If you bring up cryptocurrency investing with a friend or coworker, they’ll probably respond with the same old platitudes: “Bitcoin isn’t backed by anything.” “It’s a fraud.” “It’s only for laundering money.” I’ve heard every kind of superficial rejection since I’ve lived here for almost eight years. The reality is that cryptocurrency is real, but it’s not simple. And for that reason, a lot of people attack it without bothering to consider it.
Let’s begin with the obvious: investing in cryptocurrency is quite challenging. You could lose your mind just from the words. It can be intimidating to even sign up for an exchange. I’ve seen financially astute individuals completely quit up because they were unable to complete a know-your-customer (KYC) verification. A family member claimed that the interface of a well-known exchange in Canada felt “sketchy,” which nearly caused him to give up. I understand. For someone accustomed to stock trading, cryptocurrency may seem like not just unexplored ground but an entirely different world, which it is in many respects.
Then there is the negative aspect: fraud. Because cryptocurrency is transparent, everyone can see what you do with your wallet. This implies that malicious actors can airdrop tokens to you, and if you engage with them, your wallet may be empty. Several folks in my crypto groups have experienced it.
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