Topic: The misconception when buying/investing in Bitcoin - page 3. (Read 431 times)

It is not really surprising because many of us here have been around for a while. Some have been here since as early as 2015 or 2016. So it is easy to believe that they have indeed bought at least 1 BTC in just a single transaction. Bitcoin at that time was just hundreds. It was less than a thousand dollars so a lot of ordinary people could easily afford even more than 1 BTC. But times fly so fast with Bitcoin. A few years later, 1 BTC is already worth more than $10,000, $20,000, $30,000, etc.

One reason why the people I've talked to don't invest in bitcoin is because of its price. The same reason, expensive, blah blah blah. But they don't know the true form of it after the years have passed. They haven't looked at the possibility that the same increase might happen for the next years to come. Well, it is also the reason why I've stopped entertaining people that are asking about it then don't have the courage to invest since I'm done talking that much about how optimistic I am with it.

It's surprising to me that the poll results are so polarized, with most people either buying a very small amount or more than 1 BTC. I've never encountered people who didn't know they could buy a fraction of Bitcoin, but I can see from other replies here that, apparently, it's a real problem. Of course, people should be aware that they can invest any amount of money, and that there's no need to be very rich to invest in Bitcoin. That being said, a $20 investment probably isn't worth it because it is highly unlikely to ever amount to anything worthy. Not to mention that often the fees will not make it a sensible investment and will take a big part of it.

The bad and misconception when you buy or invest in Bitcoin is you think that Bitcoin is a cryptocurrency, asset that helps you to become a millionaire or billionaire after one night.

It does not work like that. You must have patience for your investment and good risk management. The crypto market is too volatile so if you ca not manage risk, you can lose your capital.

Many newbies join this market without experience in financial market or crypto market and they are greedy to do leverage or future trading. I am sure most of them get liquidated by exchanges.

What should be the usecase or thought if we buy more than 0.1 BTC or less than 1 BTC at a time?There is a maximum number of people who can't vote on any option. BTC doesn't care how much of a maximum amount you buy at a time. The thing is, did you buy any BTC? Or even just one sat.And you say you don't believe that the maximum number of people will see 1 Bitcoin. Yeah, you are right, because all people aren't rich. But there are lots of people who now own one bitcoin. But they didn't buy this 1 bitcoin at a time. They might invest anywhere from $10 to $500. Again and again, they invest and have now become whole bitcoin holders. No matter how much time it takes, if you are buying bitcoins or not, If you are an investor, then you don't have any misconceptions, I think.
This is my opinion. Others may be different. Thank you.

Precisely, you got the point. Yes, I started in btc when the price was under $300, a long time ago before I knew this forum. I did not buy at that time but watch the price move. I had money to buy bitcoin at that time but I did not do that.

So with the price now is at $42k, I do not think that people who do not have much money will keep their bitcoin for a long time instead of trying to use their money to buy bitcoin and sell it once the price increase to make more money.

It is normal to see people, and most people do like that because they think they are late buying a whole bitcoin right now. They can have an entire bitcoin because of the lucky factor such as Dogecoin soar so high at the peak price, ICO, IEO, and NFT booming, and the next trend that will come.

But people who have much money and know that bitcoin is the best investment will try to buy as much bitcoin as they can, no matter what the price is, because they believe that bitcoin will reach the sky. And once that happens, they will sell some bitcoin to get their money back and let the rest of the bitcoin in their wallet while waiting for the next highest price in the other cycle.

In early 2017 when Bitcoin was not really that popular as it is today, I was able to buy at least 2 BTC and if I can still remember right that price was around $500 give or take. Now, at that time, the very reason I bought some was to participate in a program that turned out to be a big scam...I never thought that eventually Bitcoin will grow and grow so eventually I lost my Bitcoin. This is a very sad story of an opportunity lost but I think I am not alone with this experience...so many regrets but we have no choice but to move on. Yes, of course, many people have the misconception that they must be buying at least 1 BTC when in fact they can buy whatever amount they can whether big or small...

That's right, no matter how small you have bitcoin with a price increase of 20% you can still enjoy it, but it will be more pronounced if you have a large amount. Keep in mind that in addition to profit there is also a risk that can happen at any time. Having a large amount in addition to having a large profit potential also has a large loss potential. all options are up to you.

This misconception happen because they're often buy shitcoins and want to made quick profit. Take an example 1 Bitcoin worth $41.000 right now, if the price increase to $60.000 of course $19.000 is really good profit if you own Bitcoin but if you own little amount you'll only get +31%.

However if shitcoins worth 1$ right now and then increase to $5, literally you already multiply 5x from your capital. They will satisfied with +500% rather than +31% only, but there's a lot possibility the shitcoins price could decrease to $0.1 or $0.0001 (worthless) while Bitcoin doesn't.

That's what they think when they said Bitcoin price is too high.

I don't buy Bitcoin just to hold but for some reasons and that is to use it in the future, to enjoy spending it online, use in gambling and etc. To buy Bitcoin worth $1,000, I think that was enough and fact that is only the amount that I can afford of. And probably I don't need to have 1BTC on my wallet just to get satisfaction as I already been there.

I don't understand why many where aiming to get 1 full Bitcoin? Maybe it can just be now as they saw that Bitcoin is increasing its value but they don't mind this thing before while it was just only $10k, $5k, or at $3k. I see how it changes, but to see the prices nowadays that seems so hard to get that 1 full Bitcoin unless if we are rich already as we are still afraid to risk more money in crypto.

Yes this misconception is huge but people who are really interested in bitcoin will do research on this and find out that they are able to buy in fractions as well.
The main reasons why this is a huge misconception among newbies is because of the following reasons.

1. They see the price of 1 bitcoin and find it expensive to buy and thus don't care to research about it
2. Stocks have a minimum quantity of 1 share and hence they think the same logic applies here

But people are being more aware these days which is why we can see many new people joining the crypto community these days.

Of course, there are always those who do not understand that it is possible to buy only a small fraction of Bitcoin, but also those who will always buy 1 fakeBTC rather than 0.00100000 BTC - the matter with the latter is of course in the perception of numbers - because for some it is only important to have 1 whole coin, no matter what it was called (it is important that it has Bitcoin in the name).

Speaking of those who may be influencing other mortals in this way, we can't escape the fact that some buy hundreds or thousands of BTC and make it public - it makes people envious without a doubt, or even fears that there won't be enough left for them. All life is actually one big competition, people by their nature always want to be better than others - it's no different when it comes to Bitcoin. But no matter how much one owns, even a small portion one buys gives him the right to feel part of something owned by millions of people around the world.

Just adding to what you said, it feels quite reasonable to want to watch an asset before you buy any though also. I think a lot of us sat and watched crypto for a while before buying any but it does prime you for being able to hold it regardless of what happens with the price.

A random newbie who impulse buys a few parts of a btc is going to be more likely to sell it than someone who's been I interested for a while and finally got the confidence to buy some - even if it is at a higher price.

It also kinda has made sense from the cycles of bitcoin that some people only really invest or engage with the market after we've broken an ath we hadn't broken in a while and I think that's a lot of what people have been doing.

---

So, in short, what looks tiny now could start to look huge at some point. When I started here, btc was at around $220, I didn't buy any until we were over $1k but I felt a lot safer doing it that way - even if it meant I had to settle for less.

Not buying more than 1 BTC is a relatively new phenomenon. When I started in 2011, it was normal to buy more than 1 BTC. The biggest amount I bought was in 2015 where I acquired around 25 BTC with one purchase. It was also not so long ago when there was a brisk sale of Bitcointalk accounts here in the forum. Senior and Hero accounts went for 1+ BTC over the table.

They had no choice, they would have had basically a duplicate bitcoin entry, what they did was create a coin with the marketcap data and price from bitcoin and not add any trades for it so it ranks on 6000+ because it's considered zero volume. Rather than misleading I would consider it totally useless, they could have added a single line on the bitcoin page with the price for a satoshi if they wanted to show the price.


Poeple are not only stopping short of buying only because of the price per the whole piece, which is a bit stupid since how can you do the equivalent in gold, one oz, on gram one kilogram, what's there considered a whole piece? But also because the price seems a bit too high for it to produce results some shitcoins do in their pump and dump schemes.

They see the price at 40k and they say that there is no chance for it to go to half a million, but for a shitcoin worth 3 cents they perceive the increase to 30 cents as possible, if we look at the doge event for example. It's not completely wrong, as it's indeed far easier for a shitcoin with a market cap of 1 million to reach 10 million than for bitcoin to end at 10 trillion, but at the same time, it comes with the risks of never ever going a cent over and ending up as nearly all altcoins do at 0.

Anyhow, with every passing day, the percentage of those than can claim a >1btc buy is dwindling since it's becoming almost impossible for a lot of the people in this world to do such purchases, right now only 32 countries have a bigger median wealth per adult than 1 BTC.

The problem is many people do not have to buy a whole 1 bitcoin right now. Even if they can turn back the time, they will not buy bitcoin because they underestimated bitcoin and think that bitcoin will not be like today. People buy bitcoin to make money by selling their bitcoin when the price rise. After people know about the value, they will try to buy as many satoshis as possible and just hold them.

I never really had any doubts from the start (2017 roughly) that fractions of a bitcoin were purchasable. Once you go beyond seeing a value, and move on to being actually interested in the purchase (or simply reading around a bit), you soon learn that fractions are a thing, and units likely an aspirational amount nowadays.

Earlier this year I saw that CoinMarketCap created a separate entry for Satoshis (see https://coinmarketcap.com/currencies/satoshi/). I don’t really favour that sort of entry, as it could be somewhat misleading (I mean ranked in position #6200, no market cap data, etc. really? ...).

I really do not believe 1BTC / more to win the poll. Not that I am underrating anyone but, majority do not really buy that big and yet it creates a misconception for others who want to invest. The misconception runs through the thoughts of many people when it comes to investing in Bitcoin. This is not just with newbies but even with some people who are old in the space. Even at the current price of $41,925, 1 Bitcoin is not the minimum you can buy! I have seen a lot of people who are discouraged because they find it their their $20 or even $500 still equates to 0.0xxxxBTC. I understand the feeling but when it comes to Bitcoin, there is no special incentives for those who own a larger amount that you. When we get into the Bull run and maybe the price increases by 20%, no matter the quantity you bought, this 20% will impact everyone evenly. That shows that Bitcoin doesn't care how many you own, just have some and enjoy the benefits. Don't go thinking that it is too expensive, remember that it is also calculated in smaller bits (Sats).