4 things that make society doubt about cryptocurrency effectiveness

Written by Davies on / Reading time: 3 minutes.

4 things that make society doubt about cryptocurrency effectiveness

Some say that cryptocurrencies are going to end up disappearing. Others, however, agree this payment system as the money of the future. They highlight its ability to make instant payments at a low costand place them at the center of financial opportunities. However, those who still have not taken conscience of this point, as is the case of some central banks, are reluctant to its inclusion.

What makes them doubt? Why some parts of society are reluctant to use cryptocurrencies? We believe that it is time to embark on a journey through the most common about virtual currencies.

Are you willing to go with us?


What make us doubt…

Everything that puts us against the wall seems to be important. Otherwise, it would not be a complicated decision. Cryptocurrencies seem to have located a large part of the society in this position and, even today, after 9 years going through the corners of our world, some are reluctant to use this new technology. The time to ask why and end with some of the myths about cryptocurrencies has come.

  • Money laundering. A few months ago, we shared with you a metaphor saying: "knives have also been used to attack people, but not for this reason are no longer used".
    Something similar happens with cryptocurrencies, and, in fact, the number of illegal activities carried out by these meansdoes not exceed a 10% of the total, as traditional money does. However, virtual currencies do not defend its use for such actions. On the other hand, some practitioners are trying to combat it thanks to the transparency and technology blockchain.
  • Fear of the unknown.The uncertainty has become a trigger for the stoppage. The fear of the unknown invites us to wait until everything is clearer, easier and closer. However, sometimes, when we want to react, it is too late.
    How many opportunities are lost by the society because we are too afraid of taking the risk? And it is that doing so is the only way that the world can leave their comfort zone and continue to grow. Cryptocurrencies have been gradually spreading across the planet, and therefore the dream began. Today this dream has extended to the creation of more than 1000 different cryptocurrencies.
  • Ignorance of the blockchain.The blockchain has become the system that sustains virtual coins.This public and distributed database records securely all transactions carried out in the network but remains unknown to many people.
    Not knowing the details of a world in which something as necessary as the money we invest, paralyzes us. However, it is increasingly more common to hear of this technology. Something similar happens with the rest of contributing factors in its operation, such as cryptography and distributed consensus.
  • The price is fixed by the law of supply and demand, what stops many to invest in cryptocurrencies. They are aware of the strong rises in price, but also great falls may occur. However, over the years, some countries manage to maintain foreign exchange reserves to control this fact.
    Perhaps, we should stop thinking about what we could lose to see everything that we could win, and don't talk about simply value or money, but comfort and safety.

Why do we focus on the weaknesses, fears, doubts and threats instead of turning them into an opportunity?


Other myths about cryptocurrencies

People have generated many myths around cryptocurrencies. It is said that the blockchain is equivalent to the Bitcoin, the only application of this technology are the cryptocurrencies, the information on the activities of blockchain is not public, traceable or available, we must be wary of such systems, which are perfect for the criminals, etc. Accustomed of hearing claims of this kind, some people, companies and banks have fallen into the trap of their beliefs.

We believe that the best way to end with these myths is to see yourself. What stops you?