Why do some people refuse to accept bitcoin?

[cizatext]

Most of those who don't acknowledge bitcoin as a currency and do not accept it are the people who don't have adequate information about bitcoin and are having a misconception about it, some of them some time refer to bitcoin as a ponzi scheme and at it they see as a trap for them to lose they Money.

[tbossmitche]

As much as the price fluctuation associated with Bitcoin is excessive, our local banks and government policies are known to use this starategy to discourage people from investing in cryptocurrencies in general. In Nigeria, I've received several emails from my bank stating that cryptocurrency is not a legal tender and that my bank account could be frozen if I'm found trading in cryptocurrencies. This kind of messages often make people desist from purchasing cryptocurrencies and makes them view it as an offence punishable by law.

[jokan]

I think it's still more about people getting into understanding this system. New things are scary and people don't want to learn about its benefits

[jake zyrus]

Because they scared to scam and scared to lose or take a risk of losing their investment. If we want to use bitcoin or invest on it we need a lot of time to research and study about bitcoin so we have idea how bitcoin it works and how will you manage it.

Joining in investing in cryptocurrency we need lot's of brave to face all the challenges and don't be coward to take a risk. If we want to become successful we need to study and learn more research about in cryptocurrency to gain our knowledge on how bitcoin works in the market.

[kvipcn]

I believe people who don't accept bitcoin are those who basically don't understand the use of Bitcoin and the purpose for the creation of it. First people need to understand the benefits bitcoin brings to the financial ecosystem before they can accept it. Refusal to accept bitcoin by some people is as a result of low knowledge with regards to the solutions bitcoin present to the financial ecosystem..

[Nnedaddy1]

I think the reason why some people do not accept bitcoin is because they are of the opinion that bitcoin is Ponzi scheme, scam and a bubble that could burst any moment.
It's no gainsaying that these set of people, do not understand orare not knowledgeable about the potentials and how bitcoin works.

[keshav.sawant.83]

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.

I disagree with your second point about Lack of technical knowledge. I have no knowledge about how Gold ore is mined nor do I have technical knowledge about refining the ore to get gold. Only thing I know is Gold is appreciated by the masses and my investment in gold will always have some value.
I have written about my hardship faced while explaining my village farmers about bitcoin please read my post https://bitcointalk.org/index.php?topic=5098721.0.
The main problem of any cryptocurrency is that the community expect everyone to be a software engineer or technology expert. Now my village farmers don't know what is internet but they have a bitcoin paper wallet. They can't even read it but know its valve.

[whirlcoin]

I think it's still more about people getting into understanding this system. New things are scary and people don't want to learn about its benefits

People who are afraid of investing money and something that will not be 100% safe they will be definitely refuses the investment and the development of Bitcoin yes it will not also suitable for them that kind of people only will be there refusing people of Bitcoin.

[keshav.sawant.83]

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.

I agree stability is needed but easy access to liquidity during highly volatile market is also more important.
Take a look at my post about how my village farmers now invest in bitcoin.https://bitcointalk.org/index.php?topic=5098721.0

[BurgerCash]

Why would I accept BTC?
It was cool in 2013 when it attracted all the hipsters to your business.
After the Store of Value bullshit, the LN delays, the BCH failure to stabilize and hash wars, no merchant wants to deal with all of this...

[cryptossi]

For these 3 reasons the Bitcoin is not very accepted yet:
  - The fluctuating prices of Bitcoin.
  - Bitcoin transactions are very expensive and
  - The value of Bitcoin for consumers.
When we have these well structured reasons we will have an excellent transaction in cryptocurrencies

https://www.icte.io/

Very true, the extreme price volatility is off-putting for new investors and the lack of stability probably scares merchants. Bitcoin will develop and as the Lightning Network improves scaling I believe we will start to see it become a user-friendly payment option and bitcoin will be widely accepted by retail companies & services industry.

[keshav.sawant.83]

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?

• Lack of acceptability by masses.
• Lack of local reliable exchanges. Has to depend on offshore exchanges with zero liability.
• All personnel information has to be given to Offshore Exchanges.

I think some people should start Local Independent Micro Exchanges, initially just for friends and family then for neighbourhood or community. This will introduce the general non-technical people to bitcoin. This will slowly grow the user base. The general acceptability will increase, bitcoin valve will rise and market volatility will reduce. https://bitcointalk.org/index.php?topic=5098721.0

[0t3p0t]

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?

It could be that people don't buy Bitcoin mainly because they don't know more about it, on how it works and how it will survive for the next couple of years. They are afraid of something like bearish market, security breach and other technical reasons that could push them away from using Bitcoin. In my case if I don't have to buy Bitcoin, the reason is that if only fiat money would function like Bitcoin.

[BeGoods]

Crypto currency for ordinary people is a lie because they never understand the benefits and the work system and the government have not received legal and official

Thats why we will look for the root of the problem. why they reject this very innovative bitcoin system. when I asked my friends why
they refused. they only know that bitcoin is just a scam, ponzi and mlm investment. I think it's just their disobedience

[ATMD]

Thats why we will look for the root of the problem. why they reject this very innovative bitcoin system. when I asked my friends why
they refused. they only know that bitcoin is just a scam, ponzi and mlm investment. I think it's just their disobedience

It is a fact of life that things that have no intrinsic value would be held with suspicion, especially one that has also been attacked by the media and by several trustworthy people in the investment world.

[Mikwik]

For me, in my own opinion, the reason why some people still refuse to accept bitcoin in their lives is that they still don't know how to start with it. Moreover, is that there are some negative and false information spreading regarding the Bitcoin crypto currency. People have only a vague knowledge about Bitcoin that triggers them to avoid using it.

[Indrawan77]

Bitcoin is not easy to be accepted by people because of many various reasons, but the most common are they don't understand about bitcoin, they don't want to know about it and a lot of negative news from media, some people still think bitcoin as ponzi scheme because of some stupid article, once people can understand the usage and the potential they will know how useful bitcoin

[xabre]

Many benefit using bitcoin as payment transaction not only for buyer but also for seller, how ever by using bitcoin seller could sent transaction by easy and faster, needed short time to sent and use low fee, for buyer have benefit with bitcoin speculative price where could take profit when bitcoin is growing up and keep hold when bitcoin is lower price, its why using bitcoin as transaction more benefit than we have use cash money.

[keshav.sawant.83]

For me, in my own opinion, the reason why some people still refuse to accept bitcoin in their lives is that they still don't know how to start with it. Moreover, is that there are some negative and false information spreading regarding the Bitcoin crypto currency. People have only a vague knowledge about Bitcoin that triggers them to avoid using it.

Yes they don't know how to start with it. We should make things simpler for non-technical peoples.
https://bitcointalk.org/index.php?topic=5098721

[Barcode_]

I think because the price of bitcoin is like a rollercoaster ride, it couldn't happen that it will be stable. In how many years that it is created in this world.

I think there will always be some people who are afraid to buy and use bitcoin because the values of bitcoin are too volatility for them, they could purchase bitcoin at the rate of $3600 USD per bitcoin with their fiat money, but once the values of bitcoin starts to drop to $3400 USD per bitcoin, some people might not be able to accept this price loss within a short period of time.