Topic: The Biggest Misconception About Cryptocurrency - page 3. (Read 1977 times)

well price won't increase for eternity but it will increase until we reach mass adoption and that is far away and as the adoption grows bitcoin price will grow with it.
you are getting a couple of things wrong here too.
first the price has never been "unchanged" from 2009 till now. it is constantly changing and most of the times the changes are wild. people call bitcoin a "rollercoaster" for that. it is not just a joke.
then the scaling is not something you snap your fingers and is fixed for good for eternity. it is something you improve upon every step of the way and will continue doing so.
and finally these shitcoins you named are just pump and dump shitcoins, none of them are even scalable. ETH network is currently clogged like a toilet, Monero can't handle large number of transactions and had always had a serious problem, ZCash is not as good as Monero and has the similar scaling issues. Dash is centralized bullshi.

complete nonsense. everything has been open source so far and it is not just in the hands of one person, everyone with the knowledge to read code (basic or advanced) can see the code, check it and improve/fix it. as for the "hack" you are describing that doesn't even make sense.

I have the same opinion with Ron. He gave a very accurate statement about the thinking of those who left the Cryptocurrency market. Most people think that the Cryptocurrency market only lasts for a certain amount of time and then collapses. They make big mistakes and that will make them lose the chance to become rich.

Yeah many are adopting it now that's why there are many new coins being created because they are trying to create innovation from the idea of bitcoin. It will never be gone because it's somehow became part of the virtual economic world we have.

I completely agree. How can something that can be of great value (virtual currency and blockhain) just disappear? I thin in time, society will open their minds and eyes to see the true potential of having a virtual currency. I really like what was said about it in a book called Virternity. "VC system is self-fulfilling in the respect that value derives from those who use it. It is thus not based on the traditional benchmarks of creditworthiness and other current mechanisms in place to determine measures of confidence in matters of currency value and its inherent credibility as a reliable exchange medium." True, right?

The Biggest Misconception About Cryptocurrency :
- "Bitcoin prices only increase"
It depends and is a matter of time. In the short term this is not always true, the opposite, but in the long run, it has been true until now. Bitcoin's price has risen since the first bitcoin was released in 2009, but prices have remained unchanged for a long time. Although Bitcoin prices are likely to become much higher when technology is open, if the problem of scalability and management issues is solved and when network effects are introduced. However, Bitcoin is increasingly competing with Bitcoin Cash or Bitcoin Gold, as well as other anonymous solutions such as Monero, Zcash, or scalable solutions such as Dash and Stellar, or even Ethereum and platforms. Similarly - if and when they manage to solve the scalability question first.
- "Bitcoin and Blockchain technology are in safe hands"
Modern blockchains such as Bitcoin Blockchain are designed in a very expensive way to manipulate transactions. Hacking data on Blockchain is much harder / more expensive than hacking data on a server. Therefore, Blockchain technology can be considered more secure than server-server technology. However, the technology also introduces new types of security risks: intelligent contract security, the reliability of external data sources (oracles), network attacks, fall attacks three hard.

In my observation, cryptocurrency has this misconception to the people investing cryptos most especially for the new ICO's that after the token sale, they are gone for good leaving behind the investors out of nowhere and I believe this is happening since not all ICO's are true. There are scam ICO reaping the investors money and just leave them behind. Had also observed that during the pre-token sale the value from the start seems to be ok but after the token sale, it just drop very low and not able to recover again.

While most people now notice cryptocurrencies, most are ignorant and these newbies try to play the game the veterans play without properly observing first. And what can you expect? Of course they lose. They lose lots of money invested because the noobs think they know and handle the stress, they forgot the basic "buy low, sell high" concept in buy and sell. When prices go down a bit, they immediately panic and sell low in rush thinking they saved their money when in fact they lost some because an hour, or a day, or a week later prices went up higher than the previous highs. What I say is that noobs should first observe the game before actually playing the game. They'll most likely to lose if they don't do right at first time attempt. And these noobs drag the whole markets down coupled with extra factors such as those so-called hackers hacking the exchanges lame excuses scambag exchanges say.

Another thing is that most people think cryptocurrencies are scam because simply they are, they were, or their friends were simply stupid, and they were scammed. While it's true most scammers nowadays use bitcoin or cryptocurrency investment scheme just to scam people, most of the noobs, i say again, are stupids. They dive without testing the waters first. That's how and why some people think cryptos are scam.

Another worst is that there are new coins popping out like popcorn, some are ICOs, some are hyper inflation coins. These coins are mostly designed for scamming people. Their plan B when things go wrong, the devs get to exit with lots of cash from people who are stupid enough to participate. But not all ICOs are scam. Heck, some coins/tokens intended to be scam by devs became successful now. And we know there are many of them. Those devs got luckier their coins didn't end up scam after all. And people who invested became happy. And what about those that end up as scams? Devs still get lucky and ran away with stupid people's cash and then the stupid greedy people of course lose their investments to the greedy devs. It's like a monster eaten by another bigger monster.

And it is funny, you know. Crypto life is funny. Most of the time, you'll never know what bit you until the time you realize you did it yourself because you're noob stupid.

yes, you're.
more people understand about bitcoin, more and more people will accept and make transaction. nothing alternative that can be bitcoin's rival.

never blame people about misconception or whatever, more people try something will make it happen

Sorry but I was not able to fetch the issue quite clearly. However, I think they have problem with bitcoins in decimal so simply tell them this is how things work in the world of technology. You can make smallest transactions as well as the largest ones in this way. It is one of the plus points of BTC. Also, it should not be a matter of over thinking.

it's even promising when you really know and understand the real purpose of bitcoin invented. feel how good and benefical bitcoin it is. more than how useful fiat today , it's form of financial freedom yeah it's decentralized. also when you know deep enough about how the money concept in bitcoin where noone could regulate it and the supply are fixed , think about how the demands grow so fast.

For me the biggest misconception is that it's "currency". At current level, there is no way to scale blockchain and preserve decentralization by having enough average users running full nodes. Even if you take some ridiculous block size like 32 MB, it still won't be enough to compete with banks. This is because users have to store all transactions that were made in history, so people are doing the same work as Visa does, but on their home computers, with very limited resources, and not getting any rewards for it.

Maybe technologies like Lightning Network will the "currency" part of cryptocurrencies: https://medium.com/@rusty_lightning/dear-bitcoin-im-sorry-fees-will-rise-b002b1449054

I quite agree with your perspective here. However, the per minute induction of thousands of new Bitcoin users as Ron alleged still remains to be proved. I will deliberately leave that out as mere speculation. This nonetheless doesn't take away anything from the popularity of Bitcoin and its dominance of all cryptos in the world now.

Yes, there has been a whole lot of misgivings about Bitcoin and many had in the past referred to it in different derogatory terms. Some have even termed it a scam. But those of us who are here know better.

Yes i agree...
It is indeed a misconception to think that cryptocurrency will not last forever.
I believe the day will come wherein fiat will totally be meaningless then cryptocurrency will come in to play...
And thats the day we all needed to be prepared for...

I have talked to a few of my friends, and the biggest misconception in their mind is about the divisibility of Bitcoin. They have told me that they can't afford to invest 4.5K at once. So I told them that they can purchase 0.01BTC, for $45. But the question they ask me in return is, how can a coin be divided by 100? The name Bitcoin is to be blamed. It is not easy to explain all these.

The biggest misconception i seen in my friends circle its always linking with ransomeware or some scam even i ma explaining its just the payment process . Then they will have question about who owns or owner of bitcoin if  say its not owned by any one its decentralised and its uses blockchain technology they dont understand . I think there should be proper education about blockchain technology for the bigger growth of crypto currency.

Thanks naidray! It has been getting on my nerves LOL. I love to elaborate on the above as well and get into some of the math of bitcoin private keys. I have a Ledger Nano S, and telling people that the odds of hacking my private key on my Ledger is about 2000^24 (2000 words that the Ledger has as a pool and 24 words in a precise order for the private key) - reinforces the security of private keys.

Some of the experts before said that cryptocurrency will just disappear in the future because it has no real value, it has no physical form but what they have failed to realize is that people need something new, something that would solve the existing problems like transparency. Having middlemen to process transaction have imposed some problems like funds not going through, incorrect amount etc. Blockchain technology made it possible for us not to depend to them and just directly transact to the company or people who are concern and through this way, we could monitor in real time and transactions are processed efficiently.

IMO the biggest misconception about bitcoin/cryptos is that they have no real value because they aren't backed by anything. A common misconception which is repeatedly being used by some economists and investors to criticize bitcoin.

Bitcoin is backed by software, mathematics, programmable money, real. Bitcoin has the required characteristics of a currency/commodity: Scarcity, durability, portability, fungibility, divisibility, and recognizability. All these attributes defines value.

Sceptics who have this misconception wouldn't find these attributions satisfactory. There is simple logic, if bitcoin has no value then why people are trading in it? Why people are willing to spend thousands of dollars to acquire it?

Bitcoin isn't something out of thin air, it has a strong foundation. A combination of cryptography and economic incentives, cryptoeconomics. As far as people have confidence/trust in bitcoin/cryptos, they have a real value and as adoption increases, as more people trust them, their value would increase.

Yes people tend to ignore cryptocurrency and bitcoin before they think that it's just a currency that in due time will die and leave the market...now that it is growing and continue to have a higher value people are now looking for bitcoin and how they can earn from it. The opportunity unlocks in cryptocurrency has been getting popular and the demand starting to rise as the value also appreciate.

Well, i don't think that 1 & 3 are misconception and that's the biggest issue we face.
Bitcoin is wildly used in the criminal world it's like the blockchain technologies make it easier for them more than anybody else.
And for the security thing, any web wallet can be hacked into and any storage wallet can be stolen if people act carelessly.