Why people are so obsessed with bitcoin: The psychology of crypto explained

in LeoFinance3 months ago

I saw this article and thought to myself let's see if they can figure it out because I think mainstream media thinks it's all bout monetary gains. I'll tell you I'm here because I ant to see the system change.

Bitcoin becomes part of your identity
I think this is true, but the article quotes Mark Cuban who just dose not understand it. So the article is not sating off on the right foot for me.

Bitcoin is ″more religion than solution to any problem,” billionaire Mark Cuban told Forbes in December.

I find it hilarious that this they identify BTC and crypto aficionados by their lexicon.

In fact, bitcoin aficionados have their own jargon full of acronyms and phrases from “HODL” to “whale,” and (pre-Covid) bitcoin conferences would attract thousands of attendees. The crypto crow even has a preferred car to buy with their bitcoin: the Lambo (aka Lamborghini).

This is no different that gamer speak. Having common terms helps unit a community. That's what language dose.The reason crypto becomes part of our identity is because we can see the flaws in the current system. We are a generation of people that want change. The traditional systems education, work, governments have failed us. It's time that we take control. That's the true behind why it has become such a big part of our identity.

Social media plays into it

From celebrities who invest in bitcoin, to a highly-engaged bitcoin community on Twitter, TikTok and Reddit, social media feeds into bitcoin’s popularity.

As an early adopter social media was not helpful in the early days. I tried to promote different currencies and people actually thought I was doing something illegal. Today crypto is much more mainstream so the use of social media is helpful, but what many people don not understand is crypto is trying to change the current social media landscape. Just look at Hive and Leofinance.

The volatility can be exciting
People who get into crypto like have an adventurous spirt and I do think that tends to be people with higher risk tolerances. This makes outsiders think we are gamblers , but really we are innovators taking calculated risks.

FOMO
Everyone feels it and there is a rush we it pays off. That goes with adventure and sense of community. I think a lot attention is paid to FOMO with price action. Agin I think main stream culture believes only in the monetary side of crypto.

It provides hope
Personally this is why I'm here. I think the current systems have failed the common people. It's a system the benefits the rich. It feels like we exist to make products that are just sold back to us. This system works us to the bone until we can retire at an old age. We don't have the opportunities to explore passions or make our situations better.

Why are you guys obsessed with crypto?

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I am highly disappointed by crypto media outlets. They do much worse than they benefit this space.

Volatility is our friend for now. Otherwise cryptos wouldn't be so attractive.

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Yeah it seems like they are trying to scare people out of the space. I can't tell if that because they are funded by traditional markets or if they are trying to get in cheap.