Reasons people still skeptical about buying into cryptocurrencies -
ITS A SCAM / PONZI SCHEME / ETC
- Right now there are over 350,000 transactions that happen every single day just on Bitcoin. Thats not counting all of the other crypto coins on the market. Billionaires like Tim Draper and Mike Novogratz wouldnt be investing their hard earned money into scams. Blockchain technology is here to stay. Major G-7 nations are building national currencies based on blockchains. The technology behind it is actually quite fascinating and the speed at which we will be able to make global, decentralized transactions in a few years will be lightyears to what it is today.
ITS IN A BUBBLE
- The internet was in a bubble in the 90s. It doesnt mean there wasnt massive money to be made, or that the technology didnt fully embed itself into society as more and more people came on board. Think of this like getting into the internet based companies in 92. Sure most companies will fail over the next few years, but the ones that offer the best tech, and solve the greatest solutions will make early investors millionaires.
YOU DONT HAVE THE TIME
- Not everyone has time to day trade. While this is where the most gains can be made, its also HIGHLY risky and volatile and without researching how to read markets, its very easy to lose money. The people able to devote their time into watching charts and picking winners can easily make massive returns. Even if you dont have time to daytrade, buying in and holding as a long term investment is a really good idea. Even though most companies will fail, we have still seen a tremendous rise in the overall markets. 100 billion dollar market cap (but still less than half the cash Apple keeps on hand) seems like a lot, but its a tiny drop in the bucket to where we will be in a few years as it penetrates into society on a greater level.
YOU DONT UNDERSTAND THE TECHNOLOGY BEHIND IT
- Do you understand how the internet works? How your phone works? No, you dont have to. There are developers for these sorts of things. However, the ones that delve deeper and actually decide to build careers around this budding new field are going to be the rockstars in a few years. Major fortune 500 companies are trying to find DAPP developers that know how to code for blockchains. Go learn a new skill and write a blockchain that will change the world.
YOU THINK THE PRICE IS TOO VOLATILE
- There are ups, there are downs, but overall the market is WAY up since it started gaining mainstream traction. Dont go mortgaging your house to buy Bitcoin. It something happened tomorrow and the entire market crashed (highly unlikely, but Murphy's Law and all), you still need to be okay and not go jumping out of a window. This is gambling money, but the potential rewards are HUGE.
YOUVE HEARD ABOUT HACKS
- Yes, this has happened. It is young tech and there are always bad actors out there looking to game the system. As more industries come online to this, and more developers start writing code, the system will become more robust. At the core - the base blockchains of Bitcoin and Ethereum have never been hacked. It is the protocols built on top of them that had flaws in their design. Be safe and dont keep your coins on exchanges.
ITS TOO EXPENSIVE
- YOU CAN BUY A FRACTION OF A BITCOIN
Start with whatever you can afford to invest and add to it as you can. Grow your bags with good coins you believe in. Buy dips, and sell when they are high to increase your position in them. Generally, the longer you wait to get in, the higher the prices of the coins you will want in the future will be.
YOUVE HEARD OF PEOPLE LOSING MILLIONS FROM LOSING THEIR PRIVATE KEYS
- Be safe with your money. These are digital coins with real world value. There are hardware wallets, and different levels of security (2 Factor Authentification using Google Authenticator, 16+ character passwords that are difficult to crack, offline cold storage, airgapped computers, encrypted keys, etc). If you have $100 in your wallets, you need $100 worth of security... If you have 10,000, you need to be a little more cautious with your money.
YOU DONT KNOW HOW TO GO ABOUT GETTING IN
Coinbase.com to buy
coincap.io to check prices
Bittrex, Shapeshift.io, Kraken - good exchanges to get started trading - there are others, but these are the most userfriendly
Twitter, Reddit, Bitcointalk, Altcoinnews, Google, Facebook groups for information
YOU DONT CARE ABOUT MONEY, OR YOU THINK THE CURRENT SYSTEM IS WORKING JUST FINE
This I cant help you with. Sorry.
Google is your friend, the system built on the Petrodollar is collapsing, and wealth is a VALUABLE tool that makes choices and giving MUCH easier. The more you have, the more you can give away. I want to give away a shit ton.
*I am not a financial adviser, Im just really interested in the tech and how this directly impacts our future. Please dont ask for advice on which coins to buy. Knowing how to research is an invaluable skill that if learned, will translate into many more successes in other areas of your life. Make your Google-Fu strong. Hit me up with any questions, or if you have Twitter, go to @CryptecWallets and follow the people I am following. There is a gold mine of info on there from traders, developers, and companies that have been doing this far longer than I have.
BTFD, HODL, STFH, and dont get REKT!