Rectify Technological Misinformation Preventing Mass Adoption of CryptocurrenciesJanuary 10, 2019
The complicated nature of the blockchain technology that backs the cryptocurrency makes it hard for people to embrace this digital asset type.
It is easy for people to understand how Bitcoin or Ethereum works. While several people realize what the Bitcoin or Ethereum is, they do not have the required education to know how to use it.
Repeat education is the only way to ensure mass adoption of cryptocurrencies.
Professor Sally Eaves, the CEO of Sustainable Asset Exchange explained that about 38% of the British Population did not have the required understanding of cryptocurrency; however, 61% of them showed an apparent desire to know more about this technology.
There is too much noise when it comes to dealing with different audience types. Some of them have no pre-existing knowledge, and some have biased opinions on the technology. It becomes essential to remove the jargons and help people understand the actual benefits of the technology.
The general inability of people to understand how the cryptocurrency works can be attributed to the too many technical jargons companies uses to explain them to people. Several investors are off put due to the jargons.
Anything that goes beyond someone’s understanding would automatically turn people off. It is not easy for someone to hold on to something that they know very little or nothing about.
In reality, the world is not losing its interest in Bitcoin or another cryptocurrency; however, it is about the complexity involved in genuinely understanding it.
The bulls are defending the triangle support for Bitcoin again today. The trend lines continue to move sideways inside the symmetrical triangle on the 4-hour chart.
The price will be forming a higher low, and the bulls are gaining traction slowly. Thus, the support is likely to hold, and the resistance is expected to break.
The widening gap between the moving averages will reflect the bullish momentum. The bullish momentum supports the upside break. It will push through the upside break; then Bitcoin will be able to climb a height similar to the triangle pattern covering for $3,200 through $4,400.
There is some selling pressure as RSI continues to be down. Therefore, until the bullish momentum returns post the oversold conditions, the price will keep hovering near the triangle support. The stochastic indicates a selling pressure, which is likely to stay until the oversold levels are seen. The RSI and Stochastic will have to cover a few ranges on the ground before the selling pressure can subside.