Cryptocurrency And The Type Of People Who Use It

Ethereum, Cash, Tron, Stellar, Dogecoin, Bitcoin, Eosio, Iota, Hedera Hashgraph, Aave … There are many different types of cryptocurrencies. Everyone has names that could well refer to spaceships or the rockets that will supposedly take us to Mars in ten or fifteen years.

The truth is, however, that if these trips to other planets are controversial, these cryptocurrencies in the digital world are even more controversial.

There are those who have become rich by “mine” them. On the other hand, many have been ruined. They thought that cryptocurrency would be an easy way to make money. In fact, cryptocurrency is an obsession that a large portion of the scientific community has serious doubts about.

This means that psychology has begun to focus, not on cryptocurrency itself, but on the people who have integrated them into their lives.

How are these people? What is behind a person who is so interested in a currency that is neither issued nor approved by any central authority or government? We’m taking a look at it .

Psychological aspects of cryptocurrency

Perhaps when you think of cryptocurrency, you visualize the classic nerd who puts his computers to work in service of the blockchain network. That is what we mean by “mining”. But in reality, the universe of these digital currencies is huge. There are many types of people who take part in it.

A news item went viral that two brothers aged nine and 14 earn more than DKK 185,000 a month by mining bitcoin, ether and ravencoin. These terms, for the uninitiated, sound like something out of a science fiction movie.

What is even more exciting, however, is trying to understand what drives these children, young people and adults to trade with such skills in these worlds where insecurity dominates.

A desire for something new and the desire for rewards

Psychology has been focusing on cryptocurrencies and their use for a few years now for several reasons. The first is due to the impact they have on a section of the population. The second is to understand the type of people who generally make use of them and take on such complicated risks.

The University of Adelaide conducted research indicating that we still have much to learn about this particular phenomenon. In fact, to this day there is only suspicion that the use of cryptocurrency can lead to behavioral dependence such as. game.

The explanation for this is found in a very common pattern of behavior in those who use cryptocurrency. They are generally people who like to experiment. It should be noted that this type of currency is used behind the backs of the authorities.

Cryptocurrency becomes part of your identity

Cryptocurrency, like bitcoin, is almost a religion for many of these people. In fact, they evolve according to their own rules. Moreover, a whole terminology has been generated around them.

The tension of volatility

Just over a year ago, Hong Kong Polytechnic University and the University of Lethbridge conducted a study. It was trying to answer a question. They would determine whether the people who invest in cryptocurrency are different from their more classic and traditional counterparts who play in the traditional stock market to make their investments? They concluded that:

• On average, those who invest in cryptocurrency possess news-seeking personalities. They also have a greater tendency to gamble.
• It is common for them to form communities on social networks. They are also users of Twitter, TikTok and Reddit. These are platforms that tend to amplify the popularity of cryptocurrency.

In addition to this, these people tend to be defined by the feeling that the idea of ​​volatility in this kind of currency evokes. It is the fact that today they can be very valuable and tomorrow they may lose all their value. That sense of risk and excitement is addictive to them.

Bitcoin intoxication, millennials and the hope of getting rich

The gold rush started in 1848, lasted until 1960 and spread across several continents. Thousands of people migrated to California, Yukon, Alaska, Mexico, Nevada, Oregon, Australia and New Zealand driven by a primary need: to get rich on this mineral.

At the moment , cryptocurrency technology is at the service of people, so anyone who wants to take the plunge has the “opportunity” to get rich.

Enthusiasm for cryptocurrency is great among millennials. In a way, cryptocurrency offers hope in the face of few job opportunities. No doubt we will eventually learn that the emergence of blockchain technology and this new form of investment, around which an entire subculture has been created, has some form of psychological influence.

At present, however, the investigations are not conclusive.