Bitcoin and other digital currencies have been around for less than a decade. Nevertheless, this concept has been able to create a lot of hope for the correction of some financial and investment patterns in the world. Due to their decentralized nature, digital currencies do not have some of the problems of official money issued by central banks. Transferring digital currencies even cross-border is easier than transferring money. Also, the possibility of fraud is much less.
However, there are many people who are not aware of the valuable opportunities that digital currencies create now and in the future. In the following, we will examine the 10 main reasons for this neglect.
1- The concept of digital currencies is not simple
Digital currencies and their performance mechanism have many complexities. Less than a decade has passed since the first digital currency (i.e. Bitcoin). Even the set of specialized terms related to it has not been fully formed yet. Decentralization is also a completely new concept; However, it is much simpler for beginners than other concepts such as proof of work, proof of stake or digital currency extraction (mining concept).
Some people who still do not know much about digital currencies, at first glance, are disappointed by the large amount of information and its technical details. But this is completely normal; Because using a smart phone or even many fun games also have a series of details that may seem complicated at first glance, but after a little study and experience, you can master all aspects of it. Therefore, despite all these complexities and technical details in the world of digital currencies, entering this field brings valuable results for people that cannot be ignored.
2- Boredom
People usually don’t have time to learn new things
To learn about digital currencies, you should spend time and read various materials. At first, you may encounter a lot of strange words. In this case, you should look for the meaning of each of these unfamiliar terms. However, experience has shown that with about 20 hours of study, you can acquire sufficient knowledge in the field of digital currencies. But with all this, many people still don’t have the patience to spend time for this work.
3- Not seeing other opportunities
People’s successes prevent them from seeing the opportunities in the world of digital currencies
Many people are so involved in their own activities and are so successful in their field of activity that they cannot see the opportunities in the world of digital currencies. The reason is that the more successful people are in a certain field, the more resistant they are to change. In fact, these people are only used to seeing the opportunities in their field of activity and therefore they ignore the valuable opportunities that digital currencies can create for them in the future. By changing the dominant view, we can get rid of this predicament. This change of perspective is called “Gestalt change” in psychology.
To identify opportunities in the field of digital currencies, you must open your mind to new ideas. Look around you carefully so that you can identify different opportunities in different fields.
4- Non-acceptance as money
Many people believe that only governments should issue money
Convincing people that relying on an algorithmic currency (like Bitcoin) is far better than relying on the government to issue money seems like a difficult task. There is no doubt that today, in all parts of the world, the official money issued by central banks dominates the financial system of the world. Every day, about 1.5 trillion dollars of official money is exchanged in the world. This amount is 200 times the total daily transactions in the digital currency market (worth 25 billion dollars). But now, digital currencies are being accepted more and more worldwide as a payment market every day.
5- Lack of interest in digital currencies
Most people are not very interested in digital currencies
The reason why people do not have much hope for digital currencies is because they are not interested in it at all. Recently, the results of a new survey showed that “lack of need or interest” was the main reason given by respondents for not participating in the world of digital currencies.
6- Lack of curiosity
The events that have taken place since the beginning of the invention of digital currencies have made so much noise that it would be surprising if someone is not curious about them. Bitcoin has had the fastest growth in terms of market capitalization in human history. Bitcoin is worth more than 150 billion dollars. Also, the value of digital currencies that have been created in the past few years has exceeded 300 billion dollars. The only reason a person might not care about these dramatic changes is because they are not fundamentally curious!
7- Extreme fluctuations = high risk
Some people believe that the price fluctuations in the digital currency market are very severe and being in this market brings many risks for them. This keeps them away from the world of digital currencies. When junk bonds entered the market, people had such a view. junk bonds are a type of bonds that have a low credit rating, and as a result, their liquidity may face doubts. When Drexel Burnham first offered junk bonds, other banks questioned its credibility and said they would never buy or sell them. At that time, these banks cited the extreme price fluctuations and high risk of these bonds as the main reason for avoiding them. But these papers were gradually accepted in the market. It has been a while since the volatility of the digital currency market has been reduced and this trend will continue in the future. Every type of new asset in the market initially faces such fluctuations and gradually achieves some kind of stability.
8- Lack of legal trust
Some people think that digital currencies are a tool for fraud.
Many people still consider digital currencies to be in line with the Silk Road. Silk Road is a website in the hidden part of the web that allows users to buy and sell a variety of prohibited products (such as drugs or weapons). Also, some of the most famous economic figures in the world also express their doubts about digital currencies in the media. For example, Warren Buffett (the famous American entrepreneur and billionaire) recently compared Bitcoin to “the death of a mouse”. However, perhaps such a statement cannot be generalized to all digital currencies and was meant only for Bitcoin. Interestingly, the number of men who think digital currencies are a tool for fraud is twice as many as women!
9- Digital currencies are harder to understand for older and more experienced people
Ken Langone (Ken Langone) is an 82-year-old billionaire whose fortune is estimated by Forbes magazine at $2.7 billion. When asked why he doesn’t invest in cryptocurrencies, he said, “Because I only invest in things I understand!” Maybe if Langan was younger, he would have done market research and even invested in digital currencies. But in this age, digital currency is a new phenomenon for him. In general, as people age, the tendency to learn new things decreases.
10. The future of digital currencies is still unclear
The future of digital currencies is largely murky, even for those with a strong sense of curiosity. There are many people who have never done any kind of transaction with blockchain. Many of them don’t even know anyone around them who has used digital currencies. Even many enthusiasts do not know where to start.
Despite all these things, the future of digital currencies is getting brighter day by day. Every day, more and more people are becoming aware of the opportunities in the world of digital currencies. With each passing day, digital currency technologies are becoming more advanced.
We hope that digital currencies can bring a better and greener world to the inhabitants of Earth!
