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Author Topic: Crypto is not friendly to beginners.  (Read 261 times)
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December 04, 2018, 05:54:08 AM
Merited by DdmrDdmr (2), mjglqw (1)
 #1

I am also a beginner, but I am happy to introduce crypto to my colleagues.
When I introduce crypto to my colleagues, only one of the 10 people will discuss it with me, and more people just listen to what I said, they are only politely replyed me: This is good, I will go to understand it later.
In the end, only two people tried to download the wallet and bought a very small number of coins on the exchange. When they used it for a few days, they sold their crypto and deleted the wallet. They thought it was too difficult. One of them didn't even know how to use the exchange to sell its coins, and finally I bought his coins.

I summed up some reasons why they are not interested:
1. Most of them don't believe in crypto, and think this is scams, although they didn't tell me, but I guess they think so.
2. They think that the wallet is difficult to use, and they need to download and keep the mnemonic or private key, which is more troublesome than the bank card.
3. The exchange price is not based on legal tender currency but bitcoin or ethereum, so they often can't figure out why sometimes the price is 0.0001 but sometimes the price is 0.000001.
4. They have a hard time understanding why crypto has value, especially altcoins, they can't understand why something that is not regulated by the government is trustworthy.

Maybe my understanding of crypto is too superficial, I can't introduce the benefits of crypto to others very well, but to be honest, introducing crypto is much harder than introducing stocks or others.
I think crypto has great potential, but now it is difficult for many people to understand, so it seems to be inconvenient to promote.
I hope that crypto will pay more attention to the user experience in the future, making it easy to use and easy to understand, rather than only solving technical problems.
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December 04, 2018, 06:20:33 AM
Merited by OgNasty (1)
 #2

Dont forget that we are still at the very beginning of the crypto market. A lot of people only know about BTC and co. due to the massive media coverage in late 2017.

But you are right, buying and storing coins isnt that easy for unexperienced users, there is no friendly bank assistant who can do the transaction for you and manage your portfolio if you want to.

But I am definitly sure those times will come, ETF is a first step in this direction.

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December 04, 2018, 06:34:07 AM
 #3

The learning phase is very important, and never rush anyone into buying cryptocurrency when the do not yet fully understand it.
Before investing, you must have a clear idea, of the venture and pick a strategy. Otherwise they would just turn over their wealth to the more experienced enthusiasts.

Introduce them to various learning tools, let them build genuine interest in the technology. And then make their own decisions.

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December 04, 2018, 06:37:51 AM
 #4

Well from my own opinion you where trying to lure or entice them into cryptocurrency rather you should have educated them.

You might also need to learn more yourself first in other to achieve that.

Cryptocurrency is quite friendly to beginners If the interest is strong and the basis is learnt

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December 04, 2018, 07:06:15 AM
Merited by gentlemand (2)
 #5

Your enthusiasm for crypto is worthy of recognition. But maybe your way is wrong. When you introduce crypto to your friends, you should first have some knowledge to convince them, otherwise they will think that you are marketing to them.
My advice is that before you fully understand the knowledge about crypto, don't rush to suggest others to buy, and don't over-promote crypto. You just need to talk to him about crypto when someone is interested.
Sometimes too enthusiasm will make others doubt.

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December 04, 2018, 07:15:23 AM
 #6

Just give them time. I would had uploaded screenshots here but it will take space. I have some friends in which i introduced bitcoin to when it was not as popular as it's now (that was 2015) most of them gave the same excuse you listed above but since the beginning of this year, not even a month pass by without one of them contacting me to reintroduce bitcoin (cryptocurrency in general to them). Guess what,  back then in 2015 I did every thing (from introduction to creating of wallet, buying and selling etc) for free but right now I charge them per hour. So don't bother yourself they'll be back and when they do, charge them for your time.

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December 04, 2018, 07:23:39 AM
 #7

How can one buy coins as soon as one gets into the system,this things take time,its a learning process,and it's gradual..
The problem may be from you(tutors),probably they were introduced with the aim of a get rich quick scheme,and it happens not to be so here,so such individuals get dismayed when they learn the hard way..
As long as one goes through the learning process,and studies how to climb the ropes, definitely in the long run such individuals will benefit from the crypto world
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December 04, 2018, 07:32:52 AM
Merited by btlzpr (1)
 #8

MLM-style propaganda will only be counterproductive.
What we need is to tell others about crypto as much as possible, instead of suggesting others to buy as much as possible.
If your friend immediately falling after buying crypto, then he will probably think you are cheating on him and may never believe in crypto anymore, so I never recommend anyone to buy it.
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December 04, 2018, 08:51:04 AM
 #9

Yea that's right in my place too, most people in my country didn't believe Crypto and they think is imposible can exchange it to real money. They think is too dangerous like a gambling online or scam in online marketplace.

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December 04, 2018, 09:01:57 AM
 #10

<…>
Those are some of the issues that the cryptosphere faces, and now that there is less hype and fear of missing out, people tend to think it through more before entering this world.
 
The focus you’ve versed in the OP is basically from the investor’s point of view, which is where the vast majority of society is focused. If we move things along to the usability plane, things don’t get any better at all, since generally we will find a scarce amount of real day to day user cases where crypto can be used in our environment and day to day life.

In a society where things change at a very fast pace, ease of use is essential to allow people to adopt and assimilate the changes. Crypto is not yet easy to use, nor really understand for the mainstream audience, and that will need to be addressed if we want operational usage to be widely accepted. The other ingredients will also need to be added to the recipe: legal framework, price stability, TX speed, TX low cost, network scaling, personal security, etc. Still way to go …

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December 04, 2018, 09:15:14 AM
 #11

It's completely understandable how people aren't comfortable with handling bitcoin. I mean, the concept of a decentralized cryptocurrency alone is going to be kinda mind boggling for people, as everyone's been so used to having money that's government regulated.

Personally, when I show/present bitcoin to other people, it's pretty much the same with your experience. It's too overwhelming for them. Because of that, I make it a habit of telling them that the current bitcoin we have right now isn't THAT ready for everyone yet. I tell them that bitcoin is still being developed and will hopefully be ready in x number of years.

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December 04, 2018, 10:01:16 AM
 #12

People who haven't used or heard about Bitcoin dont understand why they need them. Unless it is an investment or used for speculative reasons they dont see the point in paying for something with Bitcoins when they have been doing that with cash/fiat their whole life.
One of the mayor obstacles for crypto currencies is the lack of Customer Support. Who do you contact in case of an issue with Bitcoin? Nobody.
And that is the problem that make people turn away from Bitcoin. With financial institutions they will always have that feeling of safety and protection being able to call the Customer Support and asking for Help.

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December 04, 2018, 10:52:10 AM
 #13

Thank you for all your answers, I understand now how I should do it!

But I am definitly sure those times will come, ETF is a first step in this direction.
What is ETF? As far as I know, ETF is the Bitcoin trading fund. What benefits can it bring to crypto?

Well from my own opinion you where trying to lure or entice them into cryptocurrency rather you should have educated them.

You might also need to learn more yourself first in other to achieve that.

Cryptocurrency is quite friendly to beginners If the interest is strong and the basis is learnt
Maybe you are right, in their opinion I seem to be enticing them to buy crypto.

Yea that's right in my place too, most people in my country didn't believe Crypto and they think is imposible can exchange it to real money. They think is too dangerous like a gambling online or scam in online marketplace.
I guess my colleagues think so too, some of them also have such doubts.

legal framework, price stability, TX speed, TX low cost, network scaling, personal security, etc. Still way to go …

So how long does it take to finish the way? Once all these are done, will Bitcoin be indispensable in our lives?

I tell them that bitcoin is still being developed and will hopefully be ready in x number of years.
Ok, I know what I should do.

People who haven't used or heard about Bitcoin dont understand why they need them.
I just think crypto is good, so I am willing to let my friends know about it.
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December 04, 2018, 11:19:16 AM
 #14

You are right OP in a positive and constructive way. There is really a loophole for bitcoin as other users stated that bitcoin is still new and was only getting some attention on its ATH market price value on 2017. Yes, Crypto is not friendly not only to beginners but also to new comers that are interested to join without even thinking on the high risk they had been into after joining. I have been experiencing investing bitcoin knowing that it reach already its baseline of market price but later on find out that bitcoin had made a huge market price fall down. Now, I am stuck at holding for it could not help selling it in the cheap price.

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December 04, 2018, 12:07:53 PM
 #15

Dont forget that we are still at the very beginning of the crypto market. A lot of people only know about BTC and co. due to the massive media coverage in late 2017.

But you are right, buying and storing coins isnt that easy for unexperienced users, there is no friendly bank assistant who can do the transaction for you and manage your portfolio if you want to.

But I am definitly sure those times will come, ETF is a first step in this direction.

Your missing the point of it P2P no third party,  I really hope this never happens,
There is many resources out there to help people learn how to store there coins safely without the need for a third party to store them on the behalf of the owner this is really taking away the main principal of bitcoin.

I would advise any new user to only buy a limited amount of bitcoin and learn how to store it in a paper wallet or hardware wallet and learn how to store there private keys.

There is no point handing the "buck" to a third party just because it's "easier" just remember when someone else is holding your bitcoin on your behalf you have "NO" bitcoin.

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December 04, 2018, 12:21:15 PM
 #16

People need to have a clear understanding that there is more to cryptocurrency than buying bitcoins. There are lots of potential in the blockchain technology and there are new projects getting introduced regularly.

And bitcoin has various applications and uses, other than as an investment to hodl.

The bearish market is not so attractive for potential investors but I always a good time to learn how the market works at a bad turn, so they'd be prepared for it, other than buying at the crest and expecting the wave to last forever.
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December 04, 2018, 01:25:30 PM
 #17

I was in the same boat as you. Funny thing is, the people you try to teach bitcoin about now who aren't interested will be your best friend as soon as the bull market returns. Dont make the mistake of thinking their new found interest will be anything other than FOMO, also, expecting you to tell them when they need to buy and sell, and, if they make a loss, it will be your fault...
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December 04, 2018, 03:32:17 PM
 #18

I think the main reason is they fear losing their investment. Crypto is unpredictable if you don't know how it works better not attempt it or you will end up losing your money. Cryptocurrency is well-known in other country yet in others the majority of the feedback about it is "scam" clearly they don't think about blockchain technology and absence of information made it hard for them however later on if there will be a mass adoption like  shopping centers with crypto payments everywhere throughout the world it will urge them to inquire about it and comprehend what is digital money.

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December 04, 2018, 03:34:26 PM
 #19

I don’t think it’s about the beginners. First, it’s the perception of information given in the media, unsupported by actual knowledge of a person listening. Secondly, why should you be motivating your colleges to work with crypto? When a person is interested, he starts asking questions, looking for a potential growth, gaining knowledge and coping with whatever unfriendly interfaces there seem to be. Nothing is given for granted and no revenue comes easy. But, never try to impose your own beliefs on other people

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December 04, 2018, 03:49:13 PM
 #20

I don’t think it’s about the beginners. First, it’s the perception of information given in the media, unsupported by actual knowledge of a person listening. Secondly, why should you be motivating your colleges to work with crypto? When a person is interested, he starts asking questions, looking for a potential growth, gaining knowledge and coping with whatever unfriendly interfaces there seem to be. Nothing is given for granted and no revenue comes easy. But, never try to impose your own beliefs on other people
You think so too?, well you are right that it's not about beginners. Beginners can learn too and become an experts with the help of experts and search in internet. I guess that's one of the reason why crypto is not friendly to beginners because of the media especially those people who post to the media and said something megative about the crypto that will make the beginners not interested. Fake news and more will bring negativeness in crypto and some may think it's not beginners friendly but it's not.

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