Cryptophobia, causes, effects and solution.

[KingsDen]

Phobia may be referred to as an extreme fear or an anxiety disorder. There is a lengthy list of different kinds of phobias as; acrophobia, fear of heights, homophobia, fear of blood etc.
In this topic, I will discuss the fear of Cryptocurrencies; cryptophobia. The cryptophobia in this context is connotative, which might not be its literal meaning.

The fear of cryptocurrency might be; not being involved at all, discouraging others from being involved, not having peace of mind when involved and always checking or afraid of checking portfolio balance.

Causes:
1. Someone who heard a victim's negative statements about cryptocurrency, maybe how he lost all his money (even if to scammers) might begin to develop fear for crypto.
2. Someone who does not understand how crypto works. Humans are naturally afraid of what they don't understand.
3. Inability to take risk. Someone who is not a risk take is liable to be have cryptophobia.

The Effects of Cryptophobia on BTC
1. It slows the rate of BTC adoption world wide, as in most cases the phobia is not only individual but National. Which I think is one of the reasons for inconsistent bans and adoption in different countries.
2. It exposes the victims to scam. Over willingness to have someone to guide them makes them preys before scammers.
3. It encourages the spread of false information about BTC.
4. It triggers emotional trauma to potential bitcoin investors.

Solutions:
1. Victims needs to be taught cryptocurrency from the scratch, expose them to crypto videos and audio. Show them testimony of people who became very rich from cryptocurrency. This is mindset re-orientation. Making them to invest small and have small profit will surely be a behavioral therapy.
Thank you all!

[zanezane]

Is there even such a phobia listed about cryptocurrency and is that even the official term for it. I think Xenophobia is the best term to describe the irrational fear of crypto because Xenophobia means the irrational fear of the unknown which could be anything.

[Shenzou]

I don't think that not investing in crypto could be classified as a phobia, investing in something is just linked to how well you are confidant that whatever you are investing in has a positive return in the future, you are not totaly wrong about the treatment, because if you want to avoid losses in any thing you need to be well informed and educated about it, and that is what makes the diffrence between somone who invests in crypto and gets good return and somone who loses his money in it.

[yazher]

Maybe they acquired such traits by rushing to invest without even giving themselves a chance to research the project they invested their money with. So as the result, they have been fooled and lose all their capitals at one time. this has happened to some of the people that never returned to the crypto industry after they failed their first attempt at investment. The things that make their life hard were their lack of knowledge and not doing the necessary action before engaging in some project was a suicidal attempt for investment.

[KingsDen]

Is there even such a phobia listed about cryptocurrency and is that even the official term for it. I think Xenophobia is the best term to describe the irrational fear of crypto because Xenophobia means the irrational fear of the unknown which could be anything.

I cannot dispute for now, because I also stated that I might be wrong using the word Cryptophobia. I only meant that connotatively to sooth the context I discussed. However, cryptocurrency is not as old as other known phobias. Maybe the right word for it is not created yet.

[NeuroticFish]

I somehow tend to believe that people who come to this forum and discuss about crypto... don't suffer from cryptophobia...
So I think that you should put this into the forums populated by economists and banksters     (if there are any)

[zanezane]

~

I cannot dispute for now, because I also stated that I might be wrong using the word Cryptophobia. I only meant that connotatively to sooth the context I discussed. However, cryptocurrency is not as old as other known phobias. Maybe the right word for it is not created yet.

I guess we are both right, no term is coined yet and xenophobia is an umbrella phobia for anything unknown.

[cryptomaniac_xxx]

Is there even such a phobia listed about cryptocurrency and is that even the official term for it. I think Xenophobia is the best term to describe the irrational fear of crypto because Xenophobia means the irrational fear of the unknown which could be anything.

I also wonder the same, maybe in the next coming years, we might see some fear of crypto becoming official. However, it's either you invest or crypto or not, I don't think there should be like just because you hear blah blah blah you will developed this kind of fears. It's all on the mind, as we all know that this is game, to make more money and to take advantage of crypto, and not to progress backward with fears. And we should embrace it, otherwise, you cannot advance on this long game or trading and investing.

[Ucy]

One of the reasons for the phobia is intentional/unintentional rumors and spreading of lies mixed truth or outright lie about Bitcoin or true crypto.
I see lots of hypocrisy in the lies. They accuse as if national currencies are better, safer or even moral. I believe, Bitcoin is more moral than Fiats if you considered the fact that it's transparent, decentralized, immutable and does not violate human rights.


Few days ago, someone told me that she heard or read from video/audio/article that Bitcoin will be one world currency and was meant to be use to monitor (and probably control people or something).  I simply told her such tyrannical system would prefer fiat-like currency for such monitoring and control. It'd would be difficult on Bitcoin as it's decentralized, transparent, privacy-friendly, anonymity-friendly , etc. It's a currency system of free people, that is why few who understand it are embracing it. The highly corrupt and those obsessed with power and controlling others tend to hate it unless for selfish/evil reasons.



It should be used only by people who have good reasons for using it and can use it safely.
It's a work in progress. Its technology will be used to save lots of humans during serious crisis and during the reign of lawless tyrants

[mk4]

Lol this is ridiculous. Someone who simply isn't interested in diving deep into a certain asset or industry doesn't necessarily mean they have a phobia. They're simply just, you know, uninterested!

[lepbagong]

I somehow tend to believe that people who come to this forum and discuss about crypto... don't suffer from cryptophobia...
So I think that you should put this into the forums populated by economists and banksters     (if there are any)

it should be as you say, that if anyone has joined this forum. make sure they are prepared for what will happen and the consequences of what is happening with crypto. they know and should be able not to suffer from cryptophobia.
because the consequences exist and have been known from the start before joining crypto, it is clear that there are a lot of instability, which can always change at any time which may not be according to his wishes.

[KingsDen]

I somehow tend to believe that people who come to this forum and discuss about crypto... don't suffer from cryptophobia...
So I think that you should put this into the forums populated by economists and banksters     (if there are any)

Please can you precisely mention any board to move the topic to?
Did you meant board or a different forum entirely?

[NeuroticFish]

Did you meant board or a different forum entirely?

I meant entirely different forum, probably hypothetical one, since I don't know if it exists.
People who would have such a phobia would surely avoid by far this kind of forum; at least that's what I'd expect.

[awik p]

I somehow tend to believe that people who come to this forum and discuss about crypto... don't suffer from cryptophobia...
So I think that you should put this into the forums populated by economists and banksters     (if there are any)

it should be as you say, that if anyone has joined this forum. make sure they are prepared for what will happen and the consequences of what is happening with crypto. they know and should be able not to suffer from cryptophobia.
because the consequences exist and have been known from the start before joining crypto, it is clear that there are a lot of instability, which can always change at any time which may not be according to his wishes.

With this forum, I think it builds our mentality to understand knowledge about cryptocurrencies, so that we will realize the good and bad and pros and cons of joining the crypto world. I think by being able to control emotions here, we will be calm in living life, so we can control cryptophobia, don't think we will get rich quick here, but we must learn to get rich with this business

[agg2702]

I don't think it can be called that because it's too much for me.
and what you said that people will be afraid when negative news etc is I think only beginners feel that and not everyone feels the same especially for people who have been here for a long time.
apart from that, I think it's very natural for us to feel a little anxious about it, especially for beginners who don't fully understand the system here. because basically this relates to the money and assets that we have.
but this is just my view because I myself feel that I am still new to the crypto world because I have not been here for long and maybe for me this cannot be used as a cluster in cryptophobia.

[CryptoStar19]

The cryptophobia comes from the older generations that don't understand bitcoin, like Warren Buffet... a good fraction of millennials in the US own some kind of Crypto.

In 1995 there was a similar phobia towards the internet (a lot of similar negative narratives, like "it's for criminals" or "it's for porn") --- and now everyone and their cousin is on the net.

[BrewMaster]

Lol this is ridiculous. Someone who simply isn't interested in diving deep into a certain asset or industry doesn't necessarily mean they have a phobia. They're simply just, you know, uninterested!

or they are too lazy.
i have known many people who want to make a lot of money, in a short time and they also don't want to make any efforts at all. it makes no sense to normal people but these people exist.
obviously when someone who doesn't even know what they are buying hears a FUD they naturally panic.

this isn't cryptocurrency related either. i recently saw this in stock market from newbies who thought they could become rich overnight if they bought any stock just because they had seen someone else make profit and surely enough as stocks dumped they went bankrupt!

[Welsh]

I somehow tend to believe that people who come to this forum and discuss about crypto... don't suffer from cryptophobia...
So I think that you should put this into the forums populated by economists and banksters     (if there are any)

In terms of adoption, and promoting it to other people the point still stands though. Especially, the point about people being afraid of what they don't understand, since Bitcoin is a rather complicated system, it means the adoption rate will be effected by that complexity. If we could reduce the complex nature of Bitcoin, the adoption of it should go up.

This could be achieved through education or by tidying up the user interface a little more. Personally, I think we've come a long way in terms of interface for wallets etc, and that has definitely played a part in the adoption that we have seen. This is kind of why I believe online wallets are so popular, they are easy, and they don't require any technical knowledge or setup. Unfortunately, that means the majority of new users are using insecure systems to store their Bitcoin.

Anyway, while it might not apply directly to most of the people here, it does give us something to think about when we are trying to develop ways to increase adoption.

[NeuroticFish]

If we could reduce the complex nature of Bitcoin, the adoption of it should go up.

While I completely agree that the means of transacting bitcoin (basically the wallets) could be made even more user-friendly especially with those not technically inclined and such a move would help the adoption, I don't think that they are *so* complicate that they could trigger a phobia.
Indeed, Bitcoin internals, the cryptography, the huge numbers, they are complicated. But people don't have to know all that in order to happily use or hold Bitcoin.

[adzino]

I don't think there is anything known as "cryptophobia". Phobia means irrational fear. I have never heard or seen anyone who gets triggered when hearing or reading about crypto currencies. I doubt someone who is not willing to take "risk" has cryptophobia. He won't take the risk probably because he won't be able to afford the loss. So I don't see anything irrational over here. But who knows, cryptophobia might exist, but very rare.