Bitcoin Users, Here’s the Most Annoying Comments Cryptocurrency Investors Hear
There are different things that cryptocurrency investors are tired to hear. Cryptocurrencies are still growing and some people do not have the correct information about them. This creates a circle in which they promote inaccurate content and newcomers learn about this in an incorrect way.
One of these things is the famous phrase that says that those who invested at the very beginning are guaranteed to make millions of dollars. However, this is not real. Cryptocurrencies are growing and the industry needs to develop, but there is nothing guaranteed about it. Anything can happen in the future.
Another thing that crypto investors and enthusiasts are tired to hear is that virtual currencies have no real value. This is clearly frustrating for people that use cryptocurrencies every single day or at least very often.
There is no clear explanation about what ‘real value’ means for these individuals, but it is clear that each person gives the value it considers. In Venezuela, cryptocurrencies are allowing individuals to buy food and to survive, does this have value? Of course, it does.
Other analysts think and say that before investing the best would be to wait and see whether cryptocurrencies work as an investment. Cryptocurrencies have already shown that they are a proven investment mechanism.
This can be seen by several hedge funds and companies that are investing in the space. At the same time, important traditional financial institutions such as the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME), have already embraced virtual currencies.
The U.S. Securities and Exchange Commission and other regulatory agencies around the world are also regulating virtual currencies. This shows that companies and institutions recognize them as a valid investment tool.
Another thing to mention that cryptocurrency enthusiasts and investors are tired to hear is that those that are able to make money are only ‘old school’ investors.
Furthermore, there is a common belief that blockchain without virtual currencies would not work or exist. However, blockchain technology is being used in many different sectors and industries all over the world.
Governments and firms are embracing distributed ledger technology (DLT) in order to improve their services and products. The potentialities of blockchain have been already proven and are expanding as time passes.
It is possible to improve supply chains, medical records, transparency and many other things.
Other analysts say that virtual currencies will eventually fail since they are not going to replace real money. Cryptocurrencies may never replace fiat currencies, indeed. However, in many different cases, cryptocurrencies work better than fiat solutions. It would be possible to have fiat and crypto solutions working side by side.
For example, there are banks that are using Bitcoin (BTC) or XRP (among others) to make international payments and transactions. This solves issues with slow transfer times and high fees that they need to pay. This shows that fiat currencies can work better if combined with virtual currencies.
Related to this, other people say that cryptocurrencies have no ‘real-world’ use cases. But this is not real. As mentioned before, banks, governments and other institutions are using cryptocurrencies in many different ways.
It is not necessary to buy something with a virtual currency to say that we are using them. We can have them as a store of value or it can be used by a company interested in creating smart contracts.
Other newcomers think that virtual currencies are only used by scammers and criminals. This is something that the recognized economist, Nouriel Roubini, has always mentioned. Although cryptos have been used by criminals at the very beginning, nowadays, the number of users in the cryptocurrency space has grown substantially.
That means that criminals are currently accounting for just a small part of crypto trading activities.
Another thing that crypto enthusiasts are tired to hear is that cryptos are ‘too complicated to understand’ for regular investors. Not everyone knows what cryptocurrencies are, but it does not mean that investors are not able to understand how they work and how they can benefit from them.
In the future, new companies and agencies will start to embrace virtual currencies. This is something that will allow interested investors to start to learn about them and how to invest in them.
Cryptocurrencies are not scams. This is something that individuals not related to the virtual currency market usually believe. Some investors believe that it is a pyramid or Ponzi scheme, however, that’s not the truth.
Despite the fact that there were several cryptocurrency scams in the market, most of the coins are real and have different purposes. Users can purchase them and in most cases, they will not suffer any scam or problem.
Finally, is not late to enter the crypto market. People believe that because Bitcoin reached $20,000 dollars, they would not be able to make profits. We do not know what the future would unveil, nonetheless, virtual currencies do not only work as an investment tool but also as something that can be used.
In addition to it, in the future, cryptos might reach new all-time highs if this is what investors care about.
In general, there are several mistakes that the cryptocurrency community hears almost every single day. It is very important to educate those who make these mistakes and explain how cryptos and blockchain technology work.