Bitcoin Forum

Education is always key when doing a detailed research about Crypto Currencies.
We really need to find a good coin to invest in.

But sometimes, misconceptions are very common, where misinformation is spread and it's difficult to find out, what's true.

Debunk misconceptions!

It is up to us to debunk misconceptions about Crypto Currencies because education is very important to research tech and basics.
When doing research about a Coin, people need to do a good DYOR.

Sometimes, people fail to do a basic research. We really need to do a good research and also share our knowledge.
So, I shared mine!

I have created recently some new topics, where I debunked a misconception:

Misconceptions about Avalanche - Avalanche is a Coin, not a Token (https://bitcointalk.org/index.php?topic=5403141.0)
Very important to do our research: Avalanche [AVAX] is a capped asset (https://bitcointalk.org/index.php?topic=5402562.0)

Probably, you know about more Crypto Currency misconceptions and in my opinion, it's very important to create educational content and debunk misconceptions.
Because some people use wrong information to spead lies about a Crypto Currencies as a marketing offensive to damage competitor coins.

People need to do more research here to spot misconceptions about Crypto Currencies and we need to write good education to debunk misconceptions about Crypto Currencies!
Writing a good education is up to us!


Which misconceptions do you know and what are you doing to debunk it?

Unfortunately, some people as a result of the misconceptions that they have accommodated, they have even without knowing taken wrong conclusions that crypto is not good for them, while others that crypto is a scam. As crypto hodlers we must try as much to assist those who have been ill informed with proper information and proof. In trying to debunk a certain misconception, we must do it constructively and not in a manner that can mistaken for being rude or forceful.

Debunk a wrong thinking that cryptocurrencies are related closely with quick rich adventure.

Cryptocurrencies can be used for many use cases and financial incentive is not a main reason to convince a person to use one cryptocurrency or invest in it. Cryptocurrency industry needs more time to get rid of this wrong thinking. When it happens, we will have a cleaner and more sustainable cryptocurrency market. Because people will use a cryptocurrency from their belief in tech, convenience or invest in it with a same background.

Now if you ask people, 95% or more, you will receive answer like "I don't understand blockchain, I don't know that this project does, but I heard people say crypto market is very potential to get rich very quickly". It's absurd.

The most common misconception I know and often hear this from older generations is that cryptocurrencies are just a ponzi scheme. Best example would be my parents, they don't believe on the concept of money on the internet. They told me it was a scam when I invested some of my money on it. They said that where is the money coming that I used to withdraw when I do trading or get it as payment from freelancing. Their generation is really hard to educate because they are born with no many technology existing yet. They don't really know how it works so what I just do is correct them sometimes when I hear them telling other people that these crypto are scam.

Most common misconception in my experience:

Cryptocurrencies are most likely a scam, well according to my social media friends who knows very little about cryptocurrency. Bitcoin for example, most of them would have the same misconceptions.

"naku padadamahin ka lang nyan sa simula pero pag malaki na pinasok mo tatakbo na yan"

Translation:

It will just trick you by making you comfortable then when you invest a larger amount, they will run.

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I just replied to them, I did not convert any cash I've earned outside of cryptocurrency to Bitcoin. Instead I use bitcoin that I earned outside of crypto, paying bills for example. I told them that they can choose to invest cash to crypto but again the volatility is very high, or he can look for ways to earn crypto without investing money. Just some elbow grease and time of course.

Then I gave them this link

how to earn bitcoins (https://bitcointalk.org/index.php?topic=1629118.0)

Maybe they changed their view if they really paid some time to read more here on the forum.

---

Good and fine, we can decided to carryout our own research about Cryptocurrency but what measure are we to take in convincing those people out there that cryptocurrency is not what they thought it was, because we need to realize that scams im cryptocurrency is also one of the reasons why this keep repeating itself about people's disbelieves on cryptocurrency, are we ourselves within the system faithful? are we contributing for or against scam activities? before you can convince an outsider about something in your possession then you yourself must exercise confidence and mastery over it with proven results good enough for convincing others.

Well, I agree with OP, we should help newbies in crypto by debunking those misconceptions about crypto, the more wrong information they will receive --the more FUD will be created and the weak hands will be there and the very common words that we heard is the scam accusation towards crypto.
The only thing we should educate them about first, spread awareness will perhaps a great help for them to understand the technology and once they are on that stage they will not think negative about crypto --instead, they will know the real utility of it and how useful in the ecosystem.

Why do they fall into misconception? Because others when they heard about investment, they always thought its all about profit, especially in the crypto industry. Until they experienced bankruptcy and scams due to rampant Ponzi schemes back then. So they think crypto is a scam, especially Bitcoin, but they don’t know that it’s just being used by developers or site owners for committing fraud. They don’t study first before they enter or seize an opportunity, all that matters to them is to earn. So when I see people offering things that are too good to be true, I criticize them to be avoided.

You are right, some people have read about a coin and don't know it is wrong information.

Like many people believe Binance Coin or Solana Coin or Ripple Coin are good coins. But it aren't good coins because not really decentralized. But people still buy such coins.
BTC, ETH and Avalanche are much better.
We need more education here to debunk known Altcoins issues.

You used the word "Misconception" rather too much in the op that it become a distraction for one trying to understand the message in your post... But that's by the way.

Even up to till about three months back, I had this misconception that it's Centralized and decentralized wallet, but in this thread (https://bitcointalk.org/index.php?topic=5395124.msg59901082#msg59901082) I created, I was made to understand that it's not centralized and decentralized wallet but rather, it's custodial and non-custodial wallet.
Nobody will know it all at once, there will always misconceptions, misinterpretations and misunderstandings as one progress, but the good attitude is to always be ready to unlearn all things that are not correct, and re-learn them in the correct way, this is called forward progression.

This is true and would be helpful to those who are interested for which there would be a significant number; however, the number dwarfs and can't even compare those those who don't care.  In the beginning, it seems most were true believers as they were being ridiculed by the masses, but when proven to be true, now many of these same masses are just on the bandwagon with the main motivation of profit, even if the coin isn't shit, is a scam or highly centralized, no cares as long as it pumps.

Good education and its consistent learning in crypto is the key to simply debunk all the misconceptions we had when we are still in the process of crypto learning. Unfortunately, some people just ignore it and continue to believe that their own concepts are right which i think the reason why they often lose in crypto. Debunking misconceptions will always create positive changes, but we should always know that anyone can do it not to create superioriy but because one is more knowledgeable and more experienced than the other.

How about crypto being "used by criminals" misconception?

For sure they might have been using it, but I don't think they can hide all their illicit activities as the government are really active looking for this criminals in the dark market or dark web and even close it. Even those cyber criminals are also a target for FBI. So it's going to be a cat and mouse it, but cash is still king for this criminals. So no, criminals are not using crypto because it is still traceable contrary to what others believed.

Too many and have said already but the others about thinking that it's a gateway to overnight success and as well as the taboo of being used in the dark web, et. al.

I think those misconceptions will never change and the most popular of it is bitcoin is a scam. This has been stuck to the minds of those closed minded people that don't even want to dig deep and know more about bitcoin.

Their minds will only be changed when they actually have earned from at least owning a few amount of bitcoin and handing it over for a dollar or local fiat.

Yeah we often encounter this but with education they will gradually accept it, old people who live in traditional times tend familiar with work and tangible assets, they  not understand new concepts because there is no information of that introduces this technology to them. Information is also not enough to understand modern technology, because one has to make at least one trade or investment on this to open their minds to the cryptocurrency.

It's either it's good for them or not.

The two groups would think.

[1] crypto is a scam, we should not invest it.
[2] crypto is an opportunity, it will give us big return or easy money.

Both are a wrong perception because even the number two that believe bitcoin will give a big return but that is like thinking bitcoin is a ponzi scheme, therefore it's automatic wrong because there's a risk in investing and you could also lose. Big return is not guaranteed, and bitcoin as a scam is not also true because exchanges are regulated by the government, and no government would regulate a scam.

There are no strong scientific rules for researching a cryptocurrency project. Because each research paradigm is different according to their needs. However, they can look for project characteristics from the types of advantages, benefits and uniqueness that are not found in other projects. It could be that what I see is not worth investing in, instead, according to the investor, the direction is reversed. Therefore, the benchmark in analyzing a project returns to the values of their respective needs.

This.  ;)
When did it start? I think it all started during the ICO years when young people got rich quickly by investing in the new project. I am not against sharing it with others but when people who made articles are just telling lies it becomes chaos.
They make stories and people believed in them and they think they can do the same by investing in newly found gems without even doing the proper research. After they get rekt, they blame cryptocurrencies including Bitcoin which truthfully is from their own mistake.
There's no "get rich quick" in any invesments. Some just got lucky.

Avax as a token? Who really thinks that Avax is a token? Token means a project that is based on a blockchain of another coin. Coin means it is all independent. So, for example Axie (axs) is a token because it is on ethereums chain, or cake is a token because it is on BSC, these are tokens on other coins chains. Whereas bnb and eth would be coins in that case because it has their own chain. Same goes for Avax, it has its own chain and it is not made on anyone else's chain.

Interesting to learn that there are still some people who do not know the difference between these two. I personally would love to talk about the current situation and would love to make a big change.

Some people have said it and I believe it can also be coordinated FUD but still some genuine people havve called real coins as tokens. Some people still can't distinguish coins from tokens.  :D


Yes, you are right, very good comment, bro!



You are right, education will help, step for step.  :)

I simply point that out and show proof  ;D.
Example:

That you are spreading information in the guise of debunking the wrong idea but actually here to promote Avalanche?
Proof:
Misconceptions about Avalanche - Avalanche is a Coin, not a Token (https://bitcointalk.org/index.php?topic=5403141.0)
Very important to do our research: Avalanche [AVAX] is a capped asset (https://bitcointalk.org/index.php?topic=5402562.0)


I highly agree on proper education to combat misinformation.  Deep research before we dive into investment.

I am not against your method but rather I applaud it.  Since you are taking time to correct and debunk information that is twisted by other people to gain sympathy or ruin someone's project.  I do hope to see you create more debunking topics but hopefully, it is more beneficial to the crypto industry as a whole.

Ofcourse, bro.
Education is very important and we will need education every time when we want to improve our knowledge and tell about misconceptions.
New tech will be important to understand.  :)

Spreading the real and correct information about cryptocurrency is a good a idea, this can be a big help to increase the adoption in cryptocurrency especially if the readers fully understand the whole market. Spreading lies and negativity has been a problem, especially if the government is also spreading the lies. If you really want to succeed, as an investor you should always do your own analysis and always look for the truth, cryptocurrency is a big thing.

A new way to market a project, well at least the whole idea is to really tell the correct story and its still a good one. Many information are being filtered, newbies are being redirected to a specific project without giving them the real information in the market, if you see articles like this better not to follow that right away. Newbies should be more careful, and they should do their own analysis before investing. Having the right knowledge can prevent them from getting scam or hack, this can also prevent them from losing easily.

There will always be misconceptions in crypto because newbies are learning also in the wrong way and they tend to apply it once they start with crypto investments, the reason why most of them end up in failures. That's maybe the reason why there are experts in crypto investments because they are the one expected to debunk all the misconceptions that have spread out all over the market. Of course, it should always be done the best way it can be done, and in such that newbies will not be offended and get discouraged, but become more motivated to correct their mistakes.

Ofcourse!
Not enough education can cause a high price paid for misstakes. Reading and educating can really help to avoid huge loss.
For example use secured wallet like Electrum or paper wallet and not your keys not your coins.

You are very right here. Experts have a huge knowledge and coding skills to look into a Blockchain how it really works. We need to listen to such experts.