The Biggest Misconception About Cryptocurrency - page 4.

ClvrGmr

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Quote from: European Central Bank on August 13, 2017, 09:23:21 AM

dunno about the hundreds of thousands per minute part.

what does worry me is that it'll become the victim of another dotcom bubble that'll destroy the faith people have in it. once the smoke has cleared then it'll really establish itself just like the companies came out after the dotcom bubble.

there's a good chance greed will overpower any real uses. that doesn't matter in the long run, it does to people holding cryptocurrencies now.

There specifically are generally many misconceptions about cryptocurrencies in a major way. Some people kind of know that there is just 1 crypto, bitcoin to for the most part be precise, sometimes they specifically say it really is easily earned, used for illegal transactions and particularly many more, or so they thought. What this implies generally is the more misconception definitely grow from person to person. The reputation of cryptocurrency will decrease thus, making it less popular and won''t definitely be able to attract investors on its really run in a actually big way.

naidray

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Quote from: bitcoinjames6 on August 16, 2017, 01:23:53 AM

One thing that really bugs me is when people associate exchanges with bitcoin itself. An example is when Mt. Gox got hacked and people lost their crypto that was being stored on Mt. Gox. This caused those who do not know about the difference between exchanges and private keys to assume that "bitcoin got hacked."

My ongoing line is to say that holding bitcoin in an exchange is like holding money in a bank account, while holding bitcoin on a private key is like taking money out of a bank account and storing it under your bed (or some other safe area, assuming under your bed is safe). Basically - if the bank gets robbed then your personal money is with you under your bed. Much like bitcoin, in that if an exchange is hacked then you have your bitcoin on a private key.

I know this is an incredibly simplified version - banks have insurance, central record keeping, no armed robber could acquire all the money in a bank in one heist, etc. etc. etc. - but it illustrates the point that holding your private keys gives you complete control over your crypto. Therefore, no exchange "is bitcoin".

Haha! Looks like this stuff has been getting on your nerves lately! But I really enjoyed the way you clarified all the concepts and the difference between exchange hack and bitcoins hack(which does not exist).
A very precious piece of information! Also, Simpler is better so your comment is perfect. This will also help many people in securing their crypto currencies.

bitcoinjames6

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One thing that really bugs me is when people associate exchanges with bitcoin itself. An example is when Mt. Gox got hacked and people lost their crypto that was being stored on Mt. Gox. This caused those who do not know about the difference between exchanges and private keys to assume that "bitcoin got hacked."

My ongoing line is to say that holding bitcoin in an exchange is like holding money in a bank account, while holding bitcoin on a private key is like taking money out of a bank account and storing it under your bed (or some other safe area, assuming under your bed is safe). Basically - if the bank gets robbed then your personal money is with you under your bed. Much like bitcoin, in that if an exchange is hacked then you have your bitcoin on a private key.

I know this is an incredibly simplified version - banks have insurance, central record keeping, no armed robber could acquire all the money in a bank in one heist, etc. etc. etc. - but it illustrates the point that holding your private keys gives you complete control over your crypto. Therefore, no exchange "is bitcoin".

twicezeroiszero

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Quote from: IAMYOURLEADER on August 14, 2017, 12:54:58 AM

Quote from: theinvestdude on August 13, 2017, 10:24:58 PM

1. Scam
2. MLM
3. No Value
4. i dont want to go to jail
5. Waste of time

In short most non-bitcoin users are not aware of the value and uses of bitcoins. In mainstream media they only feature bitcoin as a Laundering tool for money and people are being put to jail by using bitcoin

You forgot to mention Deepweb. Most people that I know have a bad perception on bitcoin. They think of bitcoin the same as the darkweb. They only think that is is just used for illegal crime and activities.

Because Bitcoin have function anonymous and helps us avoid someone try track our money.
But after the incident BTC-e offline down and BitMixer close their service helps change Bitcoin to fresh currency, I think the define about Bitcoin will change soon

ivanst776

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Quote from: mk4 on August 14, 2017, 01:26:34 AM

You can't blame the people with their wrong misconceptions though. We barely see any goods news about bitcoin on television. What do we get? News about WannaCry ransomware criminals or hackers in general demanding for X bitcoins, money laundering schemes, the darknet markets using bitcoin to sell illegal drugs, etc. Pretty much 90-95% bad news. Did we get TV news about how bitcoin helped Venezuelan families with their financial freedom Source? I don't think so. The best thing we people could probably do is to prove those wrong. Maybe share some positive news about bitcoin on Facebook or social media?

Exactly. We hear more of a bad than good about bitcoins. With all these bad news around us, we cannot blame people thinking more negative about this crypto currency.

But if hackers want to make their deals in bitcoins then it proves bitcoins a worthy asset. Darknet uses it because it gives them anonymity. The usage of anything is totally everyone's independent choice. Sadly, we live in a bad world fellow!

darligo

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I liked the quote, sounds very optimistic Wink

DoublerHunter

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The biggest misconception that i know about cryptocurrency is the people think that bitcoin or cryptocurrencies are scam because it is only online and they are not convinced for the possible fast profits because they think that we are scamming other people to just earn money while they didn't know that it is the result of our hard work and determination to do our job pretty good in order to get some bitcoin that will be converted into fiat.

mk4

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You can't blame the people with their wrong misconceptions though. We barely see any goods news about bitcoin on television. What do we get? News about WannaCry ransomware criminals or hackers in general demanding for X bitcoins, money laundering schemes, the darknet markets using bitcoin to sell illegal drugs, etc. Pretty much 90-95% bad news. Did we get TV news about how bitcoin helped Venezuelan families with their financial freedom Source? I don't think so. The best thing we people could probably do is to prove those wrong. Maybe share some positive news about bitcoin on Facebook or social media?

IAMYOURLEADER

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Quote from: theinvestdude on August 13, 2017, 10:24:58 PM

1. Scam
2. MLM
3. No Value
4. i dont want to go to jail
5. Waste of time

In short most non-bitcoin users are not aware of the value and uses of bitcoins. In mainstream media they only feature bitcoin as a Laundering tool for money and people are being put to jail by using bitcoin

You forgot to mention Deepweb. Most people that I know have a bad perception on bitcoin. They think of bitcoin the same as the darkweb. They only think that is is just used for illegal crime and activities.

aTriz

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Quote from: iamTom123 on August 13, 2017, 09:13:09 AM

Quote

“The biggest misconception about cryptocurrency is that it’s just a passing trend, which is an emotional reaction to the paradigm shift that’s ultimately taking place. Cryptocurrency is here to stay – and as every minute passes, hundreds of thousands of new users are adopting it."

- Ron Chernesky, CEO of investFeed

I think Ron has hit the point in here. Indeed, people are now starting to realize that Bitcoin or cryptocurrency in general is already here and it has no plan to get dead or go away soon. I am sure that many people are quite apprehensive about Bitcoin and that can be normal because Bitcoin is something still new and it can take for people to adopt and thrive. Cryptocurrency has finally arrived and those in the forefront would reap most of the benefits resulting into the use of Bitcoin and other alts.

If hundreds of thousands of people have been adopting, pretty sure in like less than a day everyone would have adopeted bitcoin.

Anyway getting on to the point here, I think that Ron has hit the point here. When I tried to introduce some people to crypto they just thought it was a fad that was going to die soon.

Think one more misconception is "Bitcoin is a get rich fast scheme"

kissmarx

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Cryptocurrencies will be here to stay, it's just the beginning. We don't know when it is going to be obsolete technology. In a hundred years, if this world will survive, though there would be upgrades, some cryptocurrencies we have today will be still in use.

Herbert2020

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Quote from: iamTom123 on August 13, 2017, 09:13:09 AM

Quote

“The biggest misconception about cryptocurrency is that it’s just a passing trend,

i don't really think this is the "biggest misconception" about cryptocurrency !
there are a lot of misconceptions, from ponzi scheme to pump and dumps but people either don't understand bitcoin so they stay away because they see the wild price swings and are scared, or they understand it and invest and enjoy the new world's technology.
neither of these groups think it is a "passing trend" though.

Yakamoto

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Quote from: iamTom123 on August 13, 2017, 09:13:09 AM

Quote

“The biggest misconception about cryptocurrency is that it’s just a passing trend, which is an emotional reaction to the paradigm shift that’s ultimately taking place. Cryptocurrency is here to stay – and as every minute passes, hundreds of thousands of new users are adopting it."

- Ron Chernesky, CEO of investFeed

I think Ron has hit the point in here. Indeed, people are now starting to realize that Bitcoin or cryptocurrency in general is already here and it has no plan to get dead or go away soon. I am sure that many people are quite apprehensive about Bitcoin and that can be normal because Bitcoin is something still new and it can take for people to adopt and thrive. Cryptocurrency has finally arrived and those in the forefront would reap most of the benefits resulting into the use of Bitcoin and other alts.

There is a lot of potential for Bitcoin and other altcoins to become something absolutely massive within the world economy, and by the looks of it, the things that are happening in Asia, specifically Japan, with regards to the technology may be a significant tell of what's to come in the future. Japan just legalized Bitcoin and it hit 46% trading volume within just a few weeks of that happening - that's huge. With the fork having gone through and the technology getting back to where it was; low fees, fast time and small queues, the future looks incredibly bright. I'm interested to see where it goes in the next few years, out to the end of the decade. A lot of things might be changing, and those things are all very important.

HasHe

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Yes.I think that people all over the world has started realizing that bitcoin is not just another innovation which could disappear in due course of time.Most of people just rejected to invest in bitcoin at first and now they are regretting for their decision.They have come across lots of scam projects and we could not blame them for not trusting in bitcoin.Bu now,all people and governments have realized that bitcoin could not be discarded more.Thats why we could see legalization of bitcoins in many countries and mass adoption of bitcoin taking place which has resulted in high price of bitcoin crossing $4000 today.

iram1011

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Earlier everyone ignored Cryptocurrencies because they weren't really bigger a phenomenon and not backed by any central authority. Nobody saw any future out of it. But now with more than $ 100 billion marketcap, cryptocurrency have an important part in financial landscape that can't be easily ignored. Today, from banks to government everyone understands the potential of cryptocurrencies and many are scared of this Decentralised monetary system. This fear shows that cryptocurrencies have enough potential to effect these central authorities and hence means they are here to stay.

With increase in adoption and trust, it is quite clear that cryptocurrencies are not going anywhere. Soon more people will join the tribe.

xuan87

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The most misconception I heard from the people I try to introduce was
Bitcoin is a criminal currency, it is used only for criminal to buy drugs weapon and illegal stuff
Bitcoin is a Ponzi and MLM because the more you asked people to join the more money you got

But I am agree with Ron most of the people who doesn't want to used Bitcoin always said that Bitcoin is only a passing trend which won't hold for a long time, but the fact is Bitcoin could become the future of transaction and it can become the digital currency that can help a lot of people

Aur3

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Embrace change

Quote from: iamTom123 on August 13, 2017, 09:13:09 AM

Quote

“The biggest misconception about cryptocurrency is that it’s just a passing trend, which is an emotional reaction to the paradigm shift that’s ultimately taking place. Cryptocurrency is here to stay – and as every minute passes, hundreds of thousands of new users are adopting it."

- Ron Chernesky, CEO of investFeed

I think Ron has hit the point in here. Indeed, people are now starting to realize that Bitcoin or cryptocurrency in general is already here and it has no plan to get dead or go away soon. I am sure that many people are quite apprehensive about Bitcoin and that can be normal because Bitcoin is something still new and it can take for people to adopt and thrive. Cryptocurrency has finally arrived and those in the forefront would reap most of the benefits resulting into the use of Bitcoin and other alts.

You can't please every one. Therefore, all can say something positive and negative about cryptocurrency. To those who are negative about it are probably not well-informed about its various benefits it can do. They still need to read more news. The truth is, the technology behind virtual money is guaranteed safe round the clock considering it's protected by a blockchain. The value of cryptocurrency, especially bitcoin and ethereum, are unstoppable. This is the kind of future we need to embrace. We're now living it.

Schuyler

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One of the biggest misconceptions about crypto currencies is that it is widely used for illegal activities. Although it is partly true, only a small percentage of it is actually taking place. We are living in a digital world and these currencies are surely going to be used more moving forward. The price alone of bitcoin tells us that the demand has been getting higher, which really benefits those who have wisely been holding for a while now.

theinvestdude

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1. Scam
2. MLM
3. No Value
4. i dont want to go to jail
5. Waste of time

In short most non-bitcoin users are not aware of the value and uses of bitcoins. In mainstream media they only feature bitcoin as a Laundering tool for money and people are being put to jail by using bitcoin

iamTom123

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Quote from: ?? on ??

If "as every minute passes, hundreds of thousands of new users are adopting it" really happen, then bitcoin could overtake fiat in few years later Roll Eyes

But, i think some biggest misconception about cryptocurrency are :
1. It's currency for criminal or terrorist.
2. It's scam, ponzi, MLM or MMM.
3. It's not secure and can be hacked.
4. It don't have real value, usage or the price will crash.

I just hope price won't crash too hard once many people invest/use crytptocurrency, otherwise many people will be disappointed and the chance for mass adoption will gone.

The four you enumerated are really valid concerns but slowly but surely we are already witnessing the needed shift in perceptions on those areas. It could never be denied that just like any other currency (US Dollar and all the rest of the fiat money) Bitcoin can be used by anyone regardless of the type of transactions. Unfortunately, since Bitcoin is relatively new people still do not have a broader knowledge about the coin and so the association sticks for a while until things are explained to anyone. We will get there eventually as soon Bitcoin can be able to reach the mainstream and since we now have some celebrities almost endorsing Bitcoin it can help it become more popular.

There will always be misconceptions and wrong associations because we are dealing with people here. Right now, anybody even without any basic knowledge of anything can go to his Facebook account and share his/her zero-based take on anything he has in mind. That is a big reality we have to to contend with.

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