CryptNO: Why are people afraid of crypto?
The world is gradually changing as centuries come through. Generation by generation, new discoveries are being presented to the public. There are some that are beneficial to humankind, but disastrous creations are also on the list. It is inevitable to have failed solutions to the current global problems, however, there is always an opportunity to improve.
In 2009, cryptocurrency was launched by an unknown people, solely to give the public the freedom to control their finances, without having to rely on companies, banks, or governments. With minimal attention, the public was amazed by this project. The so-called digital currency enables secure online payment, yet pushing every transaction to be smoother and faster. Cryptocurrencies don’t have a central issuing or regulating authority, instead using a decentralized system to record transactions and issue new units.
Moving forward, 2018 was the peak year of crypto-volution. Bitcoin had started a huge rally across the globe, making almost every group patronize the said currency. I am sure that at least one among your colleagues have bought Bitcoin for a Lambos, or they did because they wanted to ride a rocket (project) boarding to the “moon”. Almost four years later, Bitcoin is now the face of cryptocurrency. From a merely insignificant-sub $1000 USD speculative “asset” to soaring to $44,245.00 now, billions of people are now into cryptocurrency.
Despite that, many countries are still against the idea of digital transactions worldwide. Technology, after all, cannot be fully trusted. I know for sure that many would prefer to process payments through credit cards, cash or loans, and nothing is wrong with that. Cryptocurrency is not everyone, as they say.
Subsequently, not everyone has the resources to learn cryptocurrency. Although cryptocurrency does not require its users to be the most tech-savvy people on earth, it is recommended to acquire at least the basic knowledge in using the internet. People are afraid of what they do not know; this is one of the many reasons why a lot are still doubtful of cryptocurrency.
The technical terms in trading would really get the nerve out of a person, and it takes time to fully master the roundabout of it. In addition, people in crypto really love inventing new words such as HODL — a typographical error of hold. It is, for most times, hard to keep up with trends like this.
Moving forward, cryptocurrency is a sibling volatility. No one knows who originally invented cryptocurrency, so no one also knows when and how it can be ended. Face the fact that cryptocurrency may lose its value in time, unlike golds — a real material thing that can remain steady during the same time frame.
People in crypto have different reasons for their stay. A typical trader is trading for money, to have extra income and outsource the ventures of earning more. While influencers proclaimed that they are here out of curiosity. Whatever your reason is in joining this journey, it is important to trust that mere reason. Because that will push you to move forward, and motivate you not to stop until you reach your crypto goals.
Most people are afraid of crypto because they haven’t figured out the reason to be here.