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Author Topic: What "facts" you heard about Bitcoin is not true?  (Read 6817 times)
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March 09, 2016, 12:17:57 PM
 #21

i don't think you can call this facts but i have heard a lot of FUD over the years about bitcoin which is obviously not true.

the biggest one which we all hear once every two weeks is about bitcoin is dead, which makes the obituaries number over a thousand i suppose.

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March 09, 2016, 12:30:37 PM
 #22

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)

Nice list you made here. Yes. I almost forgot about the first one - transactions are instant. When I first came across Bitcoin, I was also told that Bitcoin transactions is instant. In fact, sometime it could takes up to thirty minutes or (if no fees), never.

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.

Partially agree. As I said that one could use a mixer to increase his/her anonymity. They can easily withdraw from an exchange and send their Bitcoin from the first address to a mixer address.

Yes. It is impossible to see zero fees transactions - the miners need the bounty to run.

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.

It is a big joke. I actually don't believe that Bitcoin is a government controlled project. I am with you - Bitcoin is created for the next generation economy.


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

Nice list you have there. In the past the second one could be true. Today, more and more businesses is starting to accept Bitcoin. Smiley.

that bigger blocks cause issue, when in reality smaller block are worse

Hmm ...  Cheesy.

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March 09, 2016, 12:32:34 PM
 #23

Bitcoin is dead.
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March 09, 2016, 12:39:06 PM
 #24

that bigger blocks cause issue, when in reality smaller block are worse

Have heard similar be iterated around the forums, so this would be my untrue fact.
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March 09, 2016, 01:32:15 PM
 #25

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?

Yeah, transactions in themselves can be traced.

The anonymity of bitcoin isn't in the impossibility of tracking transactions, but in the difficulty of linking those transactions and the identity of one's user.

Each and every transactions can be traced. Even tracking through ip is also done. Such tracings will be done by high networking developers.

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March 09, 2016, 01:35:00 PM
 #26

Back in the early days a lot of people seemed to think it was some kind of ponzi or pyramid scheme, even a few of my friends seemed to think it was a scam or something  Roll Eyes
Luckily that has changed a lot, those things were pretty easily debunked also...

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March 09, 2016, 01:35:27 PM
Merited by Foxpup (2)
 #27

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)
Nice list you made here. Yes. I almost forgot about the first one - transactions are instant. When I first came across Bitcoin, I was also told that Bitcoin transactions is instant. In fact, sometime it could takes up to thirty minutes or (if no fees), never.
You're both wrong. Transactions are near-instant. You are talking about confirmation time which is something else. Please stop confusing these two terms (a lot of people seem to do so). These are not solely dependent on the fees though, sometimes the block timing tends to be unusual (two blocks in 2 minutes and then no blocks for 20 minutes (arbitrary numbers)).

Each and every transactions can be traced. Even tracking through ip is also done. Such tracings will be done by high networking developers.
Tracking via IP is not feasible unless you control a huge part of the nodes. Even then there is no guarantee that the IP will tell you anything because IP != person. One could easily be connected to a public Wi-Fi (or someone else's), TOR, VPN and such.

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March 09, 2016, 01:48:21 PM
 #28

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?

It is very true tha several facts about Bitcoin have been exaggerated. First, I heard that Bitcoin transactions are instant unlike in fiat where it takes even 7 days to process. On the opposite side, you can wai for a transaction to confirm for even 2 days. Bitcoin transactions are my free as claimed. Every time you process a transaction. It needs some fees for it to be confirmed.
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March 09, 2016, 02:03:00 PM
 #29

Many people spread that Bitcoin is just "virtual" currency which is not true for sure, because it's real money and we can use to make deals and trades easily
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March 09, 2016, 02:08:44 PM
 #30

I've heard that Bitcoin is not real money, as the price fluctuates. I've also heard that Bitcoin is used exclusively by criminals for illegal activities. Both statements are untrue, but the FUD has really had an effect on the value of the currency.

Signatures? How about learning a skill... I don't care either way. Everybody has to make a living somehow.
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March 09, 2016, 02:22:46 PM
 #31

I heard that the Governments will start supporting bitcoins in future, which seems to be impossible at a moment, and I don't think the will ever come in support of bitcoins.

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March 09, 2016, 02:25:09 PM
 #32

One of the most important facts that people people don't know is that bitcoin is not completely anonymous.
Bitcoin is more of a pseudonymous currency than anonymous.
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March 09, 2016, 02:55:29 PM
 #33

I thought bitcoin transactions are free...
          but turn out they require a fee...
lol 10k satoshi. I think it was not a cost dude. moreover 10k satoshi not a large sum amount. unless the bitcoin price reaches 10k usd. of course 10k satoshi will be valuable


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March 09, 2016, 03:20:47 PM
 #34

Many people spread that Bitcoin is just "virtual" currency which is not true for sure, because it's real money and we can use to make deals and trades easily
It is a digital currency. I don't prefer the term "virtual" as it created a connection to things that aren't really a currency (various in-game coins for example).

Bitcoin is more of a pseudonymous currency than anonymous.
Correct.

That it can scale. If I remember rightly the wiki breezily runs through the possibilities. When you switch to reading forums you have to wonder whether you're reading about the same coin.
It can with additional layers. It is just difficult to keep it decentralized if you want to scale directly (there are a few  limitations).

The fact I heard was the press and media were saying that bitcoin is dead and it will never rise again, but today we can see the bitcoin have survived and its price is also rising at a moment.
Bitcoin has died 98 times.

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March 09, 2016, 03:30:05 PM
 #35

I heard this for a while, Satoshi Nakamoto is Bill Gates and Microsoft engineered this whole thing to assist the US government to track all financial transactions on the planet. As I did some research I
 
found out Satoshi were actually Chuck Norris and he developed Bitcoin in his spare time.  Roll Eyes The FREE transactions is close to the truth, if you live in a first world country, with a strong currency and

the instant transactions is also true, if you add 50% more to your miners fee than the norm.  Grin

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March 09, 2016, 06:30:08 PM
 #36

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

This is even shown in the video "What is Bitcoin v1" on youtube here : https://www.youtube.com/watch?v=Um63OQz3bjo

Pic here with subtitle :


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March 09, 2016, 06:41:29 PM
 #37

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

This is even shown in the video "What is Bitcoin v1" on youtube here : https://www.youtube.com/watch?v=Um63OQz3bjo

Pic here with subtitle :


Well, to be fair, there is no need for fees.

Fees are used to prioritize a transaction, and have no effect on whether you can send he transaction or not. It's just the norm because everyone tries to prioritize their transactions at once.
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March 09, 2016, 06:47:03 PM
 #38

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

This is even shown in the video "What is Bitcoin v1" on youtube here : https://www.youtube.com/watch?v=Um63OQz3bjo

Pic here with subtitle :


Well, to be fair, there is no need for fees.

Fees are used to prioritize a transaction, and have no effect on whether you can send he transaction or not. It's just the norm because everyone tries to prioritize their transactions at once.
If users do not pay the fees then many a times the transaction could get stuck or the transaction would not get completed eve !
The miners usually take the fees to speed up the transaction.

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March 09, 2016, 08:45:33 PM
 #39

Bitcoin is dead.

That's what I thought too when it went crashing down many times before in the past. I think Bitcoin has long term potential. If only the devs start putting in some work and stop being so damm lazy.
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March 09, 2016, 09:00:48 PM
 #40

At that time nobody even bothered to trace transactions one by one because those years were the dawn of bitcoin.

But what generally happened after so many big scams is that people started a technique for tracing them. That is why people now call it pseudo anonymous.

But you can obviously make it anonymous if you constantly convert your bitcoins to altcoins and back to bitcoins. (i,e, altcoin trading)
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