Most people in the crypto world don’t understand why others are skeptical or afraid of joining this sphere. But many outside the world are undoubtedly skeptical and afraid for a reason.
Some people are afraid of hacks, some don’t trust cryptocurrencies, but some might not even know what they fear.
In this piece, we wanted to take a deeper look at the reasons people have for distrusting crypto and why most, if not all, are unjustified.
Scams, Hacks, and Other Security Issues
It’s only natural to fear hacks and scams in the crypto world. We’ve all heard of hacks on crypto exchanges, Twitter scams, ransomware attacks, and more. When you take all that into account, it seems that cryptocurrency isn’t secure at all.
However, the reality is that cryptocurrencies themselves are rarely the problem. Most of them are a lot safer than regular money. Making a payment with crypto is often safer than making a payment online using a credit card or a digital service like PayPal.
As for hacks and other security issues on crypto exchanges and other sites, these are rare, usually rarer than those on regular websites and businesses. There’s a significant breach on a large website or service several times a year, yet such breaches in the crypto world happen once in a few years, and the response is typically much better.
Yes, some cybercriminals indeed ask for crypto in their ransomware attacks, but these would still be there even without the existence of crypto. The criminals would just ask for regular money, just as they still do in many cases.
Lack of Understanding
Humans typically fear what they don’t understand. This has been true since the dawn of time, and it’s still true today, especially in the online world.
Many fear the crypto world because they don’t understand it. However, understanding is only a few clicks away. Today, you have tons of simple guides, videos, and countless people eager to explain how cryptocurrencies and blockchain work.
Once a person starts researching the topic, it all becomes clearer. You understand that cryptocurrency has value, like all other things in life. You also understand that it’s here to stay and that, despite the turbulence, major coins and tokens will always have value. And, more than everything, the more people join the sphere, the greater that value will be.
The Wild West?
For many, the cryptocurrency world is the Wild West. According to the latest poll conducted by NBC — as many as 25% of people see crypto negatively.
This likely stems from the fact that there still aren’t enough regulations governing the sphere that would make people trust it more. The US is quite advanced in this regard, but it’s clear that a lot of additional regulations and laws are necessary. Plus, the crypto world is moving fast, while the regulatory bodies are having difficulty catching up.
This usually leads people to feel distrustful. But that’s rarely a good reason not to join the market.
That same NBC poll showed that as many as 19% see crypto positively, while more than half of all people pooled don’t have a stance. And these people are the ones who can easily change their minds if they see the value of crypto.
They need to understand that the world of crypto is no more a Wild West than the regular world. You can run into problems anywhere in the world, whether using crypto or regular money.
The key is to join the right sites, buy the right coins, and use safe wallets. All of this is possible when you invest the time into learning how crypto works and how to find the right services to feel safe as a crypto owner.
Entering the Crypto World the Right Way
The best way to enter the crypto world is to understand it properly. You must research the coins you want to buy and how they work. Besides that, you should have basic knowledge of trading. You need to improve your financial knowledge and how buying cryptocurrencies works.
The good thing is that most of that is simple. You only need to find the right exchanges where you can buy your first crypto. It should be a high-quality exchange of excellent reputation. Sticking to the known ones like Coinbase and Kraken is always the best course of action.
You also need to get a good crypto wallet. You need one you can easily understand and use without issues, but you also want it to be incredibly secure. Ambire is one of the few that fits the bill as it’s the first wallet that works as a web app instead of a browser extension that’s typically less safe and complicated to use. It even lets you authenticate using email and buy your first coins with fiat currency.
Once you’re done with the basics, you need to move on to more advanced stuff. You need to research how to avoid high gas fees, how advanced trading methods work, and more.
Naturally, it will take a while before you fully acclimate to the crypto world, especially if you want to become a more advanced owner, investor, or trader. The important thing is that the fear will be gone a lot earlier. As it’s clear from all the explanations in this piece, there’s hardly a good reason to be afraid of crypto and many more reasons to embrace it.