Topic: What is the biggest misconception of Cryptocurrency in your country? - page 7. (Read 906 times)

The biggest misconception of the Cryptocurrency in my country is that of the damaging effect ponzi has left behind for many. A lot can't even stand or be patient to comprehend the details of what it entails. And to worsen the situation, the Central bank has also warned the citizens to be careful and that they are not liable to any loss experienced by anyone!

The biggest misconception in my country is that the government and society consider bitcoin to be the currency. Is it possible because bitcoins have value so they assume that bitcoin is the currency (I consider it fairness with perception like this)? But what I need to straighten out is bitcoin instead of currency but a digital asset. All assets must have value as well as bitcoin.

agree with you, last year when I was talking to my friends I opened up few things about blockchain and bitcoin and they are just like *oh cool* *that's nice* then changed the conversation I end up feeling ashame then learn how to basically ignore and not to speak again about BTC., and guess what last month 10 of my friends keep asking me what is BTC and how it works; haha i just say it is so complicated for me to explain go to youtube and google and study about it. It's really funny tho for me, those who believe that Bitcoin is a scam and whole blockchain thingy is just a bubble, scheme or whatsoever they should go back in late 1980s  and read some articles about cypherpunk movement, David Chum and people who had been studying cryptography back then.

That's correct. The biggest misconception is being repeated by the media around the world and it  lies in the name "virtual money". Older people or those who aren't tech savvy associate virtual with non-existent. To them virtual reality means fake reality and virtual money is fake money!
In reality BTC is electronic money, just like your fiat money on a credit card or a bank account. The bank doesn't have your money in physical form! This is why you can't simply go to a bank and liquidate an account that holds 1 million USD. To do that you have to contact the bank first and agree on a specific date, because they need to get the money for you. Also, it's commonly known that banks have enough cash to cover all virtual transactions.

The strangest thing I have heard is all the negative comments coming from people who has never invested in Crypto currencies. How can you make any judgement on something, if you have not walked the walk? Once you start asking these people questions about the technology, you find out that they have made these conclusions, based on things that they have read in the media.

Would you take advice about anything, if the person that are giving you the advice, have not experienced the thing that they are giving you advice on?

It is that crypto as a whole is a scam. They think it is a fraud since people claim to double there money in a day. Some have heard the money multiplied by 10 times. This sudden easy money growth is always considered a scam schemes, no matter where you are in world. Hopefully, Bitcoin will grow out of it and people will start believing it is legit.

I think one of the biggest misconception regarding crypto currency is that people think it is a scam thing which will eventually make their money lost, but one should understand that how strong this industry and potential it has in the future.

I am pretty sure there is very less number of people who actually understand the crypto currency at all and about the block chain the knowledge is next to zero brother! There is one simple explanation to this act, people here just want to earn it as much as they could and trade it for the fiat currency and nothing else. Thats what there main goal is and thats why no one is willing to learn the blockchain in technical ways.

They are not saying that bitcoin is scam or something like that because they are already enjoying the payments in bitcoin form and most of them have cashed it out so they believe in it as real thing which pays them.

Most people here in our place also think that Bitcoin is a scam since the first news about digital currencies, which is Bitcoin is a guy being scammed using this digital currency. Well, some of them starts to understand digital currencies in the further time but the others stick to the idea of it as a currency usually used by criminals, scammers and money launderers.

The biggest misconception of the people about cryptocurrency is not leading by physically and it’s not centralized by any bank etc. But all value of crypto by assign people’s perceptions. This is only an embracement situation for the crypto people.

In my country bitcoin is in a neutral situation the problem is if any news channel or big websites spread fud against bitcoin people sell their coin so quickly, the problem with this is people are losing so much money with
This and loosing intrest in cryptocurrency.

In terms of my country, there is no particular policy or regulations about the market access of cryptocurrency. So sometimes, important and urgent messages do not reach properly to the users and they suffer losses as they fail to prepare themselves on time.

You don't need to be "very careful". You just have to avoid exchanges and if you have to trade, do it with cash. That's all you need to do to remain anonymous on the blockchain. The only way someone can identify you is if you, yourself, put the name in the transaction, for instance by creating an account under your own name somewhere and sending coins to that account.

Nah, ever since I've started talking to people about bitcoin, back in 2013, most of responses I've god were "mhm,mhm" or from a little older people "it's most likely a scam". So, I'd say that that the biggest misconceptions are that btc is a scam and that it's free money.

In my country people equates bitcoin to scam due to the recent ponzi scheme MMM that scammed many unsuspecting investors. It's been a harculean task for me to convince my people why they should invest in bitcoin due to their past unfavorable experience in the hand of these unscrupulous scammers except a few of them who really embraced the idea and sees reasons why bitcoin investment is very profitable.

in general, governments in my country strongly forbid their crypto world to think that bitcoin fraud friends as well as at very high risk.

Its common to hear that Bitcoin isn't backed by anything besides a concept and isn't going to last through the year. I hear it repeatedly when I run into people that don't know anything about Bitcoin. But unfortunately for them, they are missing out on a great investment opportunity.

Biggest misconception there is about crypto in my country is that all of them are a fad because they are not required. That is the biggest nonsense in the world! If you think about it, it would be like saying that, back in the day, cars weren't required because horses "did the job," or like saying that digital cameras weren't required for the same reason! A lot of people here are failing to see that cryptocurrencies and, in particular, blockchain technology, have the power to transform several industries so much to the point that even companies like Facebook are being threaten (TRX). These people (those who fail to look beyond their noses) will be hurting in the near future because they will miss out on what will likely be the biggest opportunity of a life time.

There are also many people who are not getting into crypto because the government is supposed to be taxing every single trade and they also want to avoid identity theft. So many people give up on crypto without even starting. The sad part is that there are tools that can enable anyone to remain completely anonymous when trading crypto (given that their wallets aren't attached to a site that requires KYC). Thus, people would run no risk of being traced back by anyone—it's a shame people don't learn about tools like this one (https://changenow.io/) early enough. It is still a good time to get in though!

The most common misconception in my country is that Bitcoin transactions are anonymous and Bitcoin is only used for money laundering or criminal activities. The truth is, unless we are very careful about covering tracks, the Bitcoin transactions can be connected to us. And the transaction records on Blockchain can never be changed or deleted, wich means they can always be searchable by authorities or anyone else.

I believe there is a big, common misconception among many countries that they possess the authority to regulate and govern cryptocurrencies as and when they wish. This pushes them to try and set rules and regulations for trade of cryptos within the country with the imposition of taxes on it. Only when they realize that it is not really under their control even after their futile efforts, then will they give up on their stupid notions of regulatory dreams.