As humans, we are naturally afraid of new, unfamiliar things. So, it is not surprising that many fear cryptocurrency. It has been running for twelve years already. But relative to other industries, crypto is just new.
The initial cryptocurrency fears concept is not a new thing, however. Fear, as well as greed, are factors that are actually the main contributors to market price. In fact, the crypto market has something called a fear and greed index to gauge the crypto market movements through market sentiments. It is founded on the logic that extreme fear causes prices to fall, whereas excessive greed causes prices to rise.
One of the keys to overcoming those fears about crypto is educating oneself about it. You must pinpoint where the fear is exactly coming from. And from there, you can start looking for solutions that may help you overcome your fear of crypto. So in this article, we will mention some of them and provide a better way to view them.
Lack of awareness regarding cryptocurrency
Most people interested in investing in cryptocurrency remain at that stage where they only plan and do not proceed in investing. And the culprit for that is none other than the initial crypto fear. As we said, we are afraid of something new for us. And that is normal. So, knowing this must encourage you to start studying cryptocurrency. Almost everything is on the internet. It is just a matter of a click to see the information you need through web search engines like Google. And since more and more people are getting interested in Bitcoin technology, a growing number of platforms, websites, news agencies, and other entities are providing information about cryptocurrency to their users and the public.Â
That information about crypto is in the form of explainers, blogs, forums, catalogues, news, documentaries, short videos, articles, guides, tips and tutorials, reviews, and others. For instance, if you want to understand how cryptocurrency works, you can go to the video explainer of al Jazeera in their program Start Here. The host of that program, Sandra Gathmann, explains well how Bitcoin started, why it has value, and how it works.
Many crypto trading platforms now include crypto education as part of their objective to introduce crypto to a wide range of users. To make cryptocurrency the dominant money in the future, everyone must understand and value it. As a result, some crypto trading exchanges and brokers have included it as one of the features in their platform sections. Because not all of them have it, you must ensure that the platform you want to join has it. For example, the BitiQ app features trusted partner brokers who may supply crucial information on cryptocurrencies and their markets, such as how-to guides and other tips, to help traders throughout their trading journey.
Does not know how to start
Beginner traders frequently face this problem. There is so much information on the internet about explaining how to get started with cryptocurrency trading that potential investors are unsure which path to choose. However, the urge to learn how to start trading stems from insecurity or the belief that they are unprepared and incapable of entering the crypto market.
Experts suggest understanding which channel to enter first to avoid this. There are two possibilities. The first is through crypto platform exchanges, where you must directly deal with a buyer or seller. And the second is through crypto brokers, who already have a network of buyers and eliminate the headaches of trading. The latter is recommended by most experienced crypto traders, especially for individuals new to the crypto industry. In keeping with this, systems like BitiQ App allow you to connect with licensed, recognised brokers. Artificial intelligence (AI) and other cutting-edge trading techniques are used by its partner brokers’ team of programmers, platforms, and cryptocurrency professionals to help traders stay ahead of the market. In addition, the registration process is simple and easy-to-follow.
Afraid to lose hard-earned money
Potential crypto investors and ordinary individuals are also afraid of bitcoin because they care so much about their hard-earned money. And they have the right to feel that way because crypto trading is risky indeed. Cryptocurrency has a volatile market which means coin price is not stable or dramatically rises and falls. It takes guts to be a crypto investor. Whether or not to start crypto trading boils down to an individual’s willingness to take a risk. Some people choose to jump in order to pursue possible wealth at the risk of losing money, while others prefer to stay put. It is definitely a personal decision; thorough market research is essential before entering the crypto industry.
Hears numerous negative news about crypto
If there are crypto enthusiasts, there are also crypto critics. These sceptics focus so much on the drawbacks of using cryptocurrency. Be aware of such people because some are not really objective and only aim to bring fear to the crypto community. And one of the main challenges in the digital era is the rampant fake news spreading like wildfire on the internet. Learn to distinguish between what is genuine to what is not. Search through reliable sources on the internet like Forbes, Washington Post, Time, and other credible news outlets for information regarding crypto. One may also consider following the respected financial advisors and experts in the crypto industry, like Robert Kiyosaki, Jeff Booth, and Anthony Pompliano.
Closing Thoughts
Knowing the specific reasons why you fear crypto is essential. Since fear is subjective, only the self can figure it out. Once you understand where it is coming from, you start looking for solutions to get rid of that fear. In the digital age, almost all information is already available online. So having less education about crypto is not a good excuse anymore. Eliminate your fear of crypto as soon as possible because you might be missing a lot from this fear. We do not know. Perhaps, the only thing that hinders you from that potential reservoir of wealth is your fear.
