Topic: Why do people avoid bitcoin? - page 5. (Read 9320 times)

I agree.

For some additional reasons, people are still ignoring Bitcoin while others like rich people and influential ones invest on it already, it is because I think it's not always you see in TV or read in newspaper, maybe it'll show up on TC but it is a bad news for Bitcoin because it's been used to a Scam. Maybe their mindset is that Bitcoin is a scam since the majority of the population are still not using it.

Lacking of education in cryptocurrency and courage makes them doubt Bitcoin no matter what you say.

There was some things you mention are those people are avoiding bitcoin just like you said a scammer and hacker hearing some negative about bitcoin probably are true so they are put in their mind could be bitcoin was not a good to invest or using it. But the truth is bitcoin was a trusted in cryptocurrency and the one to blame saying negative about bitcoin are those people trying doing bad names in crypto.

The lack of awareness of people to bitcoin is what makes them not trusting it to the fullest in terms of transactions. Perhaps, they don't have any idea of how it works and they think that it will be hard for them to sell Bitcoin again or to convert it to fiat which is in fact, an easy task to do.

On the other hand, there are also some reasons why people don't really use Bitcoin. First, the transaction fees seem to be high if they are just doing microtransactions. In addition, if they will use it in the market, most of the time the transactions should be fast as instant so the customers will need not to wait too long just to see their transactions being confirmed in the network.

Many hacker and scamer involved in bitcoin currency. Bitcoin is digital currency so many people don't know about bitcoin. Bitcoin is high risky because it price can be high increase and decrease in a day.

People are not used to falling of price, they only want profit pumping of price. Bitcoin have shown a significant changes over the years and still view it as bubble. But on the other hand, little by little Bitcoin is gaining good credibility. Big companies and institutions are starting to promote and adapt Bitcoin. This only mean that people will now turn back to bitcoin instead of avoiding it. There is a lot of application for bitcoin now compared to the previous years. There is also a significant increase in numbers to the community.

The main reason people avoid bitcoin is that they are not believe bitcoin is the good investment but they don't understand bitcoin is the best opportunity to invest there money.
Every investment have some risk but people thinking btc is not good .
Below are some main reason of people avoid bitcoin.

1. Young Technology

Cryptocurrency is still a very young technology. Bitcoin came about roughly 10 years ago, and it has yet to develop into something solid. With so many changes occurring in the past few years, there’s no telling how the market will evolve. Bitcoin as we know it may become useless in the future. The best way to approach this new investment opportunity is with caution and due diligence. Take the steps to secure your funds, and brace yourself for the future of the market.

The information provided here is not investment, tax, or financial advice. You should consult with a licensed professional for advice concerning your specific situation.

2. Currency Or Investment Opportunity?

Cryptocurrency could be an effective online currency exchange; however, buyers buy up bitcoins with the intent of investing much as they would with stocks. Some even think that bitcoin is a solid investment opportunity for retirement. With a constantly shifting market, no regulation and zero physical collateral, investors can end up losing everything they invest. While bitcoin could potentially pay off, the best way to approach this investment is with caution. Small investments and small steps will cover more ground.


3. Financial Loss

Bitcoin has been referred to as a Ponzi scheme, with people at the top benefiting off the ignorance of others. As more people buy into bitcoin, it creates a bubble economy. When the bubble bursts, bitcoin will essentially become useless; there will be many people holding onto cryptocurrency, intending to sell but unable to unload. There is no return on the investment, which can equal a very painful financial loss

4. Limited Use

Bitcoin may be a step toward a new monetary exchange; however, there are few companies that accept it as a viable form of currency. Currently, a few online stores, including Overstock, Newegg and Monoprix, allow cryptocurrency exchanges. Additionally, bitcoin owners can use their funds for travel with companies like AirBaltic, Air Lituanica and CheapAir.com. Unfortunately, many companies do not recognize bitcoin as a legitimate exchange.

5. Block Withholding

New bitcoins are created by solving mathematical equations called “blocks,” which are created every time there is a bitcoin exchange online. A mining pool can use computational power to mine a block and hide it from honest miners instead of reporting the new block to the network. Essentially, this is a way for a select few to reap the benefits, while others are left with nothing.

Crypto is like that on the one hand there are those who benefit and of course on the other hand there are those who are disadvantaged, in the end it all depends on how you can respond to the possible increase in bitcoin. if those who have been preparing for a long time and keep holding bitcoin when the price is low, of course the increase will bring them luck, but on the other hand those who always panic can take wrong steps and actually hurt.

2021 will predict that there will be a new ATH from bitcoin and is the highest price as long as bitcoin is in, it remains now whether we are ready to accept the reality and prepare ourselves not to be left behind to enjoy it too. it all depends on how we can get around this.

I disagree about this idea. Yes, it is that bitcoin at first didn't prove anything about its existence yet how can you say today that it doesn't prove anything? Bitcoin todays had a great impavt and progress in many ways. It is being written in newspapers, shows in public news, some have documentaries and as well as famous in internet. Bitcoin might not be that good at first because we all know that it's just a start of its existence yet as the year passed by, exactly 2018 till now bitcoin continually surprass ita own history not just only about the popularity but the value of it. I can say that bitcoin is from nothing to something important nowadays.


Yes. I think so too. Because of government the limit of bitcoin existency or the popularity is into it. Though some government didn't care that much about it at the first, when it became that thing they started to get into it and thinking to some ideas that may give them something about what is happening to bitcoin. I think some people avoiding bitcoin but I believe that it is a greater than numbers of people who are considering it.

Even now people get interested on the traditional form of investments like gold and other shares. People always come with the justification, bitcoin is high risk involved. Another thing, people aren't much aware of the cryptocurrency network and it's goodness. Right now the network experienced a big change in the level of adoption looking upon the growth happened this year.

More and more ads are getting displayed through different sources too making more people know about bitcoin. In the falling days we can expect more people getting into bitcoin than avoiding it.

Bitcoin maintains that It is the first decentralised peer-to-peer payment network powered by its users without any central authority or intermediaries." 1 The absence of central authority is the primary explanation why policymakers distrust cryptocurrency.

Bitcoin did not prove to be a good thing in 2017-2018, as many people lost money after the bubble inflated... So now people avoid bitcoin because they are afraid that history will repeat itself (and it will! )...

Not all people understand about Bitcoin, some people may doubt it because they never use it. It is normal if some people avoid Bitcoin, they don't know Bitcoin well. That's why crypto education is very important, it should be the priority to spread on society. But it is not easy, especially in a country that Bitcoin is illegal. We have many limitations to spread crypto education out.

Whats good about my country is that we can easily convert our Bitcoin to fiat anytime because there are exchanges that are legally acknowledge by the government. Local wallet also includes the corresponding riat value below the bitcoin amount so that we can easily track the changes from our fund. Local wallet allows us to easily understand and mobilize our funds which makes more people try to buy and hold bitcoin.

I don't think that governments are problem. Their influence on Bitcoin, especially the bad one is overestimated.
It's true that people usually have more confidence in something that is regulated and backed up by government but in case of Bitcoin the main problem is that still majority of people doesn't actually know what Bitcoin is all about. How it's functioning, how could be used, what are the benefits. We need more information and awareness campaigns about Bitcoin.

In fact, even though I am aware of Bitcoin, the person to whom I send money may not be aware of Bitcoin. It is true that bitcoin is transferred quickly but if I send bitcoin to my relatives who need money then he can have a lot of trouble cashing it. If Bitcoin ATM service was available in different countries of the world, there would be no problem in making daily transactions with Bitcoin.

Perhaps the biggest hurdle with Bitcoin is that governments restrict and even avoid Bitcoin, so Bitcoin does not extend its influence and transactions.

That's certainly true, mate. Most people believe what it's said by the mainstream media and governments, instead of doing their own research. In a world where governments and central banks constantly oppose Bitcoin's existence, the public will feel more confident on using Fiat than any other alternative. Those who're aware of Bitcoin's benefits relative to Fiat, will use it regardless of what it's said in the mainstream world. Aside from Bitcoin's tarnished reputation by centralized entities, volatile prices on the market makes another reason to avoid it in the first place. As long as Bitcoin is a constant target of hackers and scammers, has volatile prices, and lacks widespread support from merchants and business worldwide, it won't be going anywhere. This means Fiat will continue to dominate the mainstream economy, as it's stable, trusted, and supported by a plethora of merchants and business worldwide.

Nonetheless, we have to accept the fact that Bitcoin was never meant to be a replacement of the current monetary system. It'll always be an alternative because of the aforementioned reasons. Not everyone will find Bitcoin to be attractive as a medium of exchange or store of value. But those who do, will support it every step of the way. As long as Bitcoin has a considerable number of supporters, it'll be able to last for quite a long time. Just my thoughts

I trust so as to come individuals will receive bitcoin however that won't come simple, the innovation behind bitcoin is new and not satisfactory to numerous individuals notwithstanding the way that it is easy to utilize and quick. However, I trust one of the issues is the trust issue a few people don't simply believe whatever they can not see, and in the event that anything turns out badly, they like to host a third gathering to consider answerable for whatever turns out badly.

I trust in order to come people will get bitcoin anyway that won't come basic, the advancement behind bitcoin is new and not good to various people despite how it is anything but difficult to use and brisk. In any case, I believe one of the issues is the trust issue a couple of individuals don't just accept whatever they can not see, and if anything turns out seriously, they like to have a third assembling to consider liable for whatever turns out gravely.

the possibility could be that what you say is true, but I actually see it because most of them are because of a lack of understanding about crypto, causing them to avoid, or most probably because they don't know the use of the internet.
Obviously, a fraud like you said can also trigger people to disbelieve but maybe small and they can immediately understand the next opportunity. So that they can avoid it not happening again.