Topic: Why do some people refuse to accept bitcoin? (Read 1279 times)
In my country as cryptocurrency is ban so using it is not legal that is why the people and merchants are afraid to use it. Apart from that as everyone knows that most of the people think that cryptocurrency is a big bubble which will burst one day and they dont want to be included in scam. I think until cryptocurrency get legal status normal people will be afraid to use it
I think there are many factors limiting the adoption of bitcoin by the public.
These factors can be because of the volatility nature of Cryptocurrency, which makes Cryptocurrency not suitable as a medium of exchange for goods and services.
Another thing, is the sheer difficulty associated with owning Cryptocurrency......which limits potential investors and thereby decrease the adoption rate of bitcoin.
These factors can be because of the volatility nature of Cryptocurrency, which makes Cryptocurrency not suitable as a medium of exchange for goods and services.
Another thing, is the sheer difficulty associated with owning Cryptocurrency......which limits potential investors and thereby decrease the adoption rate of bitcoin.
Yes, volatility is the main reason why it is difficult to accept as a currency. In addition, there is a total supply in bitcoin that will definitely bring other problems in the future if bitcoin will be accepted as a currency in the whole world. What if people keep holding their bitcoins in their wallets and there are only a few bits of bitcoin on the market? To my knowledge, the currency is under government control, so if there are things that require special handling, the government can intervene. Whereas with bitcoin, there is no institution or person who can control it. This certainly can cause extraordinary issues.
Bitcoin is a digital currency hence it is money. Investing in Bitcoin does't protect your money. Every investment has risk. So you have to bear risk to increase your money. Some people don't like to change anything first but they realize when others already accepted.
There are a lot of factors why people refuse to accept bitcoin, first the volatility of its price, lack of knowledge on how to use it, and they don't want to be involved in this kind of method because they heard a lot of fraudulent activities.
The fear of transitioning from fiat to crypto is normal because of humans generally are afraid of change. The same fear has occurred before back in the 16th and 17th century where people were afraid to transition from commodities such as silver and gold as currency to paper money.
Furthermore, Bitcoin and crypto in general are not user friendly and convenient enough for mass adoption yet. Although it will take time for it to change completely, but no doubt this is the future of money and it will revolutionize the financial system.
Furthermore, Bitcoin and crypto in general are not user friendly and convenient enough for mass adoption yet. Although it will take time for it to change completely, but no doubt this is the future of money and it will revolutionize the financial system.
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They won't have any choices when the innovation gets implemented globally and they're forced to use it at the way that they need Bitcoin in order to pay online without the use of credit cards. Maybe they're just scared of how its price is deviating throughout the timeline of its development. Even an ordinary person would simply just disregard the existence of some technologies that aren't even required at all. Cash will still exist anyway after Bitcoin gets fully implemented, as it's not like a replacement to it but rather just that so-called "alternative currency".
I also asked my friends why they don't buy bitcoin. The answer is basically the same - they just do not believe that such innovative technology is needed by people. Although I see the further development of the modern financial system in bitcoin.
Besides that, they are too afraid to invest in bitcoin because they heard much negative news including about regulations in many countries. They heard about many program investment which using bitcoin as the payment and some of them invest their money, but suddenly, the programs were closed too early, so they conclude that bitcoin is a scam. We need to explain to them that is not bitcoin mistake, but the programs investment which will need to blame because they use bitcoin and they run away with the investor's money.
Simply because they can't still trust bitcoin because of volatility and it is not stable unlike fiat money. Also they don't want to take the risk in accepting bitcoin.
yes, as we see today, there are so many people who don't want to jump into the world of bitcoin. because they only see the negative side. like the risk that we get if the investment will fear loss. yes the name of investment must also have a loss and how we want to go forward if we avoid challenges.
I think that still, some people cannot understand that virtual money can bring them profit. They do not simply trust the cryptocurrencies as they think that they can lose everything if they invest in crypto.
Surely those who refuse and don't want to buy bitcoin have a certain reason that maybe they think bitcoin is not something real because bitcoin doesn't have a real physical form so some people don't believe in bitcoin and believe in real money. In addition, the lack of understanding of bitcoin and the risk of theft and loss makes some people refuse to accept bitcoin and don't want to buy or own bitcoin.
Most of them dont want to buy because bitcoin dont provide protection. Unlike any other investments that is under legal protection. Bitcoin is decentralized and most people would want to be safe.
Speculative price is why many people refuse to accept bitcoin, almost all of bitcoin and altcoin have speculative price where some time at higher and some time could be down, when price is down many people will panic for selling with take lost their money.
I think some people refused to accept bitcoin because they are luck of trust or they don't want a challenge or risk. Lucky also of knowledge is one of the reason.
People who don't accept bitcoin are people who no knowledge about it and blockchain technology. Most of them see digital currency as a means to scam them for their money in exchange for a digital something that can just vanish within the shortest possible time. Some also have the idea that bitcoin is used for illegal trading on the dark web which promotes illegal activities.
Speculative price is why many people refuse to accept bitcoin, almost all of bitcoin and altcoin have speculative price where some time at higher and some time could be down, when price is down many people will panic for selling with take lost their money.
It is new technology and we are just getting started. I have many new ideas I will implement in my new coin that I am developing.
If I am doing it I can imagine how many other developers are working right now on new blockchain technology and help it become more widely used.
If I am doing it I can imagine how many other developers are working right now on new blockchain technology and help it become more widely used.
Because Bitcoin is a place to find profits quickly and can also make losses quickly, so someone who rejects bitcoin is a person who is afraid to invest in it, because Bitcoin is very fast when it experiences price declines, so some people hate this.
those who can't stand the rapid rise and rapid decline of bitcoin are those who reject it. well, besides, for those who feel that bitcoin is a difficult thing to use, I think they will reject bitcoin. well, there are many factors that make people refuse to accept bitcoin.
Because some people tend to see possible outcome rather than risking for a different system that are new to them.
Simply because they can't still trust bitcoin because of volatility and it is not stable unlike fiat money. Also they don't want to take the risk in accepting bitcoin.
yes, as we see today, there are so many people who don't want to jump into the world of bitcoin. because they only see the negative side. like the risk that we get if the investment will fear loss. yes the name of investment must also have a loss and how we want to go forward if we avoid challenges.
maybe there are some people who don't accept bitcoin because they see that bitcoin has a price that is easy to change, besides that bitcoin is still illegal in some big countries so maybe having bitcoin will be very risky according to them
They haven't seen the benefits of bitcoin, but see from the lack of bitcoin.Even though the future of digital currencies is a necessity because the financial system is done digitally.
Bitcoin with decentralization has provided evidence that transactions can be done peer to peer, not through the banking system.
I think they cannot accept bitcoin because of the perceived high value, price instability and not being able to play the way it works. It's not easy to run a bitcoin that is full of profit, must be able to understand how it works and its system properly.
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