Why people don't adopt Bitcoin - they don't understand Expected Value

[ChiBitCTy]

I absolutely agree with your assessment here.  The fact of the matter is the vast majority of people are simply uneducated.  Not only are the majority of people on earth uneducated, they are extremely uneducated in terms of financial knowledge.  As a financial adivsor I see this every single day.  People refuse to take the time to educate themselves and therefore don't understand the truths when it comes to all forms of investing, including buying/owning bitcoin. People refuse to take the time to learn even the basics, like what's a blockchain.  It's obnoxious but all you can do is try and educate.

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[ethereumhunter]

Not many want to try an opportunity to be able to produce something bigger than they imagined. They tend not to dare to take risks and choose to do things they are used to doing before. As an investment, bitcoin can give them the opportunity to make a lot of money, but maybe people can't accept the risks, namely bitcoin price changes that are too fast, investment values are always changing or something else. Many persist with what they have done even though they have seen concrete evidence of bitcoin but it still doesn't interest them to accept something new.

 a lot are still blind when it comes to crypto market. what i mean here is that, they may have heard, seen, read about bitcoin or other crypto-related news, but the grasp of understanding it is still not there. definitely, if you have no knowledge about a certain thing, you don't want to take risk. hence, a lot are still preferring the traditional banking method and other payment methods. but once some of these people educate themselves what crypto or bitcoin is, they will slowly calm down and not against about it. it is only a matter of educating yourself about a certain matter to understand what's going on. if you don't know what's going on, surely, you wouldn't want to do anything about it.

That's because they don't want to try to learn to understand how bitcoin works and are still closing themselves off from accepting new things like bitcoin. They tend not to want to know or are too afraid to try because there is a lot of negative news about fraud in the name of bitcoin, even though it has nothing to do with bitcoin. And even though they already know the risks, they still don't want to try it.

We can't force them to try to understand new things because it depends on their needs. If they are satisfied with what they have, they may not want to try new things. Just let them be like that because if they don't want to try, they won't try.

[Woodie]

If you ask me all am seeing are people being street smart and avoiding being hustled by so random person. By the way, if you have heard of the saying "a bird in the hand is worth two in the bush" these guys are prudent and cautious of their actions and wouldn't want to gamble away what they already have...

This is one of the reasons why Bitcoin adoption is so low. Everyone is aware of volatility, of big rallies and big crashes. Avoiding big risks is the default course of action for most people, even if big risks have positive expected value.

In relation to the YouTube video, I agree with you, this just demonstrated to us that people arent ready to take risky decisions.. it's all about playing it safe and you can imagine with all the FUD and hacking news we usually read about in the news most will be reluctant to take this journey. But as people read more and know what crypto is all about we should expect adoption to sky rocket.

[m2017]

Any wealth is the result of risky actions. Only those people profit who are willing to take risks. Remember the Winklevoss brothers, who invested heavily in bitcoin early on. Now they are the owners of huge assets. Almost every one of us who had the same money in those years would hardly have invested in btc, even a fraction. The Winklevoss  brothers took a risk and didn't lose.

If all this time bitcoin has been growing (in the long term and ignoring price jumps and falls in short periods), then it can't be said that the mathematical probability of profit is 100%. There are always hidden risks that we don't notice.

That is, it turns out that people's fear of losing money (thanks to the information they know about past bitcoin's crashes) prevails over the opportunity to earn money (even despite high returns)? This is similar to the already classic fear-greed scheme and whose greed was able to overcome fear, they invest in btc.

[milewilda]

I absolutely agree with your assessment here.  The fact of the matter is the vast majority of people are simply uneducated.  Not only are the majority of people on earth uneducated, they are extremely uneducated in terms of financial knowledge.  As a financial adivsor I see this every single day.  People refuse to take the time to educate themselves and therefore don't understand the truths when it comes to all forms of investing, including buying/owning bitcoin. People refuse to take the time to learn even the basics, like what's a blockchain.  It's obnoxious but all you can do is try and educate.

This is why it is really a challenge when you do explain it to someone who doesnt really have that kind of interest and knowledge even with the basics specially on financial system or even into the current technology that we do have today on which it is really that hard for us to make them learn and hook them up when we do speak on having the interest just because they arent really that knowledgeable on what it is.
Taking up some teaching about the basics would really be consuming lots of time i would say and this is why most people just simply ignore out into those fellas who arent showing that interest
and wont really tend up on wasting up their precious time on something that they could use it up into more beneficial and efficient way.

[arwin100]

I absolutely agree with your assessment here.  The fact of the matter is the vast majority of people are simply uneducated.  Not only are the majority of people on earth uneducated, they are extremely uneducated in terms of financial knowledge.  As a financial adivsor I see this every single day.  People refuse to take the time to educate themselves and therefore don't understand the truths when it comes to all forms of investing, including buying/owning bitcoin. People refuse to take the time to learn even the basics, like what's a blockchain.  It's obnoxious but all you can do is try and educate.

This is why it is really a challenge when you do explain it to someone who doesnt really have that kind of interest and knowledge even with the basics specially on financial system or even into the current technology that we do have today on which it is really that hard for us to make them learn and hook them up when we do speak on having the interest just because they arent really that knowledgeable on what it is.
Taking up some teaching about the basics would really be consuming lots of time i would say and this is why most people just simply ignore out into those fellas who arent showing that interest
and wont really tend up on wasting up their precious time on something that they could use it up into more beneficial and efficient way.

They might not have an interest because they don't know yet its potential or they don't even know how big the potential for them to earn with this. Sometimes they are covered with fear to get scam that's why there interest has been cut sue to those scenarios and testimonies who tried but failed at start.

Maybe if they show some interest and telling that they want to learn in your guidance then tell them at earlier stage about those scams then how the scammers do it so they will be more aware about its existence also they can easily avoid it.

[Rengga Jati]

This is one of the reasons why Bitcoin adoption is so low. Everyone is aware of volatility, of big rallies and big crashes. Avoiding big risks is the default course of action for most people, even if big risks have positive expected value.

Yes, this is one reason that makes a lot of sense, because some people think that investments are certain.
Apart from that, there are also factors from the habits and mindset of the people in general, especially in developing countries, not advanced ones, sometimes people's thoughts are only limited to things that can be seen and grasped and those that have legal force that guarantees their safety. Let's say we look at how Bitcoin has developed so far, over the decades that have passed with various cycles, as well as the progress of prices and so on, but for people who are still guided that an asset or object is something that must be real, can be held, and exists. the legal umbrella and control are from the government, so when you see Bitcoin, you don't believe in Bitcoin. This centralized and decentralized mindset is also a factor, because people in several regions are still very focused on things that are centralized.