Among the hype of volatility, internet scams and regulation. There are many reasons for why those hearing about blockchain and cryptocurrency simply don’t get involved.
Here we have listed what we believe to be the top 5 reasons why new crypto discoverers have not yet taken the dive and got themselves in the game:
1. Lack of understanding
If not single-handedly, then this is surely the most probable reason for people to not get involved.
To be honest, we could theoretically say that this logic applies to nearly everything, in the sense that people tend to shy away from or fear things that they do not understand, sometimes regardless of what possible gains or positive upsides that there is to have. After all, we are human, so having this type of reason and exercising caution is natural, when dealing with the unknown or unexplained.
With cryptocurrencies and blockchain being so technical in nature and FIAT currencies being so embedded in world culture and society, it’s hard for the average person to get they’re head around the new £5 note, let alone a virtual currency.
2. Bogus/Negative News
Due to much action happening within the last 18 months and so much public attention turning to cryptocurrencies for the first time, there has been much bad press or FUD being spread about Bitcoin and other cryptocurrencies. This is normally done through most major news outlets and we have seen every major network from the BBC, Fox News, CNBC, Sky News, CNN and more, constantly talking about the blockchain/crypto industries in a negative light.
We’ve even seen, on Twitter, big crypto news outlets, such as Coin Telegraph being called out by enthusiasts for putting out incorrect or negative press. Although, this seems to happen much less with the crypto based outlets, it’s still something that deters people who are thinking about getting involved.
We have an article coming up on this “trend” shortly, watch this space!!
3. Knowing someone who lost money
This seems to be a popular notion among skeptics.
I remember working for a company, in an industry that could change the game with the use of Blockchain, back in 2014. This was around 2 years after I’d first started researching Bitcoin and cryptocurrencies.
When I started to get heavily into my studies, I mentioned an idea I had to my manager at the time, as something the company could get involved with to be ahead of the curve in years to come. The response I received was not cold, however I’m sure that I’m not the only one who has had experience of such a situation. My manager was a cool guy and he was very concerned about things such as e-fraud and future technologies, he’d always had my back in the past, but this time it was a flat “No”.
Once I said Bitcoin, he proceeded to tell me about “A mate…”, who had lost over £100k investing in Bitcoin, due to the Mt.Gox fiasco of 2013. When I tried to reinforce my knowledge by letting him know, that the situation was not due to Bitcoin or the Blockchain itself, for any technical reason, other than Mt.Gox being careless as an exchange. I was met with a , “Nah, not for me thanks…”, which I respected, as he had told me his friend had since sold all of his BTC, so I knew it would be a one sided conversation.
I remember thinking, wow, all it takes is some reading to know better, but I suppose when you’ve seen someone lose so much, it can be hard to see the positives.
However, I remember closing the conversation by saying, “Your mate should have held on to that Bitcoin. He’d be rich come 2016!”
4. Personally losing money before
How many of us have met that guy, you know the one who invested in Bitcoin, but then did not know what to do with it?! Maybe, the guy who invested, but couldn’t read the market, or thought it too volatile?!
This type of person has normally lost something to Bitcoin investment before, if not then they’ve lost money on other types of trading platforms, usually Forex/Binary, or some random internet scam, from our experience of speaking to others.
There’s nothing wrong with this type of person feeling like giving up, however, a little bit of research and perseverance could change their mind. If you have lost money before in trading, then try again, evolve your methods, analyze old trades and current/new trends. Improve your knowledge, review poorly performing methods. Talk to traders and techies alike to expand your knowledge of both trading and the crypto/blockchain industry.
Once you know more you can do more, one thing for sure is that Blockchain and cryptocurrencies are here to stay, so don’t get discouraged, keep pushing, and never give up!!
I know many of you may have been thinking where this was at in the list, or maybe that it’s not even in the top 5 reasons at all, but in our experience ignorance is definitely a major reason for a large proportion of people not getting involved with cryptocurrencies.
I mean, how many times have you started a conversation with someone about your interest in crypto, only for them to give you one of the reasons listed above, without even listening to what you have to say?
Many people have been exposed to one of the above four reasons, either directly or indirectly and this will cause them to suffer from the FUD that they are picking up, but this is normally due to them not deciding to do the research for themselves, so I guess we’ll call it as it is. We’re sure that one day, like many, they’ll come around to the changes being made in the world by this growing technological advancement.
If you agree and/or have had similar experiences, you might want to read our article, Conversations to avoid, if you’re into Blockchain and Cryptocurrency.
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