Why most people think Bitcoin is probably wrong

[Wiwo]

And like you talk, once something don collect control of your money comot for your hand, your financial freedom don go be that. Na why Bitcoin different, because if you sabi am well, na you get full control of your funds.
So nor be say Bitcoin wrong. na just say people dey enter am with wrong mindset, expecting ponzi kind result instead of learning how e really work.

I remember when I dey fro uni, that time e get one of my padi then, him come meet me say him want complete himm school fees and him need sharp sharp money say make I come put ammmm through for bitcoin make him fit make quick money to complete the school fees mean while school had even put a one-week deadline for late payment.

I just ask ammm one question wether if he lose the money him go ready wait for like 6 months to 1 year to recover the money back, because me know he can't.

That shows how people feel and sees bitcoin like a scheme that promises quick return on investment,  and that's why most of them the go into wrong coins investment be that.

[Makus]

There are many reasons why some people think that Bitcoin is wrong or dangerous haven't, one reason is due to lack of knowledge, most people have poor knowledge on Bitcoin, they only take what they hear of it instead of doing thier own research.  A lot of people still have this weird idea that Bitcoin is a ponzi scheme, that's not really accurate. Investing in Bitcoin is one of the smartest decisions that anyone can ever make. Not only does it help you do a long term saving In that space of time but a significant amount of profit is made as well.

[TokenTikas]

You can probably see for yourself that those who hold such wrong ideas about bitcoin do not really understand it. Most of the misunderstanding comes from lack of proper knowledge, especially about how the system works. For anyone making such comments about bitcoin and right advice is to first learn about it and study its history properly before sharing an opinion.

Older generations tend to make these kinds of comments more often because they have not fully adjusted to modern developments yet. If we take time to explain things to them properly, these misunderstandings can be cleared and they will be able to understand in a better way.

[Out of mind]

Anything that you have no idea and understand in detail the probability of misunderstanding it will be there, and so when talking about such a thing there is high tendency that you are going to present it on a wrong way. This is what is happening to Bitcoin Many people who has not taken out time to study what Bitcoin is all about in details talk about Bitcoin in a wrong way.I think that most of the people who were against Bitcoin as a result of ignorance today are regretting why they did get to know about it earlier than now. Bitcoin is a system that has been built so no amount of bad news can stop it.

Yes, there are some people who talk wrongly about Bitcoin without analyzing it and without learning about it. However, those who have learned about Bitcoin and planned to know about it well and know it, never make such comments about Bitcoin. We have already noticed that those who spoke negatively about Bitcoin in the past regret it now and now they believe in Bitcoin. So we think that even in the present time there are some people who criticize Bitcoin and do not want to believe in Bitcoin, they will definitely regret it in the future. Those who cannot use Bitcoin are definitely fools and I think Bitcoin is a currency that provides financial freedom that everyone can use very easily. However, in the present time we can see that most of the young generation is recognizing Bitcoin the most, and they believe in Bitcoin a lot and they are choosing Bitcoin for the future.

[SPIDERMAN008]

Anything that you have no idea and understand in detail the probability of misunderstanding it will be there, and so when talking about such a thing there is high tendency that you are going to present it on a wrong way. This is what is happening to Bitcoin Many people who has not taken out time to study what Bitcoin is all about in details talk about Bitcoin in a wrong way.I think that most of the people who were against Bitcoin as a result of ignorance today are regretting why they did get to know about it earlier than now. Bitcoin is a system that has been built so no amount of bad news can stop it.

If someone is not interested in learning about BTC out of negligence, then it is their personal mistake. But many people go to the wrong people and get wrong ideas about BTC , then they do not feel the need to do their own research. It is the mistake of the person who teaches about such wrong info about BTC, but after someone says , it should be verified.

Now if someone says that you cannot make a profit in BTC but you can make a profit very quickly in altcoin. then hears such a statement and suffers a loss after spending money in altcoin , the reason for this loss is that the person who is investing has not done proper research about where he is investing.

You should have a desire to know yourself and should not believe what someone says, but rather gain a correct idea about it.

[(Hummus)]

A lot of people most especially in nigeria are not used to bitcoin when it comes to saving and doing their transactions, some people refuse to accept it because they are skeptical about it. You cannot just expect people that have been used to commercial banks for years to start making use of bitcoin to run their transactions, they need time to acquire knowledge about it and know that it's actually worth it. Another reason why some people think bitcoin is wrong is the constant volatility, due to the highs and lows they think that it is a ponzi scheme but that's just the dynamic of the crypto market. The problem here is knowledge, people become more comfortable once they have experience.

[Ronsbit]

You are right that Bitcoin gives us control over our assets, and that is why the government was initially against Bitcoin, but now they have started seeing the benefit of Bitcoin, and all they can do is to regulate exchanges to make sure they have a firm grip of them, but they can never get a grip of bitcoin as it is a decentralized network ledger and that is why bitcoin can never be controlled by anybody.

Aside the control, government were against bitcoin because they were sacred about bitcoin kicking out the traditional fiat currency and that’s what they didn’t want. They came to acceptance of bitcoin and started relaxing the restrictions put on it not because they simply started identifying the importance or advantages of bitcoin because I am confident that those benefits were evident from start but the reason for this recent acceptance is because they do not see a way to actually discourage people away from it and the growth of bitcoin was clear and that’s why they just had to come down to reality. There acceptance is like the saying “if you can’t beat them, then join them”

The government always prioritises what benefits them most, and why their early outburst against Bitcoin was the fact that they could not control or regulate it. It is true that bitcoin would compete with fiat but would not kick it away but people would rather go or opt for bitcoin because of the fact that they have sole control over their assets compared to the banking system which deprives them of their sole control over their funds and for that matter they are being charged hidden and openly exhorbitant amount that the banks can not even defend themselves just because they have government and legal backings to their ill actions.

[Emmanuel9977]

You are right that Bitcoin gives us control over our assets, and that is why the government was initially against Bitcoin, but now they have started seeing the benefit of Bitcoin, and all they can do is to regulate exchanges to make sure they have a firm grip of them, but they can never get a grip of bitcoin as it is a decentralized network ledger and that is why bitcoin can never be controlled by anybody.

Aside the control, government were against bitcoin because they were sacred about bitcoin kicking out the traditional fiat currency and that’s what they didn’t want. They came to acceptance of bitcoin and started relaxing the restrictions put on it not because they simply started identifying the importance or advantages of bitcoin because I am confident that those benefits were evident from start but the reason for this recent acceptance is because they do not see a way to actually discourage people away from it and the growth of bitcoin was clear and that’s why they just had to come down to reality. There acceptance is like the saying “if you can’t beat them, then join them”

Well government where seeing it as high level of risk people money, and that is why dey where talking about Bitcoin, that's why many people where afraid of investing in Bitcoin ,and government see it as there duty protect the public from potential losses.

[Queen uloma]

Bitcoin no be scam or guarantee path to make money. D value depend on how people understand am.
Many people Dey enter bitcoin without proper understanding , and most times na because of over hype and fear say dem Dey miss out. This thing Dey lead to poor decision and Dey make person face losses. Scammers Dey use bitcoin because transaction no fit reverse, but e no mean say dem create bitcoin for fraud. Bitcoin no Dey perfect d price Dey volatile na y e Dey risky, especially for people way no get strong mind to encounter losses. So waiting people really need na proper understanding. Conclusively, bitcoin Dey offer financial freedom, independence for any centralized institutions, na better advantage, especially for places way  there financial system Dey unstable.

[Marykeller]

People not having the right knowledge of Bitcoin, is what makes them think of Bitcoin as a quick scheme for making money.

If the right knowledge is passed, I believe that all these wrong beliefs of people thinking of people as a get-rich scheme will be minimized, and people will love to think of Bitcoin as a long term investment plan that they will invest in for long term, not for short term

[ColdLava40]

What do they always say. A coin has two sides that applies to Bitcoin too.

People will explore the positive side of any technology as well as it's negative side for their own gains. Bitcoin is just a technology created to help give freedom to those who wish to take it serious, but it's being explored for the negative sides too.

We can't blame Bitcoin for what it's being used for but we can appreciate it for then any problems which it has solve in our today financial systems.

Government failed us long ago and Bitcoin was able to provide solutions to their failure, so even if some people have refused to see the good part of Bitcoin, it's up to them.

[Victorybit1]

There are many reasons why some people think that Bitcoin is wrong or dangerous haven't, one reason is due to lack of knowledge, most people have poor knowledge on Bitcoin, they only take what they hear of it instead of doing thier own research.  A lot of people still have this weird idea that Bitcoin is a ponzi scheme, that's not really accurate. Investing in Bitcoin is one of the smartest decisions that anyone can ever make. Not only does it help you do a long term saving In that space of time but a significant amount of profit is made as well.

Ignorance they say na big disease because as the world don dey like this wen everything dey move to digital working person no suppose to dey really look anything wey involve Bitcoin as scam or even ponzi schemes as you talk am but the truth be say many persons just no wan really learn something new or even if Dem know about the name from bad talks Dem choose not to make enquires or do their own research for better understanding because that's the only way to get confidence on what you want to get involved in

[brother brother]

Many believe in the immediate success when they invest in bitcoin, forgetting and not considering it is a long term investment. People also think bitcoin is wrong base on their lack of patience.

Many have not been able to read and make proper research on bitcoin, but they rather make use of third hand information from those that have not meet the their goal as they expect it, but not as way bitcoin works.

Many consider the (volatility) it value can change rapidly, making it a high risk investment, many can not bear the risk.

[icebar]

Little knowledge about Bitcoin will be more likely to make mistakes in most cases. If we invest in Bitcoin thinking that it is a quick profit scheme, then the possibility of loss from that investment will increase. After investing in the hope of quick profit, when it falls, they will panic and sell their Bitcoin. Again, when some people get a good profit after investing, they will try to sell quickly. Later, they will buy Bitcoin again at a higher price. In other words, due to lack of knowledge, they will continue to face losses. Those who talk about scams about Bitcoin definitely lack knowledge. If they had acquired a basic knowledge of Bitcoin, they wouldn't say these words.

[Stalker22]

Maybe some people, but most?  Seriously?  Dont you think the topic title is a bit misleading?

[Mate2237]

Maybe some people, but most?  Seriously?  Dont you think the topic title is a bit misleading?

I think that the OP is only writing what he knows and has come to see around , but with the current development of crypto currency in Nigeria there has been much improvement when it comes to crypto currency. Bitcoin has been in the forefront in the crypto journey in Nigeria. Even though some people may still be scared of Bitcoin in the country there has been tremendous improvement when you talk about Bitcoin.


The use and understanding of Bitcoin is not as bad as the OP is putting it in his thread, let me just call it over exaggeration of the problem.The OP himself is still learning about Bitcoin and is only writing based on his understanding.

[PremiumcryptoHub]

There are many reasons why some people think that Bitcoin is wrong or dangerous haven't, one reason is due to lack of knowledge, most people have poor knowledge on Bitcoin, they only take what they hear of it instead of doing thier own research.  A lot of people still have this weird idea that Bitcoin is a ponzi scheme, that's not really accurate. Investing in Bitcoin is one of the smartest decisions that anyone can ever make. Not only does it help you do a long term saving In that space of time but a significant amount of profit is made as well.

Yes, this is also a reason why some people think Bitcoin is wrong or dangerous due to lack of knowledge but I would also like to mention that many people consider it as a scam trap. You are right that in many countries including ours in nigeria, there are some people who believe whatever they hear without doing any research on Bitcoin. In fact, to dispel this idea that Bitcoin is probably wrong, we nigerians should research or learn some basic knowledge about Bitcoin, maybe under its influence he will be able to expand his brain and start thinking all the positive thoughts about this currency.

[fredericktaylor]

There are many reasons why some people think that Bitcoin is wrong or dangerous haven't, one reason is due to lack of knowledge, most people have poor knowledge on Bitcoin, they only take what they hear of it instead of doing thier own research.  A lot of people still have this weird idea that Bitcoin is a ponzi scheme, that's not really accurate. Investing in Bitcoin is one of the smartest decisions that anyone can ever make. Not only does it help you do a long term saving In that space of time but a significant amount of profit is made as well.

Yes, this is also a reason why some people think Bitcoin is wrong or dangerous due to lack of knowledge but I would also like to mention that many people consider it as a scam trap. You are right that in many countries including ours in nigeria, there are some people who believe whatever they hear without doing any research on Bitcoin. In fact, to dispel this idea that Bitcoin is probably wrong, we nigerians should research or learn some basic knowledge about Bitcoin, maybe under its influence he will be able to expand his brain and start thinking all the positive thoughts about this currency.

The positive side of Bitcoin is being see among the general people all over the world, and its amount will increase much in the future. Those who have very little knowledge about Bitcoin are the ones who make various comments about Bitcoin at different times, but those who have really started to learn about Bitcoin will never make negative comments about Bitcoin, because they have already understood how valuable Bitcoin is for the future, Bitcoin is providing a person with complete opportunities that are never possible for any other asset. It is completely foolish to have a bad idea about Bitcoin and talk negatively only based on the words of others. Opportunities do not come repeatedly or are not available. Those who bought Bitcoin in the beginning and held it with confidence are successful, likewise, those who buy Bitcoin from today and hold it for the long term will also be successful in the future. Therefore, it is wise to expand your knowledge, those who do not buy Bitcoin due to lack of proper knowledge or based on the words of others will regret it in the future.

[Cryptomultiplier]

I have gone through some of the comments here and can understand something that we all failed to acknowledge and that is that, it is in countries where the government has accepted Bitcoin as a legal tender of sort of created policies to make it more regulated, along with systems to support it, that there's more and major adoption rate by the citizens.

In countries where Bitcoin investment or ownership is still a banned action, people in these parts think obviously that Bitcoin is a scam or for bad guys only because that's how the media in that region has painted it.

If the government accepts it openly in this Nigerian government and make policies that allow it to be used as a legal tender, am sure the idea some have about it right now, would change for the better.

[Franctoshi]

That's why they say Knowledge or education is key. Ignorant is the greatest enemy of progress or success. Due to what people experienced during the era of Ponzi scheme boom in Nigeria, the MMM, Get Help worldwide, Twinkas and so many other Ponzi that scammed many Nigerians off their hard earned money, and which later, the government warned about engagement in such schemes, many has used their past experience and never want you to talk about online investment or any form of online money, leaving the vacuum to learn, relearn and unlearn what they've had in thoughts.