Categories: Business

Unlocking People’s Hesitation In Using Cryptocurrencies: Five Reasons Explaining Slow Adoption Of Cryptos

While we are moving towards the third decade of cryptocurrency existence, there is still much hesitation, reluctancy and skepticism over cryptos and their use.

In some parts of the world, cryptocurrencies have been fully integrated into people’s everyday lives and routines, accounting for a big part of their routine transactions and being used for various purposes, including playing at an online casino or wagering on one of the best crypto sports betting sites, buying products and services, trading or even making financial investments.

In some other parts of the world, crypto-usage is beginning to take an upward trend, with people overcoming perceived barriers and starting to show greater trust in these digital assets.

And still, in other parts of the world, cryptocurrencies are not considered to be legitimate and people are not allowed to use them for formal transactions, purchases or investments.

But no matter the context, people exhibit different levels of trust, preference and willingness to adopt cryptocurrencies.

In the vast majority of cases, less willingness for crypto usage goes hand in hand with factors such as: difficulty in understanding what cryptos are and how they function, concerns about the safety of cryptos or even the utility of cryptos, overall disposition and behaviour towards anything new, mis-perception that cryptos are equivalent to gambling and lack of knowledge over how to use cryptos.

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Difficulty In Grasping The Concept

Cryptocurrencies may be an easy concept for some people to grasp, but a totally vague and difficult thing to understand, for others. So, the very fact that they are intangible in nature and that they exist in the digital world, does not help a lot in this case.

Some individuals find it really hard to understand how cryptos function, what the blockchain technology is and how transactions are being recorded.

Concerns For Security And Safety

On top of this, they can’t really see how all this thing that goes on digitally can actually be safe and secure.

There is a growing mentality that when something is on the internet, it can’t claim to be safe, because hacking has been born by and used for the digital environment.

Highly confidential files and top-notch systems are being hacked frequently, so what’s gonna stop the hacking of cryptos? This is a typical thought made by the vast majority of those who are reluctant and somehow afraid of using Bitcoin, Ethereum, Litecoin and the likes.

Early Adopters vs Late Majority

Another reason why people are hesitant is that they consider cryptos to be still in a very early phase in their lives and they want to wait some more in order to see their implications, the long-term impacts and possible drawbacks.

Some people are innovation early-adopters, which means that they are eager to try something new and they want to be the first ones to get to know innovations.

Others, still are not so much into trying anything new. They want everything to be tested and proven efficient and effective before they end up using it. On average, these people will try new things, when they have already gone mainstream.

Cryptocurrencies And Gambling

There is a large portion of the population that maintains in their mind an explicit and strong link between cryptos and gambling.

That’s most probably because cryptocurrencies have been largely used in gambling and sports betting, as there are now many online crypto casinos and sites offering bitcoin betting or generally crypto sports betting.

People sometimes feel that the nature and character as well as the features of cryptos have been developed and designed to suit the needs of bettors and consequently they perceive digital assets to be equivalent to gambling.

Lack Of Knowledge

Along with all the rest of the reasons for people’s reluctancy, hesitation and skepticism over using cryptos, there is also another factor that appears to have a great role to play, and this is the lack of knowledge.

There are so many people around the world who don’t know how to use digital currencies, where to use them, how to acquire them, how to trade them, where to trade them, how to make transactions with them or even where to store them.

They have already been left behind the whole issue of cryptos and at the moment they find it really hard to keep up with current information and although the internet is full of explanations on cryptos, they don’t even know how to get started.

Disclaimer: The above references an opinion of the author and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice. Invest responsibly and never invest more than you can afford to lose.