Why do some people refuse to accept bitcoin?

[Churck]

https://medium.com/datadriveninvestor/why-your-annoying-friend-wont-stop-ranting-about-bitcoin-9808a132480

The author of this article believes that putting a small amount of currency you have into BTC can help you protect your wealth.

He says, “If enough other people believe BTC is money and use it; it’s money even if it doesn’t follow the old rules our nobel prize winning economists have told you. The old rules are being taught a new lesson by the market.”

What do you think about it? If you or your friends don’t buy any bitcoin, what is the reason?

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[Dudeperfect]

To be honest, I believe that most of us are scared to adopt the change because there is a misunderstanding that it might affect the value of our wealth in a negative way. I have discussed the idea of adopting cryptocurrencies for day to day transactions with many shopkeepers and merchants but I found that they don't have an exact clear picture of what cryptocurrency is all about and how it can help them. On the other hand, the government and centralised bank are constantly issuing warning notices to stay away from cryptocurrency and it is planting the fear directly among those who don't have any idea about the benefits of cryptocurrency.

[avikz]

What do you think about it? If you or your fiends don’t buy any bitcoin, what is the reason?

I want to focus on the main question that you asked!

There are more than one reason for people not buying or investing into bitcoin:

1. Legal framework - Many people would argue me on this, but I believe this is the main roadblock for people not to buy or invest into bitcoin. A majority of the mass is a law abiding citizens. They would not want to do anything financially which doesn't go well with the current legislative framework. A majority of the countries have not yet recognized bitcoin or any other crypto as a legal tender and they don't have any specific legal framework for it. That's why these class of people thinks it is illegal. Since these class of people don't want to engage in any confusing financial matter, they would not want to buy or invest into bitcoin.

2. Lack of technical knowledge - It is another bottleneck for many people not to accept or buy bitcoin. In majority of the Asian/African/South American countries, people are not knowledgeable about the internet banking system. They still prefer to go to the bank branch to fulfill their banking needs. They just simply don't want to learn the new things. They are mainly old age people who are sitting on a considerable amount of wealth. But due to their fear of learning new things, they would never show interest in learning about bitcoin because it is hard for them to digest the process of sending or receiving money using cryptos.

3. Banking and government propaganda - Banks are using this weapon to effectively discourage people from investing into cryptos. I often receive such emails from my bank stating that cryptocurrency is not a legal tender. That is true because my country specifically said so. But when you receive such information directly from your banks, it makes you believe that using crypto is a punishable offence, which discourages people from using it.

I believe these three are the major bottlenecks in 2019 which is making a lot of us uncomfortable in using bitcoin or cryptos. You are welcome if you would like to add few more points.

[esetop01tryba]

As we say in the country, the road spoon for dinner. For example, when bitcoin cost $ 20,000 to accept it for payment was not the wisest decision, but when its price fell I think it's time to take it as you can attract your capital. I remember that Microsoft accepted bitcoins when its price was not at the peak but after aggressive growth Microsoft will cease to accept bitcoins for payment of its product.

[Pablito89]

I think a lot of people are scared by its price.
If you accept a BTC payment today, you could potentially lose 10/20% of its value in few hours.

[dothebeats]

Volatility is the primary culprit I see why there's a huge number of people not wanting to have their money involved with bitcoin, or get paid with bitcoin in exchange for their services and/or merchandise. Also, the association of bitcoin with illegal entities and activities may have also affected the perception of people with the said cryptocurrency as they fear that they might get in trouble if ever they meddled with it. These factors are the ones I can think of that strongly changes the opinion of a person with bitcoin, though there are lots of other reasons a person might have why they avoid using or getting associated with the said currency.

[Kemarit]

Ignorance. Majority didn't know what Bitcoin or crypto is all about. And then there's the media who keeps on floating negativity about the ecosystem. You will hear them saying that it is big "Ponzi scheme", or it's "fraud" or something. That's why I totally stop promoting or even mentioning about crypto to some of my friends, I want them to learn it first hand by investing on it and see how it goes for them. Of course the risk involved is very high as well, so there are people who don't like to involved themselves wherein there's no guarantee returns, they might as well invest on bank notes or mutual funds. But for us, this is not the case though, we all know that crypto is the future and the chance to make lots of money in the future is worth the risk.

[crzy]

Bitcoin’s fluctuating prices
For any currency to be accepted as a trusted medium of exchange, its value needs to remain stable. Sadly, the value of Bitcoin isn’t even remotely stable.

Fiat money also fluctuates, I think this will depend on the people because cryptocurrency is really good if you fully understand its technology. Yes, its highly volatile but it doesn’t mean its not good, those who don’t want to use cryptocurrency now will have no more choice but to adopt in the future.

[Wend]

We do not blame if some of our friends or people are not want to buy bitcoin.
Maybe they have some reason on why, Just like they are scared if the money they on bitcoin was a scam only or else the money they have are not back.

[Magkirap]

I think a lot of people are scared by its price.
If you accept a BTC payment today, you could potentially lose 10/20% of its value in few hours.

The price of bitcoin is one valid reason why some people refused to accept bitcoin but if the price of bitcoin is high many people will prefer to accept it than fiat. For me, I will not refused because I know there will be a time that the price will increase and will help me to gain more money.

[NyeFe]

Its either fear of change, cost of implementation or just pure ignorance since most of these questions can be resolved by flicking through by reading through: https://bitpay.com/ — then again, how would they discover these services in the first place?

[Red-Apple]

He says, “If enough other people believe BTC is money and use it; it’s money even if it doesn’t follow the old rules our nobel prize winning economists have told you. The old rules are being taught a new lesson by the market.”

it has nothing to do with believing in anything, it is all about the reality. we are not running some kind of cult here that people have to blindly follow some ideology!!!

it all comes down to the "real utility" that bitcoin provides. when people use it and see the benefits of that, then they will continue using it and if they don't see it then they simply give up.
and that is exactly what has been happening so far even if it is not clear. people come along, ignore the utility and only stick to the profit, they lose some money in the roller coaster and go away. some others see the benefits, and potential and then stick around for them.

of course in this process having more places accepting bitcoin as payment helps a lot with the "adoption".

[Sithawaka]

Some people refuse to accept bitcoin due to uncertainty thinking it's value will become zero one day and this situation has occurred due to false information that are spread by media and governments that there is no future for bitcoin so even many existing investors try to sell bitcoin and abandon the market but the truth is much different from it because unlike before it is expanding in the financial sector in a rapid rate due to its potential qualities so I hope this situation that people refuse to accept bitcoin will change in the future 

[Harlot]

What I love about this article is I can relate to all the arguments he made an example of at the end all the arguments I have with my friend in relation to this made me go on the losing side. After all the years I am in touch with Bitcoin what I have learned is you can never win to anyone even with your friends who are not an open minded person as we are about cryptocurrencies, at the end I almost always change the subject immediately as I know nothing what I will say to him/her would convince him that Bitcoin is better than Fiat currency, I cannot even talk back now as the prices in the market are on my friends' side.

[ChangeNOW]

Non-crypto-oriented media releases an article titled "Bitcoin is dead" or "The Bitcoin Bubble To Burst Soon" like every 5 minutes. Go figure.

[Ezenwanyi1]

I understand the reason why some people do not accept bitcoin is because of governments stand towards Cryptocurrency.
Government seems not to be supporting Cryptocurrency and this has made it almost difficult for people to accept it too .
They believe it's scam .

[eternalgloom]

Well, the friend who have mentioned to me that they're not going to be buying BTC, have pretty much all mentioned that it's just too much of a hassle to get into it.
When they hear about how you need to set up a wallet and use these 'complicated addresses', they say that it's just too hard for them.

Though they have asked me to set it up for them, which I outright refuse to do. No Bitcoin for them in that case...
Not a responsibility I want to bear.

I'm willing to explain it to them, but not just set it up.

[Ridwan Fauzi]

The reason why they don't buy bitcoin is because they don't know bitcoin, they don't understand what bitcoin is, but what they know is only bitcoin as a gambling place, a place for money laundering, terrorist funding tools or even a currency that can replace the existence of money fiat. The main factor is only one that is incitement from the government, every government does not like the existence of bitcoin or even they place it as a currency that can threaten the stability of a country's economy. So don't be surprised, when many people value bitcoin as a negative form and no one will accept it.

[Snyderfx2]

I think due to its high volatility because bitcoin prices increase and decrease very often with significant ranges that makes majority of people reject bitcoin and specially businesses because high volatility can always make huge risks to there day to day businesses and that is a main reason bitcoin into new businesses adaptation rate has been decrease today but this high volatility has given short term traders to make huge profits through investments so there are both sides

[Tagus45]

That's because the value of bitcoin is very volatile and considers it a risk so it's afraid to accept bitcoin. For myself, I believe in the future of bitcoin, bitcoin will grow and there will be many people who will accept bitcoin.