Analysis: Why do so many people hate Bitcoin?

Cryptocurrency is an issue that obviously cannot be neutral. Since the inception of Bitcoin, there are passionate “Bitcoin fans” and passionate “Bitcoin haters”. The interesting thing is, however, that this objection often comes from outsiders who have never traded cryptocurrencies themselves. Because of course there are some things that you can complain about cryptocurrencies.

But in many cases, the discussion is solely based on incorrect assumptions, lack of knowledge and ignorance – or rather, occasionally – jealousy.

Why do you need Bitcoin? What advantages does it offer?

The problem with cryptocurrencies is that they are relatively unattractive to the intellectual middle class.

It takes some basic education to understand the benefits of cryptocurrencies. One must be able to classify cryptocurrencies in a macroeconomic context, in order to understand their utility and value. If you are confronted with cryptocurrencies at a time when you have never studied in detail the subject of “reserve banking”, “hyperinflation” or “banking crisis” and “money creation”, it will be very difficult to understand the benefits of Bitcoin. Without economic background or knowledge of basic economics, not much is going on here. Then there is the technological aspect. For many newcomers, it is extremely difficult to understand how Bitcoin actually works technologically.

Seeing the benefits behind cryptocurrencies take time, and many people are not ready to spend that time. But people who do this often recognizes the enormous potential? As a result, cryptocurrencies attract a large number of highly educated people, who have taken the time to study the cryptocurrency more deeply.

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Often these people then deal with the cryptocurrencies at the technological level or develop them further or start a business in this area. On the other side of the scale are people who have less background knowledge, but find cryptocurrencies attractive because of the added value. These people mostly view cryptocurrencies as their golden ticket. These are people who firmly believe that 1 ripple will actually be worth $ 20,000 or more in 5 years.

In addition, cryptocurrencies attract due to their pseudonymous character. Profitable promises, no matter how stupid and absurd they sound, always seem to work. These shady characters (“rip-offs”) have mostly been in other dodgy or morally questionable areas of business before. So, mixing network marketing with Bitcoin is very popular.

Of course, this throws a very bad light on cryptocurrencies, which are already viewed suspiciously by outsiders because of their shabby nature (“With Bitcoin you can still buy drugs!”). Because this mixing gives the false impression that Bitcoin must also be a scam or a similar system to bring people for their money. Bitcoin itself, however, has absolutely nothing to do with Network Marketing. Bitcoin is simply used as a pretext product because it is difficult for many people to understand and is hardly questioned.

Cryptocurrencies, on the other hand, are relatively uninterested in intellectual SMEs. This group of people has neither the desire to deal with the economic and technological aspects behind cryptocurrencies nor interest in the financial incentive to escape from their previous lives.

When these people are told about cryptocurrencies, it is often the person who presents a cryptocurrency decides how to adjust. If they are brought to Bitcoin by someone they might call themselves less intelligent, who might also be involved in such systems as Bitconnect and cheerfully invest their money, then they will be biased towards the cryptocurrencies and considered fraudulent and brand it as a bubble. Very often, however, one also sees a reaction of defiance, if the supposedly stupid person could successfully increase their capital: “If even the one with it can make money, then I can also do that!”

Conclusion

Unreflective investors who buy cryptocurrencies for financial incentives only, along with Bitcoin’s objection as “drug money”, put them in a bad light. Often Bitcoin is associated with dodgy business practices due to its complexity, which damages the whole thing even more.

Disclaimer: This article was translated from German by Prasanna. This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.

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Analysis: Why do so many people hate Bitcoin?

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