Since the birth of this technology, many people have questioned this technology continuously. Many people have failed to understand the need for technology. Talking about terms like blockchain, bitcoin, and cryptocurrency has always been alienated by the others.
All the governments all across the world have tried to fight against the cryptocurrency or, for that matter, all the digital assets. There is an absolute fear in our minds, which does not allow us to move towards accepting bitcoin. Some of the people have still tried to use bitcoin as much as possible, but since there is no clarity from the government, the bitcoin has not been accepted by everyone.
Some of the government have been very thoughtful about the use of the bitcoin or cryptocurrencies, and they have allowed the citizens to use the bitcoins. But have you ever thought that why are you afraid?
Why are we scared of moving towards cryptocurrency?
I think not all of us are scared; it really varies from person to person. Some of us are really worried about what if bitcoin and digital currencies are illegal. Let us try to understand the reasons for fear properly here.
Lack Of Knowledge
It would not be fair to say that we do not have the knowledge, but it is fair to say that our level of understanding regarding bitcoin is less. It is challenging for some people to understand that there could be a virtual form of money; more difficult would be to believe that we can use the virtual currencies to pay someone. Some people are terrified of the fact that one will not be able to regulate the virtual currency. Hence it seems to be fake.
Various seminars and webinars are being conducted all over the world to let me know more about bitcoin and increase their knowledge.
Hence the best thing to do is write and read. The basic knowledge about bitcoin can be improved just by reading blogs on bitcoin. The more you read about bitcoin, the better you will understand the bitcoin and other digital assets.
How to fix – Everyone who is associated with the cryptocurrency has been trying to make others well aware of the entire system. It may happen that you may not be able to educate many but inspire them to read more and more articles and blogs on bitcoin. This will help them to grow their conception and ideas about using bitcoin. Let them understand that it can actually be used as a fiat currency.
Volatility of Bitcoin
The volatile nature of bitcoin actually bothers us, and it is a universal fact that can not be denied. The most fear lies in the investment part. We are afraid of losing money after investing in bitcoin because we already know that the price of the bitcoin may rise and fall at any time of the day. The excessive volatility of the bitcoin stops most of us from investing in the bitcoins.
How to fix it – There is no way that you will be able to stop the bitcoin from being so volatile, but what you can do is try to make the investment when it seems to be right. It is best that you know all about bitcoin and spends only when you think you are ready to take any kind of risk that comes on the way.
Cryptocurrency or bitcoin is a digital asset, and anything that is digital must be a victim to cybercrime, but it is also in your capacity that you handle it. Cybercrime is something that you can not avoid, or hacking can not be avoided, but you can try to keep your asset really safe.
How to fix it – This is not difficult at all, all you need to do is just buy a wallet that will keep all your assets, and you will then have to keep your private key and public key very safe so that no one else can access it.
There is no drawing conclusion to it, and the primary thing is as the way the world is developing, it is suitable that you start accepting the digital asset. The digital asset is going to take over the economy in the next ten years. Hence you need to learn the use of it.