Let’s face it: as important as the crypto revolution is to the future of finance and banking, there aren’t nearly enough people supporting it today.
But instead of blaming the average person for getting in the way of the expansion of crypto, you need to take a step back and look at the bigger picture.
Why doesn’t the average person support crypto? More importantly, what kind of information can change their mind?
With these questions in mind, today’s goal is to identify both what’s preventing people from supporting crypto, and how to help them understand just how valuable it truly is.
1. It’s Confusing
It’s time to talk about the elephant in the room.
Sure, if you’ve been a part of the blockchain community for some time, it might be hard to see how crypto could be seen as confusing.
But make no mistake, to the untrained eye, blockchain and crypto make little to no sense.
And that’s arguably one of the biggest hurdles that the blockchain community has to overcome.
People aren’t in the habit of using or supporting things they don’t understand, especially when that ‘thing’ is their money.
Familiarity is one the easiest languages to communicate with the average person. That’s why most efforts to explain blockchain rely on explaining perks like the safety features.
But that’s just not enough, unfortunately.
Instead of trying to ‘dumb down’ crypto, the blockchain community needs to develop a consistent way to educate a novice on the concept of cryptocurrencies.
Is it time-consuming? Yes.
But it also happens to be absolutely vital to the expansion of crypto.
2. It Seems Like A Scam
If you don’t think this is a legitimate issue, you haven’t been paying much attention to the news lately.
ICO scams are an unfortunate reality of the crypto markets. Any savvy member of the blockchain community understands just how massive of a problem this has become.
Forget about the very real horror of having your hard-earned cash stolen from you. With every ICO scam that happens, the public’s faith in the crypto markets wavers more and more.
Keep in mind that more often than not, the average person is going to draw conclusions about the nature of cryptocurrencies based on what they hear about it.
Or to put it simply: if they keep hearing that ICOs are a scam, it’s only a matter of time before they start to believe it.
So, what can you do on your end to help?
The easiest step you can take is learning to show the average person what red flags they should be looking out for.
Most cryptocurrencies that are being offered today aren’t likely going to make anyone rich overnight.
And any cryptocurrency that offers to do that should be viewed with a healthy skepticism.
3. Faith In Tradition
Whenever you have a conversation with someone who’s new to the concept of cryptocurrency, you have to keep a few realities in mind.
First off, recognize that you’re asking people to put their money in a new place.
And you’re not just recommending a new bank here. You’re asking them to take a risk because you think this the ‘next big financial thing’.
But no matter how big Bitcoin has become, you’re still telling people to take some level of risk with their money.
In other words, you can’t be surprised by any pushback on their end.
Beyond that, they probably won’t know there’s more than one cryptocurrency. Bitcoin is likely the only one they’ve heard of.
But there are bigger problems than a limited knowledge when it comes to the number of cryptocurrencies on the market.
Case and point: the fear of novelty and faith in tradition that people have.
The average person may not like their bank, but aren’t worried that their bank will disappear overnight with their life savings.
And for a lot of people, that’s a pretty pivotal issue.
What does that mean for the blockchain community? Well, if you want people to turn away from traditional banking, you need to provide some compelling reasons.
Talk about concepts like the importance of financial autonomy and how the average person gives that up to traditional banking institutions.
It’s easy to look at someone who has no interest in cryptocurrency or blockchain and question their loyalty to a system that’s objectively inferior.
But the average person has plenty of reasons they aren’t sold on the concept of crypto.
The concepts can be both confusing and abstract, which make it feel less secure and stable than the good ol’ dollar.
There’s constantly news of shady ICOs tricking people out of their cash, and their faith in banks comes from a desire to keep their money as safe as possible.
Not a bad argument against crypto, frankly.
But for every reason to doubt the crypto revolution, there are five more reasons to support it.
Sure it can be confusing, but a little crypto education can go a long way, especially once you understand the fundamentals of blockchain.
ICO scams happen, but they’re few and far between. Instead, ICOs like Magnus Collective, that focus on world-class Robotics and A.I., dominate the industry.
If the blockchain community wants the average person to support crypto, they’ll need to provide people with the tools and knowledge to understand what makes crypto such a powerful tool.