Everyday more people in the U.S are starting to become more enthusiastic and open about the idea of cryptocurrencies. According to a Harris Poll Survey, the amount of Americans buying Bitcoin rose by 11%, and more would be willing to buy within a few years.
But out of a country with over 328 million people, why are so many Americans not getting into crypto?
Below are a few reasons why I didn't for so long and why others most likely haven't.
Understanding Cryptocurrencies: It can be confusing on where to start to understand what a Bitcoin is or what makes other tokens useful to invest in. The younger generation is more invested in the idea of a decentralized currency. The younger crowd is more willing to take a risks or believes in the concepts. Whether it is the famous Bitcoin, or others that are starting to make names for itself like the Ripple token.
In the beginning, I even remember people talking about how it must be used for the black market or crime. With education, this concept is slowly fading. Crime happens in every part of the system, there is no reason to say that is the only use that Bitcoin has.
Usefulness In Everyday Life: It would be awesome to use bitcoin or Dai to purchase things in my everyday life, but it's just not possible, yet. More places are starting to see the value in cryptocurrency and are trying to incorporate it into their workings. This wasn't the case even 5 years ago, so it's slowly working it's way outward.
The companies that are helping to mainstream the use of Bitcoin are: Microsoft, Overstock, some sports teams, gold/silver exchanges, certain online stores and many others. You can even purchase Bitcoin inside the grocery store now at the Constar machine.
How To Purchase Them: Until a few years ago, only those who really knew what cryptocurrency was were able to navigate and buy ledgers or other wallets to store them on. Most of this is too complicated for some or too much work for others. Now with sites like Coinbase, Atomic Wallet, Kraken, or Binance, to name a few, allow the common person the opportunity to easily purchase whatever crypto they want and even delegate others to stake for them. With the incorporation of sites that make exchanges easier, more people will flock to them.
How To Lose Them: The stories of people accidentally sending the coins somewhere to never see them again are scary. The thought of messing up my address when I transfer my defi tokens can be nerve racking. But, with proper education, following certain safety steps, and never giving out your seed or words, you can keep this from happening.
I have read stories of people losing money, gems, coins, metals from safety deposit boxes at banks in fact. Sadly, some do not know that the federal government won't insure that box or what's in it. Even worse is, if the bank messes up and you lose out, then more often then not you will never see money to reimburse you.
With more places and institutions starting to use cryptocurrencies, the amount of Americans using them will increase as well. Especially among the younger generation who is willing to allocate more of their portfolio portion to the purchase of crypto.
For me, I love to travel. The idea of not having to consistently change currency, pay high exchange rates, and shorter wait times is a wonderful idea to use if traveling between countries.
Let me know what you think and if you like what I wrote, please subscribe. Thanks and happy travels!
Nice article