Bitcoin myths

[Zigabel]

It has become important that we begin to seek and gain the right information so we don't get mislead by some stories or false information been circulated by some people with mixed intentions which unsuspecting newbies fall pray and become victims of circumstances.

Certain information about Bitcoin has caused some persons to make wrong decisions, take unreasonable risk and sometimes end up in situations where they loose all there fund. So in this thread I would want us to discuss some popular myth about Bitcoin that has been put out there in the public, some of which are very misleading and could cause people to get into big mess especially newbies. Below I will be stating a few after which you can add any which you know about Bitcoin let's help save people from future problems.

Here are some myth(false information) about Bitcoin you should note:


1.  Bitcoin is a Ponzi scheme:: Bitcoin is not, it's never and can never be a Ponzi scheme. Rather Bitcoin is a digital asset, which can be used as a store for value or a means of payment for services and other financial transactions ,in some countries, it's regarded as a legal tender so Bitcoin is legit, real and not shutting down any time soon in the nearest future, Bitcoin has come to stay. It's the new and best innovative financial technology.

2.  Bitcoin is scam: it's really sad that most scammers are using Bitcoin to get at unsuspecting individuals but the idea that Bitcoin it's self is scam is false and not true, Bitcoin is real legal and very legitimate

3. Bitcoin is a get rich quick scheme: no doubts you can get Rich hodling but it's not something that happens almost immediately especially when you buy during the dip, but if you buy Bitcoin with a good sum of money and hodl for a long term you could definitely get rich hodling but it's not within a very short period of time with little capital.

4.  Bitcoin is on only DEXs: Bitcoin is actually on both DEX's and CEX's so it's falsehood to say Bitcoin is only on DEX`s

5.   Bitcoin isn't real money: like I said earlier, Bitcoin is considered legal tender in some countries and most stores and employee accepts Bitcoin as a mode of payment so Bitcoin is real money.


These are a few I could point out at the moment, but if you know of any, for the sake of education please post under this thread so others could learn and stay very much informed.

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[SquirrelJulietGarden]

4.  Bitcoin is on only DCE's: Bitcoin is actually on both DCE's and CE's so it's falsehood to say Bitcoin is only on DCE's

Excuse me!

Would you mind giving me a full phrase, term of DCE and CE, please.

I never knew these terms but my guess is you are talking about Centralized Exchanges and Decentralized Exchanges. Correct me if I am wrong but these types of exchange are abbreviated as CEX for Centralized Exchange and DEX for Decentralized Exchange.

Correct your abbreviations, CE and DCE if you are actually mentioning about CEX and DEX.

5.   Bitcoin isn't real money: like I said earlier, Bitcoin is considered legal tender in some countries and most stores and employee accepts Bitcoin as a mode of payment so Bitcoin is real money.

What is real money?

Even fiat currencies are not real money as they can be toilet papers some days. Digital numbers in your bank accounts are not real money too.

[noorman0]

-snip-
5.   Bitcoin isn't real money: like I said earlier, Bitcoin is considered legal tender in some countries and most stores and employee accepts Bitcoin as a mode of payment so Bitcoin is real money.

Isn't bitcoin great, it is considered not real money but it is proven to be able to buy all real things and that has been going on since 2009.
I won't prepare too complex an answer, satoshi has taught us how we should respond to the FUDers.

"If you don't believe me or don't get it, I don't have time to try to convince you, sorry." - satoshi

[Mubashir005]

1.  Bitcoin is a Ponzi scheme:: Bitcoin is not, it's never and can never be a Ponzi scheme. Rather Bitcoin is a digital asset, which can be used as a store for value or a means of payment for services and other financial transactions ,in some countries, it's regarded as a legal tender so Bitcoin is legit, real and not shutting down any time soon in the nearest future, Bitcoin has come to stay and will forever remain. It's the new and best innovative financial technology.

2.  Bitcoin is scam: it's really sad that most scammers are using Bitcoin to get at unsuspecting individuals but the idea that Bitcoin it's self is scam is false and not true, Bitcoin is real legal and very legitimate

I lived with this weird perception about Bitcoin for a very long time where I assumed that Bitcoin was a Ponzi scheme so I tried as much as possible in my life to resist any urge or drive that will make me to start thinking of learning the basic concepts around the new technology. At a time, when Bitcoin was introduced to my society, Ponzi schemes and other scam Money Making Machine otherwise known as MMM were introduced and a whole lots of young people invested their money into such platforms but would later regret ever taking such decisions. This was the reason why I grew much resistance to whatever will lead me to learning Bitcoin, unfortunately.

5.   Bitcoin isn't real money: like I said earlier, Bitcoin is considered legal tender in some countries and most stores and employee accepts Bitcoin as a mode of payment so Bitcoin is real money.


These are a few I could point out at the moment, but if you know of any, for the sake of education please post under this thread so others could learn and stay very much informed.

Lately, I realized the true genuineness of the Bitcoin system after plenty of time wasted and seeing how young people rally around their success stories in Bitcoin. Ordinarily, I do not easily accept new technologies because of the kind of society I grew up in. With a lot of young people venturing into illegalities and deceptive methods of making money because of the peer pressure in the country.

Therefore, I will normally take my time to show interest in new innovations especially in the financial sector, before I take the next step of learning the true essence of the technology and adopting such technology. Right now, I am glad that my eyes are now widely opened to the true sense of Bitcoin and I feel like I have made the best decision ever to be part of this wonderful journey.

I am using this reply as my first message on this forum and as a testimonial to the bold step I took to be here today. I have indeed realized that Bitcoin is not a scam, neither is it a Ponzi scheme no an unreal money, Bitcoin is the new digital currency in the digital technological world today that have come to stay.

Ciao Guys!

[mamesso]

5.   Bitcoin isn't real money: like I said earlier, Bitcoin is considered legal tender in some countries and most stores and employee accepts Bitcoin as a mode of payment so Bitcoin is real money.

This is one of the advantages of Bitcoin, even though Bitcoin is not considered real money, Bitcoin has solved many problems quickly in terms of transactions. Depending on where you live, each country views Bitcoin in a different light, Bitcoin will be considered real money if you live in El Salvador.

I think you need to stop by the thread Myth vs Facts and My Assumptions about Bitcoin to learn more about Bitcoin. @_BlackStar has created a more complete topic than the one you just created. Hopefully it can help you and other newbies to gain further insight into Bitcoin.

[Zigabel]

4.  Bitcoin is on only DCE's: Bitcoin is actually on both DCE's and CE's so it's falsehood to say Bitcoin is only on DCE's

Excuse me!

Would you mind giving me a full phrase, term of DCE and CE, please.

I never knew these terms but my guess is you are talking about Centralized Exchanges and Decentralized Exchanges. Correct me if I am wrong but these types of exchange are abbreviated as CEX for Centralized Exchange and DEX for Decentralized Exchange.

Correct your abbreviations, CE and DCE if you are actually mentioning about CEX and DEX.

5.   Bitcoin isn't real money: like I said earlier, Bitcoin is considered legal tender in some countries and most stores and employee accepts Bitcoin as a mode of payment so Bitcoin is real money.

What is real money?

Even fiat currencies are not real money as they can be toilet papers some days. Digital numbers in your bank accounts are not real money too.

Thanks your correction is noted.

[ImThour]

This all depends on the person and their POV like everything else in the world. My friend doesn't like Pizza, I love it. So can I change that for him? Nope.
It also depends on your personal experience with something. Imagine you go for a hike and it goes bad for you, I am sure you will never recommend anyone.
That makes a personalized approach towards something and that's what you have mentioned in your thread.

Myths are personal opinion on something. Not everyone belives in them.

[Saint-loup]

Unfortunately by trying to debunk those myths you are peddling other ones. You can't say Bitcoin "will forever remain" because nobody knows that. If global regulations become too harsh in the coming years, Bitcoin can become unusable for individuals and even for the institutions if they go too far. In addition if one critical flaw is discovered or if someone manage to hack the protocol(and not just a software wallet) Bitcoin will instantly die because it won't be safe and reliable anymore.

[Zigabel]

Unfortunately by trying to debunk those myths you are peddling other ones. You can't say Bitcoin "will forever remain" because nobody knows that. If global regulations become too harsh in the coming years, Bitcoin can become unusable for individuals and even for the institutions if they go too far. In addition if one critical flaw is discovered or if someone manage to hack the protocol(and not just a software wallet) Bitcoin will instantly die because it won't be safe and reliable anymore.

Thanks for the information it's well appreciated, that's why I mentioned in the post that if you know better you could add so we learn.. tnxs

[hatshepsut93]

5.   Bitcoin isn't real money: like I said earlier, Bitcoin is considered legal tender in some countries and most stores and employee accepts Bitcoin as a mode of payment so Bitcoin is real money.

Where exactly do most stores accept BTC? Because I have a feeling that it's the opposite and only a tiny minority of businesses accepts BTC.

I think it's foolish to argue that Bitcoin is not widely accepted, but not widely accepted money is still money. Bitcoin has liquidity, fungibility, it's resistant to damage and has a lot of other properties that are desirable in money.

[hd49728]

Where exactly do most stores accept BTC? Because I have a feeling that it's the opposite and only a tiny minority of businesses accepts BTC.

I think it's foolish to argue that Bitcoin is not widely accepted, but not widely accepted money is still money. Bitcoin has liquidity, fungibility, it's resistant to damage and has a lot of other properties that are desirable in money.

Bitcoin adoption has been increasing exponentially since 2009 but not all or most stores globally accept Bitcoin. It is exaggerating narrative talk.

View the map for cryptocurrency ATMs & merchants (includes Bitcoin) and today it has 32196 venues. It is a very small number compares to all stores the human civilization has globally.

Simply watch heats on the map can help us to see how adoption for Bitcoin, cryptocurrencies spread globally.