The Biggest Misconceptions About Bitcoin

[bornil267645]

Many mistakenly believe it’s a company. Others say it is bound to be destroyed by regulators. In some circles, it has been described as nothing more than a conduit to buy and sell drugs.

As a relatively nascent technology, misconceptions about Bitcoin abound. That’s because it functions as a kind of blank slate, explains Jonathan Chester, COO and founder of BitWage -- the world’s first Bitcoin-based payroll service. “Everyone creates their own mission or vision to build on top of the Bitcoin infrastructure,” says Chester. “Think of the Internet. There’s no mission or vision of the Internet -- it’s just what people want to do with this cool product.”

[tiggytomb]

Many of the people where I work have little to no idea of what Bitcoin is, a few mention ah yes I saw that on the news a while ago but not quite remembering anything else about it.  I got interested in Bitcoin quite late on when the price was up towards the $1k mark and it was on the news quite a bit, this peaked my interest and after looking into it more found out about the tech and the benefits and it introduced me to a whole new world.

I think people just need something to peak their interest, grab their attention and give them that little push to find out about Bitcoin and get past some of the negative info out there.

[oblivi]

Many of the people where I work have little to no idea of what Bitcoin is, a few mention ah yes I saw that on the news a while ago but not quite remembering anything else about it.  I got interested in Bitcoin quite late on when the price was up towards the $1k mark and it was on the news quite a bit, this peaked my interest and after looking into it more found out about the tech and the benefits and it introduced me to a whole new world.

I think people just need something to peak their interest, grab their attention and give them that little push to find out about Bitcoin and get past some of the negative info out there.

No one where I work has ever heard of Bitcoin, and I know a guy that works in the banking world and few have heard about it. We are still a small group of enthusiasts and pioneers. The average folk has a lot of catching up to do to get on our level, and we'll sooner or later be rewarded.

[spud21]

Many of the people where I work have little to no idea of what Bitcoin is, a few mention ah yes I saw that on the news a while ago but not quite remembering anything else about it.  I got interested in Bitcoin quite late on when the price was up towards the $1k mark and it was on the news quite a bit, this peaked my interest and after looking into it more found out about the tech and the benefits and it introduced me to a whole new world.

I think people just need something to peak their interest, grab their attention and give them that little push to find out about Bitcoin and get past some of the negative info out there.

I saw a few news stories about it and only remembered its name before I took an interest. It took a long time for me to work out that the closest thing to an actual Bitcoin is a private key consisting of a long string of numbers and letters.

It's difficult to explain to a newbie because it's so far removed from physical coins. I thought there must be something tangible you could point at and say that's a Bitcoin. Understanding it's only an entry in a giant file linked to a key is difficult.

[bitllionaire]

I hate when people say bitcoin is hacked or it can be hacked ,it means they have no idea

[BitcoinNewbie15]

Whenever i tell people about bitcoin they also assume it is a company of some sort. It takes quite a lot of explaining for me to tell new-comers that no one single individual is in control of BTC.

[BitAddict]

Most of the people know nothing about Bitcoin and just say random stuff.. then other people just repeat like parrots. But that happens in everything, not only in Bitcoin.

[wearepoor]

Many of the people where I work have little to no idea of what Bitcoin is, a few mention ah yes I saw that on the news a while ago but not quite remembering anything else about it.  I got interested in Bitcoin quite late on when the price was up towards the $1k mark and it was on the news quite a bit, this peaked my interest and after looking into it more found out about the tech and the benefits and it introduced me to a whole new world.

I think people just need something to peak their interest, grab their attention and give them that little push to find out about Bitcoin and get past some of the negative info out there.

No one where I work has ever heard of Bitcoin, and I know a guy that works in the banking world and few have heard about it. We are still a small group of enthusiasts and pioneers. The average folk has a lot of catching up to do to get on our level, and we'll sooner or later be rewarded.

That's true very few people have heard about the bitcoins and some of my friends who are software engineers and working with great IT firms are also not aware about the bitcoins so how can we expect that an normal individual would be aware about the bitcoin and it will take huge time to get people involved into it.

[newflesh]

Yeah the bitcoin brand does have issues when it comes to public perceptions. Never really understood why there hasn't been any global media campaigns, at the moment all the general public get are the odd article here and there about silkroad, hacked exchanges. The mainstream media are the ones framing the narrative about cryptocurrencies and they seem to be doing a pretty shit job.

[neurotypical]

Most of the people know nothing about Bitcoin and just say random stuff.. then other people just repeat like parrots. But that happens in everything, not only in Bitcoin.

I think people here get paid to post confusing FUD to create even more confusion, they are probably hired by the NSA to try to crash the price (okay, i need to stop watching Infowars)

[tiggytomb]

Most of the people know nothing about Bitcoin and just say random stuff.. then other people just repeat like parrots. But that happens in everything, not only in Bitcoin.

I think people here get paid to post confusing FUD to create even more confusion, they are probably hired by the NSA to try to crash the price (okay, i need to stop watching Infowars)

The truth shall set you free.  Nothing wrong witb a bit of mr Jones

[Unbelive]

Most of the people know nothing about Bitcoin and just say random stuff.. then other people just repeat like parrots. But that happens in everything, not only in Bitcoin.

I think people here get paid to post confusing FUD to create even more confusion, they are probably hired by the NSA to try to crash the price (okay, i need to stop watching Infowars)

NSA could make at least a signature campaign. But they already get lots attention here. It seems their advertising is doing well even without it.

[Herbert2020]

none of my coworkers and friends know about bitcoin, and they have never heard of it even. the few of them that know about it. they have just heard about bitcoin mining.
nobody uses bitcoin as a currency. a while back when solo mining was an option they were just mining and selling afterwards.

[Slark]

Many mistakenly believe it’s a company. Others say it is bound to be destroyed by regulators. In some circles, it has been described as nothing more than a conduit to buy and sell drugs.

As a relatively nascent technology, misconceptions about Bitcoin abound. That’s because it functions as a kind of blank slate, explains Jonathan Chester, COO and founder of BitWage -- the world’s first Bitcoin-based payroll service. “Everyone creates their own mission or vision to build on top of the Bitcoin infrastructure,” says Chester. “Think of the Internet. There’s no mission or vision of the Internet -- it’s just what people want to do with this cool product.”

People fear things they don't know. It is pretty normal when someone is not educated enough he/she creates many myth and misconceptions. I can become a huge problem when people will repeat these lies again and again to the point they believe in them. As a bitcoin community we must prevent it and educate people. I think it will be sufficient for starter to just read FAQ on bitcoin.org

[Kprawn]

"Bitcoin is for criminals" <--- This gets me every time. I cannot believe that this has been so misunderstood or hyped up by the shills and Bitcoin haters.

Most of the drugs on our streets are being bought by cash {fiat} and when you speak to people about Bitcoin, they make a immediate link to Bitcoin and drugs {Silkroad}

They also link it to "hackers" and how many coins are stolen. I ask you this... Do you need to be a hacker to skim a credit card? Do you need to be a hacker to pick someone's pocket and to steal their wallet with all their cash and identity documents?

This in my opinion is the biggest misconception about Bitcoin. 

[hector3115]

I asked my IT neighbor about bitcoin this weekend and he started giggling and couldn't stop. That pissed me off so I asked him some questions to see if he even really knew what bitcoin was and he didn't.  He knew about mining and that was about it.

People think it's some sort of dungeon and dragons internet money.  He had no clue about the blockchain or anything.  That made me realize that public knowledge of bitcoin is literally near zero.

That's about right though.  Bitcoin's potential will be realized from the top down.  The top players in tech and finance have already taken notice and will most likely reap most of the rewards of Bitcoin adoption.  The mainstream public will most likely be the last to know and will be buying in at a much higher rate.

[Skinnyman]

Many of the people where I work have little to no idea of what Bitcoin is, a few mention ah yes I saw that on the news a while ago but not quite remembering anything else about it.  I got interested in Bitcoin quite late on when the price was up towards the $1k mark and it was on the news quite a bit, this peaked my interest and after looking into it more found out about the tech and the benefits and it introduced me to a whole new world.

I think people just need something to peak their interest, grab their attention and give them that little push to find out about Bitcoin and get past some of the negative info out there.

No one where I work has ever heard of Bitcoin, and I know a guy that works in the banking world and few have heard about it. We are still a small group of enthusiasts and pioneers. The average folk has a lot of catching up to do to get on our level, and we'll sooner or later be rewarded.

I'm in the same situation. Most people I encounter still haven't even heard of it but those that haven't will over time. It may take some more time for them to see the benefits of it but they will eventually. Maybe they'll regret it as well if the price of btc is significantly higher than it is today.

[Error404]

its usefull because it helps people but people misunderstand what bitcoin really is they never open their mind because what they hear is their fate and pass to other people and never understand what bitcoin is but dont just become a selfish say to them what bitcoin really are for the bit[Suspicious link removed]d image

[NUFCrichard]

That is will change the world in a more libertarian way.

I see that Bitcoin will end up being an Internet currency that can be used around the world, but otherwise it seems like most of the ideals of bitcoin are already being heavily eroded, and that is before it really makes it big time.  We will have leveranging and fractional reserve banking and interest rates etc, all the things that we're really intended by Satoshi. 

[Unbelive]

Many of the people where I work have little to no idea of what Bitcoin is, a few mention ah yes I saw that on the news a while ago but not quite remembering anything else about it.  I got interested in Bitcoin quite late on when the price was up towards the $1k mark and it was on the news quite a bit, this peaked my interest and after looking into it more found out about the tech and the benefits and it introduced me to a whole new world.

I think people just need something to peak their interest, grab their attention and give them that little push to find out about Bitcoin and get past some of the negative info out there.

No one where I work has ever heard of Bitcoin, and I know a guy that works in the banking world and few have heard about it. We are still a small group of enthusiasts and pioneers. The average folk has a lot of catching up to do to get on our level, and we'll sooner or later be rewarded.

I'm in the same situation. Most people I encounter still haven't even heard of it but those that haven't will over time. It may take some more time for them to see the benefits of it but they will eventually. Maybe they'll regret it as well if the price of btc is significantly higher than it is today.

You will find less and less people knowing of Bit coin. But reality will be, that most will use it and not even know they are using it.