Your Earliest Misconceptions about Bitcoins Vs Facts

[Yablee0]

• The second misconception I struggled with was believing it could give me quick money. Still making reference to what happened back then (talking about MMM, Racksterly, etc.), where people were matched in a pyramid scheme and money was just flowing in from uplines to downlines, I felt that if I put something or everything I had into Bitcoin, so long as i have invested then by one or two  year’s time I should be a millionaire in dollars. Odogwu Nwannem, Odogwu BTC doings.
  
  But what I know now: For you to be profitable in Bitcoin, you need a lot of knowledge and time. Not just that, you need a strategy that can help you guide that knowledge to proper use and help you win, because knowledge is not enough.

Of a truth at the first time I heard of bitcoin way back in 2016 the first thing that flashed my mind was what this is another new update that can give us some fast and clean cash without stress, I never knew it didn't work that way and off curse I thought it was one of those get rich schemes, but as time flies I was able to understand the whole concept about it and today I can boldly recommend and tell person more on how it works.

Furthermore, For bitcoin to get to this level it is today was pretty amazing because many people were still doubting it to be true due to some pass experience of other alt coin and puzzle scheme but I thank God today bitcoin has proven it self to be outstanding amount it pears.

[Ayebabara]

When I first heard about Bitcoin, what come to my mind is Ponzi scheme. We lack proper knowledge about crypto in my side some of us believe that anything that come online is a Ponzi scheme because many online companies have came and go with money in the past like MMM and other related Ponzi schemes.

When I start to understand bitcoin, I noticed that it is different, it is a digital currency not any form of investment that will need your money. You will just invest in bitcoin and hold according what many of this forum members are saying. Take your profit when you reach your target or buy more if you have more money to invest. In general, I have now understand that it is better to invest in bitcoin than any online business or investment, or it is better than leaving your money inside bank.

It's not funny o, when I heard about it I just draw conclusions that it's a means yahoo boys use to scam people oo, then when everyone around me was just talking about it I taught to myself we are finished because I taught it's a Ponzi scheme that will later run away with peoples money after investment o,but tell now nothing like that has happened and it want even happen because Bitcoin is too real and legit.
   I encourage everyone I know now to invest on Bitcoin because it's really better to just leave your money lying in a bank that doesn't give good interest rates even when there invest and make more money from yours.

[Y3shot]

What about you? What were your earliest misconceptions, and what do you know now or later that helped you debunk those ill knowledge?

Another common misconception is that people think Bitcoin is mostly used for illegal activity. When you tell people you are into Bitcoin, they assume you are into crime. This misconception has been a serious problem for Bitcoin users and investors because they suffer consequences for a crime they never committed, simply because people believe Bitcoin belongs only to criminals.

Another misconception about Bitcoin is that it is not going to last and will just crash like a Ponzi scheme and other projects that failed along the way. The misconception about Bitcoin is primarily a problem for those who don't do further research and only accept the perspective of what they hear from others.

[Rockson1]

What about you? What were your earliest misconceptions, and what do you know now or later that helped you debunk those ill knowledge?

I have never had any wrong thought about Bitcoin, is just that my friends do tell me then that Bitcoin is fraud itself but one thing about me is that, I don't conclude or make my decisions with what I hear from people making my own research, right from time, I love making findings myself and that has helped me a lot.
I know that many people were deceived with lies peddlers, telling tell some some bullshits about Bitcoin, my level of understanding about this from days years back helped me so much to overcome my fears easily, I argue a lot thats my person, I do this mainly to learn not for the sake of mere arguing, It not that I started Bitcoin investment from day one but I never allowed anything to hinder me when I got to know about it.

[Salahmu]

I have never had any wrong thought about Bitcoin, is just that my friends do tell me then that Bitcoin is fraud itself but one thing about me is that, I don't conclude or make my decisions with what I hear from people making my own research, right from time, I love making findings myself and that has helped me a lot.
I know that many people were deceived with lies peddlers, telling tell some some bullshits about Bitcoin, my level of understanding about this from days years back helped me so much to overcome my fears easily, I argue a lot thats my person, I do this mainly to learn not for the sake of mere arguing, It not that I started Bitcoin investment from day one but I never allowed anything to hinder me when I got to know about it.

Is a good nature to have because if somebody is telling you something and your mind is saying the opposite you can use small to no the truth, like say you gree waiting him they tell you, you for just they use his thinking to believe say Bitcoin na were you go put money and doesn't recover it again, when I started liking Bitcoin anybody that told me about any negative things about it I usually ask them if they have been frauded by Bitcoin before or they just hear it from another person but decided to make the unverified rumor go viral so from there I no they were not sure.

[CryptoHeadlineNews]

• Honestly, my first reasoning back then was that Bitcoin was something related to a Ponzi or a scam platform. I felt like if I went in, I would eventually lose my money when whoever was running it had taken enough into his pocket. You wouldn't blame me, because as a student back then in 2016, after MMM crashed or absconded with my little money (which was meant for my school fees and some series of enjoyment for that December) you wouldn’t expect me to believe at that point that Bitcoin was any better. As a matter of fact, if you approached me with anything about Bitcoin then, I would definitely pay deaf ears to your claims. Anything that had to do with online platforms or investing online that had the tendency to yield greater income, I just wasn’t having it.
  
  What I know now: Bitcoin has nothing to do with scam, neither is it a Ponzi scheme. It is here to solve problems and make life better, and that is what it will keep doing.

It's sad that Bitcoin came around when ponzi schemes was very common in the Nigerian online investment community, of which I and many others when we were been told never took it serious, simply because we thought it was another scam or ponzi scheme similar to MMM and Twinkas whereby you invest and after a certain period of time, you will then hear it has collapsed as they always did. Because up till today I still have over 50k left in Twinkas due to greed reinvesting after receiving my profit, simply because I thought it will last long. But only to wake up one morning and I heard the platform had just crashed, if which had It been it was that amount I used in buying Bitcoin back then, I would have gotten a reasonable amount of Bitcoin by now. But all that been said, I'm very much happy I adopted Bitcoin and learnt about it when I did, because to be frankly speaking, with Bitcoin, I have been able to give more value to my money, far better had it been invested in our local fiat.

[OsaiEmma]

I first heard about Bitcoin (cryptocurrency) around 2016, and it was when it was making waves, I knew it was a good investment to venture into but so many people where using it for scams and what not, I never had a grounded knowledge on how to invest and the few that do hugs it to them selves and sells it for a high price, cause of the scamy nature of my country men, it was difficult to find a legitimate person to teach u, so I really did not have any misconceptions just difficulty in accessing the right knowledge to invest

[Obulis]

Wonderful work! This implies that it is a shared misconception. Your misconception is similar to mine and that of many people.
The fear of Bitcoin being a ponzi a scam so ravaged the nooks and crannies of the nation to the point that a Bitcoin investors and or  traders are seen as fraudsters even up till date. So many still keep skeptical of digital chances of making money talk more of Bitcoin that they cannot explain even if they try.

It took mind opening to see and believe that Bitcoin is not a get rich quick asset but many people out there are still seeing it like that making some people to fall prey to one YouTube influencer that wants that view.
I also thought that the banks can stop Bitcoin progress if they want.

One other misconception I have also had is thinking that all I need is millions of Naira before I can invest in Bitcoin. Seeing Bitcoin accumulation as only for very rich people. Not knowing that having the ability to have discretionary funds is a gateway to Bitcoin accumulation and probably using DCA strategy.

[Princess Leah]

I first heard about Bitcoin (cryptocurrency) around 2016, and it was when it was making waves, I knew it was a good investment to venture into but so many people where using it for scams and what not, I never had a grounded knowledge on how to invest and the few that do hugs it to them selves and sells it for a high price, cause of the scamy nature of my country men, it was difficult to find a legitimate person to teach u, so I really did not have any misconceptions just difficulty in accessing the right knowledge to invest

I agree to your statement cause I felt it was so too back then, I believe lots of people in our country missed  the opportunity of buying Bitcoin when it was more cheaper cause they all thought it had scamy features, I don't blame anyone for thinking so cause the time when Bitcoin started making waves, lots of scam investment and schemes were trending back then in our country, so many  people were too careful to fall for another one.

 Well some realised they' were wrong and followed the moving train later on but some delusional people were or should I say are still very skeptical about it, they don't even bother to research to know more about it and how they could join the train to get as much as possible now, they're the ones who would regret in the future cause Bitcoin has shown signs of great potential and would grow beyond it's current price.

[Slimzeee]

I first heard about Bitcoin (cryptocurrency) around 2016, and it was when it was making waves, I knew it was a good investment to venture into but so many people where using it for scams and what not, I never had a grounded knowledge on how to invest and the few that do hugs it to them selves and sells it for a high price, cause of the scamy nature of my country men, it was difficult to find a legitimate person to teach u, so I really did not have any misconceptions just difficulty in accessing the right knowledge to invest

I agree to your statement cause I felt it was so too back then, I believe lots of people in our country missed  the opportunity of buying Bitcoin when it was more cheaper cause they all thought it had scamy features, I don't blame anyone for thinking so cause the time when Bitcoin started making waves, lots of scam investment and schemes were trending back then in our country, so many  people were too careful to fall for another one.

 Well some realised they' were wrong and followed the moving train later on but some delusional people were or should I say are still very skeptical about it, they don't even bother to research to know more about it and how they could join the train to get as much as possible now, they're the ones who would regret in the future cause Bitcoin has shown signs of great potential and would grow beyond it's current price.

A whole lot of people would have owned Bitcoin in large quantities back then if not for all those scams and pyramid schemes. Also, considering that our boys are never smiling, people were very, very careful about where to put their hard earned money.

Yes, most people eventually got into Bitcoin because of the fear of losing out. They later saw the potential and jumped in once they realized it wasn’t a scam and was actually gaining ground. Some even bought it without fully understanding what it stood for.

[Cryptomultiplier]

I used to think Bitcoin was a ponzi scheme also at the earliest stage and didn't bother owning any.
I used to think also that Bitcoin and crypto currency means the same thing, if not for not now when I know that Bitcoin is the first and leading crypto currency among others.
I used to think also that Bitcoin could only be bought from a broker or someone whose job is to help people buy crypto currency, just like buying stocks by the help of a broker and expecting a dividend monthly.

These are some misconceptions I used to have until after joining this forum I became consciously and subconsciously educated on this subject matter and know so much about the decentralized and even centralized systems and the market scenarios to look out for.

[Smartvirus]

I used to think Bitcoin was a ponzi scheme also at the earliest stage and didn't bother owning any.

This is a very common misconception about Bitcoin and a whole lot of persons still share this misconception up to this day. Many people haven’t tested the Ponzi schemes and associated it with an online scheme that deals with wealth redistribution always mistakenly associates this with Bitcoin since, most people that comes into the field wants to make money out of it and it’s 100% online.

Well, it’s a misconception.

I used to think also that Bitcoin and crypto currency means the same thing, if not for not now when I know that Bitcoin is the first and leading crypto currency among others.

Well, you wouldn’t be mistaken if a lot of persons share this idea about Bitcoin because of the long shadow it casts on Altcoins that, you hardly hear of anyone speak of cryptocurrency and not refer to Bitcoin.

[Dr.Bitcoin_Strange]

Back then, my misconceptions too also aligned with the first one you mentioned, then the second one was that I didn't even know that Bitcoin is a very liquid asset, I keep wondering how I can easily sell the Bitcoin if I succeed in buying it. Lack of knowledge is just a bastard ,  if I had Bitcoin know in the years back, I wouldn't have lost a huge amount in one forex capital investment back then, if I had invested that money on Bitcoin, I would have been very rich by now.