My Favorite Misconceptions About Bitcoin

[Beefcake]

Does this happen to anyone else? You're trying to explain to someone, perhaps a close relative, what crypto actually is? And they come up with all of these strange/sill ideas? These are my top 3, I would love to hear everyone else's.

1. You can only buy whole bitcoins. I guess this one makes sense, if you never knew anything about crypto. After all, one usually buys whole stocks and bonds, and whole other things. But I have had many conversations where the person says something like "yeah I would love to get bitcoin but I don't have (insert whatever the current price is).

2. It's a ponzi scheme/ tulip bubble/ some other kind of scam or shenanigans. I think this one comes straight from the msm. Even prominent financial news outlets regularly print erroneous, or purposely false and misleading information. But, if you actually know what crypto is, the idea that it is the same thing as a ponzi scheme or the tulip bubble is just silly. It's like the exact opposite of those things.

3. I would love to buy some Bitcoin, but (whatever the current price is) is just too expensive for magic internet money. This one I think is due to people feeling like they missed out at being an early adopter. These are the types that tend to say things like "gee I wish I had bought amazon when it was a few pennies a share". But whatever the current price, it's too much. It could literally be $5 a Bitcoin and they would say it was too much. I get it, they don't really understand what crypto is, but it's still a bit silly if you ask me.

What are your favorites?

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[BITCOIN4X]

I was a user who really knew bitcoin at a time when this currency was known to many people around the world. Yes it was in 2018, but I didn't think much of it despite the doubts about how this currency has such a high value. I never thought this bitcoin was a ponzi scheme because I never found a single word about guaranteed return x within a certain timeframe.

I don't know what the dumbest mistake I thought about bitcoin was, but maybe I'm just a little hesitant to spend a lot of money in 2018-2020 buying bitcoin.

[hosseinimr93]

3. I would love to buy some Bitcoin, but (whatever the current price is) is just too expensive for magic internet money.

And then they go for altcoins.
I have seen many people believing bitcoin is too expensive and they should buy a shitcoin worth less than a dollar.
"This token/coin is now worth $0.0000001. If it reaches $1, I will be a billionaire. Bitcoin reached to 60,000 dollars. So, 1 dollar is nothing and can be reached very easily."

[Zanab247]

3. I would love to buy some Bitcoin, but (whatever the current price is) is just too expensive for magic internet money. This one I think is due to people feeling like they missed out at being an early adopter. These are the types that tend to say things like "gee I wish I had bought amazon when it was a few pennies a share". But whatever the current price, it's too much. It could literally be $5 a Bitcoin and they would say it was too much. I get it, they don't really understand what crypto is, but it's still a bit silly if you ask me.

What are your favorites?

I don't think, everybody can get it right at the same time to buy Bitcoin and hold for future purpose, because there are some people in the community waiting for the price of Bitcoin to decrease to $5k before they can buy and hold, while there are some people are using this bear market to buy Bitcoin and hold, because they believed that the price will not decrease more than $15k before it will increase higher to a level were those that invested in Bitcoin some months ago to start earning from their investment. Crypto is different from centralized currency, because crypto is unpredictable, it can pump higher to enable people to make a good profits and it can also dump to make people to purchase for future purpose in the community. I believe, this is the best opportunity for you to buy Bitcoin and hold so that you will be part of those that will smile when the price of Bitcoin increase higher in the market.

[Russlenat]

3. I would love to buy some Bitcoin, but (whatever the current price is) is just too expensive for magic internet money.

And then they go for altcoins.
I have seen many people believing bitcoin is too expensive and they should buy a shitcoin worth less than a dollar.
"This token/coin is now worth $0.0000001. If it reaches $1, I will be a billionaire. Bitcoin reached to 60,000 dollars. So, 1 dollar is nothing and can be reached very easily."

This is the most common people’s thinking, they always see bitcoin having the highest potential in crypto but since it’s price will never be affordable so they end up trying their luck buying altcoins. Not realizing that there are more risks investing in altcoins particularly if you chose those new altcoins in the market as they mostly end up as big scams. But if you go for established altcoins, yes you can be profitable but not as huge as bitcoin.

[BlackHatCoiner]

Here are my favorite (or less favorite  ) misconceptions:

• Bitcoin uses wastes too much energy.
• Mixing bitcoin means you're a criminal.
• Bitcoin is a bubble.
• Bitcoin isn't backed by nation(s) and, therefore, doesn't have essential value.
• Proof-of-Work will be banned.
• "It's too late to get involved into bitcoin".

Edit: Oh, and franky's punch line, "LiGhTnING IsNT BitCoIN!"

[aoluain]

My big misconception around 2013 when I first heard about Bitcoin was

1. Thats just for gamers

My personal misconceptions about Bitcoin circa 2017 just after getting into Bitcon:

2. Can I mine Bitcoin myself with my PC?
3. Surely this cant keep going up, it doesnt make sense?
4. Maybe if I swap some of my Bitcoin for this other project ^{ICO craze} I will make a big profit . . .

And a massive misconception surrounding Bitcoin for the last few years by a certain
cohort of people is that

5. it was created by CSW . . .

[cryptomaniac_xxx]

Here's a couple of my favorite misconception about BTC

1. It's not real money
2. get rich quick scheme, - specially newbies around 2017, quit their job and focus on crypto related stuff....
3. Anonymity anyone?
4. Bitcoin is the same as the Ethereum and the rest of stable coins
5. Government will have to shut it down, one day

[Rruchi man]

Another popular misconception about bitcoin is that, owning any amount of bitcoin can make you wealthy. To benefit properly from bitcoin and the market fluctuations you need to have a substantial amount of bitcoin to properly gain from the market when the value of bitcoin goes up. If you have very little fractions and you are holding on to them without planning on how to get more I'm sorry to say but that bitcoin cannot make you rich or wealthy in that case.

[The Cryptovator]

Just leave others' thoughts that I tried to explain. I was confused at the beginning and didn't use Bitcoin as a payment method. I was thinking why should a currency's price shouldn't volatile like this. At that time I dare to use Bitcoin due to its volatile. I wasn't ready to accept losing value. But now it's different, I realized what is Bitcoin and how works as well. The same thing happens most of the time when I want to try to explain about Bitcoin.

[cryptosize]

"Bitcoin will go to zerooooooooooo!!!!!!!!111oneone"

Every single time in a bear market! Been through this one all the way from 2017 ATH (20k USD) to the late 2018 bottom (3k USD).

ps: I would consider this a strong buy signal. #NFA

[Finestream]

3. I would love to buy some Bitcoin, but (whatever the current price is) is just too expensive for magic internet money.

And then they go for altcoins.
I have seen many people believing bitcoin is too expensive and they should buy a shitcoin worth less than a dollar.
"This token/coin is now worth $0.0000001. If it reaches $1, I will be a billionaire. Bitcoin reached to 60,000 dollars. So, 1 dollar is nothing and can be reached very easily."

And that’s when they start experiencing real scams and lose big amount of money, which is far to happen if they only take the risk buying bitcoin. Well, some altcoins have managed to survive and create sustainable profits but most of the new altcoins today that are out in the market are just for short term duration, after that their value starts to subside.

[Oceat]

"Bitcoin will go to zerooooooooooo!!!!!!!!111oneone"

Every single time in a bear market! Been through this one all the way from 2017 ATH (20k USD) to the late 2018 bottom (3k USD).

ps: I would consider this a strong buy signal. #NFA

It's just the same as saying Bitcoin is dead and it's too common to hear or read it nowadays because it almost like a meme whenever there's a correction. And after all these years there are still people who aren't into Bitcoin despite the fact that the market showed what is the price in bearish today. Saying they missed the boat but this price in bear market today was the ATH price where they complain it's too expensive. They really missed their chances to buy because they think owning 1 BTC is thing and having sats is not or they just don't know what is sats.

[KennyR]

3. I would love to buy some Bitcoin, but (whatever the current price is) is just too expensive for magic internet money.

And then they go for altcoins.
I have seen many people believing bitcoin is too expensive and they should buy a shitcoin worth less than a dollar.
"This token/coin is now worth $0.0000001. If it reaches $1, I will be a billionaire. Bitcoin reached to 60,000 dollars. So, 1 dollar is nothing and can be reached very easily."

And that’s when they start experiencing real scams and lose big amount of money, which is far to happen if they only take the risk buying bitcoin. Well, some altcoins have managed to survive and create sustainable profits but most of the new altcoins today that are out in the market are just for short term duration, after that their value starts to subside.

Nowadays this have increased a lot and more people are getting into scams in the name of cryptocurrency. Recently I made a thread about a friend of mine getting trapped. Even now he don't have the proper understanding and explains me. For the same amount I've spend someone else have got three types of tokens. I said creating tokens and sending is not a big thing. It need to be in the market. So, proper awareness could make things better.

[ChiBitCTy]

All of these things are misconceptions that I hear all of the time. The biggest misconception that I hear that drives me nuts is that bitcoin is anonymous and is mostly used for illegal activities. There’s been a number of studies from very affluential outlets that have done on chain analysis that have dispelled this myth time over time; but yet we keep hearing this nonsense.  I’m hopeful it fades away as time goes on.

[melody82]

All of these things are misconceptions that I hear all of the time. The biggest misconception that I hear that drives me nuts is that bitcoin is anonymous and is mostly used for illegal activities. There’s been a number of studies from very affluential outlets that have done on chain analysis that have dispelled this myth time over time; but yet we keep hearing this nonsense.  I’m hopeful it fades away as time goes on.

Yes, I think the news has made too many stories about bitcoin for crime. I think probably it is not very anonymous for governments who know how to find the right info. Regular money is better, because the block chain is public and permanent, there is no way to track dollars sitting somewhere hidden in a basement.

[VanillaH]

When I had a Bitcoin ATM business, I was suprised by the sheer amount of people who told me "they had no money for one Bitcoin". That's when I taught them they didn't need to buy a whole Bitcoin to get started!

[cryptosize]

When I had a Bitcoin ATM business, I was suprised by the sheer amount of people who told me "they had no money for one Bitcoin". That's when I taught them they didn't need to buy a whole Bitcoin to get started!

I've said it before:

We should ditch floating point in favor of integer values (sats).

Everyone (exchanges, ATMs) should sell sats and only sats!

Unit bias is a real thing for noobs, believe it or not...

[Pumared]

Does this happen to anyone else? You're trying to explain to someone, perhaps a close relative, what crypto actually is? And they come up with all of these strange/sill ideas? These are my top 3, I would love to hear everyone else's.

1. (...)

2. (...)

3. (...)

What are your favorites?

I take these doubts as challenges. For that puts to the test all that I have learned. Usually lay people will think outside the box of someone who already knows something, in this case Bitcoin.

So, even if it's a dumb question, it's valid to test what you've learned, if you've learned.

[Dave1]

I think bitcoin is a bubble is probably my favorite. Everyone is bad mouthing bitcoin when I joined because it's a scam, a tulip mania and that it will go to zero.

And then the good one "bitcoin to the mooooonnn", lol, we are going to heard about this once we are in a bull run again.