Buy some cryptocurrencies, hold them till they rise in value and then sell them. Sounds easy, right?
I mean any of you could do that in your sleep, amirite? But then why is crypto investing so difficult to understand? Why is there so much emphasis on knowing what it really does? WHY has it become such an intimidating task when it’s a lot like regular trading?
Crypto is doing a lot of things right except this. The reason why people might be turning away from it.
When one gets started with crypto, they are taken aback by the lingo. There is just too much tech jargon involved and 5 mins into reading about it, you get bored because you simply don’t get the terms!
Blockchain, ICOs, blocks, tokens, ledgers… the list goes on and on. The complex technical vocabulary makes it difficult for beginners and experienced investors. And if people are backing out because they don’t understand then that’s a problem right there mate.
So even if someone gets through the tough bit of understanding the ins and out of cryptocurrency, then the implementation is not an easy task either. Only building up your diversified crypto portfolio can take up more than 12 steps; sign up for multiple exchanges, make an ID verification code, transfer currencies from one wallet to another, etc, etc. And for a generation with problems like short attention span and chronic procrastination, good luck keeping our focus towards you!
What am I supposed to buy?
Let’s face it, even if you nail down the jargons and get through the tedious processes, you still wouldn’t know where to start. There’s so much to choose from and if you’re no experienced investor, you’re in hard luck.
It doesn’t end here, because once you know what currency you want to invest in, they have FURTHER branched out into coins and you don’t know which ones are significantly a higher investment risk and which ones are a scam. This too requires sophisticated analysis. And, boy too bad if you are someone that hasn’t got a lot of money to throw around then you have to make your safest bet in the first move and who’s guaranteeing that? Well, no one.
It’s a scammy market
Cryptocurrency is full of scams and the ones that look quite convincing. For example, recently Elon Musk had been going around being generous in his bitcoin donation in return for a very small donation. While some of you might be good at spotting scam deals, others are not and quite surprisingly, some even fell for the Elon Musk hack.
This is only one such example and moreover, since its mostly anonymous, it gets even easier to be fooled by these. Although, for people who are skeptical about every single thing, like me, they will refrain completely in order to not be fooled at all.
While crypto is making significant progress in the market, these few things are certainly holding it back from becoming THE big thing. Right now, it is still in line as the NEXT big thing.