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Author Topic: What is the biggest misconception of Cryptocurrency in your country?  (Read 589 times)
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March 23, 2018, 04:33:54 PM
 #1

Here in my country they thought bitcoin is just a scam only few people can fully understand what is blockchain and crypto currency so everytime they will hear bitcoin people will say you should stop that because its a Scam.
How about you? What is the weirdest thingy you heard from people about bitcoin or crypto currency?

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March 23, 2018, 04:37:07 PM
 #2

Biggest misconception I hear is that it's not backed by anything physical and shouldn't have any worth. People don't seem to get the simple idea that all value is assigned by peoples perceptions, irrespective of it being something tangible or not.

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March 23, 2018, 04:42:27 PM
 #3

Outside the scam and no backing allegations it doesn't get much weirder or obscure than this. I have however been told it is all going to 0 and that I am wasting my time doing what I am doing, that felt nice Smiley. Even if I thought another human was wasting their time, if I wasn't close to them I certainly wouldn't say something like that. But apparently with Bitcoin everybody has something to say and they want to say directly to your "dumb" face.

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March 23, 2018, 04:58:37 PM
 #4

Here in my country they thought bitcoin is just a scam only few people can fully understand what is blockchain and crypto currency so everytime they will hear bitcoin people will say you should stop that because its a Scam.
How about you? What is the weirdest thingy you heard from people about bitcoin or crypto currency?
in my country bitcoin or other crypto currency has been banned, but many people who succeed with bitcoin hence the thought or assumption of others that bitcoin is an indisputable scam

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March 23, 2018, 05:02:38 PM
 #5

In my country, the government has banned people from entering the crypto market in any way. So important messages and emergency messages can not come to us soonest and we have to suffer losses when we do not update the news as soon as possible. And I think that is the biggest misconception of my government.

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March 23, 2018, 05:12:32 PM
 #6

they do not really believe because bitcoin is not physically like a country's legitimate money and most people think bitcoin is a fraud

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March 23, 2018, 05:21:44 PM
 #7

Most people here only see what comes out in the news. That is every now and then, when a massive pump/dip happens or a the tax minister says something in the line of regulating and taxing to come in the near future.

Either than that, street talk on this matter is not regular and when there is many have a predefined idea that is some sort of pyramidal ponzi scheme.

Those that are tech savi or related to investments normally differ and see it as a source of potential income, but those all in all are a small part of the population so far.
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March 23, 2018, 05:38:28 PM
 #8

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.


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March 23, 2018, 05:46:15 PM
 #9

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.
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March 23, 2018, 05:46:54 PM
 #10

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!

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March 23, 2018, 05:57:41 PM
 #11

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.

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March 23, 2018, 06:06:55 PM
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in general, governments in my country strongly forbid their crypto world to think that bitcoin fraud friends as well as at very high risk.
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March 23, 2018, 06:08:16 PM
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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.



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March 23, 2018, 06:12:30 PM
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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.
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March 23, 2018, 06:12:50 PM
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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.

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.
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March 25, 2018, 03:00:21 PM
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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.
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March 25, 2018, 03:06:37 PM
 #17

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.
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March 26, 2018, 06:01:48 AM
 #18

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.
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March 26, 2018, 06:05:59 AM
 #19

Here in my country they thought bitcoin is just a scam only few people can fully understand what is blockchain and crypto currency so everytime they will hear bitcoin people will say you should stop that because its a Scam.
How about you? What is the weirdest thingy you heard from people about bitcoin or crypto currency?

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.

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March 26, 2018, 06:06:06 AM
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Here in my country they thought bitcoin is just a scam only few people can fully understand what is blockchain and crypto currency so everytime they will hear bitcoin people will say you should stop that because its a Scam.
How about you? What is the weirdest thingy you heard from people about bitcoin or crypto currency?

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.

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