I think now most of us have cleared up our misconceptions, there is another misconception that Bitcoin is going to cause next energy crisis. I feel that is a dumb logic. The world has seen so many sources of population for last 200 years. But did nothing, but now for them my miner is more dangerous than a factory in city outskirts.
You know when people don't want something they come up with every silly excuse they can get. They are afraid it take over their local currency and try to prevent it in any way there is even an article that Bitcoin is 50% harm free in terms of energy emissions that all those companies 
Topic: My Favorite Misconceptions About Bitcoin (Read 476 times)
Majority of people who had been able to learn up about crypto is that into those hyips and ponzi back in the past where it do offers huge income or returns on a short time basis and
i was one of those people who had known crypto due to this thing but eventually i do able to learn up something even more as i dig further when it comes to various things
and i do able to realize and learn up on whats the truth.This is something that you should work and learn for you to sustain and make money even though not on constant
but at least you are really that able to survive this unpredictable market.
I've experienced this kind of thing when I first got to know bitcoin and haven't fully explored bitcoin, inviting relatives / friends to invest in ponzi schemes or hype that were trending at the time I just thought this was a very big advantage without doing anything especially with a 2x return, but i got stuck and lost everything my friend charged me the promise with the profit and this was indeed my fault so i never tried again and i thought back there was no easy investment especially with a short return, that's what my fault with bitcoin thinking too much about profit on other people while I have to pay them because I invited him.i was one of those people who had known crypto due to this thing but eventually i do able to learn up something even more as i dig further when it comes to various things
and i do able to realize and learn up on whats the truth.This is something that you should work and learn for you to sustain and make money even though not on constant
but at least you are really that able to survive this unpredictable market.
Never mind that it became my memory in the past, and now I know the true meaning of bitcoin and I continue to learn to be greedy in the sense of only making investments that I can afford and never insisting on going back to invite other people let alone beginners.
There used to be too much over-indulgence in bitcoin which I finally understood in my conclusion as the experience.
I think now most of us have cleared up our misconceptions, there is another misconception that Bitcoin is going to cause next energy crisis. I feel that is a dumb logic. The world has seen so many sources of population for last 200 years. But did nothing, but now for them my miner is more dangerous than a factory in city outskirts.
2. It's a ponzi scheme/ tulip bubble/ some other kind of scam or shenanigans.
(....)
For me, this is the most common I encounter. Especially for those people who are non-techy. But even also on techy people who don't have an idea how Bitcoin works. First, their thoughts are, "Bitcoin is a money doubler", sometimes they ask, "How much is your capital", "How much minimum investment", etc.(....)
Most people also thinking when you in Bitcoin or own some, you are rich already or making easy money.
Really, many people started in crypto with these easy earning ways. And it filled with newbies wanting those gains. And in the end, the overall view of BTC was this easy win.
2. It's a ponzi scheme/ tulip bubble/ some other kind of scam or shenanigans.
(....)
For me, this is the most common I encounter. Especially for those people who are non-techy. But even also on techy people who don't have an idea how Bitcoin works. First, their thoughts are, "Bitcoin is a money doubler", sometimes they ask, "How much is your capital", "How much minimum investment", etc.(....)
Most people also thinking when you in Bitcoin or own some, you are rich already or making easy money.
i was one of those people who had known crypto due to this thing but eventually i do able to learn up something even more as i dig further when it comes to various things
and i do able to realize and learn up on whats the truth.This is something that you should work and learn for you to sustain and make money even though not on constant
but at least you are really that able to survive this unpredictable market.
2. It's a ponzi scheme/ tulip bubble/ some other kind of scam or shenanigans.
(....)
For me, this is the most common I encounter. Especially for those people who are non-techy. But even also on techy people who don't have an idea how Bitcoin works. First, their thoughts are, "Bitcoin is a money doubler", sometimes they ask, "How much is your capital", "How much minimum investment", etc.(....)
Most people also thinking when you in Bitcoin or own some, you are rich already or making easy money.
I'm happy the op is so casual about these misconceptions and finds them silly, can even name favourites. I've heard of Bitcoin being a financial pyramid (so, #2) from a relative, but it's not the kind of relative who can be convinced by any arguments, really, so I was irritated that he maintained this position.
In general, I like the misconceptions people have about fiat and banks more. Like how many assume fiat is backed up by something that gives it value, or how most think that the money they have in their bank accounts is actually theirs and is actually there.
In general, I like the misconceptions people have about fiat and banks more. Like how many assume fiat is backed up by something that gives it value, or how most think that the money they have in their bank accounts is actually theirs and is actually there.
Or, how people think they need to "build credit" when they are young, and think the way to do this is to get into credit card debt, and pay ridiculous interest rates, and get caught in a cycle of bad debt.
my misunderstanding regarding Bitcoin.
• I think Bitcoin is illegal, that's what I consider based on some of the rules I've read, but I misunderstood it it's only illegal for those who use it as a means of payment, but if Bitcoin is only for the use or possession of it, of course that's a different story.
• my other misunderstanding is anonymous, but not anonymous, the nature of the anonymity is visible at the beginning, the Blockchain used to make Bitcoin transactions, is public, people can see transactions.
• I think Bitcoin is illegal, that's what I consider based on some of the rules I've read, but I misunderstood it it's only illegal for those who use it as a means of payment, but if Bitcoin is only for the use or possession of it, of course that's a different story.
• my other misunderstanding is anonymous, but not anonymous, the nature of the anonymity is visible at the beginning, the Blockchain used to make Bitcoin transactions, is public, people can see transactions.
Does this happen to anyone else? You're trying to explain to someone, perhaps a close relative, what crypto actually is? And they come up with all of these strange/sill ideas? These are my top 3, I would love to hear everyone else's.
1. You can only buy whole bitcoins. I guess this one makes sense, if you never knew anything about crypto. After all, one usually buys whole stocks and bonds, and whole other things. But I have had many conversations where the person says something like "yeah I would love to get bitcoin but I don't have (insert whatever the current price is).
2. It's a ponzi scheme/ tulip bubble/ some other kind of scam or shenanigans. I think this one comes straight from the msm. Even prominent financial news outlets regularly print erroneous, or purposely false and misleading information. But, if you actually know what crypto is, the idea that it is the same thing as a ponzi scheme or the tulip bubble is just silly. It's like the exact opposite of those things.
3. I would love to buy some Bitcoin, but (whatever the current price is) is just too expensive for magic internet money. This one I think is due to people feeling like they missed out at being an early adopter. These are the types that tend to say things like "gee I wish I had bought amazon when it was a few pennies a share". But whatever the current price, it's too much. It could literally be $5 a Bitcoin and they would say it was too much. I get it, they don't really understand what crypto is, but it's still a bit silly if you ask me.
1. You can only buy whole bitcoins. I guess this one makes sense, if you never knew anything about crypto. After all, one usually buys whole stocks and bonds, and whole other things. But I have had many conversations where the person says something like "yeah I would love to get bitcoin but I don't have (insert whatever the current price is).
2. It's a ponzi scheme/ tulip bubble/ some other kind of scam or shenanigans. I think this one comes straight from the msm. Even prominent financial news outlets regularly print erroneous, or purposely false and misleading information. But, if you actually know what crypto is, the idea that it is the same thing as a ponzi scheme or the tulip bubble is just silly. It's like the exact opposite of those things.
3. I would love to buy some Bitcoin, but (whatever the current price is) is just too expensive for magic internet money. This one I think is due to people feeling like they missed out at being an early adopter. These are the types that tend to say things like "gee I wish I had bought amazon when it was a few pennies a share". But whatever the current price, it's too much. It could literally be $5 a Bitcoin and they would say it was too much. I get it, they don't really understand what crypto is, but it's still a bit silly if you ask me.
1. It's because most people thing that they "need" to own one whole bitcoin in order to make profit. It is something more psychological I guess. They don't realize that they can accumulate bitcoin over time and then eventually own a whole bitcoin.
2. Only those who don't know how bitcoin and the market works are going to call it a ponzi scheme. Also those who lost all their money for being greedy thinks they lost their money because bitcoin was a ponzi.
3. And then they keep on waiting for the price to drop which never happens. They end up crying and "hating" bitcoin even more.
For me it goes like I explain them about bitcoin and then they buy bitcoin. But soon after that, lets say after a few months they keep saying that it didn't increase much.
Mostly its because it has been falling for the last few months but I had already told them to invest only for the long term.
Yet they keep complaining about the price keeping on dropping every month. They don't listen when I say them that I told you to invest for a long term.
So forget about the price for next 3 years.
Mostly its because it has been falling for the last few months but I had already told them to invest only for the long term.
Yet they keep complaining about the price keeping on dropping every month. They don't listen when I say them that I told you to invest for a long term.
So forget about the price for next 3 years.
I'm not sure if I already read this somewhere but it seems familiar.
Anyway, perhaps the most widespread misconception about Bitcoin isn't even on the list, and it is that Bitcoin is a way to get rich. While it is indeed possible that Bitcoin would rise in fiat price, it isn't a vehicle to get rich. This is a misconception that has actually brought a lot of Bitcoin supporters. And this misconception is strengthened or reinforced because the price has indeed multiplied thousands of times. But it doesn't mean Bitcoin is a get-rich pill. It simply isn't.
Anyway, perhaps the most widespread misconception about Bitcoin isn't even on the list, and it is that Bitcoin is a way to get rich. While it is indeed possible that Bitcoin would rise in fiat price, it isn't a vehicle to get rich. This is a misconception that has actually brought a lot of Bitcoin supporters. And this misconception is strengthened or reinforced because the price has indeed multiplied thousands of times. But it doesn't mean Bitcoin is a get-rich pill. It simply isn't.
Does this happen to anyone else? You're trying to explain to someone, perhaps a close relative, what crypto actually is? And they come up with all of these strange/sill ideas? These are my top 3, I would love to hear everyone else's.
1. You can only buy whole bitcoins. I guess this one makes sense, if you never knew anything about crypto. After all, one usually buys whole stocks and bonds, and whole other things. But I have had many conversations where the person says something like "yeah I would love to get bitcoin but I don't have (insert whatever the current price is).
2. It's a ponzi scheme/ tulip bubble/ some other kind of scam or shenanigans. I think this one comes straight from the msm. Even prominent financial news outlets regularly print erroneous, or purposely false and misleading information. But, if you actually know what crypto is, the idea that it is the same thing as a ponzi scheme or the tulip bubble is just silly. It's like the exact opposite of those things.
3. I would love to buy some Bitcoin, but (whatever the current price is) is just too expensive for magic internet money. This one I think is due to people feeling like they missed out at being an early adopter. These are the types that tend to say things like "gee I wish I had bought amazon when it was a few pennies a share". But whatever the current price, it's too much. It could literally be $5 a Bitcoin and they would say it was too much. I get it, they don't really understand what crypto is, but it's still a bit silly if you ask me.
What are your favorites?
1. You can only buy whole bitcoins. I guess this one makes sense, if you never knew anything about crypto. After all, one usually buys whole stocks and bonds, and whole other things. But I have had many conversations where the person says something like "yeah I would love to get bitcoin but I don't have (insert whatever the current price is).
2. It's a ponzi scheme/ tulip bubble/ some other kind of scam or shenanigans. I think this one comes straight from the msm. Even prominent financial news outlets regularly print erroneous, or purposely false and misleading information. But, if you actually know what crypto is, the idea that it is the same thing as a ponzi scheme or the tulip bubble is just silly. It's like the exact opposite of those things.
3. I would love to buy some Bitcoin, but (whatever the current price is) is just too expensive for magic internet money. This one I think is due to people feeling like they missed out at being an early adopter. These are the types that tend to say things like "gee I wish I had bought amazon when it was a few pennies a share". But whatever the current price, it's too much. It could literally be $5 a Bitcoin and they would say it was too much. I get it, they don't really understand what crypto is, but it's still a bit silly if you ask me.
What are your favorites?
I think I was guilty of the first misconception. It's also not hard to see why people think like that. Bitcoin is costly as it stands, we generally feel like we missed out and have no hope.
~snip~
This is a good example of what most people don't understand when they try to understand some things about what Bitcoin actually is. Any group on a social network that has the name Bitcoin in it is considered something official, so many people think that there is a Bitcoin bank or that everyone called Satoshi has 1 million BTC that they will share with anyone who sends them their personal information.
People should really start thinking for themselves a little more, otherwise they voluntarily agree to live in a world of misconceptions that can often result in financial losses and great disappointment.
I started investing in 2020, when I only thought about what crypto could make me rich quick,
I am also looking for crypto that is very cheap, because in my mind at that time,
"This crypto is very cheap, it's less than 2 dollars if it goes up to 10 - 20 dollars I can make a profit"
I bought it crypto,
but the price has gone down
and makes me wonder, why is it like that,
then here I ask my senior who has been in the crypto world for a long time about what crypto is good for investment, "try it in bitcoin"
from here i started investing in bitcoin,
and it turns out that bitcoin is the best.
I am also looking for crypto that is very cheap, because in my mind at that time,
"This crypto is very cheap, it's less than 2 dollars if it goes up to 10 - 20 dollars I can make a profit"
I bought it crypto,
but the price has gone down
and makes me wonder, why is it like that,
then here I ask my senior who has been in the crypto world for a long time about what crypto is good for investment, "try it in bitcoin"
from here i started investing in bitcoin,
and it turns out that bitcoin is the best.
This reminds me of conversation I had with someone a few days ago. Apparently, his own misconception about bitcoin is that he will get paid at the end of 28 - 30days if he buys some bitcoins. He just wants to buy $15 worth and then hopes that it doubles to $30 once he holds it for 28 -30days. He said he got his information from a Bitcoin Telegram group he joined and that there are people who are sharing their testimonies about it on the group.
There are indeed sites promising that kind of return after few days of holding.
But later on, they will realize that this platform is more on the scam side.
How can they give you such good ROI, where will they get it? This is why it falls to a ponzi scheme.
But people are being deceived by such offer. They will get their share for the first few days, but later on, the site will start giving reasons why they can't receive anymore.
People who are giving testimonies are only after to attract more naive buyers so they can continue to get their share.
This reminds me of conversation I had with someone a few days ago. Apparently, his own misconception about bitcoin is that he will get paid at the end of 28 - 30days if he buys some bitcoins. He just wants to buy $15 worth and then hopes that it doubles to $30 once he holds it for 28 -30days. He said he got his information from a Bitcoin Telegram group he joined and that there are people who are sharing their testimonies about it on the group.
I'm happy the op is so casual about these misconceptions and finds them silly, can even name favourites. I've heard of Bitcoin being a financial pyramid (so, #2) from a relative, but it's not the kind of relative who can be convinced by any arguments, really, so I was irritated that he maintained this position.
In general, I like the misconceptions people have about fiat and banks more. Like how many assume fiat is backed up by something that gives it value, or how most think that the money they have in their bank accounts is actually theirs and is actually there.
I also often come across them, they say bitcoin as a pyramid scheme because fraudsters use bitcoin as the main tool to deceive others using pyramid or Ponzi schemes. and this becomes the mindset that continues to stick to them that bitcoin is the main actor and is the center of the pyramid scheme. these kinds of projects that say they are future crypto projects, but in fact they are only exploiting the ignorance of new users in the investment world or in the crypto world, many are trapped and bankrupt due to pyramid scheme investment scams.In general, I like the misconceptions people have about fiat and banks more. Like how many assume fiat is backed up by something that gives it value, or how most think that the money they have in their bank accounts is actually theirs and is actually there.
As a new user, you have to look for information in many references so you are not easily fooled by fraudulent investments.
I'm happy the op is so casual about these misconceptions and finds them silly, can even name favourites. I've heard of Bitcoin being a financial pyramid (so, #2) from a relative, but it's not the kind of relative who can be convinced by any arguments, really, so I was irritated that he maintained this position.
In general, I like the misconceptions people have about fiat and banks more. Like how many assume fiat is backed up by something that gives it value, or how most think that the money they have in their bank accounts is actually theirs and is actually there.
In general, I like the misconceptions people have about fiat and banks more. Like how many assume fiat is backed up by something that gives it value, or how most think that the money they have in their bank accounts is actually theirs and is actually there.
2. It's a ponzi scheme/ tulip bubble/ some other kind of scam or shenanigans.
This is one of the most common replies you will get when you tell someone about bitcoins and he do not know about the bitcoin and crypto. He might have got the wrong knowledge from others that bitcoin is fake and ponzi and this is feed in his mind and he never cares to research about it himself.
My favorite misconceptions are:
1. Bitcoin mining is full of wasting energy and generate a lot carbon emissions, while the truth isn't and actually banks are wasting energy and generate carbon emissions multiple times than Bitcoin.
2. Binance is the most safest wallet because they have SAFU and can recover your money. Even though the last hacked event where Binance can refund the whole coins that has been stolen by a hacker, but there's no guarantee if they can refund it when the hacker can stole all of their money in the future.
3. Bitcoin price is manipulated. It's partly true if the whales are bought a big amount Bitcoin, but they're not actually controlling 100% of the market since there's many people who still own Bitcoin.
1. Bitcoin mining is full of wasting energy and generate a lot carbon emissions, while the truth isn't and actually banks are wasting energy and generate carbon emissions multiple times than Bitcoin.
2. Binance is the most safest wallet because they have SAFU and can recover your money. Even though the last hacked event where Binance can refund the whole coins that has been stolen by a hacker, but there's no guarantee if they can refund it when the hacker can stole all of their money in the future.
3. Bitcoin price is manipulated. It's partly true if the whales are bought a big amount Bitcoin, but they're not actually controlling 100% of the market since there's many people who still own Bitcoin.
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