Topic: My Favorite Misconceptions About Bitcoin - page 3. (Read 544 times)

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."

I was a user who really knew bitcoin at a time when this currency was known to many people around the world. Yes it was in 2018, but I didn't think much of it despite the doubts about how this currency has such a high value. I never thought this bitcoin was a ponzi scheme because I never found a single word about guaranteed return x within a certain timeframe.

I don't know what the dumbest mistake I thought about bitcoin was, but maybe I'm just a little hesitant to spend a lot of money in 2018-2020 buying bitcoin.

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?