10 Undeniable Reasons Africans Hate Cryptocurrency
Do you really want to know why bitcoin is not for everyone? Hardly do people who talk about cryptocurrency make it look easier, it seems to be for smart people alone.
Remember people said the same thing about email, I remember hearing people complain about @ and .com or .net etc. being too complicated.
Ask anyone to explain how emails get from one screen to another, good luck getting an answer. I agree at some point that Bitcoin isn’t for all, and yes, it’s not wise to just throw all your money into something you don’t understand.
However, look at our current system, it’s broken and more redundant and people still don’t understand some basics about money.Do they understand how money is created?
How does inflation work? How do the forex markets affect the spending power of our national currencies? Everything is getting connected to the internet and soon, everything would be processed by the internet.
Should you throw your money into stocks, education, or gold? What is the definition of a good investment? In this article I will explain the 10 reasons why people hate cryptocurrency, the 9th reason is very important.
- Unrealistic ROI Promises by Cryptocurrency Promoters:
when someone promises you a return of investment of 1000%, you will definitely believe the person must be into something shady. But the truth is, cryptocurrencies have actually given people up to 5000% ROI in the past few years. This made some crypto promoters jump on this idea by asking people to invest or trade without really asking them to learn about cryptocurrency.
2. It is almost Intangible and Virtual:
Yes, it is virtual, it has no physical existence yet. It is one of the greatest digital inventions to be seen yet.
It is currently acceptable to digital exchange of value and there are riveting benefits to this virtual currency such as greater transactional security, faster payments, and lower transaction costs have made its relevance in the modern financial world more apparent.
3. Most early Adopters got Scammed :
Most early adopters are neophytes, they fall into traps in the internet space which is full of sharks, scammers and manipulative whales
4.Cryptocurrency Terminologies got Scary :
The percentage of young adults [18–34yrs] owning stocks did reach a high of 43 percent between 2015 and 2016, but “the past two years have seen a drop as the market showed strong growth but considerable volatility — including some major declines this year, ” reports Gallup.
The word volatile looks scary, these are the kind of terms that scare people away from trading or investing in cryptocurrency and People hate what they don’t understand.
I think the majority of people dislike bitcoin because it’s complicated. I met someone who has been following bitcoin since it was $7 a coin, and traded a few times, and still don’t know how the hell it all works.
He talks about the complicated addresses, wallets, long decimals, wait times, “fee’s”, miners, splits, lightning network, mistakes being permanent, huge value swings. The average person can’t even comprehend regular saving or investing; which is why they are in debt to start with.
5. People do not Trust the Internet Investments :
The main reason people dislike crypto is that they believe that they can’t be trusted. However, they don’t really see the similarities between a crypto and a stock for example.
A stock is valuable because of the company it is tied to, a crypto, however, is valuable because it’s popular and is dependent on that popularity. They both have the same reasons for going up or down in price. Nothing too different.
6. Political Instability :
When there is political instability in a country, every business is practically at risk. Legality is definitely a big issue because when anything is not made legal by the government, people are usually afraid to get their hands into it. That’s the case with many businesses around cryptos.
7. Cryptocurrency Passphrase Complexities :
The average person already struggles with remembering their Facebook password and using banking app talk less of passphrase in which if you should lose it, you have no third party to help you out
8. People Question Beliefs Except there’s Influence :
There are loosely held beliefs and there are strongly held beliefs. People can readily change a loosely held belief when presented with new information.
But a strongly held belief like “government money is the only real money” is something they have just accepted all their life. When people question that belief, but have no ideas to back up why government money holds value, then they get defensive, and argue the new thing must be bad or wrong in some way.
9. It’s a High Risk Asset :
They are volatile, unexpected changes in market sentiment can lead to sharp and sudden moves in price. It is not uncommon for the value of cryptocurrencies to quickly drop by hundreds, if not thousands of dollars. Note: high risk investment might yield very high investment return and high loss too
10. Governments Fight Back With Regulatory Policy:
You also have the banks and government throwing sound bites at the media so the masses are “confused” and don’t trust whatever this confusing bitcoin thing is. People can understand the Presidential race or debate gun ownership way more easily than learning about economics and how money works. People will repeat what their authority told them is best and they will not question any word coming from them.
In conclusion, most people don’t understand money. Bitcoin is mythical internet money that has no basis of value, and most importantly, it can’t be used in many of the same ways beloved fiat money can be used.
Obviously, many of us here have taken the time to understand money, and why Bitcoin (cryptocurrency, distributed ledger, in general) makes sense as a form of currency.
Throughout its entire history, BTC has only been an investment vehicle, and a highly volatile and risky one at that. It’s meant for more, of course, but that hasn’t caught on in a big way yet.
Since nobody is using it to buy coffee or pay their bills yet, we expect people to think of it as anything more than gambling. Here is a twist we will clear all your doubts about cryptocurrency at Trenndify and why we think it is a good asset one can invest in.
Here is an article that shows what you should do in a bear market.
Originally published at Trenndify Academy