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Author Topic: Why do people avoid bitcoin?  (Read 9037 times)
panganib999
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December 29, 2020, 05:20:34 AM
 #381

No user avoid bitcoin once after experiencing profit out of it. Most of the time the misunderstanding about the cryptomarket and the illegal activities taking place associated with bitcoin makes people have a negative opinion over bitcoin. This at times make people avoid the usage of bitcoin, but such persons are very low now. The present generation learn and does it with perfect understanding.

I agree. Most of the peopletoday doesn't avoid bitcoin but the reason why they are like getting away with it is that they aren't have enough understanding on its purpose and thing. Bitcoin is a big thing today, most of the people who are mining it and earning some profit out of it will definitely disagree to this question. I can say that bitcoin more likely pull or attract users on the fact that it can give you good earnings. But the most difficult part of it is to understand the whole concept of it. While others look bitcoin as a "earnings" or simply money that is digital apperance, others those who have deep understanding on it look it as an opportunitu in life. In bitcoin, you don't need actually to invest a lot of money but you need to invest a lot of time in able for you to consider and understand things to avoid some difficulties and have a good income out of it.

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December 29, 2020, 06:00:27 AM
 #382

No user avoid bitcoin once after experiencing profit out of it. Most of the time the misunderstanding about the cryptomarket and the illegal activities taking place associated with bitcoin makes people have a negative opinion over bitcoin. This at times make people avoid the usage of bitcoin, but such persons are very low now. The present generation learn and does it with perfect understanding.

Legality of Bitcoin and concerns about the usage of Bitcoins for illegal purposes are some of the main reasons why a lot of people avoid Bitcoin. Other issues are the high number of ponzi schemes which make use of Bitcoin, and the market volatility, along with the difficulty to trade and store cryptocurrencies. This forces a large section of the population to ignore Bitcoin and to rely on more traditional forms of investment.



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December 29, 2020, 06:19:39 AM
 #383

Because of its volatility and some exit scams done by small exchanges but most are those that have basic knowledge of it and see it only as an investment plan, some avoid it because they do believe that the price is being manipulated by the elite holders and is just waiting for the right price to exit and rebuy what ever the reason is bitcoin is not for everyone and only those who believed and take time to learn about it can understand about its future.
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December 29, 2020, 01:27:36 PM
 #384

Some people still think that Bitcoin will go silent because there is no owner to control it but in reality it is never going to happen. That's why I think they avoid Bitcoin.
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December 29, 2020, 01:43:32 PM
 #385

To begin with, individuals are perplexed of bitcoin since they are not well-informed almost it. This is, often in my conclusion, the exceptionally to begin with reason. Including numerous nations, the reputation of bitcoin is exceptionally negative, because it is basically highlighted as a source of cash laundering.

Also, the trouble in utilize for numerous is an impediment. On the off chance that such installment frameworks as E money have existed for a long time, and individuals are as of now commonplace with it, at that point exchanges in bitcoin, as of now portrayed here, appear exceptionally badly arranged to numerous.

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December 31, 2020, 07:30:24 PM
 #386

Legality of Bitcoin and concerns about the usage of Bitcoins for illegal purposes are some of the main reasons why a lot of people avoid Bitcoin. Other issues are the high number of ponzi schemes which make use of Bitcoin, and the market volatility, along with the difficulty to trade and store cryptocurrencies. This forces a large section of the population to ignore Bitcoin and to rely on more traditional forms of investment.

Exactly. The vast majority of people are prejudiced against Bitcoin because they've believed governments' negative comments about it. The mainstream media has brought some skepticism into Bitcoin, as it focuses on its negative aspects. As long as scams, theft, hacks, and volatile prices are the norm on crypto land, Bitcoin won't be able to experience much adoption by people in the mainstream world. The public will continue to use Fiat on top of crypto because it's stable, trusted, and highly regulated. Only a very small minority will use Bitcoin as a sort of safe-haven asset against Fiat. At least, the decentralized and open source nature of Bitcoin will keep it going for many generations.

We should do our part in order to help increase Bitcoin's adoption in the mainstream world. By spreading the word about Bitcoin's true benefits relative to Fiat, the time will come when people will join the game. But not everyone will find Bitcoin to be an attractive medium of exchange because of the aforementioned reasons. Each person will have different tastes/needs/purposes in the mainstream world. Some will have a good perception about Bitcoin, while others won't. What matters is that Bitcoin remains as decentralized as possible in order to resist third-party interference. As long as governments can't manipulate or control Bitcoin, it'll be able to live up to its name as being sound money for the world. Just my opinion Smiley

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December 31, 2020, 10:26:04 PM
 #387

In the current situation, scammers are capable of doing their thing. Because of scamming, people tend to trust less to what they are seeing on the internet. Bitcoin runs through internet so people trust less to bitcoin. The more fake news came from the internet, the more that the investors trust less.

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January 01, 2021, 02:38:40 AM
Last edit: January 01, 2021, 03:07:54 AM by SoryuMaiden
 #388

The only people who avoid BTC at this point are the same people who didn't believe in bitcoin when its value was still a cent. They're probably bitter with the fact that they missed the opportunity to become millionaires if only they believe the potential of bitcoin in the first place. I don't also think that people nowadays will hate on bitcoin. Bitcoin is being used by many financial and commercial institutions already. We're living in computer era and that's the reality. No one can deny the fact that almost everything nowadays are being done online, not to mention the effects of COVID19 pandemic to the economy.
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January 01, 2021, 02:39:03 PM
 #389

It’s simple as many are yet to know about bitcoin technology and it isn’t easy to make someone buy the idea of bitcoin is they never have interest. People are more comfortable with already existing procedures especially when it’s tested and trusted. My point is that they are not comfortable with bitcoin transactions even though you claim it’s more faster. They are more convinced with the regular fiat transactions.

But like I said it’s very simple and it’s almost magical because the world is appreciating bitcoin and they will by incidence or accident finally see the potential in bitcoin and would want to subscribe to the technology.

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January 01, 2021, 02:48:08 PM
 #390

I think no one should avoid bitcoin if they have benefited from bitcoin only those who do not understand bitcoin avoid bitcoin.

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January 01, 2021, 11:46:37 PM
 #391

I think no one should avoid bitcoin if they have benefited from bitcoin only those who do not understand bitcoin avoid bitcoin.

avoiding Bitcoin is just a stupid act, why? Just imagine when institutions buy bitcoin and believe in the value of bitcoin in the future,
and you think the opposite, obviously it's stupid right? I understand that bitcoin prices currently look expensive,
but there is news that institutions buy Bitcoin when the price is corrected at $ 26000,
of course this makes me think that Bitcoin will be able to be more valuable than gold in the future.

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January 02, 2021, 04:00:12 AM
 #392

avoiding Bitcoin is just a stupid act, why? Just imagine when institutions buy bitcoin and believe in the value of bitcoin in the future,
and you think the opposite, obviously it's stupid right? I understand that bitcoin prices currently look expensive,
but there is news that institutions buy Bitcoin when the price is corrected at $ 26000,
of course this makes me think that Bitcoin will be able to be more valuable than gold in the future.

Mainstream investors are not liquidating their other assets to invest in Bitcoin. For most of them, investments in cryptocurrency makes up 1% or 2% of their portfolio. So even if there is a market correction, they won't be much impacted. But the same can't be said about the individual investors. For people like me, the majority of the portfolio is made up of cryptocurrency. And this makes us very susceptible to market movements.


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January 04, 2021, 07:42:21 PM
 #393

In my opinion, there are a number of created stereotypes imposed on people in order to create an artificial fear of the currencies of the new world.
For example, back in 2017, one of the professors at the University of Chicago called Bitcoin a financial pyramid.
When digital money became popular, in 2017, the world was gripped by fud (fear of missing out). Many people invested in cryptocurrency only because its price increased, the bubble, as it was called then, inflated until it burst at the $20,000 mark. And in that year, Bitcoin really resembled a pyramid. Those who bought bitcoin at the peak lost, or, for example, who invested in Ripple at $3.8 (now the rate is 95% lower, about $0.19).
Not in favor of digital money played and the fact that the wave of HYPE in the industry bred scammers. The ICO sphere has earned a lot of criticism. More than 80% of startups that raised funds for "projects of the future" took investors ' money and disappeared.
I think that the cryptocurrency sphere will get rid of such a stain on its reputation for a long time.
Also, encouraging terrorism and illegal operations is a serious charge.
It seems that regulators prefer to play it safe and not give freedom to something new until it is fully studied.
Predictions of the imminent demise of bitcoin are not uncommon. In reality, this has not happened yet. Moreover, over time, critics are becoming less and less, and digital money continues to prove that they have come to the world of finance for a long time. So far, there are no clear prerequisites for the fact that the cryptocurrency will devalue or disappear.
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January 08, 2021, 08:41:10 AM
 #394

it is because of taxes. In the US specially(every country is different), Bitcoin is taxed like property, which makes a simple transaction a lot more complicated. Some businesses may not want to deal with the extra administrative burden. Honestly, I don't blame them. Unless they have the sophistication and infrastructure in place, it could be a headache.
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January 08, 2021, 09:48:29 AM
 #395

I do notice that some people naturally don’t allow bitcoin in any of their daily transactions even when it faster and easier, they still don’t prefer using it, I have noticed this a lot, Some classes of human,Sometimes when they are to receive money from another country like international transfer sometimes it takes 2 3 days to arrive,They will advise them to use bitcoin and they still don’t accept it even it faster and easier. Now how come we make bitcoin come to people.

Many people don't feel very secure with executing their transactions with bitcoin. Having the bitcoin value in their hands is a matter of ownership for them which they proudly accept, but when it comes to sending and receiving money, they choose to prefer what the world is majorly using and is highly trusted.
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January 08, 2021, 10:47:11 AM
 #396

Bitcoin is more suitable for protecting savings from melting like snow than for shopping in online stores  Wink

The world's largest PoW chain has a chance to last forever.
BTC is the most suitable for long term hold of all cryptocurrencies.

Which, of course, does not mean that Bitcoin is not suitable for transactions at all.
There is no currency that is only store of value or only medium of exchange, it is always a combination of both features, although the proportions can vary a lot.
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January 08, 2021, 11:03:41 AM
 #397

People are not avoiding bitcoin. The thing is that they have no proper knowledge about cryptocurrencies and its working. Here are some reasons:

  • Due to the Bitcoin Volatility history, people consider it as a very risky investment.
  • People don't know how cryptocurrencies work.
  • Government Compliance also one the major issue. In Many countries, cryptocurrencies are still banned.
  • Negative stories are play a vital role in bitcoin investment. Ico scam and hack also affects the perspective of people.

Although, crypto education can settle out these misconceptions.
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January 08, 2021, 11:08:09 AM
 #398

For me, maybe because they’re scared in taking risks, or due to parabolic rise and high volatility, or because they are seeing some news from the media about Bitcoin scam, or just invested in a ponzi scam involving Bitcoin as front, etc. But as the old saying goes, there is no progress or success if we can’t take risks. Invest what we can afford to lose plus learn how to manage risk very well.


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January 08, 2021, 09:06:35 PM
 #399

Not all Countries have a place to deal using bitcoin, therefore they will avoid bitcoin via transfer, it is likely that in that Country there is no transaction service using bitcoin. It is better to exchange bitcoin to the applicable currency in that Country.

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January 08, 2021, 09:28:54 PM
 #400

Not all people are familiar with cryptocurrency properly, If I talk about my own family, very few people in my family are aware of crypto transactions. Maybe some people have already heard of Bitcoin but they don't know how to cash out Bitcoin at all. Many people do not want to trade in Bitcoin for their daily life to avoid the hassle of not cashing out quickly. I believe that when BTC booth will available and introduced like ATM booth, everyone will make daily transactions in Bitcoin.

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