History lesson

[MaMooN]

To all investors in the digital currency market

History lesson:

- People feared electricity
- People feared first train
- People feared first plane
- People feared the internet
- People feared hedge funds
- People feared Bitcoin

People fear what they don't understand. Don't get caught on the wrong side of history.

[enci55]

There are a minimum of 3 reasons people fear cryptocurrency (and why they shouldn’t).

1. People Don’t Understand It
People generally fear what they don’t understand. It makes sense, then, to learn all you can about the subject you are afraid of.
First, let’s define cryptocurrency. There are several different definitions when you look the word up on the internet. But to put it simply, it is a digital asset protected by encryption that can be used in financial transactions. Exchanges of money using cryptocurrency are not done by transferring paper money or metal coins back and forth, though. Cryptocurrency can’t be held in your hand. Instead, transactions and monetary exchanges are completed through computers, which is where cryptocurrency exists.

2. It Isn’t Legal Tender
Cryptocurrency is currently not classified as actual legal tender by the United States government. This may be another of the reasons people fear cryptocurrency. Another reason people have to be afraid of cryptocurrency is because not all countries presently accept it. Nevertheless, the number of countries agreeing to accept it is growing. But let’s backtrack to our current monetary system to get down to why people shouldn’t fear the current classification of cryptocurrency. Until 1971 the US Dollar was backed by the gold standard. Once former President Nixon announced he was taking the gold standard away it became backed by fiat only. In other words, the dollar still had value because the government said so.
Going back to cryptocurrency, the same thing could hold true. Even though the government doesn’t back it, we as a people can deem that it holds value because we said so.

3. Cryptocurrency May Lose Its Value
An additional reason people fear Cryptocurrency is that it could lose its value. There is no question it has had its ups and downs in the market for investors over the past few years. In comparison, gold values have remained steady during the same time frame. But even though it has seen sharp increases and dramatic dips, most likely it is here to stay. The reason it may stay is because the transactions made using is are more secure than the ones using our current, government backed legal tender. It is difficult to forge, hack, or steal. Those attributes are just why it was created and why it will stick around.
There have definitely been changes in technology in the past decade or two, the emergence of cryptocurrency among them. But people need not fear it. Rather they should learn about it and embrace its continued use.

[TripleVodka]

There is many reason the peoples feel scare with new thing, like at this time, some peoples scare with Bitcoin, because some countries still not legalize Bitcoin or other coin which that meaning (in their mind) Bitcoin is danger, scams or anything else.
And for the peoples which already know about Bitcoin but don't know to much or isn't too deep, they will scare because the red market always coming everyday, so they will not believe Bitcoin anymore

[norachuks]

Good lesson, people will always be scared of what they don't understand until they learn and understand they will always have the fear of the unknown try not to be among them.

[gurunanakji777]

You describe very well the history lesson but crypto currencies are suffering because in most of the countries it is not a legal tender. Yes people fear to invest because of high volatality of crypto market and its decentralize nature and apart from this hacking of wallets is more common news that also create fear of loss in mind. We need to make common people more aware about crypto currencies Still crypto currencies has good future ahead certainly there are many things to improve to make it more popular in common people so that they won't afraid to enter into the crypto market. Gradually crypto currencies will also come into mainstream like fiat but definitely it will take time.