9 Misstatements you'll hear about Bitcoin on the media

[Wind_FURY]

This is the truth about Bitcoin that we should share with our friends, relatives, your workmates, everyone!

Some of you might be disappointed with some of the facts, but you should understand your "investment".

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[Pursuer]

#1 why does it say SHA2 instead of SHA256?

#2 nobody says that they say "miners" validate transactions which is somewhat true since they either run a node themselves for their farm or connect to a pool that runs a Fully Verification Node that does it for them.

#6 is misleading. blockchain is the technology and it doesn't have to be used in a decentralized manner. it can be used by many sectors also. for example there are hospitals using blockchain technology to store and share their patient's documents and it is centralized and has nothing to do with a currency or asset (calling bitcoin an asset here is another mistake)
although this explanation has nothing to do with "bitcoin can be surpassed" though! that statement is similar to #9 and is created to advertise altcoins and pump them nothing more.

[Meysa_richa]

It's true that some of us are disappointed, but it does not matter to me because I know that it's part of the risk, and that's what has to be dealt with.

[Wind_FURY]

#1 why does it say SHA2 instead of SHA256?

SHA2 is a set of cryptographic functions. SHA256 falls under it.

#2 nobody says that they say "miners" validate transactions which is somewhat true since they either run a node themselves for their farm or connect to a pool that runs a Fully Verification Node that does it for them.

Yet the media says mining = validation, which is not.

#6 is misleading. blockchain is the technology and it doesn't have to be used in a decentralized manner. it can be used by many sectors also. for example there are hospitals using blockchain technology to store and share their patient's documents and it is centralized and has nothing to do with a currency or asset (calling bitcoin an asset here is another mistake)

Then it would be cheaper for them to run an append only SQL table. It also runs faster.

although this explanation has nothing to do with "bitcoin can be surpassed" though! that statement is similar to #9 and is created to advertise altcoins and pump them nothing more.

But innovation should always be encouraged.

[thanhtuan1413000]

Thank you for sharing. I find this really a bitcoin mistake. Hopefully after reading this article many people will understand better.

[Pursuer]

Then it would be cheaper for them to run an append only SQL table. It also runs faster.

yeah but the point is that the blockchain technology doesn't have to be used for decentralization. even in creating a cryptocurrency you can create a centralized one such as many altcoins that have already done it or the government issued cryptocurrencies such as Petro (Venezuelan crypto). being good/bad, efficient, cheaper or not is another argument though.

[boakyei]

The media need education about blockchain and cryptocurrency in general before commenting on issues related to it. Not only the media but even traders too are the cause of these misconception of bitcoin.

[Wind_FURY]

Then it would be cheaper for them to run an append only SQL table. It also runs faster.

yeah but the point is that the blockchain technology doesn't have to be used for decentralization.

But would your "centralized blockchain" be cheaper, faster and more efficient than a SQL database? If the answer is no, then why run a blockchain?

Plus will it have a token to act as an incentive? Then what is the use of having one if it's centralized?

even in creating a cryptocurrency you can create a centralized one such as many altcoins that have already done it or the government issued cryptocurrencies such as Petro (Venezuelan crypto). being good/bad, efficient, cheaper or not is another argument though.

I believe you need to undertand the way Bitcoin is more and why it works.

[Pursuer]

Then it would be cheaper for them to run an append only SQL table. It also runs faster.

yeah but the point is that the blockchain technology doesn't have to be used for decentralization.

But would your "centralized blockchain" be cheaper, faster and more efficient than a SQL database? If the answer is no, then why run a blockchain?

Plus will it have a token to act as an incentive? Then what is the use of having one if it's centralized?

even in creating a cryptocurrency you can create a centralized one such as many altcoins that have already done it or the government issued cryptocurrencies such as Petro (Venezuelan crypto). being good/bad, efficient, cheaper or not is another argument though.

I believe you need to undertand the way Bitcoin is more and why it works.

again this is not an argument about whether it is good to do it or not, it is about the fact that it is being done.
as for centralized altcoins I can say it is a total bullshit because we already have them and all of them are pure crap.
as for government centralized altcoins I can't say because we only have one that started very recently. it doesn't seem like a good idea but we have to see how it turns out to be when other countries also do it.
as for other fields such as the SQL thing you ask, I have no idea because I have never seen any in action, I have only read news about them wanting to use it. and it doesn't seem different to me when it comes to speed. SQL database and blockchain are both a form of database but that is just my opinion.

existence of these things have nothing to do with bitcoin though. bitcoin is unique and exists and works and is growing in popularity because it is decentralized and secure. it fulfills a different purpose: a censorship resistance currency.
but centralized altcoins do exist and are popular. for example XRP is also popular because it  fulfills a different purpose: a shitcoin to be pumped and dumped and people have made profit from it.

[tegarp90]

This is the truth about Bitcoin that we should share with our friends, relatives, your workmates, everyone!

Some of you might be disappointed with some of the facts, but you should understand your "investment".

But on the 7th facts, we can deny that's the truth.
Many people used bitcoin to hide their money from money laundry or money that they get from robbery.
I said this because this is from facts.
But bitcoin is not created for crime, just people misused it.

[Herbert2020]

But on the 7th facts, we can deny that's the truth.
Many people used bitcoin to hide their money from money laundry or money that they get from robbery.
I said this because this is from facts.
But bitcoin is not created for crime, just people misused it.

just saying something is from "facts" doesn't make it a fact nor true. from my perspective this statement here is just your pure guess.
of course there are always people who use bitcoin for illegal activities but  calling it "many people" is not correct unless you have real evidence to support it.

[Wind_FURY]

Then it would be cheaper for them to run an append only SQL table. It also runs faster.

yeah but the point is that the blockchain technology doesn't have to be used for decentralization.

But would your "centralized blockchain" be cheaper, faster and more efficient than a SQL database? If the answer is no, then why run a blockchain?

Plus will it have a token to act as an incentive? Then what is the use of having one if it's centralized?

even in creating a cryptocurrency you can create a centralized one such as many altcoins that have already done it or the government issued cryptocurrencies such as Petro (Venezuelan crypto). being good/bad, efficient, cheaper or not is another argument though.

I believe you need to undertand the way Bitcoin is more and why it works.

again this is not an argument about whether it is good to do it or not, it is about the fact that it is being done.
as for centralized altcoins I can say it is a total bullshit because we already have them and all of them are pure crap.
as for government centralized altcoins I can't say because we only have one that started very recently. it doesn't seem like a good idea but we have to see how it turns out to be when other countries also do it.
as for other fields such as the SQL thing you ask, I have no idea because I have never seen any in action, I have only read news about them wanting to use it. and it doesn't seem different to me when it comes to speed. SQL database and blockchain are both a form of database but that is just my opinion.

existence of these things have nothing to do with bitcoin though. bitcoin is unique and exists and works and is growing in popularity because it is decentralized and secure. it fulfills a different purpose: a censorship resistance currency.
but centralized altcoins do exist and are popular. for example XRP is also popular because it  fulfills a different purpose: a shitcoin to be pumped and dumped and people have made profit from it.

When you use the word "blockchain" how would you define it? It has lately become a buzzword that it might have lost its real meaning. Or does it have a real meaning?

I believe we should have a common ground in how to define what a blockchain is because if not, then there's nothing for us to talk about.

Does a centralized ledger like Ripple need XRP? Why?

[Direwolve735]

I believe that the most significant misstatement about Bitcoin is the belief that Bitcoin is a currency. In fact, for now Bitcoin is something in between a giant partner company and a payment system. Bitcoin is much more a payment system than a currency. In spite of this, I am sure that Bitcoin and the blockchain technology behind it can ultimately have a colossal social value and one day Bitcoin will become a currency with all its features and advantages.

[bigmaster23]

I guess even using your misstatement guidance could not change the way my fellow citizen think(thought) about bitcoin, bitcoin turn-out to be a scam here in my country so no matter how smart and wise you talk to them they will just close the door before even opening your mouth saying bitcoin.

[pompinkpomelo]

The idea of blockchain not really being usefuly beyond censorship resistance is interesting. Bc it invalidates almost all ICOs.

[googs84]

Okay some of the good leanings from your graphics here. I never knew that mining is not validation of the complex maths but it is just censoring of the valid transactions itself. This is so petty that media is publishing stuff in completely wrong way and it might be just for their benefits and nice article writings etc. Also did not the operation of miner where it doesn't solve complex math but just referring the source and validating everything. It is so easy to know now but raises me question that if it is so simple them why not build a central supercomputer who can do the work ? Will it affect that hashing power or whether its just not about the superiority of the computer? 

[cryptomite]

when bitcoin was not so popular nobody was saying that things, and now media thinks they can manage the minds of people

[IndigoRed]

This proves how everyone still has so much to learn about bitcoin. Think about money for instance. We’ve been using it for the longest time but we don’t completely understand what gives value to it, so how can we all be instant experts of bitcoin? We have to constantly read up on it and not be afraid to ask questions. Keeping this community alive really helps.

[Bile123]

I can suggest one very important thing especially for beginners, myself through it went through this to keep all the money on Coinbase or another online purse.Remember that the keys are missing, so money is gone. Good luck to all

[CurrenCyTRR]

thanks for your sharing

[Juggy777]

This article is excellent I loved it ans thank you op for sharing this here, hopefully it'll help quell some of the myths that are spreading in the crypto market. I really hope some media person sees this and understand what fools they're to spread fud and for all newbies this is a excellent guide I wish there was option to pin this post. Also the point on alt coin is my favourite  no one could have written it better.

[Ethelbert Moore]

Bitcoin is mostly used by violent people to commit crimes. I must to say that I am very scared about this problem. However, I totally believe that Bitcoin is mostly used by honest people protecting themselves against financial repression.

[bitbunnny]

One of the false information is that Bitcoin is a criminal/illegal currency used by criminals for illegal activities and money laundering.
Also, one of the myths is that Bitcoin will bring you only profit especialy if you are patient enough. This one is particulary dangerous because it can cause huge losses with certain individuals. Bitcoin can make you lose your money too.
Another myth is that Bitcoin will replace the banks. Bitcoin is a healthy competition to banks but it will not replace them.

[Enoch Lewis]

Bitcoin is the most advanced and up to date crypt project with one of the highest concentration of brain power. This is the first thing that I hear about 9 misstatements on the media.

[Vika99siombiwi]

Lots of media require education on blockchain and crypto currency in general. The traders were a cause of misconceptions about bitcoin today.

[TahuDiniHari]

Bitcoin is mostly used by violent people to commit crimes. I must to say that I am very scared about this problem. However, I totally believe that Bitcoin is mostly used by honest people protecting themselves against financial repression.

therefore, we should be a part of a useful person and share the good news about bitcoin. The bad guys who use the name of bitcoin should we fight with positive information.

[mikki14]

I hope more people could read this or at least do their own research before jumping into conclusions. There are also poeple who are badmouthing bitcoin without any basis. Saying that it is used for illegal transactions.psh!

[zolfa]

I am interested in point number 9, when bitcoin falls and does not have the power to rise, I think that other altcoins are saturated, so it's normal for altcoin to choose and find its own track, and ignore bitcoin, because bitcoin is not a standard price for him.

[gundala]

a statement that is often used as a pretext of the bitcoin legality that is still not recognized is the 7th point. The media often say, bitcoin has the opportunity to be used as a money laundering tool, a means of buying and selling arms and drugs. I am still in doubt. Therefore, if linked with deep web. I have no idea. but I am very sure, bitcoin can be more useful if used for good.

[Kieran Thomas]

Blockchains use encryption, so they are private. We can use them to encrypt and protect sensitive data. Oh, this thing is the most important thing for buyer to know when they decide to invest in bitcoin.

[haracutama]

Of course! I found that: If somebody controls 51% of hash rate, he controls bitcoin. This is the thing that I have know before. Even if somebody controls 100% of hash rate, he still can not turn invalid transactions into valid, he can just censor transactions.

[Aidan Martin]

I hear about this 9 misstatements. I want to repeat that: Miners use computer capable of solving very complex computations. Mining hardware actually solves a very simple problem: guessing random members. Then, they check them against a SHA2 function.