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Author Topic: What is the biggest misconception of Cryptocurrency in your country?  (Read 593 times)
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March 26, 2018, 06:07:59 AM
 #21

I think one of the biggest misconception regarding crypto currency is that people think it is a scam thing which will eventually make their money lost, but one should understand that how strong this industry and potential it has in the future.

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March 26, 2018, 06:10:13 AM
 #22

It is that crypto as a whole is a scam. They think it is a fraud since people claim to double there money in a day. Some have heard the money multiplied by 10 times. This sudden easy money growth is always considered a scam schemes, no matter where you are in world. Hopefully, Bitcoin will grow out of it and people will start believing it is legit.

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March 26, 2018, 06:16:25 AM
 #23

The strangest thing I have heard is all the negative comments coming from people who has never invested in Crypto currencies. How can you make any judgement on something, if you have not walked the walk? Once you start asking these people questions about the technology, you find out that they have made these conclusions, based on things that they have read in the media.

Would you take advice about anything, if the person that are giving you the advice, have not experienced the thing that they are giving you advice on?

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March 26, 2018, 06:32:23 AM
 #24

Biggest misconception that happened in my country, for at least, was that it was a "purely scam" that it doesn't return anything. It could be true when the value of Bitcoin is truly determined but since we can say that it is a really an unstable currency with an unstable value, there are still values. It was a really good thing that our government didn't ban the use of cryptocurrency. Adoption is still lacking though.
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March 26, 2018, 10:45:25 PM
 #25

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.

That's correct. The biggest misconception is being repeated by the media around the world and it  lies in the name "virtual money". Older people or those who aren't tech savvy associate virtual with non-existent. To them virtual reality means fake reality and virtual money is fake money!
In reality BTC is electronic money, just like your fiat money on a credit card or a bank account. The bank doesn't have your money in physical form! This is why you can't simply go to a bank and liquidate an account that holds 1 million USD. To do that you have to contact the bank first and agree on a specific date, because they need to get the money for you. Also, it's commonly known that banks have enough cash to cover all virtual transactions.

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March 27, 2018, 05:19:41 PM
 #26

In my country very few people understand what is it and how it works. Most people think, it’s not gonna last long. But positive thing is, BTC is getting much more attraction these days. People are at least asking questions.

agree with you, last year when I was talking to my friends I opened up few things about blockchain and bitcoin and they are just like *oh cool* *that's nice* then changed the conversation I end up feeling ashame then learn how to basically ignore and not to speak again about BTC., and guess what last month 10 of my friends keep asking me what is BTC and how it works; haha i just say it is so complicated for me to explain go to youtube and google and study about it. It's really funny tho for me, those who believe that Bitcoin is a scam and whole blockchain thingy is just a bubble, scheme or whatsoever they should go back in late 1980s  and read some articles about cypherpunk movement, David Chum and people who had been studying cryptography back then.

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March 27, 2018, 06:28:37 PM
 #27

The biggest misconception in my country is that the government and society consider bitcoin to be the currency. Is it possible because bitcoins have value so they assume that bitcoin is the currency (I consider it fairness with perception like this)? But what I need to straighten out is bitcoin instead of currency but a digital asset. All assets must have value as well as bitcoin.



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March 27, 2018, 06:51:21 PM
 #28

The biggest misconception of the Cryptocurrency in my country is that of the damaging effect ponzi has left behind for many. A lot can't even stand or be patient to comprehend the details of what it entails. And to worsen the situation, the Central bank has also warned the citizens to be careful and that they are not liable to any loss experienced by anyone!

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March 27, 2018, 07:05:37 PM
 #29

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.

Lack of education about cryptocurrencies isn't a problem here. Most people are not interested in economy, they can't even explain basic terms that are widely used in the news a few times in one month. We should start with encouraging people to start reading about current economical situations of their countries. Unfortunately, I guess that we will fail anyway, there will be always few people who won't bother with all of this things. Is it because of education or does it depend on the person? Who knows.

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March 27, 2018, 07:17:50 PM
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some days ago i saw a documentation about Mark Karpelès in the tv. in the documentation they talk every time, that he use fake bitcoins. in the documentation they didn't understand the bitcoin system and the most in this documentation was not very good researched. but this was the only misconception about bitcoin i saw. most of the documentation in my country are most positive and better researched.

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March 27, 2018, 07:20:39 PM
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In my country the government associate crypto currencies with drug dealers, gangsters sending money worldwide and russia trading with North Korea and Iran
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March 27, 2018, 07:29:19 PM
 #32

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?
Many believe that bitcoin is not real, many don't understand that money isn't everything what is printed on paper.
Some say bitcoin is ponzi, others won't believe it even if you buy something or withdraw money in front of them.

And there are many people who are afraid to invest in bitcoin or any other crypto because of its risky nature, and these people are worst because you can touch jealousy coming from their eyes!

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March 27, 2018, 09:09:43 PM
 #33

The biggest one i have ever heard was that you can get virtual money for free , and you can cash it whenever you want wherever you want. You can get rich in 2 days, but you should be aware that you can get hacked easily when you use it. And if you get hacked , the goverment will come for you.

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March 29, 2018, 05:34:36 AM
 #34

The misconception about cryptocurrency here in our country are: they don’t believe in digital currency only fiat currency.  They have negative reactions to cryptocurrency and ussualy thought that it’s a scam. There’s so much unawareness of people about cryptocurrency that’s why we are introducing it to them.

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March 29, 2018, 05:46:46 AM
 #35

until today there was misconception meaning for bitcoin that some people in my country thought all of cryptocurrencies including altcoin recognized as bitcoin and they says bitcoin was scam because related to Ponzi or HYIP and for those who involved for bitcoin they says can considered as part of ponzi scheme
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May 22, 2018, 04:44:39 PM
 #36

It is also the same here in our country they also thought bitcoin is just a scam. When they heard the word bitcoin they will say scam, pyramiding, etc. That's the reason I don't waste my time teaching the people around me about cryptocurrency. They will just think i'm a scammer too.
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July 01, 2018, 11:10:51 PM
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The bitcoin misconception in my country too is scam. Ponzi scheme became very popular at a time and as a result, so many people were scammed. Many of these scam schemes used bitcoin as deposit currency so because of that, many still fear bitcoin till date.

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July 01, 2018, 11:14:54 PM
 #38

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?
Since I'm from an arabic county , they think that crypto is only use to launder money and help fund terrorism. So they blindly made it illegal. I mean to be expected from a third world country who dosn't even let their people have their own business without inforcing crazy laws on them.
To hell they go with it tho . No one care here about that law since they are so technologically retarded and crypto is untracabe.

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July 01, 2018, 11:21:49 PM
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In my country. Government  banned buying and selling , exchange of cryptocurrency. along with mlm leader ponzi.  They set up multi-level projects disguised by bitcoin.  Everyone thought that bitcoin was scam

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July 01, 2018, 11:44:18 PM
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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?
Many people in my country think that Bitcoin is just a utility where anyone can just invest into and will start to gain portfolio returns. Many only heard of Bitcoin price hikes and how it made investors enjoy significant profits over the news.
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