Why Do You Avoid Cryptocurrency?
Do you remember how you got to know about cryptocurrency? I first heard about cryptocurrency on social media. Now many people hear the word crypto somehow. More people are supposed to get involved in crypto, but they avoid it. So why do people avoid cryptocurrency?
When you check out the price of cryptocurrency as a beginner, you will be surprised to see the price fluctuations. The crypto market is highly volatile and you cannot ignore the risk. What you consider abnormal in the stock market, that's normal in the crypto market. Seeing the volatility, some people think it is better to avoid crypto.
Some people think crypto can make them rich quickly. In a crypto bull market, you can read success stories like how people make a lot of money on crypto in a short period of time and some crazy things. They throw some money into crypto and hope they will make a fortune. They get excited to see the hype and most of the time, they have a negative experience.
You cannot overlook scams and hacks in the crypto industry. Most people do trading in the centralized crypto exchange. Terrible things happen in crypto exchanges and FTX is a good example. When they pay attention to Decentralized Finance (DeFi), exploitation and hacks appear as a threat. Seeing the exploits and hacks, you get a feeling that hackers make DeFi protocol their prime target. Having a negative experience makes people stay away from crypto.
Is crypto legal everywhere? Crypto falls into a gray area in some countries. The government imposes a high tax on crypto if that's legal. It does not inspire people to invest in crypto taking a high risk. The regulatory crackdown on crypto is another issue and people do not want to get in trouble. People as well as big institutions feel comfortable investing in crypto when they have more regulatory clarity.
Did you learn about crypto in school, college, or university? I think the answer is no. Hope the next generation will learn about crypto in educational institutions. Lack of proper education and research is one of the reasons people avoid cryptocurrency.
If you do not know about something, you may have fear especially when you see negative news. I do think it will change and more people get to know what crypto offers to make a change in their life.
Please feel free to share your thoughts about why people avoid cryptocurrency. Thank you for reading this post.
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If am not mistaken I heard about crypto through Facebook and I developed interest more when my Master and PVM guide me more about it and since then have been moving and catching progress lol. Why do people avoid Crypto? It a great question I love it, to consider the reason why some people stay far from crypto is kinda traceable to scams offers. Let take a look at it not everyone is ready to do there own research when they hear about something. People fall into getting scammed by different categories of people all by the name of crypto this can let people spread rumours which are not true that crypto is fake . Why do I say so ? It is something that happened to me too, before I knew about crypto deeply I use to think that it kinda of a scam offers come to think of it a novice will find it diffcult to understand how to trade in BTC and earn $ in his or her local currency. Novice could come up with questions like how will I sell a digital coin to generate millions ? Is not possible through that rumours spread and that cause many people to avoid Crypto, but now that the world is going more global that must people trust on AI than themselves I could say there is an increase in people that join crypto daily why do I say so am in a telegram group where we mostly highlight each other about airdrop other crypto investment and more we have been receiving huge some of members from different part of the world some says that AI lead them here.