A Response To The Popular Objections To Crypto
Admin
Aug 9, 2021
As cryptocurrency further occupies in financial discussions, a greater number of people are becoming familiar with the fintech phenomenon. This leads to many questions, and often ends with traditional financial advisors steering the average person away from cryptocurrency.
Is this hesitation valid? Although it is a controversial subject, the future of crypto is not as bleak as it may seem. In fact, for many people, crypto is the future of money!
To help you understand why such hesitation is, in most cases, unwarranted, we've created a list of responses to many popular objections you might hear about crypto.
Objection 1: It’s A Risky Investment
One of the common worries about crypto is that it is a risky investment and that stocks are a wiser option due to their regulation.
While crypto is a different concept from the stock market, this is a bit of a disingenuous assumption. Crypto is an incredibly nuanced subject. Although you might hear of coins such as Bitcoin and Dogecoin making the news, the reality is that there are many cryptocurrencies out there that serve different purposes.
Yes, crypto may be “risky”, but so is investing in a startup. Risk is all about assessing the potential of an idea to become successful. Now that we see crypto being adopted globally, is the risk really as high as it used to be? It’s certainly volatile, but the risk of failure becomes less and less with each passing day.
Objection 2: Crypto Will Make Paying Employees More Complicated
Many think that paying employees with crypto is questionable because of how complicated it can seem, but that is simply not true. In fact, for companies who pay employees from all over the world, crypto can make paying employees more convenient. When a company pays in crypto, it is immediate, and extremely cost effective.
Many business owners have admitted that using crypto has actually been an easier and more pleasant experience than the traditional banking system!
Objection 3: Crypto Isn't Secure
The digital nature of crypto makes people think that it is subject to hacking and other types of internet data breaches. While this is a possibility, the reality of it actually happening is very, very low indeed.
You see, cryptocurrencies are stored with digital wallets that utilise blockchain technology, making them near-impossible to hack. Blockchain is an incredibly secure method for keeping digital assets safe, and with Bitcoin based on an encryption algorithm invented by the US Government’s NSA, people have said unlocking it is next to impossible.
Objection 4: Crypto is Just a Fad
Crypto is often described as a fad, but with global adoption now at an all time high, this argument is weaker than ever. Crypto is a revolution for currency and it is being treated as such.
This is why many companies around the world are now accepting cryptocurrency and creating new business models around crypto trading and exchange! The opportunity is there more than ever before, entrenching the industry as one that is here to stay.
Objection 5: Crypto Isn't Very Accessible
The most common reason behind why people doubt crypto is that they believe it is not accessible. Because crypto is a digital currency, people believe that it will not be easily integrated into the financial world alongside other types of currency.
The truth is, crypto exchanges, trading and investment are more accessible now than they've ever been and this is only the beginning. Many metropolitan areas have Bitcoin ATMs and more businesses are beginning to accept crypto as a legitimate payment method!
Besides that, thanks to the global adoption of smartphone technology and internet connectivity, crypto access is easier than most banks in the world.
Do Your Research
You are the one who has to feel comfortable with your financial decisions. It is important to do your research and know what you're getting yourself into.
Much of the cultural doubt surrounding crypto stems from a hesitation to break tradition. Do your best to learn more about crypto and make a decision that works for you. That’s what we’re here for, and that’s why this blog exists: to help you understand the nuances of crypto, and feel comfortable making it part of your daily financial routine.
Start your cryptocurrency journey with MEX Digital. Remember, proper diligence and sound judgement should be used in evaluating the risks associated with these activities. Trading cryptocurrency carries significant risk and losses can exceed deposits. Refer to our Terms and Conditions and disclosure material.
