Convince Crypto Skeptics: Why Go Crypto?

Bitcoin Jul 23, 2020

Do your friends and family roll their eyes every time you point out places that accept Bitcoin? Or perhaps you tried (and failed) to teach your mom how to use a Bitcoin ATM. One reason more people aren't as enthusiastic about cryptocurrencies is because it's often not clear why they should use crypto—and as with anything new, it helps to figure out the benefits before you get started. Worse still, the amount of information (and misinformation) out there can be pretty overwhelming, even for those who have already invested. So whether your soon-to-be-crypto-user might be drawn to cryptocurrency because of the freedom it represents, or they simply like trying new things, we're here to offer some talking points that will help convince skeptical folks to join the world of crypto. And once  you've got them hooked, send them to Invity, the easiest way to buy crypto!

Crypto means control and freedom

The history of cryptocurrency is filled with firsts, but what started everything was Bitcoin. Bitcoin was first mined back in 2009 after the Global Financial Crisis, giving people an alternative to the regular centralized banking system and the opportunity to take back control of their finances.

With cryptocurrency, you’re not dealing with a middleman and there’s no single authority controlling your coins because the blockchain operates on a peer-to-peer basis. In contrast to your regular bank account—where the bank has the power, for example, to freeze your assets—your cryptocurrency is completely controlled and owned by you. No one can take those precious coins from you, as long as you keep your keys secure.

Crypto can’t be counterfeited

A huge advantage of using crypto is it’s less susceptible to fraud. Once a transfer has been verified, there’s no way of reversing it, unlike with credit card chargebacks. That verification process is set in stone (well, the blockchain), and protects both the seller and buyer, so it’s a win-win. Also, as everyone in the system can see every transaction, it’s transparent, so it’s way more difficult for someone to get away with fraud.

Simpler, speedier transactions

This goes back to cutting out the middleman. When spending your coins, you’re only dealing with one individual—so no need to involve any third parties. Plus those coins are almost instantly transferred, so there’s none of the “within 5 business days” nonsense you often get with your bank.

Lower fees

Transferring money, taking cash out of an ATM—these are services your bank will charge you for and somehow those irritating little transaction fees really add up. Thanks to the lovely peer-to-peer system in crypto, you usually don’t pay more than a few cents in transaction fees.

Access for all

If you can get online, you can use cryptocurrency. This has opened up possibilities for those who may not be able to open a regular bank account but do have access to the —by the way, that’s currently around 2.2 billion people. So, not only is cryptocurrency a financial equalizer, it also means you can access your coins 24/7, wherever you are—the only thing you need is internet access.

India and China have the largest populations of unbanked people in the world. By Global Findex and the World Bank.

Security, security, security

A common, unfounded fear for those new to cryptocurrency is that it’s more vulnerable than the cash in your regular bank account. Because transactions on the blockchain are shared across a network, they are transparent and any other user can verify them. Plus, you need those all-important keys to even think about making a transaction - making things incredibly difficult for hackers to get to your coins. Another key element here is the fact that transactions are irreversible, so there is far less risk of tampering or fraud. That said, if you leave your coins on an exchange, your coins will indeed be more vulnerable, but if you use a hardware wallet, they’re extremely secure. For example, with a hardware wallet like the Trezor Model T, your private keys are stored offline on a physical device that only you have control of. This provides unmatched security for your funds, so you can sleep soundly at night knowing your coins are safe.

So even if your friends and family may not (yet!) be ready to transition to a fully digital economy, hopefully these have been some basic and convincing arguments in favor of having at least a little bit of crypto on hand. And if they are still in search of an easy, friendly way to learn more about crypto, they can always visit Invity, the easiest way to buy crypto!

Cover photo: Mom with laptop by Paul Hamilton, licensed under CC BY-SA 2.0.

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