What "facts" you heard about Bitcoin is not true? - page 12.

lrdeoliveira

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Quote from: jacktheking on March 09, 2016, 04:41:14 AM

What "facts" have you heard about Bitcoin that is not true - other than the price?

-Bitcoin is anonymous.

-Bitcoin is used only by criminal and nerds.
.
-Bitcoin is dead.

-Bitcoin is a Ponzi scheme.

Theese are the most common not-true facts that i heard in the past years

ABCbits

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Crypto Swap Exchange

Quote from: pbleak on March 09, 2016, 05:41:28 AM

Quote from: Shibashi Dogemoto on March 09, 2016, 05:13:37 AM

Quote from: pbleak on March 09, 2016, 05:10:04 AM

Quote from: 7788bitcoin on March 09, 2016, 05:06:05 AM

For me, the "fact" that bitcoin transaction is instant is a partial "truth". In fact, the confirmation time is about 10 minutes and during the so-called stress tests it will become longer.

This is both true and not true, in a sense. For small transactions, say in a cafe, you would be paying instantly (and it will be accepted as such). But, of course, we all know it's not technically confirmed until the 10 minute period that the block is added. Anything with a fee will also be completely overlooked for a while.

Care to explain the last part "Anything with a fee will also be completely overlooked for a while."?
Do you mean, everything without a fee will be overlooked for a while?

In reality, transactions with big fees will probably be included in the next block, transactions with small fees will probably eventually be added, and transactions without a fee are probably not even accepted by the nodes (let alone, added to a block)

Without a fee indeed. Sorry, good catch.

There won't be any problem if you put recommended fee and make transaction with someone/company who accept zero confirmation.
Don't be lazy to put zero fees or small fees, unless you make micro-transaction (under $1)

pbleak

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Quote from: ABCbits on March 09, 2016, 05:52:02 AM

Quote from: pbleak on March 09, 2016, 05:41:28 AM

Quote from: Shibashi Dogemoto on March 09, 2016, 05:13:37 AM

Quote from: pbleak on March 09, 2016, 05:10:04 AM

Quote from: 7788bitcoin on March 09, 2016, 05:06:05 AM

For me, the "fact" that bitcoin transaction is instant is a partial "truth". In fact, the confirmation time is about 10 minutes and during the so-called stress tests it will become longer.

This is both true and not true, in a sense. For small transactions, say in a cafe, you would be paying instantly (and it will be accepted as such). But, of course, we all know it's not technically confirmed until the 10 minute period that the block is added. Anything with a fee will also be completely overlooked for a while.

Care to explain the last part "Anything with a fee will also be completely overlooked for a while."?
Do you mean, everything without a fee will be overlooked for a while?

In reality, transactions with big fees will probably be included in the next block, transactions with small fees will probably eventually be added, and transactions without a fee are probably not even accepted by the nodes (let alone, added to a block)

Without a fee indeed. Sorry, good catch.

There won't be any problem if you put recommended fee and make transaction with someone/company who accept zero confirmation.
Don't be lazy to put zero fees or small fees, unless you make micro-transaction (under $1)

Indeed, in fact I tend to pay slightly higher fees than most people just because I like to reward miners a tiny bit more.

pbleak

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Quote from: Shibashi Dogemoto on March 09, 2016, 05:13:37 AM

Quote from: pbleak on March 09, 2016, 05:10:04 AM

Quote from: 7788bitcoin on March 09, 2016, 05:06:05 AM

For me, the "fact" that bitcoin transaction is instant is a partial "truth". In fact, the confirmation time is about 10 minutes and during the so-called stress tests it will become longer.

This is both true and not true, in a sense. For small transactions, say in a cafe, you would be paying instantly (and it will be accepted as such). But, of course, we all know it's not technically confirmed until the 10 minute period that the block is added. Anything with a fee will also be completely overlooked for a while.

Care to explain the last part "Anything with a fee will also be completely overlooked for a while."?
Do you mean, everything without a fee will be overlooked for a while?

In reality, transactions with big fees will probably be included in the next block, transactions with small fees will probably eventually be added, and transactions without a fee are probably not even accepted by the nodes (let alone, added to a block)

Without a fee indeed. Sorry, good catch.

unamis76

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I've been lucky enough not to be too misinformed about Bitcoin so far... But the biggest lie I've heard was that Bitcoin was basically a profit machine.

quentincole32

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I heard few years ago in early 2015 or 2014 maybe that bitcoin / satoshi nakamoto is a CIA conspiracy.
Now I still didn't know what was the real purpose of bitcoin invention?
Still looking for the real fact, but i put a little faith that bitcoin is pure remarkable discovery for economy world.

Bestwishes745

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Activity: 644

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a number of people were and are of the view that one day bitcoin value will reach to zero, but they don't know that for any currency it is not true. any currency can reach to 0.000000000000000001 but it is not possible that a currency exit and its value will be nothing.

Shibashi Dogemoto

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Quote from: pbleak on March 09, 2016, 05:10:04 AM

Quote from: 7788bitcoin on March 09, 2016, 05:06:05 AM

For me, the "fact" that bitcoin transaction is instant is a partial "truth". In fact, the confirmation time is about 10 minutes and during the so-called stress tests it will become longer.

This is both true and not true, in a sense. For small transactions, say in a cafe, you would be paying instantly (and it will be accepted as such). But, of course, we all know it's not technically confirmed until the 10 minute period that the block is added. Anything with a fee will also be completely overlooked for a while.

Care to explain the last part "Anything with a fee will also be completely overlooked for a while."?
Do you mean, everything without a fee will be overlooked for a while?

In reality, transactions with big fees will probably be included in the next block, transactions with small fees will probably eventually be added, and transactions without a fee are probably not even accepted by the nodes (let alone, added to a block)

mocacinno

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https://merel.mobi => buy facemasks with BTC/LTC

Quote from: Cuidler on March 09, 2016, 05:09:08 AM

Anonymity is really tough in Bitcoin once you basically give all the informations to exchange where you buy Bitcoins. The option is use localbitcoin cash and given you pay premium this way, it is not worth it in my opinion.

Other than anonymity is free transactions myth. It is hard to send Bitcoins for free, and it seems to be impossible in near future.

I think you need your own node to broadcast your free transaction even now, because most public nodes don't accept no-fee transactions anymore (at least, this is what i've heared/picked up on the forum, i always add a fee, so i haven't tried this out yet)

pbleak

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Quote from: 7788bitcoin on March 09, 2016, 05:06:05 AM

For me, the "fact" that bitcoin transaction is instant is a partial "truth". In fact, the confirmation time is about 10 minutes and during the so-called stress tests it will become longer.

This is both true and not true, in a sense. For small transactions, say in a cafe, you would be paying instantly (and it will be accepted as such). But, of course, we all know it's not technically confirmed until the 10 minute period that the block is added. Anything with a fee will also be completely overlooked for a while.

Cuidler

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Activity: 294

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Anonymity is really tough in Bitcoin once you basically give all the informations to exchange where you buy Bitcoins. The option is use localbitcoin cash and given you pay premium this way, it is not worth it in my opinion.

Other than anonymity is free transactions myth. It is hard to send Bitcoins for free, and it seems to be impossible in near future.

mocacinno

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https://merel.mobi => buy facemasks with BTC/LTC

I had actually heared following things in advance before starting with bitcoin:
- bitcoin transactions are instant (depending on the fee, they can take a couple minutes, hours or even days)
- bitcoin transactions are free (but without a fee, there's little chance of getting a confirmation)
- bitcoin is anonymous (but instead it is pseudo-anonymous)
- bitcoin is used for illegal activities (i'm sure it does, but so does fiat, gold, diamonds,...)
- it's free money when you mine bitcoin (but instead, you'll need to know what you're doing to even ROI nowadays)

7788bitcoin

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For me, the "fact" that bitcoin transaction is instant is a partial "truth". In fact, the confirmation time is about 10 minutes and during the so-called stress tests it will become longer.

tobacco123

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I thought bitcoin transactions are free...
but turn out they require a fee...

pbleak

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I think Bitcoin's anonymity is one we all know all too well. I've heard some fun ones, but the best was at a conference than it was invented by the NSA Grin

jacktheking

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When I started using Bitcoin, I thought Bitcoin transactions cannot be traced. I believe this was what I read from a few Bitcoin related site back in 2012/2013.

As I get to know more and more about Bitcoin, I found out that it is not true. Technically, it can be traced from the Blockchain. Ones need to use a Bitcoin mixer before he/she can be "anonymous".

What "facts" have you heard about Bitcoin that is not true - other than the price?

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