Topic: The biggest misconceptions about bitcoin (Read 215 times)
The misconception I have encountered recently about bitcoin is people think it's a ponzi scheme when you introduce them to it so they find it hard to believe or see any advantage in it.
I think one of the most common and biggest misconceptions about bitcoin is that it is a scam and not real. Even though its popularity is growing, people who don't believe it is still everywhere judging its potential and is used to do illegal things/transactions.
Misconception about bitcoin which I think is the common knowledge by the newbies is that it is an investment which is very volatile like making a gamble. That is why more and more people are not taking any risk on it without taking into considerations its proper use and benefit into the society.
The biggest misconception in bitcoin is that other people think bitcoin is a big joke. They think that no one could invest a money in that easy way. They just have the idea that in online negotiation, everyone is anonymous and not worth the trust. That is what the biggest misconception of bitcoin in my own perception.
1. It’s unregulated
People say bitcoin is unregulated, usually in order to make the argument that it’s dangerous and unstable. But bitcoin is, in fact, regulated in a number of ways.
2. It’s anonymous
It’s not fully anonymous, no. When people say bitcoin is anonymous, they usually mean that they think it’s not traceable—but it is. (In fact, criminals are now moving away from using bitcoin and toward monero, which is more anonymized.)
3. It’s a scam!
No. You might think the current price run-up is a bubble; you might think that bitcoin will never become widely adopted as a currency; but bitcoin is legitimate technology, built on a system that has attracted major interest from big financial companies. It is not a trick or a hoax. It is something real, that exists (even if not physically tangible).
How about you? What are the other misconceptions that Bitcoin has faced or will be facing?
Source:https://finance.yahoo.com/news/biggest-misconceptions-bitcoin-145634830.html
People say bitcoin is unregulated, usually in order to make the argument that it’s dangerous and unstable. But bitcoin is, in fact, regulated in a number of ways.
2. It’s anonymous
It’s not fully anonymous, no. When people say bitcoin is anonymous, they usually mean that they think it’s not traceable—but it is. (In fact, criminals are now moving away from using bitcoin and toward monero, which is more anonymized.)
3. It’s a scam!
No. You might think the current price run-up is a bubble; you might think that bitcoin will never become widely adopted as a currency; but bitcoin is legitimate technology, built on a system that has attracted major interest from big financial companies. It is not a trick or a hoax. It is something real, that exists (even if not physically tangible).
How about you? What are the other misconceptions that Bitcoin has faced or will be facing?
Source:https://finance.yahoo.com/news/biggest-misconceptions-bitcoin-145634830.html
For me the only misconception that o ever see and watched even in the national television telling that bitcoin is a scam well in fact it's not. Bitcoin can really benefited you a lot if you know how to use it how to manage it and especially on how you take good care of your bitcoin. You must always observe the investing site you are going to invest.
I could partially agree with you.
In some countries, in some way bitcoin is regulated and in many other such initiatives exist but still the current level of regulation isn't enough. Also bicoin is not so anonimous anymore as it used to be and that it's true so you can't fully rely on that anymore.
To my opionion one of the bigest and most dangerous misconception is that many new unexperineced bitcoin users think they will become terribly rich over nght by doing nothing, just holding bitcoins. Then we have many disappointed users who keep saying bitcon is useless or bitcoin is scam and the don't actualy understand the basics.
In some countries, in some way bitcoin is regulated and in many other such initiatives exist but still the current level of regulation isn't enough. Also bicoin is not so anonimous anymore as it used to be and that it's true so you can't fully rely on that anymore.
To my opionion one of the bigest and most dangerous misconception is that many new unexperineced bitcoin users think they will become terribly rich over nght by doing nothing, just holding bitcoins. Then we have many disappointed users who keep saying bitcon is useless or bitcoin is scam and the don't actualy understand the basics.
That its a Ponzi Scheme is the most common among naysayers and skeptics. Right now, with governments starting to formulate policies on cryptocurrency, some critics I know are now into bitcoins.
some of these are actually old misconceptions about bitcoin. for example these days people know perfectly well that bitcoin is not fully anonymous. of course there will always be someone who is new who might thing otherwise but every information out there regarding this is accurate. or things like calling bitcoin scam or Ponzi are such old thing belonging to the first couple of years that bitcoin came out and that was because people didn't know what it is and have not seen it be used for real as a currency.
The biggest misconception amongst some of my friends was that you cannot buy a fraction of a Bitcoin. 
Such misconceptions exist even among young, educated people. A lot of people stayed away from investing in Bitcoin because of this, but I have educated them.
Very true. Current value of bitcoin has discouraged many users from entering the crypto world thinking that the value of 1 bitcoin is minimum to start investing and I observed this kind of behavior a lot lately. Honestly, I would get scared myself since majority of the people including me would never invest such a large sum of money to buy a single bitcoin. The problem is that they are not ready to do any research which is why they stay away from the crypto world. I have cleared this misconception for many people, but newbies must understand that they need to do their own research in order to learn more about the crypto world. Such misconceptions exist even among young, educated people. A lot of people stayed away from investing in Bitcoin because of this, but I have educated them.the biggest misconception these days specially among newcomers is that "you can get rich over night with bitcoin". and that is more harmful than good because it is now creating a large wave of people who have invested in bitcoin and are wondering why they aren't millionaires yet. and it also creates the well known "weak hands" which are causing most of the volatility in bitcoin and help the whales get richer by milking them!
yeah I agree with you, people think that you can be a millionaire just that when you joined bitcoin. some as well as when people first heard about bitcoin they think it is scam or pyramid , something like of networking. people don't believe in it at first. and some who believe in bitcoin they think they can be rich right away .
Mostly people thinks it as a scam. There are misconceptions that bitcoin can make you rich fast. Bitcoin can make us rich if we have the knowledge about it.
indeed people's opinions about bitcoin are different. yes you are right about bitcoin, which can change a person's future become rich. All that takes hard work and high morale.
If I have to talk misconception about bitcoin, my mind always remembers that bitcoin was created as a means of payment, this is the beginning why bitcoin was created in 2009. So it will make it easier for people to make transactions, although different countries with fast transaction processing.
But up to now, the people think bitcoin is a very promising place as an investment place, not as a means of payment. So, this is what makes me weird until now, maybe because the price bitcoin is volatile so that the investors make a chance for investment place. Correct me if wrong.
But up to now, the people think bitcoin is a very promising place as an investment place, not as a means of payment. So, this is what makes me weird until now, maybe because the price bitcoin is volatile so that the investors make a chance for investment place. Correct me if wrong.
The biggest misconception amongst some of my friends was that you cannot buy a fraction of a Bitcoin. Such misconceptions exist even among young, educated people. A lot of people stayed away from investing in Bitcoin because of this, but I have educated them.
Such misconceptions exist even among young, educated people. A lot of people stayed away from investing in Bitcoin because of this, but I have educated them.
Mostly people thinks it as a scam because media hypes that many became victims of bitcoin scams. There are misconceptions that bitcoin can make you rich fast which is not true. It maybe true if you are a long term bitcoin holder but it you need patience for it. Bitcoin can make us rich if we have the knowledge about it.
the biggest misconception these days specially among newcomers is that "you can get rich over night with bitcoin". and that is more harmful than good because it is now creating a large wave of people who have invested in bitcoin and are wondering why they aren't millionaires yet. and it also creates the well known "weak hands" which are causing most of the volatility in bitcoin and help the whales get richer by milking them!
So far in my lifetime the biggest misconceptions I have encountered were I was named "scammer" by my friends and my family because I forced them to join a certain airdrop and they are teasing and acusing me of being a scammer. Also another one was all of them think of me as a rich guy well in fact I am not Im barely holding on in my tradings they think that if you are a connected to bitcoin you are already a millionaire...
Even i have heard lot of negatives about btc as you said in your statement like it is not regulated the fact it do have a specified number of bitcoins created by the creator and it is not something which can be created by anyone. It is anonymous but it is not something something which cannot be traced because if you to cash your bitcoins people will have to depend on bitcoin exchange and hence we cannot completely say that it is anonymous as we have to give our real name and details to cash them via exchange and it can be considered as an intangible asset.
1.Bitcoin itself is unregulated, everything around it is.
2.Bitcoin isn't anonymous, at least not right now.
3.Those who think Bitcoin is a scam have no idea of what Bitcoin stands for, it's not just about the coin, it's about the technology.
2.Bitcoin isn't anonymous, at least not right now.
3.Those who think Bitcoin is a scam have no idea of what Bitcoin stands for, it's not just about the coin, it's about the technology.
The third point is where our government think that it is a ponzi scheme and it will collapse or burst and the value will crash like anything. Thus till now they have not even legalized in our country and may not even do so considering it is not easily traceable and price can fall anytime and people can lose their money.
1. It’s unregulated
People say bitcoin is unregulated, usually in order to make the argument that it’s dangerous and unstable. But bitcoin is, in fact, regulated in a number of ways.
2. It’s anonymous
It’s not fully anonymous, no. When people say bitcoin is anonymous, they usually mean that they think it’s not traceable—but it is. (In fact, criminals are now moving away from using bitcoin and toward monero, which is more anonymized.)
3. It’s a scam!
No. You might think the current price run-up is a bubble; you might think that bitcoin will never become widely adopted as a currency; but bitcoin is legitimate technology, built on a system that has attracted major interest from big financial companies. It is not a trick or a hoax. It is something real, that exists (even if not physically tangible).
How about you? What are the other misconceptions that Bitcoin has faced or will be facing?
Source:https://finance.yahoo.com/news/biggest-misconceptions-bitcoin-145634830.html
People say bitcoin is unregulated, usually in order to make the argument that it’s dangerous and unstable. But bitcoin is, in fact, regulated in a number of ways.
2. It’s anonymous
It’s not fully anonymous, no. When people say bitcoin is anonymous, they usually mean that they think it’s not traceable—but it is. (In fact, criminals are now moving away from using bitcoin and toward monero, which is more anonymized.)
3. It’s a scam!
No. You might think the current price run-up is a bubble; you might think that bitcoin will never become widely adopted as a currency; but bitcoin is legitimate technology, built on a system that has attracted major interest from big financial companies. It is not a trick or a hoax. It is something real, that exists (even if not physically tangible).
How about you? What are the other misconceptions that Bitcoin has faced or will be facing?
Source:https://finance.yahoo.com/news/biggest-misconceptions-bitcoin-145634830.html
This video must be seen around the world... The greatest misconceptions of BTC is hindering the potential of all Cryptocurrencies and I think another misconception of BTC is It is only made to make money.
1.Bitcoin itself is unregulated, everything around it is.
2.Bitcoin isn't anonymous, at least not right now.
3.Those who think Bitcoin is a scam have no idea of what Bitcoin stands for, it's not just about the coin, it's about the technology.
2.Bitcoin isn't anonymous, at least not right now.
3.Those who think Bitcoin is a scam have no idea of what Bitcoin stands for, it's not just about the coin, it's about the technology.
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