My misconceptions abut bitcoin (some years ago) was related the nature of this creation.
I mean, I was already focused in project like liberty-reserve or e-gold (all shut down and people arrested...) and I was thinking that bitcoin was just another form of such kind of payment provider.
After I have read the white paper I have understood the deeply difference in what was realized in the past and how bitcoin was something able to "survive" as a digital form of payment.
The list of 3 misconceptions in open post is one of the typical I heard about people speaking about bitcoin.
Each time I ask to people "what you really know about bitcoin"? It's pretty clear they don't know anything unless their opinion based on "nothing"!
Topic: My Favorite Misconceptions About Bitcoin - page 2. (Read 544 times)
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.
1. You can only buy whole bitcoins.
One of the most common misconceptions, but also an excuse why someone has never bought Bitcoin - because if they can't have 1 BTC, they don't want to have 0.01 or some similar amount.
2. It's a ponzi scheme/ tulip bubble/ some other kind of scam or shenanigans.
Bitcoin is unfortunately largely a victim of all those online scams that have happened in the past, so for some people everything on the internet is a scam in one way or another. Those who think this way have never even bothered to see the difference between Bitcoin and some Ponzi/MLM scheme.
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.
I think this has something to do with what was described in the first case, because there is not much logic if someone says that 1 BTC is expensive for him, and when you explain to him that he can buy an amount worth $20 or even less, then it all boils down to the fact that such small amounts do not have sense. Being jealous of those who knew about Bitcoin in the first years of its existence is completely stupid, because Bitcoin was not a closely guarded secret, anyone could be among the early adopters.
What are your favorites?
Bitcoin is destroying planet Earth and we will all be left in the dark because of POW + it is only used by criminals and drug dealers, and of course the ever-present terrorists.
I think bitcoin is a bubble is probably my favorite. Everyone is bad mouthing bitcoin when I joined because it's a scam, a tulip mania and that it will go to zero.
And then the good one "bitcoin to the mooooonnn", lol, we are going to heard about this once we are in a bull run again.
And then the good one "bitcoin to the mooooonnn", lol, we are going to heard about this once we are in a bull run again.
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. (...)
2. (...)
3. (...)
What are your favorites?
1. (...)
2. (...)
3. (...)
What are your favorites?
I take these doubts as challenges. For that puts to the test all that I have learned. Usually lay people will think outside the box of someone who already knows something, in this case Bitcoin.
So, even if it's a dumb question, it's valid to test what you've learned, if you've learned.
When I had a Bitcoin ATM business, I was suprised by the sheer amount of people who told me "they had no money for one Bitcoin". That's when I taught them they didn't need to buy a whole Bitcoin to get started!
I've said it before:We should ditch floating point in favor of integer values (sats).
Everyone (exchanges, ATMs) should sell sats and only sats!
Unit bias is a real thing for noobs, believe it or not...
When I had a Bitcoin ATM business, I was suprised by the sheer amount of people who told me "they had no money for one Bitcoin". That's when I taught them they didn't need to buy a whole Bitcoin to get started!
All of these things are misconceptions that I hear all of the time. The biggest misconception that I hear that drives me nuts is that bitcoin is anonymous and is mostly used for illegal activities. There’s been a number of studies from very affluential outlets that have done on chain analysis that have dispelled this myth time over time; but yet we keep hearing this nonsense. I’m hopeful it fades away as time goes on.
Yes, I think the news has made too many stories about bitcoin for crime. I think probably it is not very anonymous for governments who know how to find the right info. Regular money is better, because the block chain is public and permanent, there is no way to track dollars sitting somewhere hidden in a basement.
All of these things are misconceptions that I hear all of the time. The biggest misconception that I hear that drives me nuts is that bitcoin is anonymous and is mostly used for illegal activities. There’s been a number of studies from very affluential outlets that have done on chain analysis that have dispelled this myth time over time; but yet we keep hearing this nonsense. I’m hopeful it fades away as time goes on.
3. I would love to buy some Bitcoin, but (whatever the current price is) is just too expensive for magic internet money.
And then they go for altcoins. I have seen many people believing bitcoin is too expensive and they should buy a shitcoin worth less than a dollar.
"This token/coin is now worth $0.0000001. If it reaches $1, I will be a billionaire. Bitcoin reached to 60,000 dollars. So, 1 dollar is nothing and can be reached very easily."
"Bitcoin will go to zerooooooooooo!!!!!!!!111oneone"
Every single time in a bear market!
Been through this one all the way from 2017 ATH (20k USD) to the late 2018 bottom (3k USD).
ps: I would consider this a strong buy signal.
#NFA
It's just the same as saying Bitcoin is dead and it's too common to hear or read it nowadays because it almost like a meme whenever there's a correction. And after all these years there are still people who aren't into Bitcoin despite the fact that the market showed what is the price in bearish today. Saying they missed the boat but this price in bear market today was the ATH price where they complain it's too expensive. They really missed their chances to buy because they think owning 1 BTC is thing and having sats is not or they just don't know what is sats. Every single time in a bear market!
Been through this one all the way from 2017 ATH (20k USD) to the late 2018 bottom (3k USD).ps: I would consider this a strong buy signal.
#NFA
3. I would love to buy some Bitcoin, but (whatever the current price is) is just too expensive for magic internet money.
And then they go for altcoins. I have seen many people believing bitcoin is too expensive and they should buy a shitcoin worth less than a dollar.
"This token/coin is now worth $0.0000001. If it reaches $1, I will be a billionaire. Bitcoin reached to 60,000 dollars. So, 1 dollar is nothing and can be reached very easily."
"Bitcoin will go to zerooooooooooo!!!!!!!!111oneone"
Every single time in a bear market! Been through this one all the way from 2017 ATH (20k USD) to the late 2018 bottom (3k USD).
ps: I would consider this a strong buy signal. #NFA
Every single time in a bear market!
Been through this one all the way from 2017 ATH (20k USD) to the late 2018 bottom (3k USD).ps: I would consider this a strong buy signal.
#NFA
Just leave others' thoughts that I tried to explain. I was confused at the beginning and didn't use Bitcoin as a payment method. I was thinking why should a currency's price shouldn't volatile like this. At that time I dare to use Bitcoin due to its volatile. I wasn't ready to accept losing value. But now it's different, I realized what is Bitcoin and how works as well. The same thing happens most of the time when I want to try to explain about Bitcoin.
Another popular misconception about bitcoin is that, owning any amount of bitcoin can make you wealthy. To benefit properly from bitcoin and the market fluctuations you need to have a substantial amount of bitcoin to properly gain from the market when the value of bitcoin goes up. If you have very little fractions and you are holding on to them without planning on how to get more I'm sorry to say but that bitcoin cannot make you rich or wealthy in that case.
Here's a couple of my favorite misconception about BTC
1. It's not real money
2. get rich quick scheme, - specially newbies around 2017, quit their job and focus on crypto related stuff....
3. Anonymity anyone?
4. Bitcoin is the same as the Ethereum and the rest of stable coins
5. Government will have to shut it down, one day
1. It's not real money
2. get rich quick scheme, - specially newbies around 2017, quit their job and focus on crypto related stuff....
3. Anonymity anyone?
4. Bitcoin is the same as the Ethereum and the rest of stable coins
5. Government will have to shut it down, one day
My big misconception around 2013 when I first heard about Bitcoin was
1. Thats just for gamers
My personal misconceptions about Bitcoin circa 2017 just after getting into Bitcon:
2. Can I mine Bitcoin myself with my PC?
3. Surely this cant keep going up, it doesnt make sense?
4. Maybe if I swap some of my Bitcoin for this other project ICO craze I will make a big profit . . .
And a massive misconception surrounding Bitcoin for the last few years by a certain
cohort of people is that
5. it was created by CSW . . .
1. Thats just for gamers
My personal misconceptions about Bitcoin circa 2017 just after getting into Bitcon:
2. Can I mine Bitcoin myself with my PC?
3. Surely this cant keep going up, it doesnt make sense?
4. Maybe if I swap some of my Bitcoin for this other project ICO craze I will make a big profit . . .
And a massive misconception surrounding Bitcoin for the last few years by a certain
cohort of people is that
5. it was created by CSW . . .
Here are my favorite (or less favorite 
) misconceptions:
Edit: Oh, and franky's punch line, "LiGhTnING IsNT BitCoIN!"
) misconceptions:- Bitcoin
useswastes too much energy. - Mixing bitcoin means you're a criminal.
- Bitcoin is a bubble.
- Bitcoin isn't backed by nation(s) and, therefore, doesn't have essential value.
- Proof-of-Work will be banned.
- "It's too late to get involved into bitcoin".
Edit: Oh, and franky's punch line, "LiGhTnING IsNT BitCoIN!"
3. I would love to buy some Bitcoin, but (whatever the current price is) is just too expensive for magic internet money.
And then they go for altcoins. I have seen many people believing bitcoin is too expensive and they should buy a shitcoin worth less than a dollar.
"This token/coin is now worth $0.0000001. If it reaches $1, I will be a billionaire. Bitcoin reached to 60,000 dollars. So, 1 dollar is nothing and can be reached very easily."
Quote
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?
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