Things that turned off people from cryptocurrency

[RockBell]

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.

I don't even think that's an excuse for people to give because they should have look at the situation make analysis because despite all this that are mentioned people are actually still investing this shows that there that there is nothing wrong with this investment so peope should, and people are so comfortable with how they keep there money in banks instead if investing it let the money increase, because people are becoming more smart and this is why the information you hear is what you should rely on and not just adopting the old ways we should at least learn to grow.

[SamReomo]

2. They trust their government and bank.

I think that's also a quite big reason why people have turned away from the cryptocurrencies. Most people joined the market to get rich soon but when they lose money they consider the market as scam and in rage they give up on the market and keep trusting their government and bank.

[target]

So many people I see on the local forum asking how to buy and they are very much concern on scam and doesn't know how the wallet works. This is why they end up using the CEX as wallet.

What turns them off is the bear market just as usual but some tend to dislike it anymore right after they got scammed from local company promising profit in short period of time.

[JoyMarsha]

A lack of understanding of crypto can make people not comprehend how crypto investment works.They may like to keep themselves away from it because they don't know about the concept of crypto investment, the risks involved, the benefits, and the use case of it.

The association of crypto being linked with illicit activities such as money laundering is another reason people stay away from crypto. They don't want problems that can give them a questionable remark on their reputation

[slapper]

The problem isn't scams alone, it's people. More than they hate losing, people hate uncertainty. That's the core. Crypto, by design, is uncertainty materialized into code, networks, and speculative markets. Most people are not wired to participate in systems where rules change overnight, validators appear out of nowhere, and governments behave as though one news release away from swinging the axe is all it takes. The volatility isn't just price action, it's institutional chaos

Besides, most people really don't desire freedom. They want the illusion of freedom with the safety of authority. Give them a mechanism whereby they will cheerfully hand over autonomy for convenience instead of thinking about seed phrases, private keys, or liquidity traps. This is the reason the exploitative and faulty conventional banking model still rules. If sovereignty appears like schoolwork, the typical person is not drawn to it. They want to swipe, tap, then go on

Crypto also has an internal contradiction. The dream of decentralization collides daily with the reality that most users are onboarding through centralized exchanges that look more and more like the banks they were supposed to replace. When the system cannot decide what it is, how does mainstream acceptance take place? That's the real turn-off, not just the scams. People smell the contradiction and walk away

[joniboini]

-snip-

I agree that people should analyze and research further instead of believing some surface-level analysis, but that's assuming they aren't satisfied with their lives and want to explore options for investment. You can't force them to invest, can you? So it can't be helped if they're not interested because they're content with their life. The only thing that can change that is if they somehow enjoy the benefits of buying crypto/Bitcoin, like winning a big airdrop or a jackpot with little to no effort. Just my 2 cents.

[bayu7adi]

Not yet able to accept decentralized nature....

What we know until now, people are accustomed to centralized things... including in terms of security, many trust certain entities for the security of their assets... this makes them not experts in securing their own assets independently, even though in the world of cryptocurrency we must be able to secure our own assets.. from here many criminals appear who target people who are not yet accustomed to decentralized assets, there are many vulnerabilities that can make someone lose their assets, ranging from hacking, fraud, manipulation to robbery....

Even though when we save money in the bank, we can still have our own money even though there is a virus or malware on our computer...

I don't mean to make banking superior to cryptocurrency.. what I mean is that our inadequate resources for untrained security matters is another obstacle.

[LogitechMouse]

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

1. How complex it is for some people?
2. The fact that it is being used as a tool for scamming people.
3. Government not endorsing it.

That are the thing that comes to my mind as to why there are still people that despite hearing the word "cryptocurrency", still they don't want to learn or invest into it. The first one is I think one of the reasons because for some average Joes out there, they think at Bitcoin or crypto in general as a complex thing. Yes, for us who've been in the industry for quite some time, it's not that complex, but for some, it is, and there are some that are getting overwhelmed just by learning what cryptocurrency is hence, they're stopping from learning it.

The 2nd one is the most common reason. I mean we've heard news about Bitcoin being used by these scammers to scam newbies, and we've heard hacks here and there as well. This drives away new investors as they think that they might lose their money through getting scammed or hacked. As for the 3rd one, I believe is that there are people out there who only believes on what their government is saying or in this endorsing. If they don't tell about crypto, some people will not even touch it.

[bhadz]

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

The scams that are everywhere in the crypto industry. This makes people to stop from looking at it when either a friend or relative of theirs have become a victim of it. That is the reason many of them don't want to go deeper and further to it because they don't want to be the next victim of these likely scams. They think that everything involved with crypto is a scam so they don't want to learn more of them even the genuine ones like BTC.

[Makus]

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?

Op you said this article  would discuss 9 setbacks for the growth of cryptocurrency yet I can only find 3, what happened to the remaining 6 reasons? However if the governments and traditions financial institutions approve the use of cryptocurrency, that will definitely  lead to massive adoption which is a major bullish trend in the price market. All cryptocurrencies which are affected  by this news are like to experience massive pump, but investors  who are in for a long term investment  would be the major beneficiaries of this bullish season, though short term trader would also make huge profits if they get into the market early but not as much as long-term investors.

[sampoerna]

Indeed, some of the things conveyed by the OP and also members here are very much related to the existing reality. I personally have never thought about quitting cryptocurrency so far even though I have had some bad experiences.

However, every person has their own path. And maybe that is the reason:
such as losing so much money, being scammed, expectations that are too high so that they are not achieved, ignorance of crypto price volatility, and others that are related to bad things.

[bitterguy28]

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

volatility, lack of regulations, and misinformation

we all know that volatility is one of crypto's risks and even us investors sometimes find a difficult time managing through it so we can assume that other people would also find it intimidating to get into the market and navigate the ups and downs of crypto

some people think that the lack of acknowledgement from the government makes crypto scary and illegal but thankfully nowadays we are seeing more and more governments loosening up with restrictions

and lastly until now misinformation is rampant about crypto when you ask someone why they do not like crypto i guarantee you they will say it is because they think it is a scam

[robelneo]

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

Its always been the volatility and the risks of losing their investment that's the first concern; another one is the complexity and the technicality of understanding how cryptocurrency works. they are afraid that they cannot protect their coins because all their lives they have been used that only banks can protect your money.

[Zed0X]

The writer really have to put environmental impact in there huh? As if people really care that much while trading on their phones/devices with a fast internet. Anyway, I also think that most people who don't dare touch crypto have hear a lot of negative stories from newbies that got burned.

[CPalmer]

I’m very sure most are scared of volatility that comes with crypto. Most believe they would always be in loss if they get involved in crypto. This is where misinformation comes in, when they don’t have the right resources to put them through and make them understand the principles.