Things that turned off people from cryptocurrency

[TomPluz]

There is that noble dream of all cryptocurrency holders, enthusiasts, supporters that someday we would experience a massive mainstream adoption of cryptocurrency and even get the full backing of the government as well as traditional financial institutions. While there is no question that the industry made many success and strides through the years, we can still stay we are not yet there.

So what are the things that turn off people from get involved with cryptocurrency? According to this article, there are 9 big reasons why there is a great barrier barring people to get here and enjoy the benefits of investing money in cryptos. Personally, I believe that the many scams and frauds associated with the use of cryptocurrency somehow made people think of the possible risks of getting inside. Then we know that this is still a young child of an industry so there is that lack of clarity related to regulations especially on protecting investors.

In your view and experience, what stops people from joining us in this industry?

[Charles-Tim]

Lack of knowledge and experience have been the reasons most people do not want to know about cryptocurrencies. Knowledge is power and it can make someone go extra miles.

Most altcoins are gambling. People do not want to risk their money on gambling like this.

On the article, scalability is one of the reasons stated. Most altcoins transactions are very fast but they are gambling. Also I do not think because of scalability, people will not want to invest in bitcoin. Gold is far less scalable. But the rate bitcoin adoption has been is very high.

Altcoins are pump and dump. It is enough to turn people off if they are losing almost all their money. If it is bitcoin, they sell immediately they are losing small amount. But later bitcoin will increase back. Lack of patience.

[ABCbits]

In your view and experience, what stops people from joining us in this industry?

Outside of using cryptocurrency as investment, i would speculate some people feel there's no benefit of using cryptocurrency as currency or payment method due to one of these reasons,
1. Volatile price.
2. They trust their government and bank.
3. They don't really care about decentralization or having full control over their money.

[Crwth]

I believe everything that was mentioned is all the possible reasons people don’t want to engage in cryptocurrency. It is most likely because of scams and the learning curve that one would have to go through.

I know some people who did not continue their journey just because a token scammed them, and they never want to touch cryptocurrency again.

I bet it is because of experience as well. It might not be as good as other people think, and it might not be as easy.

[Salahmu]

All this things you have said are just the reason some person are not developing that energy on Bitcoin, is not longer an assumption that people believe or judge things based on what others experience about it, and this experience was very bitter for some persons because of what they have loss to crypto scammers.

Though actually if this crypto exposure was before I believe the turn up would have been more than this because people would have not had fear of investing but is unfortunate before this time they have been made to believe wrong about cryptocurrency investment.

[rdluffy]

It's a great article 
I've always said that hacks are possibly what scares crypto users away the most, those who suffer some kind of hack may never want to return to the crypto market again

I think it's quite possible that these 3 are what dscares rive new users away the most

1. Usability - it's not so easy for someone who has never used cryptos to understand how a crypto wallet works, addresses can be confusing, network fees, multiple networks for a single coin (USDT for example)

2. Scams & Hacks - For me, this is the main reason, as I mentioned above, it can be quite uncomfortable to have your money “online” without having anyone to complain to in the event of a problem

3. Volatility - When friends or family ask me about investing in crypto currencies, perhaps this is the reason they are most afraid and think again about whether or not it is worth investing. Everyone wants to have more money than they put in, but when I ask them if they'll be calm and comfortable if their investment goes down by 50% or more, almost no one can go through with it

[Findingnemo]

Ignorance and misinterpretation of what and why is crypto made lot of people to lose their money with crypto and made them stay away from the market. And the major reason is the potential to get scammed is higher, all we need is one mistake to wipe our entire life savings to someone who we can never find at all and there is no system to backup like traditional banking system made certain amount of people to stay away from crypto though.

[jeraldskie11]

I remembered last year when I was talking with my wife's uncle about cryptocurrency. When they new that I was into cryptocurrency, they ask about it. They ask me what is Bitcoin then I explained it to them. And then later on we go to the point that they told me that Bitcoin is a scam because they are just collecting funds. They also inserted that there many people were scammed investing in Bitcoin. Since I have the knowledge in cryptocurrency than them, I explain it to them why it happened. And still they didn't believe, I see in their eyes that they're very closed minded to cryptocurrency. So for me, that's one of the things people turned off from cryptocurrency.

[Tribalchief]

Probably the fear of internet money.
People, especially those who are not too sound when it comes to digital related things are kind of scared of money that they can't feel and touch, and also the kind of money that demands /requires their won responsibility just to keep it safe.

When I say the fear of internet money, some of them might just be too sceptical, as there is no one to hold accountable when the unknown eventually happens. That's what I think imo.

[Sim_card]

I feel that people who haven't adopted crypto or scared to adopt crypto are not open minded to new development if not, they will embrace it and learn to be knowledgeable on it and adopt it. Majority of people are used to the old fiat system which makes them have doubt on bitcoin to survive because it's not from the government. Altcoins can discourage a lot of them too.

[DaNNy001]

In your view and experience, what stops people from joining us in this industry?

Outside of using cryptocurrency as investment, i would speculate some people feel there's no benefit of using cryptocurrency as currency or payment method due to one of these reasons,
1. Volatile price.
2. They trust their government and bank.
3. They don't really care about decentralization or having full control over their money.

Truth be told they are lots of ignorance in the world and that's why no matter how profitable or beneficial that everything turns out to be or even when the evidence of how good something is lies in front of them some persons will still certainly not care and just remain ignorant to everything.

 And again another reason is because some see crypto as scam related stuff and just used to deceive or trick people of their funds and that's why they won't get involved.

[rachael9385]

I feel that people who haven't adopted crypto or scared to adopt crypto are not open minded to new development if not, they will embrace it and learn to be knowledgeable on it and adopt it. Majority of people are used to the old fiat system which makes them have doubt on bitcoin to survive because it's not from the government. Altcoins can discourage a lot of them too.

You have a clear point, many are used to fiat that's why they can't adopt the new technology. However I would like to add some point towards the things that could discourage people from adopting the the new technology, and my first point is about scam/fraud. Actually this also an important point we should be looking into because the rate at which scammers are using crypto currency to scam those that are not knowledgeable about crypto currency is becoming so alarming.
And the other point is that since the price of Bitcoin is always at the fluctuation mode make some people that do not have clear understanding about crypto currency to stay back because they are scared and do not know what might happen next. Actually those that are scared because of price fluctuation are those who thinks that Bitcoin is a get rich quick scheme.

[ZAINmalik75]

So what are the things that turn off people from get involved with cryptocurrency? According to this article, there are 9 big reasons why there is a great barrier barring people to get here and enjoy the benefits of investing money in cryptos. Personally, I believe that the many scams and frauds associated with the use of cryptocurrency somehow made people think of the possible risks of getting inside. Then we know that this is still a young child of an industry so there is that lack of clarity related to regulations especially on protecting investors.

In your view and experience, what stops people from joining us in this industry?

This means we can still consider ourselves early investors because if there are people out there who still think BTC is a scam and fraud and we can lose our money to it then we are certainly the early adopters.

This is surprising because if people are so naive that they consider it a scam just because of wrong advertisers or wrong presentations in movies, then they don't deserve to be the early investors. Even the USA has adopted it and many other countries too. What remains there for them to not adopt it now?

[Alone055]

In your view and experience, what stops people from joining us in this industry?

A lack of research and knowledge, probably.

I agree and understand that scams and frauds can make people run away from certain things that are involved because they get scared of facing the same thing that others faced, but let's be honest, frauds and scams existed even before cryptocurrencies, and even the ones who are not into cryptocurrencies often get scammed either through scam calls, fake giveaways, and many other ways that scammers use, so this isn't the actual reason why people aren't getting into it.

Someone who does some research about cryptocurrencies, finding out about what they are, how they work, and how they can be used, I'm pretty sure they won't be as hesitant as they are at the moment because once you gain knowledge, you understand that you can actually keep yourself safe from all the threats if you do everything carefully.

[Aanuoluwatofunmi]

There are many things we have to consider as the reasons why some will always find crypto a difficult thing to consider for an investment, here are a few i have in mind that could have constitute their reasons.

1. The incidence of scam
2. The fear of mossing out or lose
3. lack of technical knowhow our user experience
4. Government regulations and policies against the use of cryptos
5. Impatience and wrong mentality of taking crypto as part of ponzi scheme