Recently I had to explain to a friend what I was focusing in on financially speaking and I brought up crypto, specifically bitcoin. He was confused at first because he heard that it was unstable and risky. I knew that he already has a bad image of bitcoin so there was an urge to defend bitcoin but in the end I did not.
Because it was true. Crypto is volatile and even though Bitcoin has proved itself to continue to rise even after each dip, its price is still unstable. I realized that this does not necessarily have to be a bad thing especially if you are knowledgeable enough to minimize these risks. It was easy to get defensive but, in the end, I just explained to that friend that that is why it requires much attention and studying.
Do not lie to people about what crypto is just so they would not think of it as something not worthwhile. Rather explain eagerly. I did this so that my friend would not worry about my financial state and if he ends up becoming interested in bitcoin then I would be glad to continue teaching him.
It is wrong to compare bitcoin and crypto together. Bitcoin should be known for bitcoin and separated from whatever shit that are being done out there in the name of crypto currencies. A lot of scams has been done out there in the name of crypto currencies. Many projects has rugged pulled in the name of crypto currencies. But bitcoin hasn't done any of those things. So the earlier we start telling people that bitcoin is different from crypto currencies the better for everyone. And it will also make people start to understand that bitcoin is not as risky as they are seeing it. Yes bitcoin has some associated risk, but it hasn't gone back to the first price it was listed with in exchange, and that's the worst that can happen to bitcoin. In nutshell, bitcoin on it's own is not as risky as you are painting it. The worst that can happen is that bitcoin will go back to zero, that's why people are always encouraged to invest what they can afford to do without for a long time.