Even though cryptocurrencies are already pretty prevalent, still they do not have appropriate recognition and too many people are extremely skeptical about the future of cryptocurrency market, some of them calling it financial bubble, some of them deeming it as an ordinary fraud, some of them saying that what can go up, it can go down, etc... Despite the fact, that most of those people, who are criticizing the cryptocurrencies, have no educational background in finance or in economy, they are still endlessly continuing to demonstrate their hopeless attitude to the thing that they do not understand and have no idea what is going there, how cryptocurrencies are made, how they work, how ordinary people can take part in the trade (buying and selling), what is the difference between cash, credit or debit cards and cryptocurrencies.
It is worth mentioning, that even pretty educated, well-known and well-appreciated people have very skeptical attitude towards this exponentially growing market. For example: chief executive officer of JP Morgan Jamie Dimon was calling Bitcoin a fraud. Of course, he was not talking only about Bitcoin, he was talking about all the cryptocurrencies (including DeepOnions) that are going to substitute traditional ways of paying, like fiat money. On Tuesday Jamie Dimon changed his mind and declared that he regrets what he said and now things are different than he was thinking. For more information and comments on Jamie Dimon`s opinion, you can follow the link: https://www.usatoday.com/story/money/markets/2018/01/09/j-p-morgan-chase-ceo-jamie-dimon-says-he-regrets-calling-bitcoin-fraud/1016088001/
So, why are some people so skeptical about what we are doing and what we believe? What gives them incentive and background to think that this market is going fall to pieces? Is there enough information to be determined to think that you are the only one who knows the truth and there is no other truth. I don`t think so.
I deeply believe that the most important reason why cryptocurrencies do not have sufficient trust and belief is that people have status quo syndrome. You might be confused what it means, but in a minute I will give you a definition of it. Status quo syndrome is an emotional bias, a preference for the current state of affairs. The current baseline (or status quo) is taken as a reference point, and any change from that baseline is perceived as a loss. People are addicted to the traditional ways of paying. They cannot believe how can they pay without money, or credit or debit cards. For so long they have been using these ways of paying as a medium of exchange and all of a sudden there is absolutely different thing that can be used instead of those obsolete ways of paying. They are scared of changes and prefer the things that they have long been using. Thus, cryptocurrencies are not adapted because of the status quo syndrome.
On the other hand, people do not have sufficient information about the technical side of cryptocurrencies. They do not know how they are made and used and therefore, they are doubtful whether someone is lying them and they think that it is just an ordinary fraud.
Apart from that, cryptocurrency market is too volatile. We never know and can`t predict prices of certain cryptocurrencies in the future. Of course, it is very risky market and there is no such thing as a free lunch. We need to make risk/return trade-off. I am not saying that everything is guaranteed and you will surely make huge profits, but it goes without saying that very soon cryptocurrencies will become more and more prevalent.
The long and the short of it, there are certain reasons why people are so skeptical and I would like to give some advices to those people: 1) Get away from status quo syndrome. You may lose miraculous things just because you have some obscure fears 2) Do some research to better understand what cryptocurrencies are and how they work 3) Realize the fact there is no riskless investment and financial market is always fluctuating.
After doing all of these things, I am pretty sure you will be willing to get closer to cryptocurrencies and get in interested in the ones that are succeeding now (like DeepOnions).
Good luck!
