Why People Still Hesitate to Adopt Cryptocurrency?

Cryptocurrency has been recognising all over the world and it brings a revolutionary change in the technological industry. There are thousands of different cryptocurrencies available and each one of them has a different purpose. Though, among them one that took everyone’s breath away is BITCOIN.

It changes the way we deposit or store money, pay for different stuff and services. Every part of our daily life is influenced by this mind-boggling technology. Even many big companies like Microsoft accepting Bitcoin. It also left a positive impact on auto-mobile industries such as Jaguar land rover testing software that allow the drivers to get the benefit from cryptocurrency.

The main motive behind this invention is to upgrade the digital and biometric payments all over the world. And the data that blows the mind is that the verified cryptocurrency customer has been raised twice as compare to last year.

Regardless of such popularity, people are still afraid to approach this technology. And the shocking data is that, in every nine-in-ten people have never try cryptocurrency. There may be several reasons that resist people from using it. We have discussed all the key problems in this blog. Let’s understand the possibilities one-by-one of not using it.

Possibility #1: Stability

Possibility #2: Do not know how it works

Possibility #3: Cryptocurrency is a craze

Possibility #4: Want to use but maybe in future

Possibility #5: Maybe fraud because of online transactions

There are many other possibilities but above-mentioned are the major reasons which resisting cryptocurrency from mass adoption. Let’s understand each possibility deeply.

Possibility #1: Stability

In this, the price volatility of cryptocurrency is the major reason. Value changes with time. Basically, it depends on demand and supply. Most of the cryptocurrency has constant supply but whenever the demand rises, it brings uncertainty in price.

It would be better if they bring stability and any kind of currency has to a constant. People will never want to invest in a place where the exchange rate is not fixed. Sometimes it gets high or too low.

Possibility #2: Do not know how it works

Many people want to show trust towards cryptocurrency but lacking of knowledge becomes an obstacle to their path. And it is not that simple to learn the concept of using it. Before using it, one should have a clear concept of DIGITAL CURRENCY, BLOCKCHAIN, and CRYPTOGRAPHY.

You can simply understand it if you compare it with the bank. How?

In a bank, whatever transaction happens whether it may be credit or debit is done with the help of some smart computer. This similar procedure occurs in the case of cryptocurrency too but you have to remove the banks and governments with some algorithms. All types of credit and debit are ended with the help of some smart software.

Possibility #3: Cryptocurrency is a craze

Today’s world is the world of rising technology. You can see various types of technological changes around you. There are many things created every day and end on the same day too. And this is the reason that stops citizens to invest it.

People consider this as a “FAD” that exist today but may not be tomorrow. Though, this possibility does not have any solution.

Possibility #4: Want to use but maybe in future

Many consumers know how to use it and know the benefit but they made a plan that they will invest in the future. In this, almost every sixth person has the same mentality. There may be several reasons behind it such as:

  • Want to make their trust more strong
  • Want to invest when it becomes so popular
  • They do not want to take the risk at this moment

Possibility #5: Maybe fraud because of online transactions

Most of the people consider online means theft. And to some extent, they are right because according to recent data of 2018, nearly £2billion cryptocurrency has been stolen. And it means their data is not safe and their finance at risk.

Breaching is always the concern with consumer’s security. No one in this world wants to put their privacy at risk. And recent data shows breaching is continuously increasing with time. Though, management is working hard on that so that customers could take benefit from digital currency.

Cryptocurrency certainly has many benefits such as making the e-commerce sector strong, increasing crowdfunding and many more. But several things stop the customer from using this amazing technology. There are many loopholes but the team is continuously working hard to make it better and better.

Description: Cryptocurrency is going to bring a revolutionary change in this world. But they have to work hard on various weak parts.

Authors note: Stela Parker is a technical as well as a financial writer. He is currently working for Loan Lender, a direct lending company in UK to provide installment loans for bad credit people. He wrote various blogs and articles on digital currency.