Trust in cryptocurrency?

[KaliLinux]

Recently, I've been wondering, and based on the people I live with, I'd say that only 20% of them know what cryptocurrency is.
Sometimes I ask my friend or colleague if he knows what Bitcoin is, and if they're young (20-35 years old), they say, "Yes, I've heard about it. But I don't know much about it."
If I'm talking to older people (40–60), mostly they don't know what it is.

We are living in a world of big changes in every aspect of life. But do you think it will be time when cryptocurrency will come into our lives and be normal for all people? Will people be able to trust crypto?

I'm wondering what your opinion is about this.

Well it is simple, older people don't understand cryptocurrency because this is more of a new thing just about 14 years old, and most older people might not be really paying attention to new techs like this especially if it is something they can't even feel compare to younger people that are "naturally tech-savvy" and wants to explore new opportunities. However, as the younger generation gets older we will begin to see a higher number of old gen that pay more attention since it is what they have been doing since a young age.

[1714689290]

1714689290

[1714689290]

1714689290

[1714689290]

1714689290

[1714689290]

1714689290

[1714689290]

1714689290

[1714689290]

1714689290

[kelechi]

As with any new technology, trust is an essential factor in its adoption. Cryptocurrency has faced a lot of skepticism and criticism due to concerns about its volatility, security, and lack of regulation. However, as the industry continues to mature and address these issues, people may become more comfortable and confident in using cryptocurrency.

[dupee419]

It will take a long time before people will become at home with Bitcoin and it usage, most people still don't know what Bitcoin is and how it works, but Bitcoin is quite popular among young people between 17-35 majority fall between 17 years and 25 years of age.

-Majoriry of the older folks dont have an interest in modern technologies due to lack of right information and education on the subject matters.

But it's different from developed countries, the evidence is that there are very many who know Bitcoin, maybe at the age of 40 and over regarding the use of Bitcoin and how they already understand it, maybe for countries that are not yet developed like in parts of Southeast Asia, there are probably still many people who are over the age 40 years not very familiar with Bitcoin, because what I know is that teenagers avoid taxes regarding the ownership of Bitcoin, so they hesitate to introduce bitcoin to their parents, who actually have to tell them and introduce them to bitcoin, because more and more everyone in this world forced to use the world of technology that's why this must be done as soon as possible..

Even underdeveloped countries in the SEA are starting to recognize how huge the profit is in cryptocurrency, 3 years back people started to doubt its existence but in today's current events, I do think that regardless of the country if it is a developing country or not, the amount knowledge when it comes to Bitcoin and company has increased, I on my own experience do not need to introduce Bitcoin anymore to people that is twice older than me, they already know it, NFT games and such were huge way back in the midst of the pandemic and because of this, the whole market was bullish and the events that happened back then made crypto trending on social media, it was so successful that even people aged 40 and above started to invest in cryptocurrency.

The thing is, most people in countries nowadays know about NFTs and cryptocurrency, they're now convinced that it exists, I can at least say that they know the bare minimum when it comes to cryptocurrency, but I doubt that it'll be enough, or interesting enough for them to know more about it.

[Wiwo]

Even underdeveloped countries in the SEA are starting to recognize how huge the profit is in cryptocurrency, 3 years back people started to doubt its existence but in today's current events, I do think that regardless of the country if it is a developing country or not, the amount knowledge when it comes to Bitcoin and company has increased, I on my own experience do not need to introduce Bitcoin anymore to people that is twice older than me, they already know it, NFT games and such were huge way back in the midst of the pandemic and because of this, the whole market was bullish and the events that happened back then made crypto trending on social media, it was so successful that even people aged 40 and above started to invest in cryptocurrency.

The thing is, most people in countries nowadays know about NFTs and cryptocurrency, they're now convinced that it exists, I can at least say that they know the bare minimum when it comes to cryptocurrency, but I doubt that it'll be enough, or interesting enough for them to know more about it.

I was beginning to enjoy your comment on the widening of the knowledge space on cryptocurrency until you start mentioning NFTs repeatedly,  why because NFTs have not contributed positively to the growth and acceptability of cryptocurrency up to what coins like BTC have done.

-During the pandemic Bitcoin created a trance borders payment access, that was restricted due to pandemics and lockdowns, this is enough because it transformed us from the traditional third-party system into remote banking with the inclusiveness of the unbanked populace.

[mv1986]

[snip]

We are living in a world of big changes in every aspect of life. But do you think it will be time when cryptocurrency will come into our lives and be normal for all people? Will people be able to trust crypto?

I'm wondering what your opinion is about this.

If you search for the definition of crypto on Google or other browsers, it will come out that it is a digital currency that is a form of payment.
Unknowingly, many countries around the world are now dealing with it. Digital currency will be an alternative to the fiat currency competition in the market.

Many digital applications (e-Wallets) are being created as a means to pay for things without having to hand over fiat money.
Maybe that's different from the crypto you're referring to, but it illustrates that crypto will be one of the tangible forms of major changes in the world today and the world to come.
You probably know what I mean.

I'll ask you again, do you believe Bitcoin will become a currency that is familiar in normal life?
In particular, crypto is too common and too numerous.

If it is just about digital payments then Bitcoin isn't necessarily the best choice. Bitcoin is more about the maximum extent to have sole control over your assets while that is something you don't have when you have an account with a bank, which in theory could just be frozen and you can't access your money. Or payments get blocked for no reason. All these things have happened already and that's where Bitcoin is amazing. It is neutral and nobody can keep you from conducting business the way you personally please.

Bitcoin is not like the crypto we are discussing. Bitcoin is more than what we're talking about. The crypto we are discussing is generally used so I try to call E-Wallet a picture of a big change in the world. Meanwhile, comparing it to the function of Bitcoin is completely different. I'm sure you understand better than me how Bitcoin is so much better than all of that.

Now if CBDCs will ever come out that's actually worse than fiat money. They can trace every single payment and actually build a profile about you based on the data you produce just with transactions...

You may be right. the use of such payments is very easy for related parties to block such as bank accounts.

Yes I would say I have a decent understanding about digital decentralized currencies, but what I often notice is that when asked for advantages of Bitcoin, people answer it is about speed and transaction fees. First of all that isn't true and there are cheaper ways to transact, and speed is also not a strong argument in favor of Bitcoin (depending on the use case at hand of course and whether it is a transcontinental transaction or not).

As I outlined before, it is about control over your assets and everything that goes along with transactions. Freedom, privacy, security, neutrality, capital mobility, and many other things. Bitcoin has no feelings or intentions or shareholders it must please. A bank has a lot of incentives to spy on you and make their decisions accordingly. And whether we like it or not, in the end they are subject to governmental interests and actions and will act such that they please the government. Collecting data is one big aspect that banks can do in the interest of a government.

[SosSpagetti]

Cryptocurrency is still very young, so people don't know and use it yet. Even in my area, many people have never heard of it. And we should be proud and take advantage of the opportunity because we are the pioneers in this revolution. Take advantage of the opportunity because when people know about it, the opportunity will not be as many as it is now.

As I read everything that has been said here. I see a lot of people give two main reasons for why not everyone knows about crypto. One is associated with the age of the recipient, and the second is the place where we live. 


I agree with you. About what you have said about us being the pioneers. Let's hope it will increase our profits in the future. 

[juhobtc]

I agree with you. About what you have said about us being the pioneers. Let's hope it will increase our profits in the future. 

You can start investing at any time. If I have just now discovered the world of cryptocurrencies and want to invest in bitcoin, then it is clear that many will have an advantage over me, but this does not stop me. I don't see what else I could invest in that could give me more prospects.

[jokers10]

You can start investing at any time. If I have just now discovered the world of cryptocurrencies and want to invest in bitcoin, then it is clear that many will have an advantage over me, but this does not stop me. I don't see what else I could invest in that could give me more prospects.

Probably main reason is in this: even in this forum many don't really know what bitcoin is and which opportunities does it give. It is just an investment asset for many and that's all. How can they tell about Bitcoin to others if they just can say that it is like a lottery and you can win (or lose). In these words it seems like a Ponzi scheme. And bitcoin is much more than just a lottery chance or investment asset, it is an alternative financial system in which people return their right on controlling their own money, a decentralized alternative, a deflationary alternative. But it is still to complicated to be understood by majority and that's why it is not so easy to explain how bitcoin works and why is it so prospective.

[Wildwest]

With the development of increasingly sophisticated technology, everyone will explore the world of crypto, especially now that bitcoin is very popular among the public and they already know the value of bitcoin today, although some of them do not know how to get bitcoin or how to use it in order to buy something using bitcoin, so all need a process to get to know the crypto world if they are sure then one day they will look for  know how to use bitcoin, but for older people I think they will be a little difficult to understand about the use of bitcoin in everyday life.

[noormcs5]

Recently, I've been wondering, and based on the people I live with, I'd say that only 20% of them know what cryptocurrency is.
Sometimes I ask my friend or colleague if he knows what Bitcoin is, and if they're young (20-35 years old), they say, "Yes, I've heard about it. But I don't know much about it."
If I'm talking to older people (40–60), mostly they don't know what it is.

We are living in a world of big changes in every aspect of life. But do you think it will be time when cryptocurrency will come into our lives and be normal for all people? Will people be able to trust crypto?

I'm wondering what your opinion is about this.

Of course the old generation will not accept or understand this bitcoin thing as compare to the younger generation. Old people are resistant to changes and hence don't expect that they will easily understand the crypto.

The other major reason why crypto is not yet adopted by many people is because the government does not accept it. If we compare the stance of bitcoin in different countries, most of them will not be willing to accept them and rest of them will be thinking on how to control and stop the spread of crypto.

[Ebede]

Cryptocurrency don't have to be trusted because it assumes that the increment and the deployment does not come from One direction and you cannot read it when the time it will rise or when it will fall so that is why we don't need to predict cryptocurrency and then we don't need to be dependable on cryptocurrency because of its regulation

[n0ne]

Recently, I've been wondering, and based on the people I live with, I'd say that only 20% of them know what cryptocurrency is.
Sometimes I ask my friend or colleague if he knows what Bitcoin is, and if they're young (20-35 years old), they say, "Yes, I've heard about it. But I don't know much about it."
If I'm talking to older people (40–60), mostly they don't know what it is.

We are living in a world of big changes in every aspect of life. But do you think it will be time when cryptocurrency will come into our lives and be normal for all people? Will people be able to trust crypto?

I'm wondering what your opinion is about this.

Of course the old generation will not accept or understand this bitcoin thing as compare to the younger generation. Old people are resistant to changes and hence don't expect that they will easily understand the crypto.

The other major reason why crypto is not yet adopted by many people is because the government does not accept it. If we compare the stance of bitcoin in different countries, most of them will not be willing to accept them and rest of them will be thinking on how to control and stop the spread of crypto.

I'm not sure of it, based on what I've encountered with different people I'm sure good number of elderly people are into cryptocurrency. Countries that are against cryptocurrency are just trying to analyse and do favourable things. Adoption and acceptance of cryptocurrency over the years have increased with time. Same time countries have been developing their own CBDC to keep things under control. Trust is a major factor required while we use cryptocurrency.

[buruibu]

Around my environment, its just a few youths knows about cryptocurrency and the few that knows only hears about bitcoin. I think the main reason behind many people not knowing is because most nations have fought cryptocurrency against taking out the fiat banks, so they refused making it legal tender for more publications.

[GreatArkansas]

Cryptocurrency don't have to be trusted because it assumes that the increment and the deployment does not come from One direction and you cannot read it when the time it will rise or when it will fall so that is why we don't need to predict cryptocurrency and then we don't need to be dependable on cryptocurrency because of its regulation

I don't think so. If you are a normal person and you want to invest in cryptocurrency, at first you will suspect or at first, you will need to do some research on the things where you put your hard-earned money.
So for me, trust is important especially when there is already money involved.
On Bitcoin. For me, trust is already built, and for already more than 10 years, we already seen how Bitcoin works with ups and downs, so for me, Bitcoin is here to stay and can be trusted by everyone.

[Fullcoinese]

Around my environment, its just a few youths knows about cryptocurrency and the few that knows only hears about bitcoin. I think the main reason behind many people not knowing is because most nations have fought cryptocurrency against taking out the fiat banks, so they refused making it legal tender for more publications.

some countries do prohibit the use of Bitcoin as a means of payment. but most legalize the ownership of Bitcoin assets as Investment. more countries have finally opened their minds to the assets that have grown so fast in recent years.
I think young people will be more interested in Bitcoin than in putting their money in the bank. young people nowadays buy more stocks and they are quite open to trading digital assets. it's just that, not much education is provided for young people who are interested in Bitcoin and cryptocurrencies.

[WatChe]

I'm not sure of it, based on what I've encountered with different people I'm sure good number of elderly people are into cryptocurrency. Countries that are against cryptocurrency are just trying to analyse and do favourable things. Adoption and acceptance of cryptocurrency over the years have increased with time. Same time countries have been developing their own CBDC to keep things under control. Trust is a major factor required while we use cryptocurrency.

Advancement in technologies are rarely welcome in the start. Its just a matter of time before people start realizing that new product has benefits for them and the adoption phase starts. If you see 10 years history of Bitcoin then defiantly the community has grown significantly and with time more people will join in.
From government side, the adoption rate is very low apart from one to two countries there is no government that is willing to accept Bitcoin in its decentralized state.

[kryptocanon]

It's a bit disappointing seeing young people who know nothing about the advancement of the monetary system in the world we live in. Let's merely say that older people find it difficult due to their poor education during their era. The younger ones have no reasons not to know about this big innovation as the earth is revolving for crying out loud. I expect Bitcoin (Crypto) to be a case study on its own in schools.

[fuguebtc]

Around my environment, its just a few youths knows about cryptocurrency and the few that knows only hears about bitcoin. I think the main reason behind many people not knowing is because most nations have fought cryptocurrency against taking out the fiat banks, so they refused making it legal tender for more publications.

some countries do prohibit the use of Bitcoin as a means of payment. but most legalize the ownership of Bitcoin assets as Investment. more countries have finally opened their minds to the assets that have grown so fast in recent years.
I think young people will be more interested in Bitcoin than in putting their money in the bank. young people nowadays buy more stocks and they are quite open to trading digital assets. it's just that, not much education is provided for young people who are interested in Bitcoin and cryptocurrencies.

You're probably right about this, there's not much crypto education available to young people these days. In my country, bitcoin is not used as a payment method but can be used as an investment. But honestly, the number of people who know about crypto is too small and have distorted thoughts.

2 days ago, I talked to a friend, he is a real estate buyer, and he doesn't believe in bitcoin at all, he said this is a Ponzi scheme and advised me not to participate. He doesn't know I invest in bitcoin and always says I should stay away from bitcoin. Because we are at a cafe in a public place, so I don't say much because I don't like too many people who know I invest in bitcoin. I made an appointment with him when I was free so that we could talk more about the matter.

[LDL]

Around my environment, its just a few youths knows about cryptocurrency and the few that knows only hears about bitcoin. I think the main reason behind many people not knowing is because most nations have fought cryptocurrency against taking out the fiat banks, so they refused making it legal tender for more publications.

Maybe people in your area don't know much about the importance and use of Bitcoin or even if they do, they know more about the negative perception of Bitcoin. There is no reason for you to stress about it because sometime in the future people will know a lot about Bitcoin in your locality. Then at that time people in your locality will start using cryptocurrency instead of fiat money. Your locality will also recognize Bitcoin as legal tender like Salvador.

[woez]

Cryptocurrency is a relatively new concept, and it's no surprise that many people are still unfamiliar with it. However, the popularity of cryptocurrencies has grown rapidly in recent years, and they are becoming more common. Many large companies, including Tesla and PayPal, have started accepting Bitcoin and other cryptocurrencies as payment to help with awareness and adoption.

as cryptocurrencies will become a normal part of our lives it is hard to predict the future. However, it is clear that the technology behind cryptocurrencies has the potential to revolutionize the way we conduct financial transactions. Blockchain technology provides a safe and transparent way to transfer funds without the need for intermediaries such as banks. This has the potential to make financial transactions faster, cheaper and more accessible to people around the world.

Whether people will trust cryptocurrencies is also difficult to predict. Trust is an important component of any currency, and cryptocurrencies are no exception. However, many people already use cryptocurrencies and find them a safe and reliable way to transfer funds. As more people become familiar with cryptocurrencies, and as the technology continues to improve, it is likely that the trust in cryptocurrencies will continue.