What is Nocoiner: Understanding the Mindset of Those Who Reject Bitcoin?

A nocoiner is a person who does not own any crypto assets. Most likely, a nocoiner does not also believe in the future of cryptocurrency. They often talk negatively about digital assets and their underlying technology, blockchain. Of note, nocoiners often think that cryptocurrencies are a fad, and their value will go down to zero in the long haul. They may either be completely new to the space or simply uninterested in digital assets. 

While the term is often used derisively, there are some legitimate reasons for why someone might choose not to get involved with crypto. For example, they may believe that the technology is still too immature or risky, or they may simply prefer to invest their money in other assets. Whatever the reason, nocoiners are generally seen as outsiders by the crypto community.

A Nocoiner Doesn’t Believe in Crypto

Since nocoiners don’t believe in the future of cryptocurrencies, they often criticize the concept of crypto money, arguing that they are nothing more than a “get-rich-quick” scheme. Furthermore, they thrash the anchoring technology as a redundant resource of no good use.

Examples of popular nocoiners are Charlie Munger and Warren Buffett.

What’s a Coin Owner?

A coin owner is someone who owns cryptocurrencies and believes in the technology’s philosophy. In all, there are many types of coin owners. Some of them anchor the blockchain, contributing to decentralization and security as miners or validators. On the other hand, there are HODLers. These individuals firmly believe that cryptocurrencies are a better store of value. Meanwhile, coin owners can also be spenders. These are active network users, posting transactions on trustless, peer-to-peer networks, keeping the platform vibrant. 

Who is a Crypto Whale?

A crypto whale is a large holder of cryptocurrency who can influence the market by buying or selling large amounts of digital currency. Crypto whales typically hold large amounts of Bitcoin, Ethereum, or other major cryptocurrencies, and their trading activity can have a significant impact on the market. Some analysts believe that crypto whales may be responsible for recent market volatility, as they are able to buy or sell large amounts of currency and drive prices up or down.

But is there a problem with Bitcoin?

Bitcoin is often criticized as an “environmentally problematic” coin because some nocoiners think it is “outdated”, generally energy-inefficient, and contributes to global warming. Overall, nocoiners often reason that public blockchains are “flawed” and that centralized solutions could “solve” the problems crypto proponents assert their respective networks can. However, often critics make these remarks out of context or facts. For instance, Bitcoin has maintained over 99 percent reliability, moving trillions since its launch. After over 12 years, there is still no reason to think that the blockchain is “outdated” or useless, as nocoiners argue. If anything, blockchain-reliant solutions are not the problem since they represent the natural evolution of crypto. Blockchain solutions exist as brilliant and efficient alternatives allowing global users to remit value cheaply and at any time. For what Bitcoin brings to the table, governments such as El Salvador are already approving the coin as legal tender.