biggest misconception about Cryptocurrency?

[anushkasachith888]

What do you think is the biggest misconception people have about cryptocurrencies, and how would you clarify it?

[BlackBoss_]

What do you think is the biggest misconception people have about cryptocurrencies, and how would you clarify it?

Biggest misconception is cryptocurrencies can help people to get rich, after one sleep, one night and it's super easy to be rich in cryptocurrency market.

There are other misconceptions in this space but if you want only a biggest one, above is.

Some more
Top Bitcoin myths
Biggest Misconceptions About Crypto: Hear From Our Compliance Experts

[Rruchi man]

What do you think is the biggest misconception people have about cryptocurrencies, and how would you clarify it?

Some misconceptions that some people have is that investing and Hodling any cryptocurrency can make them rich.
Correction: Not all cryptocurrency should be invested in, care has to be taken in choosing what to invest in. Bitcoin is always the recomended because of it track record and reputation.

Another is that their one time investment in cryptocurrency say bitcoins without follow up investments is enough to bring them wealth.
Correction: Investing ones in bitcoins is not enough, to get the best from bitcoins, we need as much bitcoins as we can keep, and the best way to get enough bitcoins is to continually invest regularly.

[Gormicsta]

What do you think is the biggest misconception people have about cryptocurrencies, and how would you clarify it?

One of the most common misconceptions regarding cryptocurrencies, in my opinion, is that they are anonymous. Although several cryptocurrencies are made to offer some degree of anonymity, they are not totally anonymous. On a public blockchain, every transaction is logged and linked to the wallet address of the user. To be clear, cryptocurrencies aren't totally anonymous even though they can provide a greater level of anonymity than conventional financial systems.

[moneystery]

"the misconception about cryptocurrency is that many people think that cryptocurrency is a ponzi scheme and when no one else invests in it, then its value is zero."

and i have to get this straight, that the gold that people consider to be of high value is just an ordinary stone, what makes it expensive is its rarity and the high demand that people have for it. if no one invests in it then its value will also drop significantly and could be zero.

likewise with cryptocurrency, it is not a ponzi scheme because the goal is clearly for investment or payment. the economics are clear, there are miners/stakers, buyers, sellers, etc., so it can't be called a ponzi scheme as people say.

[Charles-Tim]

Biggest misconception is cryptocurrencies can help people to get rich, after one sleep, one night and it's super easy to be rich in cryptocurrency market.

Especially with altcoins. I can see some altcoins that fell more than 20 times in the bear market. If someone fomo at the time and buy and be losing 20 time more of the money invested, it will not be easy. Altcoins are very risky.

Sometimes, you will invest, the coin will first drop in price and annoying. Even bitcoin may first fall, not increasing for awhile before bulls will start buying.

One of the most common misconceptions regarding cryptocurrencies, in my opinion, is that they are anonymous. Although several cryptocurrencies are made to offer some degree of anonymity, they are not totally anonymous. On a public blockchain, every transaction is logged and linked to the wallet address of the user. To be clear, cryptocurrencies aren't totally anonymous even though they can provide a greater level of anonymity than conventional financial systems.

This is true. People that are using IP address directly will also think of that but which is wrong. There are some things you have to do before you can be anonymous while making transactions.

[348Judah]

What do you think is the biggest misconception people have about cryptocurrencies, and how would you clarify it?

This is bitcoin discussion board and I will like you to be more specific about the cryptocurrency in question which i believed to be nothing than bitcoin.

To the misconception people have towards bitcoin, we can take the approach of bitcoin being a means of digital scam and or an abhord for money laundering as believed by the governments and some other people who don't have the understanding behind the creation of bitcoin.

[Gormicsta]

Another is that their one time investment in cryptocurrency say bitcoins without follow up investments is enough to bring them wealth.
Correction: Investing ones in bitcoins is not enough, to get the best from bitcoins, we need as much bitcoins as we can keep, and the best way to get enough bitcoins is to continually invest regularly.

Following the DCA technique would really help in accumulating a good number of bitcoin without breaking a sweat because the actual reason some people are scared to acquire more bitcoin is because they feel it's quite expensive to buy now, but with DCA method that's settled.

There are some things you have to do before you can be anonymous while making transactions.

Like the use of mixers right ?

[bluebit25]

What do you think is the biggest misconception people have about cryptocurrencies, and how would you clarify it?

Since coming to bitcoin (crypto), I have to admit that I myself have had misunderstandings with it from the early days, like:

- Bitcoin fuels criminal activity (money laundering, payment of banned substances,...)
- Bitcoin is a multi-level Ponzi scheme.
...
But in general, it is all an assessment based on a limited understanding of Bitcoin, all positive/negative issues associated with it are. All by ourselves. For example, the story of promoting crime Yep, if there was no Bitcoin, crime would still exist and people just like to exaggerate the problem to say that it is risky for many people. I once raised the issue that $ is also a much bigger tool that criminals use. And the core issue is that people use it for their own purposes. Every tool can bring different aspects to serve us.

I also have many friends who are exposed to bitcoin, but sharing the same knowledge with it to express is really rare. With this forum, I learn more than external things (personal opinion). Actually, I used to think a lot about bringing accurate information about Bitcoin for people around me to understand, but after many processes, I realized that I should let them find out for themselves the way they are learning everything in life. There is no need to impose anything, we can know whether it is good/bad for anyone.

[kryptqnick]

I'd say that a thing requiring clarification is when people use 'cryptocurrency' and 'Bitcoin' interchangeably, and then apply what goes for Bitcoin to cryptos in general. And then this confusion leads to misconceptions about cryptocurrencies. Bitcoin is a cryptocurrency, but, as we know, there are plenty of others. Bitcoin is a relatively safe investment, it attracts serious investors, it is very decentralized etc. But that doesn't hold for cryptos in general. Some are more or less popular, volatile, or centralized than others. So assuming that cryptos are a relatively safe investment in general or that they're all decentralized are big misconceptions because Bitcoin isn't like the rest of cryptos.

[Jating]

What do you think is the biggest misconception people have about cryptocurrencies, and how would you clarify it?

I think people who think that it's a get rich quick scheme. Just right now, I have a convo with my wife and she says that someone is trying to borrow money, a friend of her and says that he need crypto as she needed to finished some task? before she  can get her crypto.

So I said that it could be scam if that is the case. I haven't talk to the lady as I don't know here. It was just a friend of my wife who she teaches some side hustle and perhaps it's very slow to her that's why she goes into crypto thinking that he can earn money very quick. But from the sounds of it, she could have feel victims to scams already.

[anushkasachith888]

What do you think is the biggest misconception people have about cryptocurrencies, and how would you clarify it?

Biggest misconception is cryptocurrencies can help people to get rich, after one sleep, one night and it's super easy to be rich in cryptocurrency market.

There are other misconceptions in this space but if you want only a biggest one, above is.

Some more
Top Bitcoin myths
Biggest Misconceptions About Crypto: Hear From Our Compliance Experts

Good artcile to read. Thanks

[anushkasachith888]

What do you think is the biggest misconception people have about cryptocurrencies, and how would you clarify it?

Some misconceptions that some people have is that investing and Hodling any cryptocurrency can make them rich.
Correction: Not all cryptocurrency should be invested in, care has to be taken in choosing what to invest in. Bitcoin is always the recomended because of it track record and reputation.

Another is that their one time investment in cryptocurrency say bitcoins without follow up investments is enough to bring them wealth.
Correction: Investing ones in bitcoins is not enough, to get the best from bitcoins, we need as much bitcoins as we can keep, and the best way to get enough bitcoins is to continually invest regularly.

I was there when Bitcoins' value around $1500. I was stupid not to buy bitcoin but bought some altcoins.

[anushkasachith888]

What do you think is the biggest misconception people have about cryptocurrencies, and how would you clarify it?

One of the most common misconceptions regarding cryptocurrencies, in my opinion, is that they are anonymous. Although several cryptocurrencies are made to offer some degree of anonymity, they are not totally anonymous. On a public blockchain, every transaction is logged and linked to the wallet address of the user. To be clear, cryptocurrencies aren't totally anonymous even though they can provide a greater level of anonymity than conventional financial systems.

You got a point.

[vitya1982]

I still think that the biggest misconception is that BTC and crypto in general are used mostly by criminals. And people still believe it when 2 countries made BTC a legal tender!

[Jawhead999]

I think there aren't many misconception when it comes to cryptocurrency aka altcoins, maybe it's about "cryptocurrency is decentralized" this is wrong since most of cryptocurrency are centralized. Unfortunately many people can't differentiate between decentralized or centralized, when they read a project wrote "decentralized" terms., they believe the project is decentralized.

Similar like people who describe they invest in Bitcoin because of decentralization, but they hold their coins in Binance.

[HONDACD125]

What do you think is the biggest misconception people have about cryptocurrencies, and how would you clarify it?

I think the misconception some people have about cryptocurrency is that it is a get-rich-quick thing. While there are people who are under the misconception that you can lose everything in cryptocurrency, but I think both are right in their place because if you go with the best strategy, and choice you can make a lot of money in crypto. On the other hand, your wrong choice and bad strategy can waste all your money.

So the misunderstandings on both sides should be removed. We can earn good profit from crypto currency, but loss should also be kept in mind.We may lose everything, but our good decisions can turn it into profit. Thus, different people may have different opinions and misunderstandings, there is no one thing that is common to all people.

[Natsuu]

One common misconception is that all cryptocurrencies, like Bitcoin, are anonymous. In reality, while transactions are pseudonymous, they can often be traced, and privacy features vary among different cryptocurrencies. I think that’s why many people are still getting their crypto hacked or lost.

Another misconception is that cryptocurrencies are solely used for illegal activities. While they have been associated with some illicit transactions, the majority of cryptocurrency usage is legitimate, with growing acceptance in various countries!

[avikz]

What do you think is the biggest misconception people have about cryptocurrencies, and how would you clarify it?

The biggest misconception about cryptocurrency is that people think cryptocurrency is a get rich quick scheme. That's why criptocurrency is our more used as an investment rather than a currency system. I have seen people in 2017 rushing towards cryptocurrency to get rich quick. Some of my friends have even used their credit cards to buy cryptocurrency. So I believe this is the biggest misconception here in the crypto market.

It is a great investment and there is no doubt about it. But it cannot make you rich overnight. In order to make money from cryptocurrency you need a stable source of income where you can average out your buying price. Pretty similar to any other investments.

[kentrolla]

The biggest misconception about crypto currency has been it's a get rich quick scheme, people often thinks that they will become millionaires overnight and this is one of the biggest reason why people lose money on crypto currency and end up hating crypto and creating fud.

The second biggest misconception about crypto is that people still thinks that whichever coin are prices lower has chances of giving huge returns as they have zero knowledge on the facts like market cap, total supply.