Many people, especially those who are not so familiar with what is happening in the world of cryptocurrencies, would wonder how come these cryptocurrencies remain so popular amidst negative comments from many skeptics.
The prevalence of cryptocurrency
Many would say that cryptocurrencies are “dark money”, which means that they are only used for transactions involving illicit activities in the real world. ‘Surprisingly, Bitcoin and other cryptocurrencies have many uses.
This is true, considering that many brick-and-mortar stores already accept Bitcoin as an option when paying for the goods and services they provide to their customers. There are also Bitcoin ATMs in some countries where people can transact using their crypto rather than opting to process everything online.
But why do these cryptocurrencies continue to be popular? Keep reading to find out the answer!
Bitcoin is not just a cryptocurrency for many. For Bitcoin investors, it is also seen as a way of life. It has even become a form of obsession for some. But why? Let us examine the psychological reasons for such a phenomenon.
It’s an identity
Some people don’t see Bitcoin simply as a solution to a specific problem. Rather, they see it more as a religion that they must attend. Due to such a belief, many crypto enthusiasts have started coining different words as part of their crypto lingo. Thus, words such as “whale” and “HODL” began to emerge.
And so thousands of people attend Bitcoin conferences. Why is Bitcoin becoming so attractive? The culture surrounding the Bitcoin community is one of the factors that makes it so appealing. Therefore, once you have decided to buy Bitcoin or a cryptocurrency, you are not just buying the cryptocurrency itself. But instead, you’re paying for the whole culture of it. When the purchase is made, it automatically enters your whole life. It is now part of your identity.
A radical identity
Even if you claim to have pure intentions the moment you buy Bitcoin, for the “non-believers” of the Bitcoin religion, you are still considered among the radicals. Why? Because the population of people believing that crypto-currencies are a subversive concept remains enormous. To them, if you’re buying bitcoin and you’re into cryptocurrency, you’re someone who engages in activities that are counterculture.
Social media makes it popular
This is not surprising knowing that everyone around us is on social media. Almost anything posted on social media quickly becomes popular or infamous depending on how social media users view those posts. Nothing prevents the highly engaged community of cryptocurrency enthusiasts from making so much noise on social networks.
Cryptocurrency news and stories are all over Facebook, Twitter, Reddit, TikTok, and everywhere else on the internet. People who use world-class crypto platforms that offer the ability to buy crypto or connect to brokers, such as Binance.com, Kucoin.com or Immediate-edge.io, also contribute greatly to the popularity of cryptocurrency. And such noise makes Bitcoin and the cryptocurrency world even more popular.
Add stories about people who become instant millionaires by investing in bitcoin. Do you remember the Dutch Bitcoin family? They exchanged all their assets for Bitcoin, and now they can travel the world using only their van. But, of course, some people are not lucky enough with Bitcoin and have turned out to be poor when the odds did not work in their favor. It is thanks to stories like these posted on social media that the world of cryptocurrency continues to grow not only in terms of population, but also in fame.
Why do cryptocurrency stories get so much attention from people?
For centuries we have been told and taught that to live well in this world; we have to work hard to earn money or any fiat currency that allows us to buy what we want and need. So, boom! So Bitcoin and its creators tell us that we don’t have to rely solely on fiat money to pay for everything.
We can use digital money to transcend borders, nationalities, governments and financial institutions. If news about this doesn’t catch your eye, then we don’t know what else we would do. And, if you are committed to the Immediate Edge platform, chances are you already incorporate Bitcoin life into your identity.
If you own Bitcoin or have been actively engaged in crypto trading, you feel like you are one of the main contributors to the fame of cryptocurrency in the film called the financial space.
There is no need to wonder why. Social media is a real driver of social behavior. One day it’s just another post on social media. The next day, it became a fad, and you are part of it. Still wondering why cryptocurrency remains popular?
Consumer behavior experts say that when people talk about their investments on social media, they tend to engage more in risky investment decisions. The same is true whether you are into cryptocurrency investing, forex trading, etc.
Volatility excites
Skeptics say they will not buy cryptocurrencies because such a move is too risky. But, for crypto enthusiasts, investing in cryptocurrency is a lot like visiting Vegas. The idea of taking risks and enjoying every minute is very similar to gambling, which is an activity that induces feelings of excitement and thrill. You may not understand such feelings, but gamers can certainly relate to the thrill of risk-taking.
People involved in stocks would get bored checking their prices from time to time. However, with cryptocurrency, prices can fluctuate wildly almost every minute, giving many Bitcoin enthusiasts a sense of excitement.
But let’s not forget that no matter how popular these cryptocurrencies are, we still cannot remove the fact that they remain fraught with risk. For any decision involving cryptocurrency, you might as well consult an expert first.