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Author Topic: What is the biggest misconception of Cryptocurrency in your country?  (Read 589 times)
Dacosta Osei-Tutu
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September 03, 2018, 03:27:47 PM
 #101

People in my country have this strong belief that bitcoin is for fraudsters. So most people who are into it usually hide it from the society

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September 03, 2018, 03:39:22 PM
 #102

My country does not recognize bitcoin and see it as a virtual currency that is illegal, easy to deceive.

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September 03, 2018, 03:46:35 PM
 #103

They think that Cryptocurrency is completely anonymous--no one can track you. This then leads them to believe that bitcoin and all other cryptocurrencies are only used for illlegal things. To make matters worse, the people who are not scared of crypto thinks that it is just another investment tool that will make them rich in a short time--which leads to plenty getting scammed.

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September 03, 2018, 03:49:33 PM
 #104

Bitcoin often hits the media when there is a big crypto jacking virus running wild like wannacry, this makes bitcoin guilty by association. Not helped by people buying drugs on the dark net. Overall, not a great reputation so there is work to be done
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September 03, 2018, 03:56:50 PM
 #105

I think in my country cryptocurrency is very neutral and some cities already have offices and cryptocurrency ATMs or Bitcoin ATMs that can be used to carry out bitcoin cryptocurrency transactions.


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September 04, 2018, 02:12:16 PM
 #106

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?

We are in the same position dude.
People in my country are too skeptical towards cryptocurrency as they told me if all crypto coins are definitely scam and used for illegal activity. And the funny thing is they didn't want to understand any words from me when I explained them what cryptocurrency and blockchain.

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September 05, 2018, 01:43:40 AM
 #107

Biggest misconception I’ve heard so far is that crypto is all hype and just a fad. Which is frustrating because it simply means that there are still people who don’t understand what it is and what it can do for society. What do you think will help people trust bitcoin or the concept of cryptocurrency?
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September 05, 2018, 08:59:59 AM
 #108

In my country, Bitcoin is cracked down and the government always discourages people from investing in and using Bitcoin. They declared that Bitcoin and other virtual currencies are not legal tender or permitted means of payment in the country. Also, they said that services hosting bitcoins have been shown to be at high risk of being hacked, stolen, or have their database exchanges and exchanges stopped. Really sad.
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September 05, 2018, 09:00:20 AM
 #109

I always find some people really ridiculous to deem Bitcoin as a Ponzi Scheme. It is absurd to label bitcoin a Ponzi scheme. At any rate a Ponzi scheme uses current inflows to pay “profits” to the earliest “investors” and the earlier you get in the more you make while the last one into the scheme finds he has no chair when the music stops. Bitcoin market, in contrast, works exactly the same as stocks market, nowhere near being a Ponzi Scheme. I can't understand what they are thinking.
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September 05, 2018, 09:01:16 AM
 #110

Many people in my country think that Bitcoin is only used by crimes for illegal activities. That is the biggest misconception of Bitcoin that I have ever heard. It seems to me that those people don't know anything about Bitcoin as well as cryptocurrency. they say that due to the lack of governmental control and proper regulations, Bitcoin is irresittible for crimes and frauds. I don't know how to deal with them.
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September 05, 2018, 09:10:43 AM
 #111

Rumors about the fact that this is all a big bubble and deception, that this is a new pyramid, designed to take money away and deceive people.
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September 05, 2018, 09:41:01 AM
 #112

The most absurd that I have heard about Bitcoin is that Bitcoin will lead government to the verge of collapse. They say if Bitcoin becomes so popular that it can replace fiat money, governments will be stripped of the power to manipulate currencies to advance nefarious ends, governments will collapse, and we will live in an anarcho-utopia. Wow, such  a weird misconception! I think, following their logic, the governments should collapse from very long time ago, because until central banks were invented in the 17th century, the money supply was unregulated even if governments did stamp coins. Other unregulated or private currencies have emerged from time to time.
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September 05, 2018, 10:07:33 AM
 #113

In my country, as in most countries, it is believed that bitcoin is a bubble that should soon burst.

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September 05, 2018, 10:59:01 AM
 #114

My country is like that, so sad. The government prohibits Bitcoin because it does not enrich the national budget, it also implies the risk of crime. In addition, most people have a bad view of Bitcoin in particular and virtual currency in general, they think it is scam.

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September 05, 2018, 11:06:45 AM
 #115

Because of some bad experience from ponzi schemes in my country rendering some participants homeless and causing divorce due to greed. So the public who are yet to research about Cryptocurrency think is another well packaged ponzi to send many to hell of financial ruin.One has to pursue his believe.
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September 06, 2018, 12:32:02 AM
 #116

Most people believe that bitcoin and other cryptocurrencies are a scam or just a vehicle to do criminal things. I guess the fact that it’s digital, gives it an air of mystery –like the black market. It’s obvious that skepticism is brought about by ignorance. People need to be educated about cryptocurrencies. And thank goodness there are schools now teaching it. Education is the foundation of trust, which will then help establish this new financial paradigm. But what other ways do you think we can help society trust in cryptocurrency more?

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September 06, 2018, 12:52:49 AM
 #117

One pretty obvious and common misconception about cryptocurrency in our country, particularly Bitcoin, is that it's a scam. Many of my countrymen do not understand that cryptocurrency cannot be a scam in its very sense. Crypto is just being used as a tool by frauds who want to take advantage of others. This is what stains the image of Bitcoin and crypto as a whole.

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September 06, 2018, 12:59:28 AM
 #118

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

indeed it is difficult to make it difficult for them to believe that bitcoin is true, because bitcoin which is intangible like banknotes is valid in my country, until they think that bitcoin is just a fraud ..
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September 06, 2018, 01:40:00 AM
 #119

In my country a lot is wrong about understanding bitcoin. Not infrequently this misunderstanding is more easily spread than true Bitcoin understanding, there are five things about bitcoin misunderstanding.
1. Bitcoin is just a giant ponzi scheme
2. Bitcoin is widely used by criminals
3. Bitcoin can only be used online
4. Bitcoin is easily stolen
5. Transactions are completely anonymous

For that bitcoin education is very important to do so that people avoid mistakes in perceiving about bitcoin.

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September 06, 2018, 01:56:23 AM
 #120

One pretty obvious and common misconception about cryptocurrency in our country, particularly Bitcoin, is that it's a scam. Many of my countrymen do not understand that cryptocurrency cannot be a scam in its very sense. Crypto is just being used as a tool by frauds who want to take advantage of others. This is what stains the image of Bitcoin and crypto as a whole.
The mentality of being a quick way to earned money and calling its system as an scam when things won't favor their side, I guess that's the factors
of misconceptions from my end, many people here didn't bother to understand and make things clear before investing their money, they are just hoping that by joining their money will grow faster, the big mistake is they already didn't bother to understand the risk and when the time comes and downfall
happen for long term, they will begin to cry out loud and call this chain being an scam one.

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