Common Bitcoin Misconceptions People Still Believe

[Itz-prisigold]

Up to this point, you will be thinking that everyone would have finally get what Bitcoin is all about, right? But it's very surprising that a lot people still don't understand Bitcoin and have no single idea of how it truly works. You still hear some funny funny talks and stories that keep misleading people about Bitcoin. So, let's talk about few of those things people are actually misunderstanding and clear all these common stories that people still believe.

1. Bitcoin is just for the rich.

You see this particular talk? It never gets old. many people still believe that you need to buy a big amount of bitcoin before you can call yourself a Bitcoin holder. That is completely false. You can literally own a piece of it, no matter how small. You can buy as little as ₿0.0001 if that is what your money can afford. So it's not about being rich, it's about being consistent and understanding what you are buying and why.

2. Bitcoin is a get rich-quick-scheme.

This one is actually very common. All this online people only post profits and people will start thinking Bitcoin is some kind of magic money making machine. But in reality, Bitcoin is all about endurance, understanding and prefect timing. People that normally rush in for fast profit usually rush out with regrets.

3. Bitcoin has no real value.

This is still a shock to me. Some people still believe that Bitcoin "It’s simply online currency" that the money not real. That always makes me to laugh, it's just like when someone is saying the internet is actually not real because you can't touch it. That is what makes Bitcoin special because Bitcoin is something you can't just keep printing, how secure it is and the best part is that no one can control it - not even the government. That’s what really matters.

4. Bitcoin can be hacked.

Another false calm. The Bitcoin blockchain has stayed unbreakable since day one. Most of these hacks happen only to wallets or exchanges, and that is mostly human mistakes, for example, when you lose your private keys, downloading all these fake apps or when you fall for scams.

5. There’s a possibility Bitcoin could be banned.

We’ve been hearing all this same claim for a very long time now. The truth is, governments can set rules around it, but they can’t stop it completely. In fact, more countries are beginning to accept Bitcoin and are finding smart ways to tax or use it.

6. It's too late to buy Bitcoin.

People actually said that in 2013, then again in 2017, then 2021.... And people are still saying it in 2025. And at the same time, Bitcoin is still standing very strong and Keeps getting bigger with each passing day. To be honest, there is nothing like a perfect time, you just make the time perfect by starting— just start learning, saving, and understanding it better. so you can always start, no matter the time

Final thought

A lot of these misconceptions come from fear or when people are not taking their time to learn. Bitcoin is never a scam, it's not a toy and Bitcoin is not going anywhere. I myself used to believe some of them too not until I took my time to really study and experience it myself. So once you really understand it, you will understand why so many people trust it - and not because Bitcoin is perfect but because it gives you control.

[Joy_learns_crypto]

There are plenty thread about the misconception of bitcoin the resemblance amongst post like that are too identical.
Here are some MISCONCEPTION ABOUT BITCOIN THREAD and there are some similarities to yours
https://bitcointalk.org/index.php?topic=5486930.msg63732168#msg63732168
https://bitcointalk.org/index.php?topic=5556224.msg65718061#msg65718061
https://bitcointalk.org/index.php?topic=5563169.msg65953788#msg65953788

The thing about misconception of bitcoin thread is the similarities between them is bigger than the difference.

[pooya87]

1. Bitcoin is just for the rich.

Interestingly enough I recently encountered this one recently IRL when we were talking about Bitcoin I realized they believed bitcoin is just for the rich because they were only hearing the price for one whole bitcoin (which is $100k+) and they thought they needed to have that much money to buy bitcoin!

There are still people who don't know that they can buy a fraction of bitcoin, with 8 decimal places...

Maybe we should start reporting the price for smaller units. Something like what gold does (per ounce rather than per kilogram!).

[Curious T]

Adding to all these, there are also the people that are afraid that Bitcoin will crash to zero. I don't think I can call that a misconception about bitcoin but its one of the many wrong idea people have about bitcoin. As long as there is a demand, bitcoin will never fall to zero. Things can happen that might make bitcoin price have a very big dip, but it will grown again with time. Holding bitcoin as an investment has risk, just like every other investments, but if you hold bitcoin for a long time, your profit is almost guaranteed.

[Joy- maker]

All this talks are mostly the Talk's that always comes out from the mouth of those folks who don't understand nor have good knowledge about bitcoin, and they always say them All the time just to mislead people, because I can remember back when I was first introduced to bitcoin, and all this talks was what I was hearing from people who are unbelievers of bitcoin all the time, but I never gave  listing ears to those talks, because I saw them as propaganda, and am this kind of person that like to see things for myself, so because of the kind of person I am I decided to buy my first bitcoin, and I held it for short time because I was not really having good knowledge about bitcoin, especially the store of value and potential returns aspect when you accumulate a good portion of it and hold for long term, and this forum contributed to the knowledge I have now concerning bitcoin.

[Charles-Tim]

I have bookmarked this thread already, I will send send merits to this good posts when my monthly allocation starts generating.

3. Bitcoin has no real value.

This is still a shock to me. Some people still believe that Bitcoin "It’s simply online currency" that the money not real. That always makes me to laugh, it's just like when someone is saying the internet is actually not real because you can't touch it. That is what makes Bitcoin special because Bitcoin is something you can't just keep printing, how secure it is and the best part is that no one can control it - not even the government. That’s what really matters.

People like Peter Schiff is using this to mislead many people.

If the value of gold is used to estimate its price, I mean how he said gold can be used in jewelries and be used in many other industries, the value of gold can not yet be $1000, but the value of gold is more in the fact that governments and people are buying it not for any other good reasons than to hedge against inflation which gives it more value and price as it is the only physical asset in the world that people tuned mostly to and buying it. Bitcoin critics like Peter Schiff might know this but still be blinding people about what bitcoin is.

[Silverstonez]

This thread is a nice one, and all what the OP Said is how most people think about bitcoin, although back them I was thinking the same thing too until now that I have gained good knowledge about bitcoin, and the knowledge I have gotten about bitcoin has really helped me to understand bitcoin and it technology, but that's by the way and the earlier people start changing their thinking forward bitcoin will be bitter for them, because bitcoin is a coin full of potentials just buy good amount of bitcoin and hold for long term you will see yourself making good profit on the Long run.

[Agbamoni]

1. Bitcoin is just for the rich.

Interestingly enough I recently encountered this one recently IRL when we were talking about Bitcoin I realized they believed bitcoin is just for the rich because they were only hearing the price for one whole bitcoin (which is $100k+) and they thought they needed to have that much money to buy bitcoin!

There are still people who don't know that they can buy a fraction of bitcoin, with 8 decimal places...

Maybe we should start reporting the price for smaller units. Something like what gold does (per ounce rather than per kilogram!).

Do you actually believe people think this way? I mean, is it difficult to make a research in the internet to understand something?

I pray i never meet people as dumb as this, if they cannot make their own findings to know if they can buy smaller unit of Bitcoin or the whole.

These are just excuses they are making trust me.

[AVE5]

I suggest we give it a benefit of doubt that why bitcoin is still being misinterpreted and not massively been an acknowledged is because it's just at it  beginning which was just introduced 15 years ago. Regardless of how we think bitcoin is very simple to go with the risks of investing in it and it digital accessibility, we must understand that it requires courage and dedication to learn about all that before we can verily understand the system.
Perhaps there's nothing common about bitcoin as it's surrounded with risk which could be skeptical for beginners While you as an experience user may find the atmosphere very easy to deal with.
Those having misconception about bitcoin are due to wrong education while some are out of ignorance that even when you tell them the right thing, they'd want to do their own treating volatilities like the stocks.

[Rockson1]

The problem here is not only knowledge but misinformation or lack of the right information, some people just believe things easily without making their own findings, however, they aren't to be blamed much because what we no nothing about is bigger than us to comprehend, I think is time for every newbie here to atleast go to thread like this https://bitcointalk.org/index.php?topic=5487753.msg63765445#msg63765445 and this https://bitcointalk.org/index.php?topic=5132720.msg50638840#msg50638840 to learn somethings about investing in Bitcoin, I recommend the two thread because a lot about how to acumulate Bitcoin gradually with the little any one can start with gradually and consistently has been discussed in the two threads and may be people can read through and learn more from @JAYJuanGee and other person there too, we can actually enlighten those that are not in this forum if they have the same misunderstanding about Bitcoin investment being for this rich alone.

[PremiumcryptoHub]

1. Bitcoin is just for the rich.

Interestingly enough I recently encountered this one recently IRL when we were talking about Bitcoin I realized they believed bitcoin is just for the rich because they were only hearing the price for one whole bitcoin (which is $100k+) and they thought they needed to have that much money to buy bitcoin!

There are still people who don't know that they can buy a fraction of bitcoin, with 8 decimal places...

Before investing in Bitcoin, we never want to know how much a small unit can be worth, but many people only look at the huge price of Bitcoin, which leads to an inherent question in everyone's mind that Bitcoin is only for the rich. In fact, to invest in Bitcoin, an investor may not have to access the market and buy a full Bitcoin or there is no such obligation. If there is disposable money, i.e. a system of discretionary income, then buying small units regularly can be considered a golden opportunity.

Maybe we should start reporting the price for smaller units. Something like what gold does (per ounce rather than per kilogram!).

Yes, maybe we should report the price of small units, which can boost the morale of potential investors because it will help them overcome their initial fear of buying large amounts of Bitcoin and everyone can focus on buying fractional amounts of Bitcoin.

We have been facing a market downturn for the past few days, today's Satoshi to Dollar rate at this moment of market downturn.



By the way, from here it will be possible for all investors to know the price of a small unit of Bitcoin.
Satoshi to USD / BTC Converter & Calculator: https://bitbo.io/tools/satoshi-usd/

[Hatchy]

There are still people who don't know that they can buy a fraction of bitcoin, with 8 decimal places...

Maybe we should start reporting the price for smaller units. Something like what gold does (per ounce rather than per kilogram!).

It's still funny how when you hear people discuss about bitcoin, they in a way make it sound like a no go zone and when they hear about someone who probably invest in bitcoin, he is seen as a very wealthy individual. Bitcoin was not created for any targeted class of persons. I think lack of knowledge about bitcoin is what still hinders it's adoption in many countries. So many people have the wrong concept and ideas maybe from what one person told another that told another about it. With bitcoin divisible unit, it makes it easier to accumulate bitcoin without worrying about buying the a single one.

[Sticky Bomb]

5. There’s a possibility Bitcoin could be banned.

We’ve been hearing all this same claim for a very long time now. The truth is, governments can set rules around it, but they can’t stop it completely. In fact, more countries are beginning to accept Bitcoin and are finding smart ways to tax or use it.

This is where decentralization becomes a very beautiful thing, Bitcoin is actually banned in countries like China, North Korea and others but it cannot in any way deter Bitcoin from being accepted by other countries where it's legal, so banning of Bitcoin in one country or a group of countries cannot stop it, as long as there are other countries that accept it, it still progresses. Just like no single entity owns Bitcoin, no one or government can stop it's progress by banning it in their country. More people are still inclined to adopting it.

The more countries fight it, the more others adopt it including institutions and individuals, so Bitcoin is just like a River that flows endlessly with little or no obstruction.

[Alvin_talk]

1. Bitcoin is just for the rich.

This particular misconception is the reason why it is  adviced not to let people know you even hold bitcoin, if people with this mentality of "bitcoin is only for the rich" gets to know you are a holder they assume you are rich, ofcourse not everyone mean good for you so this may lead to kidnapping, robbery, etc. Stay safe my people.

[Obim34]

A lot of these misconceptions come from fear or when people are not taking their time to learn. Bitcoin is never a scam, it's not a toy and Bitcoin is not going anywhere. I myself used to believe some of them too not until I took my time to really study and experience it myself. So once you really understand it, you will understand why so many people trust it - and not because Bitcoin is perfect but because it gives you control.

Ignorance and passive inquisitiveness is a sole reason for all misconceptions.

Up to this day, I'm still trying to wrap my knowledge around Bitcoin & Blockchain, that is one aspect which has kept me curious, the technological aspect and based on analysis, a toy can not be built on such layer of technology.

By the way, from here it will be possible for all investors to know the price of a small unit of Bitcoin.
Satoshi to USD / BTC Converter & Calculator: https://bitbo.io/tools/satoshi-usd/

I remember coming up with a convertion thread with Units of Bitcoin (Sat/BTC-μBTC/BTC-mBTC/BTC)

[Mekie21]

2. Bitcoin is a get rich-quick-scheme.

This one is actually very common. All this online people only post profits and people will start thinking Bitcoin is some kind of magic money making machine. But in reality, Bitcoin is all about endurance, understanding and prefect timing. People that normally rush in for fast profit usually rush out with regrets.

Particularly this misconception, Bitcoin has it requirements, two most important ones of which are patience and discipline, if you lack this I don’t think you should embark on the accumulation of Bitcoin because you’ll end up pulling out at a loss and regret your decision to invest in the first place. Secondly those thinking it’s a get rich-quick scheme, they must have seen testimonies and lifestyle of Bitcoin Holders and wants to try partaking without doing a proper research. Pls before embarking on any online project try as much as possible to do your own research so you’ll be guided

[Fiatless]

1. Bitcoin is just for the rich.

This is why I don't tell people about Bitcoin. Since they don't know that Bitcoin can be bought in bits, they will assume that you own one Bitcoin or above. This might make you become a target for criminals.

A lot of these misconceptions come from fear or when people are not taking their time to learn.

We are in an era when ignorance is no longer an excuse.  A few minutes' search on the internet or through an AI tool can educate a novice about Bitcoin. 

[Marykeller]

The funniest of all these is that the misconception of Bitcoin won't cease in people's mouths and thoughts no matter how Bitcoin continues to prove those who lack its understanding wrong.

Trump once thought Bitcoin was a bubble that would burst very soon, which it didn't, and in the end, he became a lover of Bitcoin, suggesting the US should have it as an economic reserve.

Others who had different misconceptions about Bitcoin in the past have had a change of thought about Bitcoin, some are still maintaining their stands on it. I believe in the future, they will come to a better understanding that Bitcoin is the future of digital currency and it has come to stay without going anywhere

[icebar]

It is true that people still have many misconceptions about Bitcoin, but if they try to gain some knowledge about Bitcoin, they can move away from this idea. Bitcoin is not a quick scheme that they can make money quickly by investing. It is also foolish to consider that it is only for the rich. Because the price of Bitcoin is still very low. If you can hold Bitcoin at this time, then it is certainly possible to profit a lot from Bitcoin. Therefore, it would be wrong to say that it is only for the rich, but it is true that the rich can invest a lot more if they want, which is not possible for the poor.

[IceLincoln]

Yeah OP I once made a post on the common misconceptions of bitcoin too during my early days in the forum. I was also among those people who thought bitcoin was only for the rich. I’ve come to realise that these misconceptions will continue to be amongst us, so long as there are still a whole lot of people who are not into bitcoin. It might surprise you that there’s somebody in your locality who has not even heard of bitcoin, not to talk of knowing about it even if it’s a misconception.