The Biggest Misconception About Cryptocurrency

[iamTom123]

“The biggest misconception about cryptocurrency is that it’s just a passing trend, which is an emotional reaction to the paradigm shift that’s ultimately taking place. Cryptocurrency is here to stay – and as every minute passes, hundreds of thousands of new users are adopting it."

 - Ron Chernesky, CEO of investFeed

I think Ron has hit the point in here. Indeed, people are now starting to realize that Bitcoin or cryptocurrency in general is already here and it has no plan to get dead or go away soon. I am sure that many people are quite apprehensive about Bitcoin and that can be normal because Bitcoin is something still new and it can take for people to adopt and thrive. Cryptocurrency has finally arrived and those in the forefront would reap most of the benefits resulting into the use of Bitcoin and other alts.

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[European Central Bank]

dunno about the hundreds of thousands per minute part.

what does worry me is that it'll become the victim of another dotcom bubble that'll destroy the faith people have in it. once the smoke has cleared then it'll really establish itself just like the companies came out after the dotcom bubble.

there's a good chance greed will overpower any real uses. that doesn't matter in the long run, it does to people holding cryptocurrencies now.

[Iranus]

dunno about the hundreds of thousands per minute part.

It's obviously bullshit.  It's extremely unlikely that we're talking about more than a few million in total.  I hate when people overestimate the popularity of something they're doing, just because they're on a forum where people come to discuss it.  Most other places, people are only vaguely aware of the concept and even some people who currently own cryptocurrency are unaware of the banking system's current state (and are in it for more fiat).

what does worry me is that it'll become the victim of another dotcom bubble that'll destroy the faith people have in it.

BTC has had repeated bubbles.  There's the most faith in it right at the top of the bubble and the least right after it.  The ideal period is that part in between when a bull market is just beginning, like early 2016.  That's when merchants actually start accepting it as a decent payment system.  Most merchants don't care about stupid rises in price, you just hear about the few that do care as soon as the price leaps.
What people can't get through their head is that there won't just be a sudden point at which the general public decide "alright, Bitcoin's pretty cool, let's get using it".  BTC will always be divisive, and there will only be a very gradual shift towards usage.  

This rise in price is NOT a "paradigm shift", it's only a "price shift".  Merchant usage is not getting much higher now than it was a few months ago, if at all.

[Pidgeon]

How can you get hundreds of users every minute with a 420 transaction per minute speed?

[pearlmen]

I think I will have to agree with him because even with my first into the crypto-world, I had the misconception with several negative readings on the internet concerning the subject matter and this put some fear into me which was responsible for the making of some rash decisions but one year after I joined, with others counting eight or nine years, I concluded that its a myth that hopefully will not come true.

[European Central Bank]

BTC has had repeated bubbles.  There's the most faith in it right at the top of the bubble and the least right after it.

it's a different matter if it's a few freaks who lose their shirts like 2013 or even now. it's a different ball game if everyone and their mother is piling in. if the money of tens or hundreds of millions of people goes up in smoke that's not gonna do anyone or anything any favors.

[hatshepsut93]

dunno about the hundreds of thousands per minute part.

what does worry me is that it'll become the victim of another dotcom bubble that'll destroy the faith people have in it. once the smoke has cleared then it'll really establish itself just like the companies came out after the dotcom bubble.

there's a good chance greed will overpower any real uses. that doesn't matter in the long run, it does to people holding cryptocurrencies now.

Some companies survived the dotcom bubble and live to this day, and if we are in crypto bubble now, there's a good chance that Bitcoin will survive it, because Bitcoin has real utility and innovation. Also, there's actually not so much value invested in alts, millions of USD in their marketcaps doesn't mean that they've literally received those sums.

[alani123]

If you know someone working in banking or finance you could ask them and they'd know to tell you that people in those industries thought the same about e-payments as well as e-cash. They refused to believe that such trends could catch on but now they had to adapt to people demands and use of technology. Even if the speculative trend for cryptocurrency "passes" the technology would still be there, able to be utilized.

[dreamer81]

hundred of thousands seems high. I'd perhaps say thousands. But he is right. People will not accept it because they dont understand it. What is the alternative though? gold?

[djuvantebit]

dunno about the hundreds of thousands per minute part.

what does worry me is that it'll become the victim of another dotcom bubble that'll destroy the faith people have in it. once the smoke has cleared then it'll really establish itself just like the companies came out after the dotcom bubble.

there's a good chance greed will overpower any real uses. that doesn't matter in the long run, it does to people holding cryptocurrencies now.

my greatest fear with the paradigm shift is the power of greed you just mentioned, we all can see what it is doing to the crypto ecosystem, forks after forks, its not as simple as just narrowing down to just greed though but greed is definitely a powerful force. One thing will last and that is the technology, a lot are still unaware of what the potential applications of the technology behind the Cryptocurrency industry but, yeah when the dust settles the big boys will dust it up and run it.

[orions.belt19]

I didn't think of it as a trend at first. I initially thought that cryptocurrency or Bitcoin is a scam, and only used for illegal means. I had a hard time at first to conceptualize the idea of Bitcoin, so I lost interest on it when I first heard about it. I immediately dismissed it because of my fear that Bitcoin is fraudulent and devised to fool people. Its amazing how long Bitcoin has sustained for this long and continues to grow.

[Qunenin]

The biggest misconception about cryptocurrency is how special it is. It is something that is given given us a great deal of money, and a great deal of technological changes. But we always hear about people out there trying to push it on friends and family and total strangers, as if it is the next coming of the Christ. It is simply a digital currency platform, that was supposed to be decentralized and that part is failing every day. It is growing, and it will no doubt go through changes, but is nothing more than what it is.

[jamids]

I didn't think of it as a trend at first. I initially thought that cryptocurrency or Bitcoin is a scam, and only used for illegal means. I had a hard time at first to conceptualize the idea of Bitcoin, so I lost interest on it when I first heard about it. I immediately dismissed it because of my fear that Bitcoin is fraudulent and devised to fool people. Its amazing how long Bitcoin has sustained for this long and continues to grow.

I too think of it that way when I initially encountered bitcoin. Scam has been so rampant that anything that has an earning potential would turn us to be skeptic as we don't want to lose our hard earned money. Later on as I research more about it and knowing it has been existing for some years and then stumbled in this forum made me realized the existence of cryptocurrency world. That aside from foreign exchange and stocks, there is another thing that can be traded and there is earning potential as well.

[Scorpion]

Great quote. Yes Bitcoin is here to stay. It's trending up, and trending outward, more and more developers are making use of blockchain and ideas are spreading about how to improve things with this technology. Yes the money is good but the positive effect on technological growth is even more impressive.

[yugyug]

the misconception about the  crypto currency that it is only for the tech savvy, computer hackers and criminals and only applicable for rich countries. whereas
bitcoin are spreading now on the less developed countries to open an equal opportunity to earn.

[X-ray]

“The biggest misconception about cryptocurrency is that it’s just a passing trend, which is an emotional reaction to the paradigm shift that’s ultimately taking place. Cryptocurrency is here to stay – and as every minute passes, hundreds of thousands of new users are adopting it."

 - Ron Chernesky, CEO of investFeed

I think Ron has hit the point in here. Indeed, people are now starting to realize that Bitcoin or cryptocurrency in general is already here and it has no plan to get dead or go away soon. I am sure that many people are quite apprehensive about Bitcoin and that can be normal because Bitcoin is something still new and it can take for people to adopt and thrive. Cryptocurrency has finally arrived and those in the forefront would reap most of the benefits resulting into the use of Bitcoin and other alts.

My question, where are from the hundreds of thousands of new users come to adopt the crypto? that means the adoption will significantly growth a lot. But you must see there are some dead or zombie altcoin. which prove the crypto can go away.

[Realist247]

Biggest misconceptions:

Cryptocurrencies exist to earn people money on the upside only.  This must be millennial thinking because every other speculative financial instrument on the planet has profits via puts or shorts aka the downside.

"What goes up will always go up!!!!" LOL

Banks are not working 24/7 to co-opt cryptos.

Governments are not developing their own cryptos with low fees, instant transaction times, and using their control of the media to sell it to the public.

BTC will last more than another 3 years before a flurry of competition makes it resemble Tulip-mania.

"Bitcoin is an investment."  No it isn't....it's speculation.  It's gambling with a technological twist.

"Those who hold will get rich."  Those that got rich bought years ago and dumb luck made them rich.  The fact that they can see that cashing out as an option as something that they must be prepared to do daily and on a 24 hour basis is what will keep them rich.  For when this bubble pops, lots of people are going to get burned.

[iamTom123]

If "as every minute passes, hundreds of thousands of new users are adopting it" really happen, then bitcoin could overtake fiat in few years later

But, i think some biggest misconception about cryptocurrency are :
1. It's currency for criminal or terrorist.
2. It's scam, ponzi, MLM or MMM.
3. It's not secure and can be hacked.
4. It don't have real value, usage or the price will crash.

I just hope price won't crash too hard once many people invest/use crytptocurrency, otherwise many people will be disappointed and the chance for mass adoption will gone.

The four you enumerated are really valid concerns but slowly but surely we are already witnessing the needed shift in perceptions on those areas. It could never be denied that just like any other currency (US Dollar and all the rest of the fiat money) Bitcoin can be used by anyone regardless of the type of transactions. Unfortunately, since Bitcoin is relatively new people still do not have a broader knowledge about the coin and so the association sticks for a while until things are explained to anyone. We will get there eventually as soon Bitcoin can be able to reach the mainstream and since we now have some celebrities almost endorsing Bitcoin it can help it become more popular.

There will always be misconceptions and wrong associations because we are dealing with people here. Right now, anybody even without any basic knowledge of anything can go to his Facebook account and share his/her zero-based take on anything he has in mind. That is a big reality we have to to contend with.

[theinvestdude]

1. Scam
2. MLM
3. No Value
4. i dont want to go to jail
5. Waste of time

In short most non-bitcoin users are not aware of the value and uses of bitcoins. In mainstream media they only feature bitcoin as a Laundering tool for money and people are being put to jail by using bitcoin

[Schuyler]

One of the biggest misconceptions about crypto currencies is that it is widely used for illegal activities. Although it is partly true, only a small percentage of it is actually taking place. We are living in a digital world and these currencies are surely going to be used more moving forward.  The price alone of bitcoin tells us that the demand has been getting higher, which really benefits those who have wisely been holding for a while now.