Topic: Mistakes,problems,misconcept (Read 227 times)

Good information, that's a basic information that everyone should know so they won't be mislead about cryptocurrency particularly in bitcoin.
Especially for investors, they need to know the basics of bitcoin first, so they'll not fall into HYIP or PONZI schemes which have scammed thousands of bitcoin in the past, and maybe it would still happen now and in the future.

However, this one, I would like to comment something. I guess when we say that we store bitcoin in our wallet, that should not be taken literally as an average Joe know where bitcoin is stored.

This is pretty similar to saying, I have stored $1000 in my ATM card which in reality your money is stored in the bank, you can just access it through your ATM card.

That's the problem why some people didn't know the real information about such cryptoccurrency and needs to be corrected. These information should be the one that should be spread about crypto related stuff to avoid further mistakes, problems and misconcept to people who are starting to learn crypto.

Where are sources of those quotes? Bitcoinwiki?

I believe you took it from some sources then put it in quotes. It is better to have source link and read full documents to catch all ideas. Sometimes part of documents can not convey all information and can mislead readers.

Bitcoin is stored in private key and wallet is used to stored private keys or mnemonic seeds (then public keys and addresses). Is it correct?

I surely hand the wrong conceptions on these ideas. You really did remove a lid on our eyes or perhaps, my eyes. Your op is nice and simple but very helpful.

Thanks for sharing this information.

Miners do more than creating Blocks and verify nodes, they basically are the Backbone of Bitcoin blockchain as they secure the network and process every Bitcoin transaction.

this statement is not that wrong although it sounds strange.

the term "blockchain technology" is simply referring to the technology that a cryptocurrency uses. that includes everything that makes bitcoin work such as the cryptography, the P2P protocol, the blockchain (database), the proof of work algorithm and more.
so in a way you can say that bitcoin runs on this technology.

the term "blockchain" alone is sometimes used instead of "blockchain technology" by mistake to mean the same thing but it should be used only to refer to the "database".

Thanks for sharing this. Even I had the misconception that Bitcoin is stored in the wallet. But I thought wallets can't be copied as that will be equal to double spend and both wallets will get corrupted. Indeed, this post is very useful for newbies to learn more about Bitcoin and how to safeguard their coins!

You first say "cryptocurrency" and then "digital currency" - those are different things and cryptocurrency is a subtype of digital currency. And Bitcoin is the first cryptocurrency, the projects that preceded it had different designs and weren't successful.


You are confusing confirmation and validation. Confirmation is the act of including a transaction in a block. Validation is checking that a transaction or a block doesn't violate the rules of Bitcoin's protocol. Only miners confirm transactions, while full nodes validate all transactions and blocks, and even SPV nodes validate the transactions that they are interested in.

Am sure you speaking on the part which has BITCOIN NOT THE FIRST CRYTOCURRENCY, well those quoted correction/solution where direct answers to the mistake/problems above them, the full thread to the quote where not all about the mistake/problems. But we can still search more on it, any one you find interesting/exciting. That also the purpose of the thread
+It points few mistakes,problem,misconception
+ Gives concise correction/solution
Now you can search more common problems,mistakes and get more -even in the listed problems,mistakes-

Thanks for this information, this gives me a lot of curiously what is the very first bitcoin now because as far as I know this is the bitcoin and according to your thread there is other than the bitcoin which gives a new knowledge need to know which is the those coins.


Same thought too because of those very first crypto I will watch this for an update. Thank you again.

New knowldege, breaks old conceptions. Thanks for sharing, but I think it will be much better if you just not quote those 'corrections' to those 'misconceptions'.
Some of us wants to verify if the information that you'd provided is okay. Not saying that it is not good(in fact this is really informative), just sayin' that please provide links so we can read more. Thankss  

Their are regular/constant -mistakes,problems, misconception- bitcoin related. Some of these -problems, mistakes, misconception- has been cleared/corrected. I would pin point some problems/mistakes and their respective correction.

+ Mistake: BITCOIN WALLET IS USED TO STORE/SAVE BITCOIN, - even myself thought it was what bitcoin wallet serves or used for, that you save/store your bitcoin in them.

Correction:

+ Mistakes: BITCOIN FIRST COIN/ FIRST CREATED COIN IN CRYPTOCURRENCY: -its a mistake or its incorrect to think bitcoin was the first ever crypto-coin.

Correction:

+ Mistake: BITCOIN RUNS/ BITCOIN FUNCTIONS ON BLOCKCHAIN TECHNOLOGY: this is a thought some might have -i did- think bitcoin runs on blockchain technology.

Correction:

+ Mistakes: BITCOIN TRANSACTION BLOCKS ARE CONFIRMED BY MINERS: you might be - mistaking/mixing it up- thinking bitcoin transaction are confirmed by miners

Correction:

+ Problem: TO GET ELECTRUM SEED PHASE BACK -this can only be done if you still have access to the wallet you want to get the seed phase for, if you don't have access and lost the seed phase then it's very much gone, -keep them properly/safe-

Solution:

+ Problem: TRANSFERRING BITCOIN TO MULTITUDE OF WALLET: you might want to save stress when transferring bitcoin to many/multiple bitcoin wallet -electrum-.

Solution:
https://bitcointalksearch.org/topic/m.49636804.
I would let you go through/read replies on this thread.