The reasons why most people reject cryptocurrencies

Cryptocurrencies are digital assets designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Bitcoin became the first decentralized cryptocurrency in 2009. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative. Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money and central banking systems.

The decentralized control is related to the use of bitcoin's blockchain transaction database in the role of a distributed ledger. Decentralized cryptocurrency is produced by the entire cryptocurrency system collectively, at a rate which is defined when the system is created and which is publicly known. In centralized banking and economic systems such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units of fiat money or demanding additions to digital banking ledgers.

In case of decentralized cryptocurrency, companies or governments cannot produce new units, and have not so far provided backing for other firms, banks or corporate entities which hold asset value measured in it. The underlying technical system upon which decentralized cryptocurrencies are based was created by the group or individual known as Satoshi Nakamoto.

Cryptocurrency and technology generally have a reputation for being complex and intimidating. While there is some truth to this, the reality is that 90% of the world's population lives outside of developed nations like the US, Japan, Canada and Australia. This means that the majority of people in the world don't live in places where they can easily invest in cryptocurrencies and are therefore left out. By taking the technology out of the equation and making it accessible, intuitive and understandable we believe that we can make a big difference.

One of the main reasons why most people reject cryptocurrencies is the perceived high level of volatility of the price of cryptocurrencies. It's like trying to catch a falling knife. The reason why we believe that the price of a given cryptocurrency will increase in value is because as more people buy it, the demand for it increases, and as demand increases, so does the price of a unit (in USD). Not only that, but since the number of coins in circulation is limited, if more people want to buy Bitcoin Cash (BCH) but there are not enough sellers on the market willing to sell their BCH at the prevailing rate, then the price will keep slowly creeping up.

The main reason why many people who reject cryptocurrencies do so is because they have not invested time researching into them or have not invested time actively participating in forums where cryptocurrencies are discussed on a daily basis. This is like trying to get into a new sport, or activity, or skill you have never tried before and your first exposure to it is to either a competitor or someone who doesn't compete at all.

They don't know anything about your sport. They don't know if you're trying to get good at cycling, skiing, skating or swimming. All they see is that you're moving around doing something that they consider silly, weird or just strange.

This is what happens when you first expose someone to something new.

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