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Author Topic: Why do some people refuse to accept bitcoin?  (Read 900 times)
Snyderfx2
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January 16, 2019, 04:08:36 PM
 #21

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

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January 16, 2019, 04:26:54 PM
 #22

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.

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January 16, 2019, 05:02:54 PM
Merited by proTECH77 (1)
 #23

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.

Forgetten that you could also gain as equally your lose. In my opinion many potential investors are scared of bitcoin just because of it legal frame work yet to be activated by respective bodies in concern. When this is done i believe that many people who were afraid to accept bitcoin will join happily. Others refuse to accept it because of bitcoin lack of usability in the real world, example be use as a mode of payment in companies for salaries and wages of workers in the real world, this very soon will be solve by this mainstream manifestation of the blockchain technology.
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January 16, 2019, 05:11:11 PM
 #24

You have to be aware that Bitcoin is still relatively new technology and still not so much people are familiar with it and people are usually sceptic to new things and don't trust them. Also, many still think that Bitcoin is some kind of scam scheme and are afraid of volatility and aren't willing to accept the risk. I beleive this will change with time but we also need more education and awarness campaigns about Bitcoin and cryptocurrencies in general.

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January 16, 2019, 05:13:56 PM
 #25

Volatility is one of the main problems. It makes some people believe it is nothing but a ponzi scheme. As well volatility is the reason, why it is not accepted widely as a commonly accepted payment method.

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January 16, 2019, 05:21:47 PM
 #26

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

The reality is that bitcoin is currently being used as an investment option, and its value is prone to volatility, this does not protect wealth, its value constantly changes. This is it's limitation to mainstream adoption.

It is unadvisable at this point ro convert the entirety od your wealth to BTC or any digital asset. Only invest amounts you can afford to lose.

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January 16, 2019, 05:28:10 PM
 #27


He says, “If enough other people believe BTC is money and use it; it’s money”

That's actually the rule for every currency in the world. All money is held by our trust in it.
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January 16, 2019, 05:36:42 PM
 #28

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?



That's perfectly normal. Mankind did not accept that the world was round in the first period. They wait for certain things to come out. Make sure they will soon understand ...

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January 16, 2019, 05:42:32 PM
 #29

My government said that it can cause inflation and it's become the tool of money laundry.
IMO, bitcoin is just the investment tool like gold but it's riskier.
I hope there will be more people that accept crypto because this is digital era where transaction usually cashless !
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January 16, 2019, 06:38:08 PM
 #30

If bitcoin was created to replace some system, would not it be natural to try to create systems to replace bitcoin?
In my opinion, Bitcoin has already allowed a world or worlds of infinite possibilities, the idea, the conception is already with people and things.
It is natural that behavior and sound, Bitcoin came up with this purpose and I do not think that the ambition of it is simply to unify things, in fact, Bitcoin unifies a way, the way to decentralize ideas, possibilities and achievements.

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January 16, 2019, 06:42:27 PM
 #31

People refuse Bitcoin as somebody thinks it's a scam due to its complexity. If you're new to bitcoin, you need to catch up and know lots of things about it in a short period of time. Because of the advertisements, the people see on social media about earning through bitcoin, it affects their idea and perspectives that bitcoin is a scam or a big scheme of network marketing which is very wrong.

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January 16, 2019, 06:46:45 PM
 #32

Well for the most part  people would like to accept bitcoin as a payment system or solution but in the wake of the 2018 crash, most businesses lost interest in accepting bitcoin against fiat. Fine, it is often regarded as a digital store of value, but imagine you received bitcoin as payment in 2018 February, and loosing over 80% in value.

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January 16, 2019, 08:13:23 PM
 #33

This article is not completely right.
Quote
ultimately money relies on the inflation rate and trust network
This, for example, is not true. While most of the countries rely on stable inflation rate, because people are thus more motivated to buy goods and services, knowing that the cost will increase, Japan has shown that deflationary economics can still work. Some argue that this approach is just not well-known and researched, but things could still work this way, because people buy the goods they need today right now, even if they'll be cheaper in months.
And another problematic point is here:
Quote
Now that there is a free and open market for currencies, you must (it’s not optional) pay really close attention to the properties of each currency to protect your wealth because if one currency gets larger over time, it means that the purchasing power of all other currencies decreases.
You see, when some cryptos increase their marketcap, it doesn't mean that others go down. The total crypto market can increase altogether with the purchasing power of cryptos as such increasing.

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January 16, 2019, 08:57:10 PM
 #34

Even if bitcoin have already shown its goodness in which many people has benefitted a lot, but there are saying that you csn not please everybody , so there are some people who refuse to accept bitcoin, but in other way maybe ,these people has lack of information and education about cryptocurrency and bitcoin, even until now they are doubtful,but if bitcoin will be accepted and adopted by the government , then tthere will be more who will like bitcoin and crypto.

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January 16, 2019, 09:15:00 PM
 #35

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?



If you're a person knows there perfect usage of Bitcoin then he will definitely not to be refused the Bitcoin uses because it is the most profitable and most useful where money making so I definitely say no one will refuse Bitcoin after they know about the uses.

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January 16, 2019, 09:25:02 PM
 #36

This dude is correct, if enough people think it is used as a type of money then it will be used as one. The number of users is increasing year by year, especially in Venezuela and other troubled countries. This will ensure bitcoin's longevity and in time the price will rise with the higher number of users

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January 16, 2019, 09:31:54 PM
 #37

This dude is correct, if enough people think it is used as a type of money then it will be used as one. The number of users is increasing year by year, especially in Venezuela and other troubled countries. This will ensure bitcoin's longevity and in time the price will rise with the higher number of users

yep.
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January 16, 2019, 09:34:46 PM
 #38

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?


I think it's correct. Money is a medium of exchange that people freely accept to use to exchange value. As long as bitcoin will be accepted, it will always have a value.

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January 16, 2019, 09:53:32 PM
 #39

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.



Some people still don't understand what is going here now in today situation also that's why they are remain unchanged with their decision but they are also not important for the Bitcoin uses if a person trust with kind completely they will not definitely refuse the usage of it.

richminded
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January 16, 2019, 10:07:54 PM
 #40

My government said that it can cause inflation and it's become the tool of money laundry.
IMO, bitcoin is just the investment tool like gold but it's riskier.
I hope there will be more people that accept crypto because this is digital era where transaction usually cashless !
Its normal for the government to make statement like this and we should not depend on that. People refuse to accept bitcoin for so many reason, we cannot force them to invest. I also hope for that, because cryptocurrency is good for everyone, people should learn how to take risk.
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