Why Many People Understand Bitcoin but Still Don’t Buy It.

[Synchronice]

One interesting thing about bitcoin adoption is that people may have the understanding and knowledge about bitcoin but that those not automatically lead them to buy or own bitcoin.

I would say that it's actually the opposite. Too many people don't understand Bitcoin but still buy it because they heard its good or their friend or relative said it's good for investment.
Those, who truly understand Bitcoin, know its value and most of them have invested into it, if not all of them. If someone understands it and still doesn't buy it, most likely they aren't interested into financial benefits that this coin can potentially offer to long-term investors and they use Bitcoin mostly for making payments. That's just my logical explanation.

[Marvelockg]

One interesting thing about bitcoin adoption is that people may have the understanding and knowledge about bitcoin but that those not automatically lead them to buy or own bitcoin.

I would say that it's actually the opposite. Too many people don't understand Bitcoin but still buy it because they heard its good or their friend or relative said it's good for investment.

It is one thing to understand something that is as volatile as bitcoin and a completely different thing to have the balls to actually invest in it. if we have what it takes to extract data of members of the forum that are actually investing in bitcoin, you will find out that not all those that are very positive in their view about bitcoin are actually investing in bitcoin.

Like OP has said, there are people that understands bitcoin really well but are not invested in bitcoin because some of them are not financially buoyant to doing so while some others are not good in terms of taking risk. knowledge is one thing but the bigger thing is acting on the information you have. just like those that didn't invest in bitcoin because they lack information and the right knowledge, those that have the knowledge but that are not acting on it are not any different.

[lionheart78]

Let me just give you a simple reason that can make people not buy bitcoin, the reason is very simple and it is that they do not know what bitcoin is. Anyone that know what bitcoin is will be tempted to buy bitcoin, but the temptation is a very good one because it will later pay the person.

True, @OP's title is conflicting with the action of people who understand Bitcoin.  Because if anyone trully understand Bitcoin, no matter how low is income is, he will always allocate a small percentage of that income to DCA and buy Bitcoin.  People who know that Bitcoin may be a chance for them to lift up their standard of living in the future will never miss on buying and will always strive to get more.

Aside from that, knowing and understanding is two different things, so don't be confused between people who know Bitcoin and people who understand Bitcoin.  I think the ones stated in the title are not really the ones who understand Bitcoin, but people who only knows Bitcoin.

[Queen uloma]

One interesting thing about bitcoin adoption is that people may have the understanding and knowledge about bitcoin but that those not automatically lead them to buy or own bitcoin.

I would say that it's actually the opposite. Too many people don't understand Bitcoin but still buy it because they heard its good or their friend or relative said it's good for investment.
Those, who truly understand Bitcoin, know its value and most of them have invested into it, if not all of them. If someone understands it and still doesn't buy it, most likely they aren't interested into financial benefits that this coin can potentially offer to long-term investors and they use Bitcoin mostly for making payments. That's just my logical explanation.

Many people buys bitcoin anyhow without proper understanding of how it works, all they know is that bitcoin is a digital gold, either from a friend, online or from a family member. So when the market is unstable, they panic to sell because they don’t really understand how it works and it value. But people who really know how it works and study the basis of bitcoin won’t panic when the market is unstable. To them it’s longer an investment to chase quick money, they now see it as insurance against inflation and easy way to avoid problems with traditional finance. So, if you understand what bitcoin is, and decide not to buy or invest, it’s either you ain’t interested in the money aspect or you’re using it as mainly for payment just like you said. When you understand bitcoin it gives you conviction, that you know why you’re holding it and you won’t panic to sell when the market is unstable.
Funny enough, people don’t need to be expert before they start holding bitcoin. Not trusting bank with your money, is an enough reason to start holding bitcoin.

[RealNoblee]

I guess money is certainly not an issue why people do not invest in bitcoin. Because if they really trust the potentials of bitcoin, some may even take a loan just to fund their initial investment, and I don't see any wrong there if you are capable to pay in return.

But the problem is, they understand bitcoin but faith isn't established yet. You know its hard to pursue investing if you are still hesitant on its future, and taking risk with bitcoin is not something that only money can make it, you have to commit to your investment as it requires time, emotional discipline to handle market volatility, and strict operational security to assure your assets safe 24/7.

Having knowledge about Bitcoin and it's benefit and not wanting to invest in it is dependent on some obvious factors.
They are afraid that Bitcoin might loose its relevance due to the volatile nature and not continue to strive.

Om the other hand, despite how promising Bitcoin can be or has been, it is every dangerous to invest in Bitcoin with borrowed loan.
This is because Bitcoin might not bring return of investment within the loan stipulated time of refund.
Then, it becomes a problem..
How about that?

[batang_bitcoin]

Aside from that, knowing and understanding is two different things, so don't be confused between people who know Bitcoin and people who understand Bitcoin.  I think the ones stated in the title are not really the ones who understand Bitcoin, but people who only knows Bitcoin.

I agree, these people who don't buy bitcoin yet are the ones who knows it. Because if they understand the importance of bitcoin, they should have bought it already. But not because they don't understand it yet and that's why even if they have some knowledge about it, they only knew it. The doubt is there and they are not like the people who are encouraged to buy bitcoin. And I think there are also some people who understands bitcoin but are not capable of buying and that's why they're also one of the people that can't afford it yet.

[YellowSwap]

There is no accountability in this space of crypto, if you lose money there is no way you are getting it back, your lawyer remains useless to you, take it or leave it some people don't like taking full accountability.

They prefer to have someone to something they can put the blame on with the hope of getting something back, knowing that you are on your own in crypto space is scary enough to chase such people away.

That's why you will the see the greedy few among those people coming to a crypto bro not for guidance but to help them do the picking of coins and also holding for them, you are a fool if you allow anyone to use you this way.

[johnsaributua]

...

I agree, these people who don't buy bitcoin yet are the ones who knows it. Because if they understand the importance of bitcoin, they should have bought it already. But not because they don't understand it yet and that's why even if they have some knowledge about it, they only knew it. The doubt is there and they are not like the people who are encouraged to buy bitcoin. And I think there are also some people who understands bitcoin but are not capable of buying and that's why they're also one of the people that can't afford it yet.

For example, if someone doesn't know the benefits of Bitcoin especially since purchasing Bitcoin requires spending money they obviously won't do it because it's hard for them to spend their money just to buy Bitcoin even though they don't understand anything about the topic we're discussing. I think it's difficult for them to understand. Unless they've already approached several people or parties about Bitcoin it will be easier for us to persuade them to buy Bitcoin because they'll understand more or less what we want to do with Bitcoin accumulation and they won't be suspicious anymore when someone invites them to join in buying Bitcoin so they can also have assets for the future.

It is difficult for us to understand because many things are happening right now as you said that some of us are capable and worthy of purchasing Bitcoin but I also wonder why those who understand Bitcoin never make a purchase even though their income is quite decent but when it comes to Bitcoin they are more evasive and seem to have no intention of investing in Bitcoin. This happens very often and for me it is very difficult to encourage people who have incomes beyond their capacity to try and start accumulating by buying Bitcoin for them to do for long-term investments with the aim of having a number of assets in the future.

[justdimin]

There is no accountability in this space of crypto, if you lose money there is no way you are getting it back, your lawyer remains useless to you, take it or leave it some people don't like taking full accountability.

They prefer to have someone to something they can put the blame on with the hope of getting something back, knowing that you are on your own in crypto space is scary enough to chase such people away.

That's why you will the see the greedy few among those people coming to a crypto bro not for guidance but to help them do the picking of coins and also holding for them, you are a fool if you allow anyone to use you this way.

You have to realize the "trustless" part comes exactly with that risk. If someone steals your money, then you could end up with nothing in return but that also means that there is no centralized organization that would be able to actually stop you.

If there was a centralization in place, then yeah even if your money was stolen, they would have sent your bitcoin back and revert the situation, but do we want that? We do not, that's fiat, and in fiat we have seen how things went bad. So we agree to take this risk, and keep our money safe, in exchange of governments not having any control over our money here.

[Adams0001]

Everyone have is on choice and bitcoin is not something that you will force someone to invest on because is unpredictable and if you try to force someone to invest and later lose he will surly blame you so anyone that understands bitcoin and didn’t invest that means he don’t have luck on bitcoin investment because not everything that works for you can probably works for others so some think even they invest they can’t get the benefit.

Crypto knowledge can’t be for everyone and people that have a lot of money always get the benefit better then others that are scared and don’t have enough money to start, so when you have knowledge about bitcoin I don’t see why you will refuse to invest or even try it and see if he will works out for you or not.

[RockBell]

I would say that it's actually the opposite. Too many people don't understand Bitcoin but still buy it because they heard its good or their friend or relative said it's good for investment.
Those, who truly understand Bitcoin, know its value and most of them have invested into it, if not all of them. If someone understands it and still doesn't buy it, most likely they aren't interested into financial benefits that this coin can potentially offer to long-term investors and they use Bitcoin mostly for making payments. That's just my logical explanation.

For does that dont understand it, they need to understand it, even if they are holding already, they should know what they are holding. They don't need to depend on another person's knowledge they will need to do better than what they are doing now, because it is beyond just holding. There is a level of understanding that people need to get because it is not as easy as we all think, so I wonder how someone can be that comfortable with buying and walking around with zero knowledge.

So people don't even know how long they should be holding, so this is all part of things that I feel people need to learn because i dont see my self having interest in a particular investment and I don't know anything about it, then that's bad.

[ColdLava40]

So people don't even know how long they should be holding, so this is all part of things that I feel people need to learn because i dont see my self having interest in a particular investment and I don't know anything about it, then that's bad.

Well some could depend on other peoples knowledge, but that's why the fail their investment.

What has to be unique still remains the experiences. With good knowledge of how the market works, you don only know what to do at different market conditions, but you begin to gain sound experiences.

No knowledge no experience. You might be in the market but you are not a real investors, because investors are able to make decisions based on what they know and understand. No knowledge, you might end up buying some coin that promise you the future instead of BTC.

[Bushdark]

Aside from that, knowing and understanding is two different things, so don't be confused between people who know Bitcoin and people who understand Bitcoin.  I think the ones stated in the title are not really the ones who understand Bitcoin, but people who only knows Bitcoin.

I agree, these people who don't buy bitcoin yet are the ones who knows it. Because if they understand the importance of bitcoin, they should have bought it already. But not because they don't understand it yet and that's why even if they have some knowledge about it, they only knew it. The doubt is there and they are not like the people who are encouraged to buy bitcoin. And I think there are also some people who understands bitcoin but are not capable of buying and that's why they're also one of the people that can't afford it yet.

Not buying Bitcoin is not about understanding at all. There are people that don't have the money to buy Bitcoin due to the activity they have put themselves into. Some people would have to work harder for them to save money so that they can buy Bitcoin.
Those that are buying Bitcoin are doing so because they understand the market and they know that investing now will make them profitable while they continue to make money through buying and selling.

If you have the money and you are not buying Bitcoin, that should be the person's problem and not for us. Those that know the importance to hold Bitcoin will not want to slack and would rather look for way to invest their money.

[Slimzeee]

The “I have missed my chance” mindset is very common, especially among people who knew about Bitcoin before it became as popular as it is today. I’m talking about those who heard about it, understood the vision, and saw the project when it was worth only a few dollars.

Many of them believe it’s now too late to invest because the price is much higher than it was back then. They feel the best time to get in has already passed and that the opportunity is long gone.

But the truth is, investing in Bitcoin is never too late. Whenever you decide to invest is a valid time to start. What matters most is taking action instead of continuously missing opportunities and repeating the same history.

[Achalugo BTC]

Many people buys bitcoin anyhow without proper understanding of how it works, all they know is that bitcoin is a digital gold, either from a friend, online or from a family member. So when the market is unstable, they panic to sell because they don’t really understand how it works and it value. But people who really know how it works and study the basis of bitcoin won’t panic when the market is unstable. To them it’s longer an investment to chase quick money, they now see it as insurance against inflation and easy way to avoid problems with traditional finance. So, if you understand what bitcoin is, and decide not to buy or invest, it’s either you ain’t interested in the money aspect or you’re using it as mainly for payment just like you said. When you understand bitcoin it gives you conviction, that you know why you’re holding it and you won’t panic to sell when the market is unstable.
Funny enough, people don’t need to be expert before they start holding bitcoin. Not trusting bank with your money, is an enough reason to start holding bitcoin.

Yes, and conviction has to come from what they understand and have the right mindset towards it. Like you said, some people are investing in Bitcoin is because their relatives or friends forces the join, with the idea that it pays or profit one, without being open to them about everything that concerns Bitcoin, both the benefits and the side effects, which people needs to be aware of that, to help them know what they are dealing with before making any decision about it. Some people are being mislead due to misinformation and people that are easily mislead, don't even bother to ask necessary questions or do some research about it, to help them be more informed about it. But, those who are aware of what they are doing, knows the right thing to do and at the right time for them to enjoy its important in full.

[batang_bitcoin]

Aside from that, knowing and understanding is two different things, so don't be confused between people who know Bitcoin and people who understand Bitcoin.  I think the ones stated in the title are not really the ones who understand Bitcoin, but people who only knows Bitcoin.

I agree, these people who don't buy bitcoin yet are the ones who knows it. Because if they understand the importance of bitcoin, they should have bought it already. But not because they don't understand it yet and that's why even if they have some knowledge about it, they only knew it. The doubt is there and they are not like the people who are encouraged to buy bitcoin. And I think there are also some people who understands bitcoin but are not capable of buying and that's why they're also one of the people that can't afford it yet.

Not buying Bitcoin is not about understanding at all. There are people that don't have the money to buy Bitcoin due to the activity they have put themselves into. Some people would have to work harder for them to save money so that they can buy Bitcoin.
Those that are buying Bitcoin are doing so because they understand the market and they know that investing now will make them profitable while they continue to make money through buying and selling.

If you have the money and you are not buying Bitcoin, that should be the person's problem and not for us. Those that know the importance to hold Bitcoin will not want to slack and would rather look for way to invest their money.

Yes, they're not capable of buying and that's why even if they understand it, they're not buying because they just can't. Those who can afford to buy and are not buying have a serious problem. Because they have the means and not doing anything at all, that's their problem per se and they will recognize the power of investing and buying bitcoin when it's already high. But this time, it's not that high for them so they don't recognize it yet. And when it pumps so much in the power, that's when they think that they've made a mistake ignoring it.

[Muba20]

Bitcoin is a volatile asset where investing without gaining knowledge has the potential to lose. Those who start investing with basic knowledge have the possibility of getting good returns in the future. It's hard to find people who don't know about Bitcoin yet, but not everyone has started investing yet. Considering the total population of the world, approximately 5% of people have invested in Bitcoin, while many of the rest have not yet invested. Those who could not invest should not be encouraged to invest because there are some investors who will try to blame the advisor if the price falls after investing.

If a person who believes and understands Bitcoin still can't invest then it must be understood that he has no financial ability but it is also true that if he can be sure of his profit then he will try to start his investment at any cost. A person may have good knowledge of bitcoin but if he can not invest there is no benefit.

[Son Of Blockchain (SOB)]

Not buying Bitcoin is not about understanding at all. There are people that don't have the money to buy Bitcoin due to the activity they have put themselves into. Some people would have to work harder for them to save money so that they can buy Bitcoin.
Those that are buying Bitcoin are doing so because they understand the market and they know that investing now will make them profitable while they continue to make money through buying and selling.

If you have the money and you are not buying Bitcoin, that should be the person's problem and not for us. Those that know the importance to hold Bitcoin will not want to slack and would rather look for way to invest their money.

Yes, they're not capable of buying and that's why even if they understand it, they're not buying because they just can't. Those who can afford to buy and are not buying have a serious problem. Because they have the means and not doing anything at all, that's their problem per se and they will recognize the power of investing and buying bitcoin when it's already high. But this time, it's not that high for them so they don't recognize it yet. And when it pumps so much in the power, that's when they think that they've made a mistake ignoring it.

I understand that some people feel they're too poor to afford Bitcoin but that's not an excuse for not owning it, i could accept ignorance or being skeptical or procrastinative but not being poor cause poor people can gradually buy it consistently till they reach their target, everyone mustn't buy a large amount of it at once, that's why there's the DCA.
 Maybe those poor people that are yet to buy are ignorant of the DCA that's why they use their financial status as excuse for not owning Bitcoin but it's not a good excuse cause Bitcoin is for everyone including the poor.

[pawanjain]

May be OP can add laziness or procrastination towards learning as one of the reasons in his list.
Some people are just lazy and do not want to "learn" about bitcoin and what it is all about.
I know some people in my circle who are aware of bitcoin but are not willing to learn more about it because they are lazy.
Despite telling them to learn they still give excuses and thus don't invest in bitcoin.

[Catenaccio]

I understand that some people feel they're too poor to afford Bitcoin but that's not an excuse for not owning it, i could accept ignorance or being skeptical or procrastinative but not being poor cause poor people can gradually buy it consistently till they reach their target, everyone mustn't buy a large amount of it at once, that's why there's the DCA.
 Maybe those poor people that are yet to buy are ignorant of the DCA that's why they use their financial status as excuse for not owning Bitcoin but it's not a good excuse cause Bitcoin is for everyone including the poor.

DCA strategy is here to help people investing better and more profitable as well as reduce stress a long their investment way but people have to learn, and practice by themselves with DCA for their own investment.

The strategy is good as proven with time, in many markets and by many people, but like all other things, very first experience will be challenging for newbies in this market or people who are not newbies in this market but applying DCA strategy a first time.

The first barrier people have to pass through is no longer ignoring DCA strategy but actually learning about it and applying it for their investment. With time, with experience, even with failures by lack of good control, they will improve themselves and can use DCA strategy much better in the future.