Why do you think people are scared of buying Bitcoin? These are our thoughts.
**Lack of Knowledge** Blockchain technology, which lies at the heart of Bitcoin, continues to be an esoteric concept for most people. As a random sample, if you ask 10 people to explain blockchain in one simple sentence, 9 out of 10 will probably fail to answer. Lack of education about how Bitcoin works and why it is fundamental to a transparent global financial system makes people wary of investing in crypto. **Not Backed by Central Banks** Bitcoin and other cryptocurrencies by design are decentralized smart contracts. A central bank does not issue or guarantee a Bitcoin. This scares off a large number of people who have been born and brought up with the belief that any piece of paper or a digital token becomes money (legal tender) only when it is backed by a country’s government and its central bank. **High Volatility of Crypto** Cryptocurrencies, led by Bitcoin, are perceived as a highly volatile investment marked by significant price fluctuations. Most people do not realize that any non-traditional, alternative asset that breaks free from the past and promises to revolutionize the future is going to be volatile by nature until it gets integrated into the mainstream. When Galileo said that the earth moves around the sun, no one was ready to believe him. But over time it became a universal fact. The same holds true for every life-altering idea, including Bitcoin. Thoughts?
And still hodling strong: Tesla (TSLA) has lost over $500 million from its Bitcoin investment amid crypto winter