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Crypto Ignorance & Misinformation Is Still A Massive Obstacle

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Avatar for SapphireCrypto
Written by   108
1 month ago

You Have Got To Be Kidding Me!

Yesterday I went down to one of my favorite beach restaurants for breakfast and got into a conversation with one of the locals who also frequents the spot. I was literally shocked at how he relayed multiple stories of people that he knows who have lost money "in Bitcoin". Before I go any further, I must mention that I popped in at another coffee shop shortly after leaving, only to be met by another individual with similar stories to share. It seems that every person that engages me in regard to Crypto, has only bad experiences to share. You may ask yourself how people continue to lose money even in a bull market.

I mean honestly, just buying BTC and waiting a number of months will generally yield a healthy profit in a bull market. Remember that these folk are traditional investors and a 10% annual return would be considered significant in their book. Considering this, it becomes rather mind-boggling as to how they consistently keep losing money. After chatting for some time with each individual, it became abundantly clear. These people literally have zero understanding in regards to BTC and Crypto in general. I actually can't believe that the level of ignorance is still at this level, considering that even mainstream media has been giving some insight into the finer workings of BTC and why it is such an attractive asset in the current economic conditions.

Time In This Market Gives You A Massive Advantage

If you have been active and involved in this market for a couple of years, you have a tremendous advantage over even wealthy individuals. Let me be clear, these are stories of wealthy people losing money, not your average Joe hoping to make some type of return to better his life. It is often believed that wealthy people are generally smart because how did they make their money in the first place, right? In reality, many are born into wealth. Nepotism also plays an enormous role in the unfair distribution of wealth. True success stories are few and far between.

For many, the whole technological aspect of Crypto is in itself too much to get acquainted with, never mind how to buy or store Crypto. This is ultimately where the largest problem seems to lie. The common thread in all these stories seems to be with a third party that is not a legitimate entity. Scammers and opportunists have seen a "perfect" opportunity to exploit and they are making the most of this opportunity.

Education is more essential than many realize. For us who are immersed in this market, we can sometimes forget how little the average person understands about Crypto.

Let's look at changing that and being prepared to impart knowledge to those who clearly need it!

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Avatar for SapphireCrypto
Written by   108
1 month ago
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Comments

I don't get it either, especially for those, who as you said, are already deeply involved in investing. While crypto is certainly different than traditional investment vehicles, the concepts and precepts are generally the same.

The question is, how do we get the word out? I mean, we have platforms like this of course. But would those who fear or lack understanding of crypto come to places like this to learn more? Not sure.

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3 weeks ago

"Let's look at changing that and being prepared to impart knowledge to those who clearly need it!"

Oh, I've certainly given it my best shot(s), believe me. Maybe I'm not a particularly effective advocate (but then neither are many people), but it's my experience that people are more likely to believe FUD and misinformation (including a cleverly-worded sales pitch spun out of thin air and sugar) than they are to do their own research and examine the facts. To some, ignorance truly is bliss.

It's not just the cryptosphere that's prone to this phenomenon. Other small circles in which I move are blighted with the same problem. There are none so blind as those who refuse to see and none so deaf as those who refuse to hear.

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1 month ago

Yeah, that is a fairly accurate assessment of the general phenomenon that hinders people people from discovering true intel and data!

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1 month ago

People really need to read more about cryptocurrency. It is not good to be ignorant about such issues.

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1 month ago