Demystifying Cryptocurrency

Why Bitcoin Seems Scary … And Why it Doesn’t Have to Be

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Bitcoin. Digital Currency. Cryptocurrency. Fiat. Altcoins. Halvening. Decentralization.

Are those words scary for you?

For people new to virtual currency, these words can be spooky enough for them to avoid it entirely. But why? What is so scary and confusing about getting into Bitcoin?

Well, like most things, it’s usually scary because you have NO idea where to start. What even is “cryptocurrency,” right? You can’t touch it, you can’t smell it, the government has nothing to do with it, and its value is constantly changing. How could anyone keep up?

The Issue with Lingo

We should mention that this stigma surrounding virtual currency isn’t the newcomer’s fault. In fact, the crypto community is partly to blame for this barrier. Self-sabotage, no way, right? Surely they wouldn’t do that intentionally?

Absolutely not. In fact, most digital currency enthusiasts love spilling info, teaching, and spreading news about crypto to anyone who will listen. So, what’s the issue? Well, as much as they love talking about these virtual currencies, they often forget who they’re talking to.

To make this clearer, imagine wanting to get into a new hobby and, excited to try it out, you sign up for a class that promises to teach you the basics. Amazing! But wait, upon arriving you realize something: this class isn’t even being taught in a language you can speak. Every word that comes out of the teacher’s mouth is lost to you. By the time the lecture’s over you’re more confused than before you came.

People in the crypto community often sound like they’re talking in a completely different language. Words like blockchain, decentralization, altcoins, fiat, etc., can be beyond confusing for someone who hasn’t even bought Bitcoin. What’s so frustrating about this is that they’re not even speaking another language! It’s just jargon. With a bit of word definition and consideration for newbies, we could do away with so much of this confusion.

But is it Safe?

Lack of vocabulary isn’t the only reason people are afraid of getting into cryptocurrency, is it? There is something that’s even spookier than big words. That is, getting your money stolen. Yikes. Nothing scarier than that, right? Lots of people avoid the crypto community out of fear for getting scammed. This fear is understandable, because nobody wants to get scammed, but this, like many things is a HUGE misunderstanding.

Continue reading on the Coin Cloud blog…

Written by

The world’s leading operator of two-way Digital Currency Machines (DCMs), a.k.a. Bitcoin ATMs.

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