As we are progressing towards a society where there is a greater acceptance of cryptocurrency now, there is still a wide, in fact, a wider set of people who think of it as fraud, crap, and actually nothing.
If I consider people around me, myself, my brothers and sisters, my friends, all are showing interest and investing in cryptocurrency. They have taken a step ahead of the usual stock market trading and using their concepts and learnings to trade in crypto markets.
Whereas, if I talk about my parents or uncles, they don't even know the application or portal where they can trade crypto. Set that aside, they are not even interested in knowing and understanding these coins. While I do understand that elders have a problem with change and they don't accept and adjust to new things easily, but still, it made me ponder what is keeping them so away from the world of crypto.
I spoke to some people of that generation and here is the outcome.
1. Can't See - Since they can't see it, hold it, so they can't believe it. There is a tendency in them to fall towards tangible assets like gold, property which they can touch and feel. The biggest flaw they see in crypto is that they can't see it, it's a digital asset and they don't understand how something that can never be seen or felt has so much worth.
2. No Government Back - Almost all of them strongly felt that since the government doesn't have a hold on it, they can discontinue it at any point in time and all of their hard-earned money will go for a toss. But what they don't understand is that if the government has no control over it, there's not much they can do about it. If Indian Government bans it, you can go to some other country and use it, Simple!
3. Security Issues - The idea of having to keep track of all their keys and passcodes discourages them from investing in the first place. They say it's not possible for them at this age to track all the keys.
4. Lack of Awareness - Most of them have just heard of bitcoin. They don't know about altcoins or the concept of mining and blockchain technology. And they say no one has ever bothered to explain them either. There are so many youtube videos available to understand these concepts, but they said they would rather spend that time with their grandchildren than watching those videos.
So I guess it's we, Millenials, who have hopped onto this ride of crypto currency and will enjoy it, pass on the legacy to our future generations and teach them how to multiply it further.
The burden is on our shoulders friends!
