10 Undeniable Reasons People Hate Crypto

Indeed, crypto is not for everybody; only a few people talk about cryptocurrency, that it is easy to get profit from it. But the reality is this is only for intelligent people who are willing to take risks. It is not a wise decision to invest all your money into something you don't even know about, as along with profit, there is a significant loss. Ten reasons which explain why people hate cryptocurrency are-

1. Fake ROI Promises By Crypto Promoters:

People who promote cryptocurrency promise 1000% return, and it is true that in the past few years, people have earned 5000% ROI. But it is not true today, and crypto promoters take advantage of those examples and advise people to invest here.

2. Beginners Got Scammed:

People who are neophytes in investments just read some success stories on the internet. Then get trapped in the world of scammers because most promoters and sites only tell about success stories and not about loss.

3. Very High-Risk Asset:

As the market value increases and decreases suddenly, it can drop the value of the cryptocurrency by a vast amount, and you can lose a lot. Thus, Crypto trading can be very profitable, but it can also lead you to great losses.

4. Passphrase Problems:

Remembering the password is a great struggle, and these cryptocurrency sites and accounts do not help if you forgot your password. In addition, there is no third party who will help you with your passphrase issue.

5. Scary Terminologies In Cryptocurrency:

Some terms used while explaining the working of cryptocurrency scares people as they think they will lose all the money. They talk about volatile growth and drop, mistakes being permanent, huge value swing, etc. For average people, it is challenging to invest where there is a risk.

6. Legality:

People are afraid to invest their money where there are no legal procedures and crypto is not legal. As it is not made legal by the government, people think it can be risky to invest in such things.

7. Strong Beliefs Do Not Change:

Beliefs that are not strong enough can be changed with some new information. But the strong beliefs cannot be changed as there is no argument for that which can change it. So some cannot change people's strong beliefs for cryptocurrency cannot be changed.

8. Internet Investments -Not Trusted:

As we know about the frauds done nowadays; so people fear investing their money in crypto. Also, their values go up and down suddenly, so it can be a great risk to invest there.

9. Bitcoin is Only Used As Investment Currency:

As we know, bitcoin is only used as a currency to invest; it is not used to pay for anything like bills or buy things. Also, it is very volatile and risky, so people think it is like gambling, and they do not want to take risks.

10. It Is Virtual currency:

this cryptocurrency is only virtual and intangible; yes, it makes transactions secured, faster payments still, some do not accept it.

10 Undeniable Reasons People Hate Crypto

crypto is not for everybody; only a few people talk about cryptocurrency, that it is easy to get profit from it. But the reality is this is only for intelligent people who are willing to take risks.

kanta ma

2021-07-28 2 min read

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