Crypto: Once Upon a Layman's View

Once upon a time, I was a layman in the crypto space - now I know better. Though still far from the savvy crypto guy.

Oftentimes, I was asked what my take was on cryptocurrency. How does the rising economic system sound and look to me and what are my opinions about it? To the layman like I was, Cryptocurrency isn't exactly a thing that evokes much interest or excitement. If in fact, it evokes any feelings whatsoever, it would be skepticism, disinterest, and/or fear. Now, before you judge the layfolk for their unfavorable opinion, one should like to see the whys of the matter. Apart from those who revolt against every technological advancement, there are those who for good reasons too, do not have a so wonderful belief in cryptocurrency. And, here's why.

Cryptocurrency is by far the most unstable and imbalanced economic and financial setup yet. The talk of owning some amount of money somewhere online and that the value increases or decreases without control, does not sound good to my ears, or the ears of hundreds more people. I have heard some enthusiasts of Cryptocurrency say that Cryptocurrency fluctuates in value just like the normal currency, the one we're used to, does. The problem however with this is that such enthusiasts will have to go through the technical complexity of explaining the subject of Economics to a layman. Despite the majority of people being aware of the fact that currencies deplete or increase in value, the difference in the values is pretty small compared to that of Cryptocurrency. And, as we know that even these small differences in values of normal currencies cause serious effects and economical implications, how much more the larger fluctuations in Cryptocurrency? Hearing people talk about Cryptocurrency makes it seem like a risky venture. I would easily conclude that there is no reliable investment in this. If I happen to buy a coin, I stand the chance of doubling my money and if luck is not on my side, I also stand the chance of losing all of it. It all depends on luck, having the foresight to withdraw my money at the perfect time, or to predict which coin is likely to succeed. Yes, sounds like the Casino effect. Definitely not something I'm risking my hard-earned money on.

 The layman would not be interested in Cryptocurrency because of its too unpredictable nature. This makes it undependable and a bad asset. It is not uncommon to hear of 'dips' (whatever they mean) in Cryptocurrency. The layman says that whenever there is a really bad 'dip', there will be chaos among those who 'know' Cryptocurrency on the internet. While many will be lamenting the amounts of money they have lost, some will be sympathizing with them for their bad luck or bad eye for investment while the unlearned and common us will sit in a corner and be inwardly thankful that we aren't sharing in the whatever problem that is going on. Sometimes too, friends who say they 'invested' a little will rake up a lot of money if the currency 'grows'. Then some will say that they wish they had bought that coin. Honestly, at certain times, one salivates at the idea of buying coins but the issue of uncertainty always cuts this contemplation short. How does currency grow? And how can such an unstable thing be worthy to be called an Asset? How can the world be presented with the idea of a new currency which does not actually sit in the same spot as the kind of money they are used to and is sort of a game of investments? I am a layman and Cryptocurrency looks like something I can't quite digest.

Cryptocurrency is way too complex. This is another view that many laymen unanimously share about Cryptocurrency. Cryptocurrency isn't something that is so easily explainable to the conventional currency generation. And, it doesn't help matters either, that humongous terms are used in speaking about it. Cryptocurrency isn't open knowledge in fact, statistics have it that far more than 70% of the world's population has never heard about it before. Yes, it is that unpopular. The Russian cybersecurity firm Kapersky's survey predicted that only 10% of the world knows how Cryptocurrency works and 18% of people who 'thought they knew what it was' quit because it was too technically complicated. Recent surveys claim that around 81% of the global population does not have a real idea of what Cryptocurrency is. Bitcoin, Ethereum, Altcoins, blockchain technology, public-key cryptography, fiat currency, FOMO, FUD, dip, Non-fungible tokens, Defi, cold storage, hash, tokens, etc; there are far too many common terms that a layman, in truth, does not understand. Perhaps, it could have been great if writeups about Cryptocurrency could break down these concepts to some extent if they cannot use normal and relatable terms, contrarily, one has to make individual searches on each term in order to understand it while reading one of such articles. Not only does this make articles about Cryptocurrency boring, tiring, and distasteful, but it also causes disinterest amongst a large populace of readers.

Finally, I accept that Cryptocurrency is a landmark innovation and that it is causing effects and will continue to make effects in the trend of human finances. Perhaps, it has ushered in a new era as the technology of smartphones did. But, there are many reasons that make laymen have bland or negative attitudes towards it. In general, if Crypto currency improves, there isa higher likelihood that perspectives about it will be better too. We might all agree though that intrinsically, Cryptocurrency is not so bad.