Topic: Bitcoin and misinformation - page 6. (Read 1197 times)

It's really hard to combat misinformation when you don't say what it is exactly. You didn't say how you or others are misinformed.

I mean i can think of several fud reasons that are easy to brush off, but there are many different angles people are using to spread misinformation, and not all of them can be brushed off in same way. Some of them are not misinformation, but just data without context. Some of them are exaggerated claims, some pure lies, and some have seed of truth, some of them aren't really lies but told with bunch of lies. So that truth gets mixed with lies.

Most of the time people don't just understand the concept, or arguments get heated because apparently some protocols are too dangerous for people to play with.

I mean i have spoken for bitcoin, but i can't argue that all use cases are going to be positive. Like any tool, it can be used in many ways. And it's hard to say if all the people should have access to all the tools that can hurt there. It's whole another argument all together imho.

Telling about bitcoin to people who don't know anything about bitcoin is difficult, often bitcoin will be associated with fraud or gambling. Usually I will start by telling about the financial system and how paper money is often printed blindly, resulting in inflation. Apart from that, paper money is also influenced by the power, influence and dominance of a country. I will explain this before I talk about bitcoin and how bitcoin with the blockchain system works as the antithesis of fiat currency

Usually they will understand if we explain the financial system first, although there are still those who don't believe it, especially if they know that the price of bitcoin is very expensive. But actually it's not a serious problem because even though many people don't like bitcoin, the price of bitcoin is always high, especially if everyone knew about bitcoin, maybe the price would be many times higher than now.

Usually, people who say that Bitcoin is a scam are those who don't know or lack knowledge about it. But those who know and understand the concept of Bitcoin don't think it's a scam. Most people may think that Bitcoin is a scam, but for most of them, it has not been proven that Bitcoin is really a scam.

You can only be misinformed if the person who tells or talks to you about Bitcoin either hates Bitcoin or is just saying it because he can't make a profit from it.

People who do take bitcoin as a scam are the people who is very myopic of bitcoin, so I have to let some people know that bitcoin have to do with something that people who haven't verified well or inquire well will not understand the process of bitcoin, so therefore, I stand to say that bitcoin stand as elevation to support fiat currency but people who is myopic of bitcoin call a bitcoin a scam.

What I really want you to understand concerning bitcoin precisely is that you have to conduct a research of bitcoin before you conclude of bitcoin, some people said its a scam but they have not verified well concerning bitcoin investment, so therefore I will say that bitcoin is good currency but when you listen to government condemnation about bitcoin you will be discouraged to embrace bitcoin but when you take out your time to invest in bitcoin you also have to inquire as well

Due to the popularity and reputation of Bitcoin, it is common to see scammers hide behind the coin to defraud unsuspected investors. They will always tell people that they are buying Bitcoin meanwhile, they are been introduced to shitcoins or a Ponzi scheme. People need to know that there is no connection between Bitcoins and altcoins but in some cases, people are deceived that they are similar. I would have joined the Bitcoin train a long time ago, but these scammers scared me away from the crypto space.


Getting correct information about Bitcoin is not as difficult as it used to be in the past. Now you can always verify the details you get because there are many genuine websites or media platforms where one can access Bitcoin education. The strength of Bitcoin is in mass adoption and this can be achieved through mass awareness programs. If you have the opportunity to tell people about this uncommon currency, go ahead and do it. But make sure they get a balanced message to avoid misconceptions.

^^ That right there.

Anytime someone says Bitcoin is a scam, a fraud, a ponzi, a pyramid, is somehow bad, is going to zero, has no value, has no use, or anything like that, it is simply due to a deep lack of understanding.


Most people who have negative views about bitcoin fall into one of these cateogries:

1. They read a negative article(s) about bitcoin and all their beliefs around Bitcoin are based on what other people who lack understanding said.

2. They are skeptical about any investment that makes people a lot of money so by default they look at Bitcoin's success as an appreciating asset and they literally just can't fathom its growth trajectory so they assume it is some sort of scam.

3. They think bitcoin is bad for the environment because they don't understand how mining works and they likely read a negative article about mining written by someone with a lack of understanding of mining.

4. They think Bitcoin has no utility simply because it isn't yet generally used to buy things, and they don't understand that that use case comes later in its adoption and there is no reason to expect it to be used to buy things yet.

5. A politician or someone who gets their bitcoin news from politicians who thinks Bitcoin is bad simply because it is outside the control of governments.

6. They personally got burnt by getting into Bitcoin during a bull run and selling at a loss on the ensuing crash, because they didn't actually know what they were doing when they bought it.

7. They are confused about the different between Bitcoin, Crypto, and websites/exchanges in the industry. Because they conflate all these things they think when a hack occurs it means Bitcoin was hacked, or when something was a scam it means bitcoin is a scam, or if something went out of business or did something illegal it means Bitcoin is illegal or collapsed.

8. Simply not understanding volatility and Bitcoin's 4 year market cycle. Every single cycle most people assume Bitcoin is dead after the crash happens. Every single time they are wrong, but every cycle they keep thinking the previous peak was the final peak and the latest crash was the final crash that will keep going. It's just very short term thinking because they don't have any understanding about Bitcoin's value, they literally think its just some investment scheme so when it crashes they think oh that's it, it's done.


The common factor in all these area that they simply don't understand what Bitcoin is and the value is provides. I'm not even talking about understanding blockchain and how it works. I'm just talking about a lack of understanding of the basic value of what it means to be good money and why Bitcoin is extremely good money, as well as not understanding the market cycle and the general adoption path of such a thing.

I was expecting to read some facts, figures, or information that you think is the wrong one that we as newbies get to learn. But you were simply stating the heading in extended words without any real story behind it. We all got the idea of BTC wrong. It's not because we or I were misinformed, it's because we did not give ourselves proper time to educate ourselves. We thought it was a quick-rich scheme and all we had to do was do this and that to earn it.

But if we look at the the past, we realise that we are our own enemies because if we have given ourselves some time to read about it and get some sense of the market, for example, how it works and how we can get benefit from it, Then we might get a huge amount into our hands.

Other than this, most of us were latecomers, so we won't say anything about information or misinformation, but now I am glad that you are cooperative with others, even if you are are just new to this platform with 10 activities.

The funniest thing is that no one sees the financial system as a SCAM, which it clearly is. It's a shame, but a major obstacle in adoption is this kind of reputation that makes the average Joe run away.

The honest truth here is let them think what they want to think, let them say trash about bitcoin because it doesn't even affect bitcoin so I don't see any reason you convincing anyone about bitcoin when the person is not willing and ready to learn. Sometimes the people talking trash about bitcoin saying bitcoin is a scam spreading false news about bitcoin  is either bitcoin stands as a threat to them or their business. The funniest part is when blogger or influencer spread false news about bitcoin people who are not educated will decide to listen to this information.

While there a small population that still believe that bitcoin is a scam, that only proves that bitcoin is great at attracting open minded people.

Well bitcoin has been a huge controversy on financial stance from people and its government, while bitcoin offers decentralization government want to disrupt it because it is simply against their system.

Bitcoin does not care about being on top or being cared about, its purpose is to be a currency, which is not happening at the moment because we are using it as an asset, so let's not take a grudge to people who see bitcoin differently.

People who think Bitcoin is a scam are of course due to a lack of knowledge about Bitcoin. There are many people who take advantage of their ignorance to become victims by luring them to invest in Bitcoin to get bigger profits. Even though what they are offering is not bitcoin, it is just another crypto but in the name of bitcoin. This often happened in my country several years ago.

Our only job is to teach them about the science of Bitcoin so that they don't make a mistake in choosing an investment. If we have taught them, let them make their own decisions, we don't need to force them.

It's good that the op is trying not to push too hard, so that people don't see the op as a scammer.
People can have false information about Bitcoin, but, to be honest, I think it's way more than just Bitcoin. Education often does not include learning how to fact-check information, how to spot suspicious things, how to judge reliability of information, etc. Then there's also a lack of logical thinking skills, such as being able to make nuanced distinctions. For example, Bitcoin is not itself a scam, but many people pushing for Bitcoin can actually be scammers. If people use guilt by association instead of carefully sorting different information, it can lead to many mistakes.
I believe it's crucial for basic school education to transform and start consistently providing critical thinking skills to help people navigate the world in a better way, and those skills would help reduce the amount of Bitcoin misinformation as well.

   wish I could just scream NO at anybody who ask this question and tell them how Bitcoin is going to change the world. I will first start with features of Bitcoin. It is Easy Fast Secure Works 24*7 Decentralised Permissionless Then I will tell how it is better form of currency.It has limited supply. Unlike Fiat currency, only 21 millions Bitcoins will come to existence with the startup cryptocurrency investment company where you get double of your invested cryptocurrency.  No central government or organisation have monopoly over it. Only Federal Reserve reserves the right to print the US Dollars and on their own wish. You either buy or earn Bitcoins.You do not need permission of any bank or card to transact in bitcoins.
  it is excellent medium for exchange of goods and services It can be used to maintain accounts It is fungible. Moreover people like Bill Gates and John McAfee endorse Bitcoin. Then there are people like Andreas Antonopolis who works as evangelist for Bitcoins and make people aware about How Bitcoins is going to change the world and is not a get rich quick scheme.I would discuss about the poor condition of the world’s economy. Countries like Venezuela and Zimbabwe are on the brink economic meltdown. Bitcoins can give them freedom to transact again with the money which has value and not a piece of paper.Lastly I would tell story about immigrants in western countries and how expensive and slow it is for them to send money to their family. With Bitcoin is cheaper and faster way to send money back home to your parents, wife or kids. But I also know that nothing is permanent. With good there comes evil. Bitcoins has its own share of problems.

Of course, I have also experienced that when I told my friend about bitcoin, he thought bitcoin was a scam and it didn't make sense if the price was so expensive. I tried to explain but since he doesn't know anything about bitcoin, I'd better leave it at that because it's hard to explain to people who aren't interested in bitcoin.

I can't force someone to like bitcoin or recommend they invest in bitcoin. I think gradually they will realize for themselves that bitcoin is a valuable asset. Bitcoin is becoming more popular every day so I think everyone will eventually know about bitcoin

The main reason why many people think Bitcoin is a scam is because they do not understand it and also have no knowledge about Bitcoin and that is already a classic reason. Actually it was their fault because at that time they did not take the initiative to do research, and after they found out that Bitcoin was not a scam, they regretted it but it was too late.
So, forget the past even though many people are now aware of it and don't waste your time investing in Bitcoin, do it now before you regret it a second time.
And this is the journey of Bitcoin that ultimately they will trust Bitcoin and get involved, and this will continue and ultimately Bitcoin users will continue to grow and also grow as time goes by.

How many of them have taken their time in making research about the true identity of bitcoin, are there no scams in fiat currency, when we heard of something, it's a good thing to push forward in making research about it to know how how true it is, the mistake most of us do is that we only acted hastily on any information reaching us without taking our time in making research about them to know wether they are true or not.

Some people spread misinformation about Bitcoin for their own benefits but there are reliable sources like this forum itself to cross check everything. You should always do your own diligence before making any investment. Same applies to alt coins. There are so many alt coins and there is so much benefit in spreading misinformation about them that a lot of people actually do that. But you should have the judgement to filter reality from crap.

It's normal that the average person is often misinformed about Bitcoin. They don't want to take the time to look for more information about Bitcoin. And they also follow other people's invitations without checking them first. However, if they look for other information, they will see that investing in Bitcoin is true.

This is what scammers are doing to attract the attention of people who want to invest in Bitcoin. And people think that Bitcoin is a program introduced to them by scammers. Even though Bitcoin has nothing to do with these programs, this makes people think that Bitcoin has cheated them, even though it is the scammers who cheated them.

If they weren't lazy to look for other information, they would see that investing in Bitcoin could be a long-term investment. They no longer need to join other investment programs. And they only need to buy Bitcoin regularly using the DCA method and save the Bitcoin. That is more than enough so they don't need to follow price movements that could worry them.

It can be a really sad thing when Bitcoin was undervalued in the past when many people considered it a Bitcoin scam. And at that time people were misrepresenting Bitcoin, and taking Bitcoin as a negative. But those people now have a lot of knowledge and after seeing all these changes in Bitcoin, they believe that Bitcoin is actually a trustworthy currency. But currently those who don't believe in this Bitcoin but see Bitcoin as a scam I would say lack common sense. But there are many scam currencies in the market where people lose money by investing and blaming Bitcoin, actually it has nothing to do with Bitcoin. But we can say that since the price of Bitcoin is increasing rapidly and we expect good things from Bitcoin in the future, we have faith in Bitcoin.

Many people like myself too had this mindset that  Bitcoin was a scam before we took that bold step to join the industry.  While it is partly caused by lack of sufficient information or knowledge,  I believe those who have strongly refused to purge themselves of these negative mindset about Bitcoin are just scared of taking risks.  They backup their fears with negative news and rumours about Bitcoin,  soon they will realise themselves that they have been missing out on a great opportunity. There is no point imposing Bitcoin on anyone,  everyone should be allowed to do what works for them and what they are comfortable with. The aim is to earn income,  every man with his own hustle.