People across the country are starting to see their stimulus checks roll in. Those without immediate bills to pay will be able to consider what they should do with the money, and one obvious option to folks like us is to buy Bitcoin. After all, why not? It’s discounted right now, compared to other times, and likely to go up after the halvening in May.
Scared of Bitcoin?
While there are a lot of reasons to be bullish on Bitcoin and other cryptocurrencies, and ultimately to try and find a way in, there are also reasons to be scared of cryptocurrency. A quick glance over Twitter reveals as much.
Based on my ideologies I should have gotten into #Bitcoin in 2016, when I first came across it.
But it completely intimidated me.
One day I hope to help others, like me, not be intimated- but rather have the confidence to get started.
Until then, I will shit post on twitter😘
— Justine Harper (@MsHodl) April 14, 2020
CNBC posting 8 month old FUD articles 🤔
Seems like they're getting really scared of Bitcoin and its positive impact on society.https://t.co/4PlRZiKf89— WhalePanda (@WhalePanda) December 7, 2019
I'm HODLin strong! Not scared of any Virus or Recession.#bitcoin #hodl #crypto #cryptocurrency #xrp #ripple #ethereum #blockchain #digitalassets #CoronaVirusUpdates #coronavirus #recession pic.twitter.com/Q4fVBjYWAi
— Tony Edward – Thinking Crypto YouTube & Podcast (@ThinkingCrypto1) March 15, 2020
Goldbucks, because #Botcoin is digital gold. And Central Banks are afraid of the #blockchain technology because it makes them obsolete.
— WINC (@WINC_ev) November 8, 2019
Why aren't they scared of bitcoin is my question
— LaughingBabel (@CryptoBabel) February 11, 2020
Bitcoin presents its own set of challenges, unique from those of the fiat system. The potential user must reconcile the differences before continuing on, and then there remains much to be done.
For example, if a user is going to get on Coinbase, and create an account, and then attach their bank account, this can all take days.
Particularly the last bit, because it usually requires a process of managing a deposit, tiny as it is, into the account, and verifying the amount.
Then there is the matter of buying the cryptocurrency, and learning to store it. Luckily with something like Coinbase, you get a wallet right along with it. That’s useful enough, but most people will hopefully eventually decide that they should store it on their own. At that point, it becomes a free for all. Personally, I use Edge wallet to store cryptos on my mobile device. It shows a total balance of all your crypto holdings at the top, and lets you store dozens of types of cryptocurrencies.
The Realities of Cryptocurrency
There are other obvious reasons that people are nervous about getting into Bitcoin and other cryptocurrencies.
One is the volatility of the marketplace. While people like making money, they don’t particularly like losing it, and that happens to crypto investors on a constant basis. Someone’s always getting shaken out, and if you don’t have the constitution to hold your way through it, you might not stand the test of time.
The test of the marketplace, that is, which can be crazy. We’re likely to see a rise in the coming months as a result of a change in the supply schedule for Bitcoin, and those boosts will hopefully ripple across the crypto market. Thus far, Bitcoin Cash and Bitcoin SV have not seen overly serious rises in their prices as a result of their supply halvening. What they did see, at first anyway, was a massive drop in their hash power.
People will always find reasons to not want to get into cryptocurrency. Evenaglists will just always have to find more reasons that people should try it.
Another reason people often give for not wanting to try cryptocurrency is the fact that they can’t just use it wherever they go. It has no real utility in the real world, and as of yet that remains mostly true. But that’s something that we can change over time, and gradually things are evolving, with Starbucks and Bakkt working together on crypto solutions.
