• Sun. Feb 25th, 2024

Crypto’s Most Vocal Supporters May Also Pose a Threat to Its Success – Deciphering

Megan Ford

ByMegan Ford

Mar 18, 2023

Unfortunately, crypto enthusiasts are sometimes the technology’s most awful diplomats. It is challenging to convince someone to join the crypto community, and some people make it even more complex.

I had never imagined working in the crypto industry. I chose my first job because it was the most rewarding one. Fortunately, I had been peeping into the industry for quite some time. 2014 was the year I first traded Bitcoin. Had there been a better opportunity, I would have left. I was passionate about something other than crypto by then.

Things have changed now. I am emotionally attached to the industry and understand the market inside out. I find myself defending NFTs and explaining Web3 to my non-crypto allies. At one time, I was relating the cryptosystem to a Premier League fan in a joint.

He was not convinced, and I further explained that crypto devotees treat their coins like their preferred football team. At first, we never agreed because he claimed to know more about football, and I knew more about crypto. However, he finally got it after explaining how the system works and showing him a practical example using my phone.

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Using a Sports Team Mentality for Tokens

It takes work to get someone into crypto. We always talk about people getting into crypto and the industry having billion-plus users. We also outline the steps and measures of getting there on paper, but we do not face the world and ask them to get in one-on-one.

Right now, people hate crypto. After the collapse of FTX, bringing people into the industry has been more challenging than ever. However, it was easier before. The truth is that only a few people entered the market due to its rapid growth in quest of quick high returns.

Between 2021 and early 2022, the market experienced its first market upswing. Prices were escalating, and the whole world was following keenly. The media was talking about Web3 and crypto. Everyone had their definition of crypto. Billionaires, nerds, drug addicts, and criminals were all linked to crypto. The journey and story charmed so many people.

The Perception of Crypto Culture as a Shared False Belief

After the fall of the market and the withdrawal of tides, crypto technology looked very unfamiliar. Getting yourself into the crypto culture can make you look like a mad person. You may believe that a particular token will experience an upward trend, even though it might not be accurate.

In short, there is a level of irrational and obsessive posting that one has to get accustomed to. I lately had the privilege of talking with a crypto agent who has been in the market for over ten years.

He is among the few who told me that about 98% of all NFT projects ultimately went to zero. He said that most of them are perhaps frauds, and his claims aren’t controversial to anyone who understands the industry. No one cares when you sell your NFT for gain before the prices fall.

Rushing a gain or following market cycles isn’t evil at all. However, it comes with negativity that many people perceive as disgusting. A recent study discloses that about 60% of NFT users had never heard of utility NFTs.

Therefore, it is evident that the ethical standards of this industry can easily be compromised. Moreover, people need to comprehend what they are trading. So watch your step if you’re planning to come inside!

Megan Ford

Megan Ford

Megan Ford is an accomplished news writer with a talent for capturing the essence of a story. With a keen eye for detail and a dedication to accuracy, her articles provide readers with a captivating and well-rounded perspective on current events.

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