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 Why do most people refuse to buy Bitcoin? Exhaustive response from analysts

The lack of knowledge about Bitcoin is the main reason why people do not invest in cryptocurrencies. This conclusion was made by Block experts in their recent study. Analysts conducted a survey among respondents in 14 countries around the world between January and February 2022. Among those who did not buy cryptocurrency, the majority reported a poor understanding of how it works. Another 32 percent reported problems with cybersecurity, the remaining 30 percent noted the high volatility of the crypto market. Let's talk about the situation in more detail.

What is stopping you from investing in crypto?

Among respondents who had at least an approximate understanding of cryptocurrencies, the main reasons for not buying Bitcoin were volatility and “uncertain regulatory prospects.” According to The Block news publication , the survey was conducted before major events such as the recent drop in the price of BTC amid the collapse of the Terra project ecosystem .

At the same time, Block economist Felipe Chacon noted that the main reason for the lack of interest of people in cryptocurrencies is still a lack of knowledge about them. Here is his retort.

I think that against the backdrop of a large drop in prices, it is indeed volatility that has become more worrying. But then again, given that most people simply don’t know enough about the crypto market or have heard little about cryptocurrencies in general, many of them did not even pay attention to the price of Bitcoin.

The study also found that a person's level of knowledge about cryptocurrencies, or at least how much they think they know about them, is the strongest indicator of whether a person will buy Bitcoin next year. 41 percent of respondents who said they had a "satisfactory to expert" level of knowledge about cryptocurrencies also said they would buy Bitcoin next year.

Note that hackers also act as an obstacle to communication with Bitcoin. Moreover, the latter changed tactics the day before: now they are targeting users of the metaverses. Victims complain that they are being scammed into buying lots in virtual worlds, as well as being scammed with NFT tokens. At the same time, incidents with the theft of unique tokens are already quite common - in the past , even quite experienced crypto investors appeared in them .

Deception in the Metaverses

Nurse Kasha Desroziers shared her story, published by the CryptoSlate news outlet . She invested 16 thousand dollars in the purchase of NFT-tokens assigned to virtual earth in the metaverses of The Sandbox and SuperWorld. Desroziers noted that she hoped to create an educational game on human anatomy and physiology in the virtual world.

However, her dreams did not come true. About three months after the metaverse purchase, Desroziers searched her browser for the Decentraland project website and clicked on the first link she saw for the corresponding request. The link led to a phishing site that allowed hackers to steal tokens from her MetaMask wallet.

Another victim is Tracey Karlinsky, an online fitness instructor. She lost her $20,000 investment in The Sandbox. According to her, the phishing site was almost identical to the portal's login page. In their quest to join the new wave of investors, the Desroziers, Karlinsky and other victims have learned a very expensive lesson about the dangers of investing in crypto without following the proper “cyber hygiene” rules.

We have repeated these rules more than once, and every crypto enthusiast must remember them.

• Do not follow suspicious links. Even after going to the site of a supposedly real service, be sure to check its web address;
• Do not download suspicious files;
• Do not connect your crypto wallet to suspicious platforms, carefully read the terms of the transaction before signing it;
• Do not share your personal information or passwords.

Despite all this, in the future, crypto can still become an important part of the global financial system. Mastercard CEO Michael Mibach hinted at this in his speech at the International Economic Forum in Davos. To the question of journalists about whether the international payment system SWIFT will exist in five years, Mibach answered with a short “no”.

True, a little later, representatives of Mastercard clarified the position of the CEO in an email newsletter.

Let's clarify the meaning of the comment on the stage, since the answer "yes" or "no" is not so simple. Michael just confirmed what the SWIFT representatives said earlier - their activities continue to develop. The current form of SWIFT will not be the same in the future. It gains more functionality and goes beyond just a messaging system between banks.

We believe that there can be a huge number of reasons to ignore cryptocurrencies and be afraid to contact them, and each novice investor will have their own. The best way to get rid of fear is knowledge about the principles of the blockchain in general and each individual cryptocurrency in particular. So, beginners should only be advised to learn more about the digital asset industry.