Getting the Right Information About Bitcoin and Don't Be Misguided!

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Quote from: Alpha Marine on September 17, 2023, 08:06:57 AM

Just buying Bitcoin won't cut it. I get your point that it's better they buy Bitcoin than some altcoins that they'll regret later but buying Bitcoin with the wrong idea won't do.
Imagine they buy Bitcoin thinking it was a get Rick quick scheme and they were expecting to make 100% of their investment in a month or two and that doesn't happen. What do you think they see Bitcoin as at that point? A scam.

They'll classify Bitcoin as every other scam out there.
Worst if Bitcoin dips during the period they bought their coin and they make heavy losses.

So I believe people should not only buy Bitcoin but should have the right understanding of what Bitcoin is because if they don't it will just end badly for them and that goes further to tarnish Bitcoin's image however insignificant it might seem.

I fully support. Without an investment plan, any investment, no matter how reliable it is, will not work properly and will not bring the investor any profit, but only losses. It is important to remember that bitcoin is not so frisky anymore and it likes patience. If an investor is in a hurry to profit from bitcoin, he or she will not learn the true value of this asset because the true value of bitcoin is revealed after years of ownership, maybe even decades.

Fiatless

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Quote from: Hatchy on September 06, 2023, 11:54:02 AM

Bitcoin holds the potential to aid countries with stagnant economic growth and has opened up new vistas of financial freedom for them.

Bitcoin will not make a poor nation rich or lead to economic growth of any country. It is a currency that will give any nation an alternative means of payment especially during international trade. It will also help nations to avoid middlemen such as SWIFT during bilateral trade. Nations just like El Salvador can also invest in Bitcoin and hodl until they make a profit. Bitcoin-friendly nations can also attract crypto investors that offer diverse services to crypto clients and this can also create employment opportunities. But until poor nations adopt measures that will improve their economy Bitcoin can do nothing.

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Quote from: UchihaSarada on September 06, 2023, 09:01:34 PM

If they got wrong information about Bitcoin but actually bought bitcoin, it is good enough for them. They at least bought bitcoin and have it that is better than if they buy Wrapped Bitcoin tokens or other altcoins which can cause them losses more easily and seriously.

Just buying Bitcoin won't cut it. I get your point that it's better they buy Bitcoin than some altcoins that they'll regret later but buying Bitcoin with the wrong idea won't do.
Imagine they buy Bitcoin thinking it was a get Rick quick scheme and they were expecting to make 100% of their investment in a month or two and that doesn't happen. What do you think they see Bitcoin as at that point? A scam.

They'll classify Bitcoin as every other scam out there.
Worst if Bitcoin dips during the period they bought their coin and they make heavy losses.

So I believe people should not only buy Bitcoin but should have the right understanding of what Bitcoin is because if they don't it will just end badly for them and that goes further to tarnish Bitcoin's image however insignificant it might seem.

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Quote from: Jon_Hodl on September 14, 2023, 05:15:16 AM

I think one of the biggest problems with people "buying bitcoin to get rich quick" is that there is a lack of understanding of what money at even a basic level. Most people don't understand that money is just a representation of our labor and that the current money (fiat) can be printed infinitely at no cost which transfers the value of your labor to whoever prints the money.

It seems you already know that Bitcoin and fiat money are two very different things, even though in certain countries they can both be used for payments. But Bitcoin is always different from any fiat money because Bitcoin has a supply limit which may not increase again in the future. However, when it comes to fiat money, it is always very possible to continue to increase it even though you have to follow the rules of the state which are written in the law.

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Bitcoin takes that power away from money printers yet people don't understand this very basic characteristic of both fiat money and bitcoin.

I have decided to focus on educating people about the core characteristics of money in a way that they can understand. Once people understand money itself, they can begin to understand why fiat is a scam, and that Bitcoin is the best money in all of history.

It would be great if you could focus on providing that kind of understanding to all people from now on because currently there are still many people who don't understand what money is and what Bitcoin is so they still often think fiat money is better than anything else, even though Bitcoin is a cryptocurrency. can beat fiat money in all conditions.

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Quote from: Outhue on September 16, 2023, 03:06:53 AM

I will never try to push anyone to invest in Bitcoin, it's not worth it most times, and the little numbers of people that know Bitcoin through me are already within the family and friends, so I have studied them enough to know that they like taking risks.

In times of investment is very unwise advising someone to invest on Bitcoin, truly we no how potential Bitcoin is and how far they might gone in the future but not wise to advise someone to invest because in a very good opportunity also have risk involve so considering how volatile the market could be at times so instead is even more better explaining the risk involve on investment and the risk management so that he could be fully aware to enable him decide weather to invest or not. Just like you I can only advise a family relatives to invest knowing fully well that I will be there to mentor him and as such if should incase the market move against him he will be confident it will retrace back based on the trust he has for me unlike an outsider who will feel misguided when the market is moving against him.

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Quote from: Outhue on September 16, 2023, 03:06:53 AM

If anyone is misguided about Bitcoin it's because they lack doing their own research themselves, there is nothing about Bitcoin that's hidden from the internet, so why are they lazy to do research by themselves?

Their practice is key and at the end, practice makes them safe or unsafe with compromise, hack or scam or just self lose their bitcoins.

Knowledge is a start and they must have it through self research or through your help but at the end, they control their activities practically and you can not help them.

Five resources to teach average Joe about Bitcoin

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I will never try to push anyone to invest in Bitcoin, it's not worth it most times, and the little numbers of people that know Bitcoin through me are already within the family and friends, so I have studied them enough to know that they like taking risks.

Never should. Invite them and even you tell them, investment is risky and not financial advice from you, they will still consider you as a reason why they lose money through investment. Most of people only find reasons for their loss from outsider factors and don't look at themselves to find insider factors.

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I am not ready to make Bitcoin sound like a place to turn your life around without slapping you with the disadvantages, the reason for this is because people will always be people, they all love the good stuffs and they all want the easy stuffs, today many people still can't do long term investment, the majority don't even like taking risks, they magnet themselves to what they have presently and they don't think much about what they could become.

If anyone is misguided about Bitcoin it's because they lack doing their own research themselves, there is nothing about Bitcoin that's hidden from the internet, so why are they lazy to do research by themselves?

I will never try to push anyone to invest in Bitcoin, it's not worth it most times, and the little numbers of people that know Bitcoin through me are already within the family and friends, so I have studied them enough to know that they like taking risks.

lixer

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Quote from: Dunamisx on September 14, 2023, 07:53:47 AM

Quote from: Hatchy on September 06, 2023, 11:54:02 AM

Bitcoin is gradually spreading like wildfire worldwide. However, there are still numerous obstacles hindering its widespread adoption.

Are there still factors culminating the advancement of bitcoin to where it should have gotten by now, if we look at how we started and were we are today, there's more of the development that has advanced bitcoin adoption in every aspects we are into just within this fourteen years of history, means that bitcoin had a fast and quick widespread than expected from the global rate in adoption and we are still moving ahead till everyone understands the needs and the use of bitcoin in their financial lives, learning it is the only challenge some may have with using bitcoin but not government or their regulations is stopping bitcoin global adoption.

Do you think that governments, authorities, news outlets, and every other organization have started doing all these negative things now? No, these things have always been a part of Bitcoin's journey, they called it names, they said it's a criminal currency and it is used for criminal activities, news outlets tried to convince people that Bitcoin is something dangerous, influential people used to call Bitcoin a bubble and they said that it will burst anytime now but what happened?

Today, the whole world is running behind Bitcoin, those who used to criticize Bitcoin are now buying and storing Bitcoins secretly, and some are doing it openly. However, the point is, that all these negative things cannot stop the adoption of Bitcoin, the more they try to neglect it, the more people will become interested.

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Quote from: Hatchy on September 06, 2023, 11:54:02 AM

Bitcoin is gradually spreading like wildfire worldwide. However, there are still numerous obstacles hindering its widespread adoption.

Are there still factors culminating the advancement of bitcoin to where it should have gotten by now, if we look at how we started and were we are today, there's more of the development that has advanced bitcoin adoption in every aspects we are into just within this fourteen years of history, means that bitcoin had a fast and quick widespread than expected from the global rate in adoption and we are still moving ahead till everyone understands the needs and the use of bitcoin in their financial lives, learning it is the only challenge some may have with using bitcoin but not government or their regulations is stopping bitcoin global adoption.

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Quote from: Hatchy on September 06, 2023, 11:54:02 AM

While telling others about Bitcoin, you have to remember that not everyone will adopt to using Bitcoin, so don't force someone into investing. Those who've tried it have shared positive experiences. It's unfortunate that some people had the chance to invest in Bitcoin but were discouraged due to their limited knowledge. While seeking financial advice from others isn't a bad idea, it's crucial to be discerning about the information you accept and act upon. Having incorrect information can negatively impact your Bitcoin experience. Always remember FINANCE AND RISK works together. "Do Your Own Research (DYOR) and don't be deceived.

In some point people who understand the bitcoin would like to push person who doesn't know the bitcoin and have a good financial status, seems like they are reflecting those to other people why not them to manage to make an investment here, instead, you are the one who makes to invest they pushing other people that fulfill their lackness with this, as always we cannot push other people with their decisions if they are not interested they are not. If you are that person I will not risk at all if I didn't know what are these things. Ideal to make a research before committing investment, there's a lot of friendship breaks because of this kind of behavior.

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I think one of the biggest problems with people "buying bitcoin to get rich quick" is that there is a lack of understanding of what money at even a basic level. Most people don't understand that money is just a representation of our labor and that the current money (fiat) can be printed infinitely at no cost which transfers the value of your labor to whoever prints the money.

Bitcoin takes that power away from money printers yet people don't understand this very basic characteristic of both fiat money and bitcoin.

I have decided to focus on educating people about the core characteristics of money in a way that they can understand. Once people understand money itself, they can begin to understand why fiat is a scam, and that Bitcoin is the best money in all of history.

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Quote from: Ruttoshi on September 07, 2023, 04:08:59 PM

Introducing bitcoin is people is something good but it depends on how you explain bitcoin to the person that he will see it and decide if he is ready to invest or not. Don't use sweet mouth when explaining bitcoin,rather you should be truthful and tell the person the risk side of it,so that if he jumps into investing and things got bad beyond his expectations, he wouldn't hold you responsible for his loss.

We should not also try to impress others because we are introducing them to bitcoin and you wouldn't want to say the advantage together with it risk involved along, teaching bitcoin should be what the receiving end must gave interest in and we must not force them to learn if they are not willing, because after you have done your own part, it is also left for them to go about making additional research on things they have learnt from you in other to understand better than you've explained or informed them while teaching them about bitcoin.

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Well, although it's related, I think that some people are misguided about Bitcoin because of the inappropriate knowledge they have gotten about crypto. Some people got to know about some shitcoins before knowing about Bitcoin, and after they finally got to know it, they would think it was just the same thing all together. There was one thread that was created a long time ago where the OP talked about how some of his friends thought that the coin that was being advertised on TV was the same thing as Bitcoin. Some people have just been hearing about Bitcoin, but they don't have a real idea or know about it, and even if you showed them a picture of any other coin and ask them what it was, they would not know. Well, I can say that if we come across people who have the wrong education about Bitcoin, then we should let them understand the right thing.

Ruttoshi

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Introducing bitcoin is people is something good but it depends on how you explain bitcoin to the person that he will see it and decide if he is ready to invest or not. Don't use sweet mouth when explaining bitcoin,rather you should be truthful and tell the person the risk side of it,so that if he jumps into investing and things got bad beyond his expectations, he wouldn't hold you responsible for his loss.

If you only tell the person the good side of bitcoin, you will see it that the person will be eager to invest because you have put it to him that it is a get rich quick investment, this will make the person look for any means necessary to have funds to invest and when the market faces the downturn of bitcoin, that person will loose hope and confidence in you and he wouldn't be prepared for the risk,which might turn out to be a problem for him to control. This is why in whatever business you want to invest in,it is wise that you do your own research and learn the pros and cons of it.

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Quote from: Hatchy on September 06, 2023, 11:54:02 AM

Crypto illiteracy is a major hurdle affecting Bitcoin's global use. Some individuals has already digested the wrong ideas about Bitcoin and this can affect its adoption rate. In my experiences, when I've asked people about Bitcoin, they've often provided vague descriptions, indicating that despite hearing about Bitcoin, many still don't fully comprehend what it truly is.

All they care and think about BTC as money maker opportunity. I know that because first I also had the same vision but over time by getting more knowledge I understood the science behind it and now I can say for sure without knowledge we are just dumb people bluffing here and there and knew nothing. While at least a little knowledge about Crypto and how things works, like how finance works in reality then those who think of it as money maker machine will think of it as a revolutionary, decentralized coin. Which is here to make you financially independent but of course the pathway is not very simple.

And if it were that easy, wouldn't everyone be financially independent? Therefore even after knowledge BTC is not for everyone especially for those who lack patience factor and want instant money. I am saying that because a long time ago there was a topic in which OP said shifting the interest of gamblers towards BTC would be a great idea but many including me said. If they are gamblers then it does not matter the type of currency they will end everything in the addiction of gambling.

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Quote from: Queentoshi on September 06, 2023, 02:04:27 PM

Quote from: nelson4lov on September 06, 2023, 12:48:38 PM

~Snipped

If you are telling someone to accept bitcoins, trying to make it sound very enticing by only highlighting the prospects and benefits/advantage is not doing the person who you are telling about bitcoins any good. The reason is because when they quickly accept bitcoin based on the one-sided information that you have given them, they will be really disappointed to the point of discontinuing their adoption of bitcoins because the event they are faced with is something that is unexpected. If they have the full information on bitcoins, they will react differently.

True that. Due to misinformation or not providing the positives and negatives doesn't allow people to make informed decisions and when it backfires, it leaves a bitter taste in their mouth and they may never get to try Bitcoin ever again. That's why I consider it to be outright wrong and sus if anyone shills an investment opportunity without talking about the associated risks involved.

I won't blame the people much because it is said that people perish because of lack of wisdom and understanding plus information is power. Not having the full picture makes the decision incomplete.

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Quote from: 348Judah on September 06, 2023, 01:34:28 PM

Quote from: Hatchy on September 06, 2023, 11:54:02 AM

Every successful Bitcoin investors will tell you that risks are an integral part of the journey to success together. "Do Your Own Research

If someone is introducing bitcoin to you and yet after the said is done and they never included in telling you the risk involved in bitcoin, then they are either hiding something from you or they know less about bitcoin themselves, as you've mentioned, there's a need to let the newbies understand what's involve in taking risk, they also needs to let them realize that such could be avoided if they pay more attention to security measures and understand the way they should go about it.

Just to add to what you said which I find very interesting, this is not about newbies only I think every bitcoin investor should be real when discussing with people about bitcoin investment, let them know that bitcoin investment is the same thing with other investment which people are all into you risk to earn but sometimes the plans to turn out as expected. Apart from security measures which is one of the ways to be sure of securing your investments, I think people should be properly guided to seek for knowledge before investing because it helps to reduce the risk involved. Risk in business is a normal thing but people shouldn't see bitcoin as an investment that is profit guaranteed.

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You have already given good advice for beginners to always research before investing in Bitcoin. But to introduce Bitcoin to someone, you have to be careful because not everyone is willing to accept new things and can be patient if they want to invest in Bitcoin.

We can only provide information about how to invest in Bitcoin, how to buy and store Bitcoin in a wallet, avoid panic when market prices fluctuate, and more. And if they are interested, we can tell them in more detail and teach them what we have learned. You also need to explain to them to do research before deciding, and they can ask you for your opinion.

If we can open their minds about an investment opportunity in Bitcoin to them, they will see what the benefits of Bitcoin are for them. But we shouldn't force them to invest with us because investing in Bitcoin is everyone's choice.

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I can't agree more with you. I had a hell lot of discussions on this topic where many members acknowledged to the fact that knowledge is power. It still doesn't matter if others agree with this or not because we all know that knowledge is power and without proper knowledge one could have to face consequences. I prefer to ask questions openly, if I have some confusion about anything I ask it and try to get more knowledge and you said you know BTC full. Believe me, No one knows BTC fully like in all domains, let's say in the domain of security, wallets, blockchain, nodes, SPV wallets, etc., etc. My words are based on my personal experience.

If you want to learn more then you have to agree on the fact that you do not know all about BTC because if you say so then you tend not to learn new things. I am not trying to demotivate you instead trying to emphasize the fact that knowledge is necessary and I'm highlighting that being open to gaining knowledge is essential. I hope you understand it and by you I do not really mean you instead the reader of this post they could be anyone.

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To obtain accurate information about bitcoin & avoid being misled it is essential to rely on reputable sources. Trusted news outlets like Bloomberg, CoinDesk & CoinTelegraph provide reliable coverage on cryptocurrency. Official websites of well established exchanges such as Coinbase or Binance offer educational resources & insights.
Most importantly though read the Bitcoin Whitepaper - https://bitcoin.org/en/bitcoin-paper

It is advisable to follow renowned experts in the field like Andreas Antonopoulos who regularly share reliable information & analysis. Engaging with communities on platforms like Reddit's r/Bitcoin or here at bitcointalk.org can also help access valuable insights & discussions about Bitcoin.

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