The Psychology of Bitcoin-Why People Get Obsessed with It

Bitcoin

The majority of people are obsessed with this digital currency because it has the potential to make them rich. However, this digital currency’s price is highly volatile, potentially leading to high returns. As a result, this digital currency is not only a cryptocurrency but also an obsession for many people. Here are why people get obsessed with this virtual currency. Start your trading journey at BIT INDEX PRIME

Thrilling Aspect of Volatility

Just like was stated earlier, Bitcoin is highly volatile. Therefore, some investors find checking the price of this digital money exciting since something is constantly happening. As a result, the value of this digital currency changes drastically. Moreover, the younger generation always wants instant gratification because they hate waiting. Along with that, the younger generation prefers investing in projects that are too risky.

However, Bitcoin volatility can be thrilling to some people but can also be dangerous. The value of this digital currency can go up or down rapidly, making investors uncertain about whether they should invest. On the contrary, volatility is one of the main reasons people are slow to invest in this virtual currency.

Ability to Control Your Financial Destiny

Bitcoin is an entirely decentralized cryptocurrency. The central bank or any other government does not have the power to regulate these digital money operations. As a result, this electronic currency has a blockchain technology that enhances peer-to-peer transactions without the interference of intermediaries like the bank.

More so, the ability of Bitcoin users to control their own money without the interference of any other authority is a huge benefit for people who do not like giving away power over their financial matters.

In the end, Bitcoin users are in charge of the security of the network and the various protective measures against cyber criminals. In addition, you cannot trust anyone with your Bitcoins, and the digital currency’s transactions don’t link to real-world identities.

Influence from the Media

Bitcoin is a new and innovative technology that has never existed and has captured people’s attention globally. Consequently, social media has played a massive role in fuelling the obsession with this digital currency. There are influential people like Elon Musk who have used powerful forums like Twitter to discuss the potential and benefits of Bitcoin.

Nevertheless, the massive influence from the media has contributed to more people getting interested in this digital currency.

Fear of Missing Out

People usually get too excited by the ability to bring a new potential life-changing technology into the world. Moreover, Bitcoin has gained mainstream adoption with more prominent businesses, including PayPal, Microsoft, and Starbucks, incorporating this digital currency in their operations. Consequently, it’s hard not to fear missing out on a life-changing innovation.

On top of that, there are viral stories of people who have earned huge profits from this digital currency. Still, people only broadcast the success stories leaving behind the downside of investing in these digital currencies. So, if people hear about the success stories of investing in this virtual currency, they will sing out. These people will most likely invest in this digital currency due to the fear of being left behind. And some will even get obsessed with this virtual currency due to its unique traits.

What’s more, there is a certain Bitcoin excitement among the young people, which makes them feel left out of accumulating huge profits like the rest.

The Bottom Line

Most of these are obsessed with this digital money because they view it as a perfect means of accumulating wealth. In addition, people also obsess over this digital currency because it allows them to transact anonymously.

Jonathan Gibson

Jonathan Gibson