Trust issues with Bitcoin and cryptocurrencies in general

By Bala | Bala | 5 Aug 2023


Today I had a chance to talk to one of my friends about Blockchain and cryptocurrency. Onboarding friends into the crypto world is a very hard thing but it is definitely a possible one. I was successful in onboarding a few of my friends to the crypto world. The only problem is to make them understand this ecosystem and make them not leave. Some friends trust me so much and they let me take off their funds. Some friends did not even want to enter.

I'm happy that I somehow convinced 3 of my friends and made them invest. But I'm now completely responsible to take care of their portfolio and I have promised them that I would increase the value of their portfolio and they would like to get at least a minimum of 10 percent APR per year from their investment. I personally think that it is not a very hard thing to achieve. But only after the bull market starts we would know it.

Source

Trusting the crypto market

I understand that it is hard to trust the crypto market. With so many coins emerging in the market, it is hard to say if there would be a demand for Bitcoin in the future or not. Ever since 2009, there is still a demand for Bitcoin and the biggest argument is that Bitcoin has not reached its all-time high yet and nobody yet knows what would be the maximum value of Bitcoin.

My friends expressed their thoughts that Bitcoin is not trustable. The government is also not happy with people working with Crypto and they have imposed so much tax for crypto transactions. Even though we all like the decentralization possibilities that the crypto market is bringing to us, people find it hard to trust and move in this direction because some of the government and other powerful bodies are against cryptocurrencies.

People find it hard to trust projects that are backed by cryptocurrencies. One of the biggest advantages that the crypto industry has is decentralization but at times that itself becomes one of the biggest problems. For example, people are worried and they wouldn't trust investing in something that has no big use cases in the crypto world. Some investors who invest in a shoe company are happy about their investment and when asked they give an explanation saying that they invest because they know that people would still be using shoes even after 5 years but for the crypto investments, it is hard to tell that.

Make our friends trust crypto

I personally think that it is the responsibility of individuals who are in the crypto world to take this seriously and bring more friends inside. It can be hard for them to understand the concept of crypto and the future of crypto. But the biggest advantage they have is us. When we joined the crypto space, we did not have many people to help us out and help us understand the concepts but luckily our friends have us and we can explain these concepts, and bringing them inside can be easier.

Though there are so many projects in the crypto world these days, there are definitely solid projects with a good future. Hive is one such project and it is one of the cryptocurrencies with great potential. It is our duty to talk to many people and onboard our friends. There are so many opportunities starting from blogging to gaming and earning money for all these activities.


If you like what I'm doing on Hive, you can vote me as a witness with the links below.

Vote @balaz as a Hive Witness

 

Vote @kanibot as a Hive Engine Witness

 


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Bala
Bala

Developer | Writer | Blogger | Gamer | Blockchain Enthusiast


Bala
Bala

This is my general blog. I share different articles I write every single day.

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