Some Common Misconceptions about Bitcoin

[IceLincoln]

1. Bitcoin is a get rich quick scheme: This is the number one wrong notion about bitcoin out there that every one here is is aware of and knows better. Bitcoin is a long term investment scheme that can yield great gains in 5-10years or more. People want to just invest into bitcoin and blow the next day.

2. Bitcoin is scam/ponzi: in our society today mostly in this part of the world people are still skeptical about bitcoin and often see anyone doing any bitcoin related activities as a scammer, due to the bad histories of some online/digital investment schemes hence they tag everything online as scam. They don’t go further to explore the asset before concluding, which is a bad generalisation. Bitcoin on itself is not a scam but since people accept it on a personal exchange basis, people find ways to trick you of your money or bitcoin, only proper knowledge and awareness can help reduce or stop you from being a victim.

3. Bitcoin is for the Rich: Bitcoin because of the current price, most people outside think it’s now only available to the rich. If u no rich u nogo fit afford bitcoin that’s the mentality out there and once you let anyone know you’re invested in bitcoin they start seeing you as a rich person. If not for being in this forum, I wouldn’t have known I could purchase and accumulate  bitcoin through DCA on my own, the advices I was getting was to invest in one Altcoin or memecoins, that’ll skyrocket my investment without been told the demerits of it.

4. Bitcoin is only used for illegal transactions: This idea or notion is being pushed by some governments and anti-bitcoin enthusiasts who claim bitcoin is used for money laundering and purchasing illegal Substances and objects online(illicit activities),.. forgetting even the normal fiats are also used for same purpose, it’s just an agenda to make bitcoin look bad but this is gradually getting defeated all around the world, Soon it will get to Nigeria. Analysis has shown that 70% of bitcoin transactions are legal.

Knowing about this notions will help newbies and potential bitcoin enthusiasts develop proper knowledge of bitcoin.
You can add other wrong ideas surrounding bitcoin below;……
Happy New month!!

[Mate2237]

There are allot of people who has different views about Bitcoin which is not true Bitcoin is not a ponzi schemes that should not be seen as a money doubling scheme that is used to double or increases their money all these are impression that is born out of lack of sufficient information and knowledge.



One thing that will help people to have a good appreciation of what crypto currency is having a good background on the subject of the matters and that is making sure that you read and get good information about Bitcoin asking questions too will play a very good role in making sure that miscommunication about Bitcoin is corrected

[Hewlet]

It's mainly at the early phase of bitcoin investment that a lot of intending investors felt that bitcoin was more like an another Ponzi scheme where you just come in and get some returns and zoom out hoping that it will suddenly crash. Having stayed long and seen that rather than bitcoin going down, every investor that has ever sold his bitcoin at some point regretted doing so because of how bullish bitcoin has continued to be.

With time, a lot of the misconceptions that are still on ground based on the false narrative that the bad investors have brought to the bitcoin ecosystem will die down till it eventually does extinct.

Misconceptions are to the negative detriment of those using it as excuses for not getting involved. If you're carried away by the wrong concept and don't get first hand information that will keep you invested, you're the one that will end up losing at the end of the day.

[Princess Leah]

There are allot of people who has different views about Bitcoin which is not true Bitcoin is not a ponzi schemes that should not be seen as a money doubling scheme that is used to double or increases their money all these are impression that is born out of lack of sufficient information and knowledge.

One thing that will help people to have a good appreciation of what crypto currency is having a good background on the subject of the matters and that is making sure that you read and get good information about Bitcoin asking questions too will play a very good role in making sure that miscommunication about Bitcoin is corrected

One thing bounds people with this notions and it's ignorance cause if they know about Bitcoin they won't be having those false ideas about it and try to mislead others that are Interested but embrace it while it's still early, I believe that lots if us here have got such mentality in the past till we got our doubts cleared and have to embrace it cause of the good opportunities it cones with.

 Funny enough lots of people would made more wealth for themselves but they missed the opportunity cause they felt Bitcoin cause a scam, a get rich quick scheme and all sorts of wrong information, ignorance is a disease and I feel pity for those who are capable of investing but still believe that Bitcoin is a scam, many of them would regret if Bitcoin probably gets to $1m in future.

[Obim34]

Na true you talk, Bitcoin no be anything for wetin you mention here.

• In order to maximize your profits from Bitcoin, you need to use the long term benefits which means you need another source to use up for expenses.
• Bitcoin have last past a decade, if it's a scam then government won't try to approach the market with countries revenue.
• Once you are able to meet up your needs, Bitcoin investment can go through by DCA.
• Yes, Bitcoin is used for illegal transactions, ask about the fiat are they safe aswell?

[Coyster]

Quite a lot of people think bitcoin is a get rich quick scheme, e get some of my friends wey i go dey discuss with about bitcoin, and the next thing dem don dey ask me when dem go begin make money, if i dey try tell dem say no be like that wey e be, dem go lose interest. Na this nature of get rich quick scheme dem make many people leave bitcoin go dey invest for memecoins wey be pump and dump coins and later dem go begin regret when dem lose better money.

[Y3shot]

Quite a lot of people think bitcoin is a get rich quick scheme, e get some of my friends wey i go dey discuss with about bitcoin, and the next thing dem don dey ask me when dem go begin make money, if i dey try tell dem say no be like that wey e be, dem go lose interest. Na this nature of get rich quick scheme dem make many people leave bitcoin go dey invest for memecoins wey be pump and dump coins and later dem go begin regret when dem lose better money.

They are not concerned or have any interest in the decentralization of bitcoin or even the freedom in bitcoin; what they are after is just profit. It is good to pursue profit, but there should be other reasons for choosing bitcoin. The interest in making a profit from bitcoin is the reason why many investors panic so much when the price of bitcoin falls to levels they can't imagine because they never expected the price to drop. Their major interest is to get rich quickly in bitcoin. Most people don't even understand bitcoin as a store of value in which their money can be safe.

[Versatile_choice]

3. Bitcoin is for the Rich: Bitcoin because of the current price, most people outside think it’s now only available to the rich. If u no rich u nogo fit afford bitcoin that’s the mentality out there and once you let anyone know you’re invested in bitcoin they start seeing you as a rich person. If not for being in this forum, I wouldn’t have known I could purchase and accumulate  bitcoin through DCA on my own, the advices I was getting was to invest in one Altcoin or memecoins, that’ll skyrocket my investment without been told the demerits of it.

Majority of this no coiners they capitalize on this particular one say bitcoin investment na for the rich because as them dey look the current market value fear go enter them eye them go dey reason am say how them fit manage buy bitcoin way they very expensive like this forgetting say the price no dey fixed, and even if them no get money to buy in lump sum them fit still do DCA but I noticed say majority of this people no even no say ee get method way them fit follow get waiting them want, why most of them too don Sabi the DCA but due to one reason or the other na in make them never make up their mind to invest.

[Cryptoprincess101]

You have made a good compilation about the wrong narratives that some bitcoin critics made against bitcoin but i don't think we should emphasize and deliberate on those misconceptions anymore since bitcoin has proven its haters wrong over the years, most of them are now embracing bitcoin and calling for its adoption. Another thing you need to know is that not everyone who painted a wrong narrative about bitcoin where really true to themselves, some of them was just trying to scare people away while they were buying and hodling seriously and some of them even own a big stash in their portfolio. They now know that bitcoin is not a scam and not used for illegal transactions because the release of Ross Ulbricht (founder of Darknet market Silk Road) from prison is a prove to that.

2. Bitcoin is scam/ponzi: in our society today mostly in this part of the world people are still skeptical about bitcoin and often see anyone doing any bitcoin related activities as a scammer, due to the bad histories of some online/digital investment schemes hence they tag everything online as scam. They don’t go further to explore the asset before concluding, which is a bad generalisation. Bitcoin on itself is not a scam but since people accept it on a personal exchange basis, people find ways to trick you of your money or bitcoin, only proper knowledge and awareness can help reduce or stop you from being a victim.

4. Bitcoin is only used for illegal transactions: This idea or notion is being pushed by some governments and anti-bitcoin enthusiasts who claim bitcoin is used for money laundering and purchasing illegal Substances and objects online(illicit activities),.. forgetting even the normal fiats are also used for same purpose, it’s just an agenda to make bitcoin look bad but this is gradually getting defeated all around the world, Soon it will get to Nigeria. Analysis has shown that 70% of bitcoin transactions are legal.

[Fiasem20]

There are so many misconceptions about bitcoin,I saw a topic on bitcoin discussion where an Op said he saw someone from another website asking if Bitcoin is just a glorified ponzi scheme? Before a person would ask such question it means there's a doubt in the person's mind,so he/she need some clarity.If bitcoin was a ponzi scheme,I think it wouldn't have lasted to this day,no ponzi scheme has stayed for 16years but Bitcoin has.This misconception is common amongst newbies,they refer Bitcoin to as a token whereas it isn't a token but a digital coin.The misconception that pisses me more is when a person says he can't afford to invest on Bitcoin because it's too expensive,like what's so expensive about Bitcoin when you can buy the fractions of bitcoin with your discretionary income.

[Stormisover]

There are so many misconceptions about bitcoin,I saw a topic on bitcoin discussion where an Op said he saw someone from another website asking if Bitcoin is just a glorified ponzi scheme? Before a person would ask such question it means there's a doubt in the person's mind,so he/she need some clarity.If bitcoin was a ponzi scheme,I think it wouldn't have lasted to this day,no ponzi scheme has stayed for 16years but Bitcoin has.This misconception is common amongst newbies,they refer Bitcoin to as a token whereas it isn't a token but a digital coin.The misconception that pisses me more is when a person says he can't afford to invest on Bitcoin because it's too expensive,like what's so expensive about Bitcoin when you can buy the fractions of bitcoin with your discretionary income.

People dey talk less about what they don't really know, we can not be angry with them shall, na to always dey correct them and keep reminding that what they are saying is not actually true, one mistake some people dey make be say dey no dey make their own research to know the difference of things, but looking at the way things be sef issues about Bitcoin needs to be find out by other people themselves because you go kill yourself say you want to convince others people about Bitcoin, tell them to little you know and leave them to do their own things the way they like.

[CryptopreneurBrainboss]

Knowing about this notions will help newbies and potential bitcoin enthusiasts develop proper knowledge of bitcoin.
You can add other wrong ideas surrounding bitcoin below;……
Happy New month!!

I don't want to add anything because I don't support we listening to what the haters have to say about Bitcoin. Their hate didn't start today and it isn't going anywhere anytime soon. We'll always have heaters saying all sorts of things about Bitcoin and giving us reasons why it won't succeed but just like those that hate before but then their hates were to no avail, so will this present day haters be.

Bitcoin is already a success and its adoption will only keep on increasing. You can either join or be left out. For every reason why people might think, Bitcoin isn't going to be successful from this level it has gotten to, there are other reasons why Bitcoin is going to succeed and that's what I want to hear and be interacting with instead of fulling my mind with negativity.

[rachael9385]

The government of some countries were against the use of Bitcoin because they thought anyone using it was into fraud until they started seeing the benefits of it, our Nigerian government is an example. The first point you mentioned is a very common misconception, people assume that it's a get rich quick scheme, this is the reason why they do short term investments and hope to get rich in a few days or months

[Lida93]

My own nah to the pay attention to the positive side of the stories about bitcoin and no be what bad belle people the talk about how bitcoin be this or that. If truly bitcoin nah scam or ponzi then we wouldn't be having influx of institutional adoptions and even governments adoption it for strategic reserves. Because before all this big bodies go gat go ahead on adopting bitcoin as their cryptocurrency to build portfolio in, then they must have done their homework and satisfied say bitcoin nah the future of digital currency investments.

[Berryfolia]

Such thoughts or misconceptions is mostly seen in people that don’t have an in-depth knowledge about bitcoin and how it works.
Bitcoin is not getting rich quick kind of investment because in its operations you will find out that “Patience” is the key factor that cannot be overemphasize,so if truly you want to be one of the beneficiaries in bitcon investment you need to work on your risk tolerance.

It is not ponzi scheme that you will be expecting huge returns in a short period of time,so if you come in to the space with that kind of mindset,you need to do away with it because definitely the reverse will be case,and at that point you’ll tend to paint the investments black by tagging it as a scam.
Any crypto related investment is always a long-term project,so the time you give for the accumulation of wealth is what that will pull out that huge returns you were expecting in a short period.

Don’t buy any informations or ideas regarding bitcoin investment when you have not tested it before.I’m talking with experience because that was my initial misconceptions i had,not until i embrace it and the mode of operation was totally different from what i perceived.
 
Tested and Trusted.

[SatoPrincess]

Number 3 and 4 bugs me the most. I don’t know how people let themselves get sold into the agenda that bitcoin is only used by shady people. It’s a myth. I also hate it when people say bitcoin is too expensive and they can’t buy so they ask for what altcoins to buy instead they will make them x50 of their money. And when they lose their money to shitcoins they call crypto a scam forgetting that it was their greed and ignorance that cost them.

[Odohu]

Time have proven some of these misconceptions wrong and rendered them obsolete.  Even the aged woman on the streets of Nigeria knows that Bitcoin is not a scam  or something used for only bad things.  They also know already that Bitcoin is not a bubble and all the other points listed. The only people still standing in the way of Bitcoin are the government, politicians and the banks because they know that Bitcoin take away some of their powers and control. They feel threatened by the power and freedom Bitcoin offers to the ordinary people, so they are doing their best to discourage and frustrate people from embracing something that will change their life and make them less dependent on the government.

[Y3shot]

Another common misconception people have about Bitcoin is that it is too expensive to invest in, and this mindset has caused many to lose interest in investing in Bitcoin. Bitcoin is not expensive; it is an asset that anyone can afford to buy. Unfortunately, this mindset has delayed many people. Because of this misconception, some people feel that investing in altcoins and shitcoins is more affordable than Bitcoin, but in the end, they often end up making the wrong investment. The reason for all this misconception about Bitcoin is that people are often too lazy to do their own research to gain a real understanding of Bitcoin.

[DaNNy001]

These are all common misconceptions, you have given sound points here, most people think that anything that as to do with Bitcoin is just about the rich people...this is actually a result of ignorance and a myopic mindset.. Bitcoin isn't only for the rich but you can say that rich people invest more because they know the benefits of it but this doesn't mean that you cannot do what's within your capacity.