Home Cryptocurrency Why Is The Concept Of Cryptocurrency Still Foreign To Most Americans

Why Is The Concept Of Cryptocurrency Still Foreign To Most Americans

by Tracy Finke

No matter how popular are cryptocurrencies, many people still don’t understand their concept, the purpose, and the way they can earn them. The truth is, it’s not that difficult as it seems, knowing that plenty of people already know what they have to do or have someone who knows how the whole market works.

When we talk about Americans, many things are surrounded by prejudice and misconceptions, and there is a myth that the education system there is failing and that they are not really interested in what is happening outside their borders. Of course, this may be true for individuals, knowing that there are Americans who make significant contributions to science, start companies, support the crypto world, and even understand concepts and find ways to apply them to a variety of industries and businesses.

Everyone has doubts when it comes to things that are not so easy to understand or that carry with them a certain financial risk. And we can say that it is not only Americans who are confused, but many who are beginners in the crypto world feel the same.

But it is also a fact that some people do better than others, for example, Sweden, who are often leaders when it comes to introducing something new, especially if they make people’s lives easier. This can be seen from the existence of services such as bitcoineranew.com/se.

Source: howtogeek.com

A specific answer to the question in the title of this article is difficult to give because understanding certain things is not strictly related to nationality, but also to other factors, including the education system, general interest, and availability of information. However, we will agree on a few things, including:

1. The things they don’t understand are sometimes very difficult

The things that are popular today are much easier to explain to the so-called Generation Z and the Millennials than to adults, no matter how successful and educated they are. If they do not know the concept and have missed the new trends, they probably do so because they have already learned their own and the new one seems unnecessary.

In a way, they leave the world to the young and are satisfied with what they have achieved. Realistically, there is no need for your adult parents to understand these things when they have you rely on them. The adult population is quite large, so it is easy to generalize, although there are many adults and the elderly who understand cryptocurrencies very well and are an active part of the market.

2. Not sure about the legality

Source: cryptocoinspy.com

The US legal system can be really confusing. There are federal laws that apply to the entire territory, but each state may have different laws from the federal ones, which cover a variety of offenses and their penalties. So even the regulation of cryptocurrencies in America can be confusing for residents. Therefore, it is always good to research the laws and regulations that need to be obeyed before taking any action, especially when it comes to Bitcoin or any other currency.

3. Can I physically own a cryptocurrency?

This question has two answers – yes and no. The cryptocurrency is certainly not physical property and there is no coin or banknote denoting Bitcoin, Ethereum, Dogecoin, Shiba, or any other such currency. But on the other hand, physical devices that serve as digital wallets are something that we can really hold in our hands and carry in our pocket and thus our crypto savings are always with us. Thus, this realization may be incomprehensible, as long as one does not feel and trade these currencies alone.

4. They believe more in fiat money

Source: forbes.com

This is not only the case in America or Europe but all over the world. We are used to the current monetary system and of course, it is more understandable to use dollars, euros, Japanese yen, Swiss franc, or Swedish krona so that we can understand how finances work. It’s a system that has been in place for years, and anything other than that is causing a great deal of mistrust – and that’s perfectly normal. People value their money and no one likes the idea of ​​owning it in a form that is almost completely illegal in parts of the world.

5. They were not invented in America

We all love and prefer “domestic” products and trust them more than what is “imported” from other parts of the world. The first cryptocurrency was Bitcoin and it was invented in Japan – although there is no official confirmation of this. So much money has been made since then, but still, the initial mistrust exists, precisely because of the unknown identity of the creator of the cryptocurrency that is currently the main one on that market.

6. Uncertainty can be daunting

Source: ccn.com

The crypto market is highly volatile and lacks constant stability – something many people look for in their money. Many do not understand how something that is constantly changing can be a good choice for saving or investing. And it is quite understandable that certain people are even afraid of taking an active part in trading cryptocurrencies or mining and investing in equipment.

Conclusion words

As you can see, many things do not depend on learning capacity or intelligence. New concepts are difficult to accept and recognize and it is something that will be forever. With the change of generations, those challenges come. Cryptocurrencies are not a miracle of science and technology, but the uncertainty they inflict is quite understandable.

Finally, it should be noted that anyone who wants to be an active part of the crypto market, must do so with knowledge in advance, in order to know how to protect themselves and what activities are within reasonable behavior. At the end of the day, anyone who is interested should have the opportunity to try to learn, through such similar content, so that they can know what they are doing and what their purpose is, no matter where are they based in the world.