeed, there are many pros and cons related to bitcoin. but it cannot be denied that bitcoin provides a big change in terms of finance and investment, it is very effective in solving various problems that conventional money cannot do well. So, we have to be wise in this matter, being careful is important, always equip yourself with knowledge and understand the risks.

The capital market and products like mutual funds are regulated by the Securities and Exchange Board of India, the Insurance Regulatory and Development Authority of India watches over the insurance industry, and RBI regulates the banking system, but there is no such watchdog for bitcoins.

So, if by any chance you make investments in a fraudulent bitcoin exchange, there's no one you can approach, not even the government can help you in getting your money back.

Youre right, there are many hackers and scammers in bitcoin currency. and bitcoin is also a high risk. but with existing technology, all of that can be minimized, for example using a personal wallet to store bitcoins such as those sold on ebay or amazon, it can be used to avoid hackers and scammers. If its about the risk that the price of bitcoin fluctuates, instead it should be used for profit, from shorter trading for example. it all depends on the views we have. but why do many avoid bitcoin, in my opinion because they dont know how profitable bitcoin is. Suppose they know that they can profit from bitcoin, maybe they will start to be interested. maybe they also know that bitcoin is same as like common currency that is used for buying and selling.

Why people avoid bitcoin is directly proportional to their level of ignorance about the digital world and it’s great importance in the presence of the ongoing global pandemic. Lots of people are seeking for decentralized methods of handling their fund and investing as well. Anyone that isn’t interested in bitcoin technology should be seen as a sadist. I need more bitcoin for my future so I keep on spreading the awareness of bitcoin in my locality.

They are not avoiding Bitcoin , They don't have IDEA what is this and what can give to them.

Like many others that once has this behavior like Mine , Look at me now how i trust and Believe in this coin .

Sooner or later realization will come , just don't push so Hard.

Its so easy to make people to get acclimatized with bitcoin most especially now bitcoin price is moving forward, let people to adopt bitcoin is to give the a little bit difference between cryptocurrency and fiat currency values across the world, because as it stands now no country that does not know about cryptocurrency especially bitcoin in particular, so putting the through with references will enable them not to dislikes bitcoin, because I noticed the reason while they avoiding bitcoin is because they lack knowledge via bitcoin, from my views.

Can't blame anyone. When I heard about Bitcoin for the first time (in 2013), I was also thinking the same. It is not that easy to convince people, especially those who have lose their money on various online scams and Ponzis. But nowadays the attitude has become more positive, perhaps as a result of more favorable coverage from the mainstream media. But that is going to last only until the next major correction.

When I asked a few friends if they heard about bitcoin, the first thing that entered their minds is the word "scam". Many people shy away from what they perceived as scams and just want to move along without researching what it is and how it works. Anyway, if you are going to see the good side of that, it only means that Bitcoin and cryptocurrencies in general can stay as a niche thing and only a few percent of Earth's population would be able to participate to it.

People avoid Bitcoin maybe because they are not familiar with it. Majority of people in a local community don't even have an idea what Bitcoin is and some others know but still hesitant due to the negativity they've got from news or in the internet about scams or they are just not the techy guys. Lack of crypto education is one of the reason why they stay away from Bitcoin.

If I know, they dont avoid bitcoin, they just dont believe in using it. it is true that bitcoin is easier when used for international transactions, it doesnt take long time. but people who dont know bitcoin, just think its a scam because what they believe is ordinary money. I have also experienced this, they underestimate me and underestimate bitcoin. they just lack education about bitcoin, if they understand how it works, maybe they will want to use bitcoin. it just takes more time to introduce bitcoin to many people.

I reckon the main reason is that they don't realise you can buy fractions of Bitcoin i.e. Satoshi.

Plus the very word "Satoshi" might sound strange to a lot of people, especially in context with a techy word like "Bitcoin".

I think we need new names for fractions of bitcoin that people will enjoy learning.

It is a silly comparison, but people pride themselves on knowing the various sizes of champagne bottles e.g Magnum, Jeroboam, Methuselah.

If there were cool words like this for bitcoin fractions, then we are talking moonshot.

(it's a crazy world, isn't it  )

Bitcoin is still a new thing for most of people, but recently it's popularity is growing. And I think one of the factor of it are different trade platforms. I'm novice in the crypto world and wanted to buy a little amount of btc. Searched the internet and found out several exchangers and decided to choose simpleswap.io. They helped me to buy btc with my visa card and now I'm holder of btc coins waiting when it rise to $50k.

Crypto can be define that one side full of advantages and other side is like that there are those who are distraught, within the conclusion it all depends on how you'll react to the conceivable increment in bitcoin. in case those who have been planning for a long time and keep holding bitcoin when the cost is moo, of course the increment will bring them luckiness, but on the other hand those who continuously freeze can take off-base steps and really hurt. 2021 will anticipate that there will be a unused ATH from bitcoin and is the most elevated cost as long as bitcoin is in, it remains presently whether we are prepared to acknowledge the reality and plan ourselves not to be cleared out behind to appreciate it as well.