Day after day I hear and read comments from many people showing rejection of cryptocurrencies, the funny thing is that it is evident that it is a visceral rejection of something they cannot understand.
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Why do many people reject cryptocurrencies?
Well, the short explanation is exactly what I just mentioned: They simply cannot understand what cryptocurrencies are and therefore reject them.
But the long explanation covers many factors that we must take into account to understand the reason why many people reject Bitcoin and any cryptocurrency on the market. First of all, we must consider that Bitcoin is something quite recent, it has only been around since 2009, and many people are still not quite used to the idea of such a thing.
Another cause is that the volatility of the market does not sit well with many people who do not fully understand that the current nature of cryptocurrencies is changeable and volatile, but that at some point, this will cease. And it also doesn't sit well with most people when a downtrend (like the one we've had throughout 2022), lasts for so many months in a row, but people must understand that markets work based on cycles, and that this cycle also it will end, and then the bullish cycle will come, without a doubt.
Another factor is the bad publicity that many old-school investors, but also governments and celebrities, give cryptocurrencies, accusing them of being scams, ponzi schemes, and illegitimate means of generating wealth. Which is totally false. Cryptocurrencies are not all scams, only some are, but there are many cryptocurrencies that are serious, with serious projects, so they cannot all be lumped together and stereotyped in a negative way.
Examples of serious and reliable cryptocurrencies are, in my opinion, Bitcoin, Ethereum, Hive and Matic, among many others. But what people have to understand, in this sense, is that cryptocurrencies are not bad, nor good in general, but that there are good cryptocurrencies, and there are bad cryptocurrencies, in the sense that there are cryptocurrencies with serious potential, projects and teams supporting them, but there are also other cryptocurrencies created by scammers to scam the market unsuspecting's people.
Some crypto's detractors says that even the good and serious cryptocurrencies, are bad because they are widely used in money laundering. But, oh surprise! they obviate the fact that what is most used to launder capital in the world is, contrary to what many think, fiat money. So if someone says that cryptocurrencies are bad because of that, better think again!
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'Cause cryptocurrencies aren't bad nor good in that sense, they're just a tool (a mean) for making good or bad things, just as the fiat money always has been, and that is someting we need to understand very well.
Innovations are always initially rejected
Another factor to consider is the fact that any great innovation is difficult for most people to assimilate initially. Take into account, for example, that when the automobile was invented, most people did not understand how these motor-driven vehicles worked, which caused them to reject them and continue to prefer horses and horse-driven carts for a long time...
The same thing happened when the light bulb was invented: Many people continued to prefer to use kerosene lamps for a long time, instead of adopting the new technology.
Well, that is exactly what happens with respect to cryptocurrencies, first, because most people are still used to fiat money (the conventional money we all know) that can be touched, seen and smelled; and with cryptocurrencies this cannot be. Second, because they are an innovation as a means of payment and as a technology, which most people still do not fully understand, no matter how
they try.
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Innovation always ends up winning
But if the history of humanity has taught us anything, it is that although the rejection of all innovation exists initially, time takes care of making the innovation accepted. Because of this, we can be sure that Bitcoin, Ethereum, Hive, and many other serious cryptocurrencies on the market (with serious projects behind them), will end up being successful, being accepted, understood, and used by everyone in the future; because the innovation and breakthrough that they represent in every way, not only as means of payment, but also for what they represent, and the projects and technology behind them, cannot go unnoticed forever; that's a fact.
Therefore, innovation will always win, and it is not a question of if Bitcoin and cryptocurrencies will end up being established and fully accepted and adopted one day, but when. We can be sure that this will happen in the future, I have no doubt about that.
In addition to everything already said, cryptocurrencies are more efficient, important, reliable and secure than fiat money, and this will make them finally establish themselves in the future. Because every innovation is initially rejected, it's true, but one day it ends up being adopted. And that is what is truly transcendent and important here, because as people understand, use and become familiar with the innovation, they gradually accept and adopt it, and the rejection decreases until, finally, it disappears completely.
What do you think about the topic discussed? Please comment.
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