What are some of the objections you hear people give to joining the cryptocurrency revolution?
Dearest Steem followers. Please help me out with a bit of market research here.
What are some of the objections you hear people give to joining the #cryptocurrency revolution?
And then what do you say in response? #survey #bitcoin #crypto #blockchain
Best answers get a 100% upvote from me.
The biggest objection I get from everyone I deal with is violatility and barriers to entry and withdrwawl.
and if their fund managers were in it they would follow suit.
I deal with people that own their own compnies or are very highly paid professionals.
To them I steer them to crypto20 an index fund based token. And then speak to about the multiple bubbles every growing industry goes through. Electricity after edison and tesla split, cars by steam power at turn of century then again in the 30s with ford assembly lines, asian pc clone maarket of the early 90s, .com crash in 90s...And point out there were winners to be hd that people got rich on just by holding on to the blue chips of the day.. Like AOL, Ford or the light bulb. If you had at the time maade some money sold most when you made a profit, you did well.
I work everyday finance professionals and they seem to always have two challenges when it comes to some of these assets: (1) how can I trust these exchanges that are always getting hacked and (2) how can I trust an asset that is not backed by anything like the USD is backed by the Central Bank?
My answers typcially are around the following:
(1) I tell them they are right and should not trust the exchanges and that we should solely use them to acquire, exchange or sell the asset. I tell then that we should protect the asset similar bit easier than we protect cash. We would not leave cash anywhere public, right? So we should take care of our private keys similar to the way we protect other tangible assets we own. The concept of private keys is somewhat challenging to explain but I basically say they are passwords to the use of your funds...
(2) This one makes me laugh every time! I immediately ask them what is the fiat they hold backed by... I get so many different answers but come back to them telling them that we need to trust a 3rd party to work in our best interest to ensure that the fiat will maintain its value. Then I go into the inflationary history of our fiat and how it will ultimately go out of control. Also mention that these assets are totally controlled by the government and can be manipulated and/or confiscated at any time without our ability tondo anything whereas crypto yields what Trace Mayer (which I refer them to) calls our own Monetary Sovereignty which allows us to do what we want with our assets. In terms of the backing, I explain to them that the network that is validating transactions and ensuring security is what backs our asset as our asset is part of that network.
Great to hear how to tweek this!
#1 Reason: Crypto gets a lot of bad publicity. Almost every time I see a headline about cryptocurrency, it's either "XXX million dollars in BTC stolen in hack!!!" or "BTC has crashed again, losing XXX billion from market cap!". All the bad publicity makes them afraid that they'll lose their investment.
I would say that's the main reason, although there are others. There's always the fear of the unknown, and people who don't understand how crypto works naturally doubt its security and value. There's also the difficulty of explaining how it actually has value, since it is an intangible, digital asset that has no real-world backing or organization behind it.
No tangible asset, a bit the Warren Buffet reasoning. Very difficult to tackle I find, especially when you are talking bitcoin with the stock market investor type. I am sure you can come up with something :-)
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The most one i have heard is that Bitcoin is expensive,here in Uganda one btc at the moment is 24m UGX....ATH was 70 ugx.....
This is really insane money here in Uganda!
My Response: You can buy even of 50,000 ugx or 300,000 ugx! and they say ooh i thought i had to spend a whole 24 m ugx which is really high.
I have helped some buy some small btc and they are joining in.
BTC is useless...In Spain is very hard to find a store accepting crypto as a payment method. In My city (population 300 K, only 3 places showed in coinmap.org)
It's too hard to use and understand. I don't think that, but that's what I hear. It doesn't help that they have to link a bank account to buy it, or that addresses aren't human readable. It also doesn't help that people like me are a little afraid to sell anyone crypto for cash for fear of being charged with money laundering. Oh, and explaining crypto taxes... Forget about it. I've been into crypto since 2013, and I still don't understand how I'm supposed to report Steemit earnings.
In short, it's just way too complicated for most people. They hear me talk about it and think, "that's cool." Then they go about their day without giving it a second thought because they didn't understand anything I just said.
The one I hear a lot is that the market is too volatile. They can't risk it as an investment, let alone as a currency.
That's one I can't understand, unless they have zero savings. There's no harm for most people to risk 1% of the money they can afford to lose, when doing that over the last 9 years has proved to be a wise move. I think it's more down to laziness. Most people can't be bothered to switch their gas, electric, phone etc, even if it would save them money. Buying crypto is just too much of a hassle at the moment for people like that.
Yea, it is frustrating. now I just try to give them a copy of "The Bitcoin Standard", and save my breath.
I only bought my first crypto just over a year ago, until then, I didn't take it seriously. I'm a risk taker, I think the average person is much more cautious.
I think the masses are quite happy with their fiat and banks at the moment. Most people I speak to think I'm crazy putting my money into something so risky. It feels very similar to the 90's, when I couldn't persuade most people that the internet was a good thing.
Some things do need to change. I think it's far too easy to lose your private keys and it isn't easy to keep them private. People are storing them online or writing them down and losing the paper. Putting them in a safe might help but then thieves will have a great time if they know all our money is in a safe in our houses.
I'm sure there will be good solutions but I still think we have a few years before we get to the tipping point, when the masses can see more benefits in crypto than the current system.
I think ICO's are a mess, there's far too many coins, exchanges have too much power and many other issues need to be sorted out before people can feel confident about the future of crypto.
Make a bet on crypto to hatch against the next fiat money collaps! This happens in capitalism around all 10 years. The last has been 2008/2009. So please hurry up!