One of the downfalls of the crypto community is the existence of many zealous enthusiasts who readily spread their ideas among their peers without ever thinking about the potential outcomes of their overly energetic delivery of propaganda. With several stories from our friends and the internet, we are learning that many people are way too pushy when it comes to convincing others to use crypto or invest.
Never give financial advice even if you are doing well
A strategy that works for one person may be completely inefficient for others. It is important to remember that trading style and investment strategies yield results based on execution. Giving any financial advice to uninformed individuals is not a good idea. The next time you think about telling your grandfather to invest in Dogecoin, just don’t.
On the other hand, many crypto enthusiasts are often interested in pressuring local businesses to start accepting crypto. Recently, a story took off on Reddit where a user bragged that they convinced an elderly convenience store owner to start accepting crypto. For the user, it was a game and a way to promote crypto. For the business owner who does not understand how to use crypto and make bookkeeping work, it could be a way to serious financial losses.
We should not be acting like snake oil retailers who are selling something that people cannot understand. The first thing we all need to do to promote cryptocurrencies is provide valuable education, teach others how to do their research, and allow people to think about this concept without pressuring them to start using it and ultimately lose money.
Why does it matter?
It seems that many countries are interested in toying with CBDC and regulating crypto assets. Some nations are already doing it. However, we don’t need nations and mega-corporations to get interested in crypto. We need millions of active users across the globe. If many will burn themselves after receiving a bit of bad financial advice from their friends, they will spread the message to hundreds of their friends that cryptocurrencies are bad.
Be careful with your missionary endeavors.
