Common misconceptions about Bitcoin. - page 3.

Mr.right85

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Quote from: Gooner0 on August 09, 2024, 12:49:09 AM

I had an argument with a friend just yesterday, who seemingly believes that Bitcoin is being controlled by a single entity and Bitcoin is not secure.

Bitcoin isn’t controlled by any single individual or an entity, most persons knows that. Bitcoin isn’t subject to any form of censorship. It’s the one truly decentralized asset in cryptocurrency.

Quote from: Gooner0 on August 09, 2024, 12:49:09 AM

He said a lot to back his claims which although I can't remember his pin points though.

It would have been really nice to hear what backings he had for the things he said of Bitcoin. I suppose those where the catch go better his understanding.

Quote from: Gooner0 on August 09, 2024, 12:49:09 AM

I knew once that he doesn't really know much about Bitcoin so I decided to back out of the argument.
Misconceptions like this are merely caused by lack of education (Bitcoin related) and sometimes education in general.

Your friend wasn’t going to learn nothing from an argument, just as you learned of his ignorance and backed out due to misconceptions, he obviously would be so focused on being right than wrong and learn.

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Quote from: Onyeeze on August 09, 2024, 05:34:39 PM

If bitcoin is being controlled by particular set of people by now bitcoin would have gotten to hundred thousand, and the existence wouldn't have take this long, because people of different kind could not trust bitcoin when it was newly invented, so I know very well that bitcoin people condemn it and later same people that condemns it are same that have values bitcoin later, don't believe in criticism mostly when you have the passion on bitcoin, since the Year satoshi introduced bitcoin partially it has gotten a milestones of fifteen years if I'm not mistaken

Somewhat agree on this fact but I got to say that maybe these people that conspiracy theorists have been so scared of when it comes to bitcoin being controlled by something or some shady organization, it might also be possible that people that are supposedly "controlling" bitcoin are smarter than what we give them credit for and that they're probably biding their time at an even longer pace than what most of us would think is humanly possible but other than that, the evidence that supports the fact that bitcoin is controlled by anyone or any group is pretty flimsy in my opinion.

tread93

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Quote from: Gooner0 on August 09, 2024, 12:49:09 AM

>>They are so many misconceptions about Bitcoin, if I should start mentioning I could end up being bored while typing. The list goes on and on.
I had an argument with a friend just yesterday, who seemingly believes that Bitcoin is being controlled by a single entity and Bitcoin is not secure.
He said a lot to back his claims which although I can't remember his pin points though.
I knew once that he doesn't really know much about Bitcoin so I decided to back out of the argument.
Misconceptions like this are merely caused by lack of education (Bitcoin related) and sometimes education in general.
There even might be people in this forum who have similar misconceptions, the question is how do we tackle this misconceptions?

It’s so true there are so many misconceptions , most are held from word of mouth he said she said and aren’t based on anything but fluff. Those folks don’t do their own research or know the first thing about Bitcoin they just hate it the same way folks hate Donald Trump

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Quote from: yhiaali3 on August 09, 2024, 11:13:15 AM

Almost the same story happened to me, there is a friend of mine who believes that Bitcoin is centralized and controlled by one entity in secret (just like the hidden government theory), I tried a lot to explain to him and convince him that Bitcoin is decentralized and no one person or entity can control it, but he is full of conspiracy theories.

The solution is simple in such cases, just ignore him and move on with your life, after that with time he will understand that he was wrong and that he missed the opportunity to benefit from believing in Bitcoin.

I have heard if many misconceptions about bitcoin in the past years, but I have never heard of a strick claim that bitcoin is centralized. If I should encounter such a misconception, I don't think it will be very difficult for me to explain and clear their doubts.
If bitcoin is centralized, by now one strong government should be controlling it and governments shouldn't be struggling to ban or undo bitcoin then. It should be a war of one government against the other.
Nowadays, I no longer see many misconceptions about bitcoin, but rather regrets of not joining the bandwagon early.

Onyeeze

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If bitcoin is being controlled by particular set of people by now bitcoin would have gotten to hundred thousand, and the existence wouldn't have take this long, because people of different kind could not trust bitcoin when it was newly invented, so I know very well that bitcoin people condemn it and later same people that condemns it are same that have values bitcoin later, don't believe in criticism mostly when you have the passion on bitcoin, since the Year satoshi introduced bitcoin partially it has gotten a milestones of fifteen years if I'm not mistaken

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Quote from: serjent05 on August 09, 2024, 03:38:35 AM

Quote from: Gooner0 on August 09, 2024, 12:49:09 AM

There even might be people in this forum who have similar misconceptions, the question is how do we tackle this misconceptions?

By giving information that is supported by facts. Just like when your friend states that Bitcoin is being controlled by a single entity, you can refute it by giving him links that have been verified true by the Bitcoin community on how Bitcoin decisions are made.

About the Bitcoin security, you can just challenge that person to hack the Bitcoin network and see for himself that whether his belief is right. Misconception is often handled by giving them a non-refutable fact that counters their belief. If they don't accept that, then just let them be. It would be them who will look like a joke if they keep clinging to their misconception.

It's a good thing to educate them and hand them some links where they can refer for verification. However, they have all the chances to accept it nor stick to their own beliefs because they think they already know bitcoin very well. When that happens, better to leave them and ignore them. They will laugh on their own mistakes one day and blame theirselves for not knowing earlier.

albon

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Quote from: Gooner0 on August 09, 2024, 12:49:09 AM

There even might be people in this forum who have similar misconceptions, the question is how do we tackle this misconceptions?

Anyone with accurate information, experience, and good knowledge in this field and reliable sources can then address the misconceptions and rumors about Bitcoin and cryptocurrencies that many ignorant people repeat. It would have been better for you, OP, to answer him and clarify his misunderstanding or use trusted sources so that he could learn the correct concepts and fundamentals of Bitcoin and have a constructive dialogue between you without arguments.

Honestly, many people like your friend cling to their mistaken views about Bitcoin and are not convinced even if you explain to them with evidence of their lack of knowledge. It is worth noting that there is no interest or benefit for you to waste your time with someone who argues out of ignorance. If he were genuinely interested in Bitcoin but had some concerns, he could have used your discussion as an opportunity to ask questions and receive accurate answers, and then conduct his own research afterward.

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That's because they don't understand bitcoin and are looking at the wrong sources. This situation is not too strange because for those who are laymen when treated to data that is a little off too then they will definitely believe especially the source is from some big media so it is quite natural that this can happen.
But it will be a different story if they research further, especially if they have entered this forum, their views may change 180 degrees compared to before.
The problem in this case is that sometimes many people will swallow the wrong data without any filtering process first so it will be difficult to change the mindset they have applied before. But even so, I'm actually not too worried and actually quite grateful because it means that indirectly bitcoin is only for those who want it even though everything can be in bitcoin but not everyone can understand how bitcoin works which makes me believe bitcoin is only for those who want it.

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Quote from: Gooner0 on August 09, 2024, 12:49:09 AM

I had an argument with a friend just yesterday, who seemingly believes that Bitcoin is being controlled by a single entity and Bitcoin is not secure.
He said a lot to back his claims which although I can't remember his pin points though.

I guess it became needlessly convoluted? if so, you may wanna look back to see if they're into conspiracy theories as well lol.

I've seen typical misconceptions from average folks but those who like conspiracy theories usually have too much to say and the scenarios are more closer to a mystery thriller novel lol. I could try to debunk misconceptions from average peeps but for our conspiracy theory loving folks, nahhh, I'm better off saving my energy lol.

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Quote from: yhiaali3 on August 09, 2024, 11:13:15 AM

Almost the same story happened to me, there is a friend of mine who believes that Bitcoin is centralized and controlled by one entity in secret (just like the hidden government theory), I tried a lot to explain to him and convince him that Bitcoin is decentralized and no one person or entity can control it, but he is full of conspiracy theories.

The solution is simple in such cases, just ignore him and move on with your life, after that with time he will understand that he was wrong and that he missed the opportunity to benefit from believing in Bitcoin.

Arhhh like we have bitcoin misunderstandings in our circle of friends I feel how to argue with friends who have no knowledge in their chat full of theories because they think bitcoin is controlled by certain entities even though he doesn't mention it because behind it is hidden.

Another word, if we continue the argument we will look stupid like him so it's better to leave because it's useless he has thoughts that are not in line or are bitcoin haters.

Even I told him to learn a lot about bitcoin in terms of how the market works or something else he still doesn't want to do that, so friends like this don't need to be debated anymore because they will continue to judge that bitcoin is not in line with our thinking.

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Quote from: Gooner0 on August 09, 2024, 12:49:09 AM

>>They are so many misconceptions about Bitcoin, if I should start mentioning I could end up being bored while typing. The list goes on and on.
I had an argument with a friend just yesterday, who seemingly believes that Bitcoin is being controlled by a single entity and Bitcoin is not secure.
He said a lot to back his claims which although I can't remember his pin points though.
I knew once that he doesn't really know much about Bitcoin so I decided to back out of the argument.
Misconceptions like this are merely caused by lack of education (Bitcoin related) and sometimes education in general.
There even might be people in this forum who have similar misconceptions, the question is how do we tackle this misconceptions?

Think of it as ants outside a can of sugar. They can only see but can’t taste the sweetness of the sugar.
The world economy has started to benefit from Bitcoin because one and many things are starting to be expressed boldly to the surface both in formal forums and behind closed doors.
Trump, openly gave his views on Bitcoin during his campaign. This is something that is strong evidence that great nations want something more from Bitcoin even if it comes from politicians.

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Quote from: Gooner0 on August 09, 2024, 12:49:09 AM

Misconceptions like this are merely caused by lack of education (Bitcoin related) and sometimes education in general.

Hmm, that true mate !
To be honest, it is not only about Bitcoin; it is also about every single thing. If it is difficult to understand, i.e. something people do not understand even if they understand it, then eventually people start calling it wrong. Although, in reality, this is not the case, and vice versa. So similarly, people who have studied Bitcoin know what its benefits are. So even they will not mispronounce Bitcion, while those who are unable to understand will still mispronounce Bitcoin.

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There even might be people in this forum who have similar misconceptions, the question is how do we tackle this misconceptions?

I didn't agree with your statement because if a person on this forum has similar misconceptions about Bitcoin, he will definitely be a Newbie. I will tackle these misconceptioned guys on the way to educate them if they want, and if they don't I will kick them in the ass and leave them alone. Because they are just idiots.

Faisal2202

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Quote from: Gooner0 on August 09, 2024, 12:49:09 AM

Misconceptions like this are merely caused by lack of education (Bitcoin related) and sometimes education in general.
There even might be people in this forum who have similar misconceptions, the question is how do we tackle this misconceptions?

The answer relies on your statements and that is education and that's the only efficient way to tackle any misconception. Like in the case of your friend, if you will tell him how BTC and its blockchain work, and what's the difference between BTC and ETH in the context of centralization and decentralization. Then his misconception surely be tackled.

It's not up to us to tackle everyone's misconceptions about BTC or any crypto because some people are just so Luddite that they don't adopt to new technologies due to their traditional and old beliefs and ways they trust most. Even if they are given the proper knowledge they still won't adopt the new ways.

Agbe

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Op you just made audio (empty) thread without saying anything. It would have been better you mentioned the misconceptions about bitcoin with your friend argument. Who knows if there were some stray bullets (merits) would hit you. You are very lazy to type and that is why you game excuses that the list would be very long so your can't type. And at the end you didn't list anything. And if your friend said bitcoin is own by a single entity and he backup his argument with some point then you would have list the points of your friend for us to see if he is correct or not. Because even Satoshi too made a statement of "we". Meaning he was not alone and in some places he made use of "I". And also in this forum, it is not only theymos that is maintaining it, PowerGlove and others also join hands together doing one thing to the other. So like this we don't know who is right in your argument. Because there is no good information to address your points.

CryptoHeadlineNews

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Quote from: Gooner0 on August 09, 2024, 12:49:09 AM

>>They are so many misconceptions about Bitcoin, if I should start mentioning I could end up being bored while typing. The list goes on and on.

If I'm to ask the O.P specifically, what's the main purpose of this thread? Because I'm yet to grab anything from it, as I was expecting you to tell us what your friend told you which you claimed it's a misconception people have about Bitcoin, and yet all I could see is a baseless and clueless post with nothing for us to hold on to to judge if was he right or wrong. Hence, next time, if you want to create a thread, always try to pass a central message to the people, as this thread lacks basic ingredients.

So all that been said, I will like to point out 2 misconception people always have about Bitcoin which is not true.

1. One misconception people always have about Bitcoin is that it is a get rich quick scheme, whereby they think that if they invest $10 today, in the next one week or a months time, they expect that $10 to turn to $10,000, of which its not how it works.

2. Another misconception people have about Bitcoin is that it is anonymous knowing fully well that its transaction are always recorded on the Blockchain, which is transparent and can be analyse and traced to individuals or an entity's account.

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Quote from: Gooner0 on August 09, 2024, 12:49:09 AM

I knew once that he doesn't really know much about Bitcoin so I decided to back out of the argument.

because there is a discussion with the wrong person. most likely your friend only knows through news on social media and only knows a little.
if you discuss it with friends who have the same thoughts as you, it will be more beneficial for you. rather than arguing with people who may not accept other people's opinions.

Quote from: Gooner0 on August 09, 2024, 12:49:09 AM

There even might be people in this forum who have similar misconceptions, the question is how do we tackle this misconceptions?

if the one who experiences such a misunderstanding is a forum member, I'm sure it won't take long when the person to start looking for information on the forum to shift his thinking. misunderstandings are natural for beginners, but when they learn more, they will find the right answer.

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Quote from: Gooner0 on August 09, 2024, 12:49:09 AM

-cut-
He said a lot to back his claims which although I can't remember his pin points though.
I knew once that he doesn't really know much about Bitcoin so I decided to back out of the argument.
Misconceptions like this are merely caused by lack of education (Bitcoin related) and sometimes education in general.
There even might be people in this forum who have similar misconceptions, the question is how do we tackle this misconceptions?

Did you back up because you couldn't debunk his arguments? Because it sounds like it, if you can't remember any of his points or reasoning behind his argument.
If you knew he was misinformed and didn't know what he was talking about, it's quite fast to debunk anything that's wrong in his arguments. Unless he is a crazy person. You can't really argument with crazy people, they have their own rules for dialog and reality.

But without knowing what he was referring to it's unclear what he meant by that. He might have heard some issues that have basis in reality and maybe misconstrued the problem.

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Almost the same story happened to me, there is a friend of mine who believes that Bitcoin is centralized and controlled by one entity in secret (just like the hidden government theory), I tried a lot to explain to him and convince him that Bitcoin is decentralized and no one person or entity can control it, but he is full of conspiracy theories.

The solution is simple in such cases, just ignore him and move on with your life, after that with time he will understand that he was wrong and that he missed the opportunity to benefit from believing in Bitcoin.

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Quote from: Gooner0 on August 09, 2024, 12:49:09 AM

I knew once that he doesn't really know much about Bitcoin so I decided to back out of the argument.
Misconceptions like this are merely caused by lack of education (Bitcoin related) and sometimes education in general.
There even might be people in this forum who have similar misconceptions, the question is how do we tackle this misconceptions?

If they don't want to learn Bitcoin so let it be, it's just a waste of energy if we keep making explanations to those non-bitcoin people against it, if they don't want to believe what Bitcoin is its their opinion sometimes one of our mistake too once we learn something that might help others we keep pushing them around about the bitcoin. This topic repetitively discussed people want to help others and keep pushing join bitcoin but at the end they didn't just show your interest and information only people who really care just my cents.

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Quote from: kryptqnick on August 09, 2024, 10:50:41 AM

Debunking myths is a good way to set things straight with misconceptions. If a person is making a vague claim, asking for proof can also be helpful. In that case, not much work needs to be done to tackle it. It's also a very good tactic to start from finding the common ground, something the person is likely to agree with.

For newbies, who want to learn and start with basics, they can start with pinned threads in Beginners and Help board of Bitcoin forum or with Bitcoin information and resources from J Lopp.

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For example, that there are unfortunately a lot of crypto scams, which are indeed centralized, and that there are centralized platforms like custodial Bitcoin wallets that can be risky. And that we value security of funds and take it seriously when thinking about Bitcoin.

Some people will ignore risk or accept risk and continue to use centralized exchanges as where they store bitcoin, cryptocurrency. They can not feel fearful by doing this but risk does not care of their emotion. If black swan event occurs, these people will lose money by bad practice.

There is warning to avoid it at beginning but again it's up to each person to decide what to do.
Reminder: do not keep your money in online accounts

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