If you go onto a platform like YouTube, you can easily see that there is a huge audience
in the cryptocurrency space. A ton of people and experts believe that it will be the next
big thing and that it will continue to rise in price. But, for every person that does believe
in the future of Bitcoin, there is a person that thinks that it is not a good idea and they do
not trust it.
There are numerous reasons why people do not believe in the future of Bitcoin as an
investment or currency, and I will dissect each opinion and get to the bottom of it. There
are other reasons why Bitcoin is hated, but there are the main reasons why in my eyes.
Numerous Frauds and Scammers
The first thing that I must point out is that the number of scammers in the industry has
discredited the industry. Scammers and people that are frauds are everywhere, but they
are especially prevalent in the crypto space. People can be scammed easily when they
are misinformed and are susceptible to getting rich quickly.
A lot of newcomers to the industry realize that there are people trying to scam them all
the time with ideas like Bit Connect, and it makes them wary to get involved. Because of
their skepticism, it leads them to hate and not believe in Bitcoin in my opinion. As the
community cracks down the scammers, I think that the crypto space will begin to be a
High Risk and Volatile Prices
Just like with any trendy and new idea, there are a lot of price swings and risks involved
with Bitcoin and the crypto space as a whole. You could use a Bitcoin converter one day
and realize that your investment was cut in half quickly. Obviously, there are going to be
large price movements and speculation with an industry that is so new.
The problem with a lot of people in the crypto space is that they try to hit a home run
right off the bat. It should not be viewed as a get rich quick scheme in my eyes. I think
that if you set the right expectations and know that it’s a long-term play, then it could
help in a big way. Panicking after the first price drop is going to make you a hater of
Bitcoin, and that is because you had the wrong expectations going in.
The third reason that I had to throw on the list is that people are not informed enough
about the space. I think that there is a serious lack of information that a lot of people
have about space. Nothing is taught in school about crypto, so a lot of people have
preconceived notions about the space from rumors that they have heard.
If there was more information thrown at these people, then maybe they would be more
likely to be a believer in the space. I bet that if you interviewed most of the people that
do not believe in crypto, most of them are not very educated in the space. It all comes
down to educating people better and laying out the information in an unbiased format.
Crime and Black-Market Transactions
Another aspect of Bitcoin and crypto that makes it scary to some people is the fact that
there are shady dealings in the crypto world. This is to be expected because it is a
decentralized currency that is much easier to remain a low profile with.
If criminals needed to maintain a low profile and not cause any red flags, then they are
obviously going to lean towards crypto compared to fiat because it is tougher for the
authorities to track them. People know that some criminals use Bitcoin, so it naturally
gives them a bad feeling about the crypto space.
It is too bad that the shady dealings give the space a bad name to some people. One
thing that is clear is that this type of activity is not as common as some people believe
and it is not a reason to discredit the whole crypto space. A few bad eggs should not
ruin the name of this massive industry because there are so many great people using it.
Better Options Than Bitcoin
The last thing that I want to point out is that some people are not investing and using
Bitcoin because they think that there are going to be much better cryptocurrencies out
there to use. Bitcoin is one of the original cryptocurrencies that people knew of, so
naturally, there are better blockchains out there to use.
People that hate Bitcoin say that it is not worth the price that it demands because there
are much better options out there to work with. An example of a crypto that has a lot of
popularity is Ripple, and its cryptocurrencies like that cause some competition to
The fear that Bitcoin will be overtaken by another crypto and become useless is a large
fear of some people that do not want to touch Bitcoin. Only time will tell for all of us to
see which cryptocurrency takes the main place. Also, there could be a chance that there are multiple cryptocurrencies that are used, and it is not all about competition for the
There you have it for a few of the main reasons why Bitcoin is discredited and why
some investors do not believe in it. There are definitely major fixes to the arguments,
and I believe that more and more people will hop onto the train of believing in Bitcoin.
If you found this post useful in your understanding of Bitcoin and crypto, then please
share this post with someone that needs to be aware of this information. As always,
thanks for reading, and keep on doing your research about the future of Bitcoin and the
crypto market as a whole!