Your Earliest Misconceptions about Bitcoins Vs Facts

[Slimzeee]

Do you remember a time when you first  heard about Bitcoin and what ran through your mind??
As for me, I certainly do, and honestly, I had some misconceptions about it, if not many. But over time of gaining knowledge, I have been able to debunk those misconceptions and replace them with facts. I will be sharing some of these misconceptions as well as these facts.

This thread is to help others that might still have these similar beliefs, because the fact that you have proper knowledge of Bitcoin now does not mean someone out there is not still struggling with the same misunderstanding you struggled with before you fully understood it.

• 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.

.

• 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.

.

• I believed that if banks were to come together and work against it, they had the ability to shut it down. Yes i believed this could happen which would make anyone who had already invested in it lose their money. This was because it was opening up routes for international transactions that were not favorable to these banks, coupled with the fact that these banks connive with government officials for their operations. I was skeptical about what the fate might be if it was shut down after investing.
  
  What I know now: Banks cannot shut it out. Even government agencies can go against it, as we have seen over and over, but its relevance remains strong just like a seed buried in fertile ground.

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

[EarnOnVictor]

Honestly, my first reasoning back then was that Bitcoin was something related to a Ponzi or a scam platform.

This is basically due to lack of knowledge.

The second misconception I struggled with was believing it could give me quick money.

Yes, Bitcoin can give quick money. Those who invested early can testify to that. The only clause here is that it is time and price dependent, and no one should be desperate about that.

I believed that if banks were to come together and work against it, they had the ability to shut it down.

This is where naivety causes us to miss our opportunities. Seeking knowledge about Bitcoin would have allayed this fear because banks are not capable of doing that, judging by Bitcoin's characteristics. Only the government can, and it would take the global governments' efforts and cooperation to make it possible.

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

My one and only fear was that I might lose my money. But later, specifically when I joined this forum,  I understood the context "Bitcoin" better.

[Shadiq]

The first misconception of most people is to think of Bitcoin as a scam. Among those who are saved from this misconception, most people think that it is possible to get high profits quickly from Bitcoin and get rich quickly. This is mainly due to lack of knowledge and the temptation to earn more money. I have also seen people who plan to meet their daily needs by keeping money in Bitcoin and taking profits every month.

Not everyone has the same misconception, but everyone has this misconception due to lack of knowledge and temptation. Even some people's misconceptions are so ridiculous that it is not possible to mention them.

A common misconception is that Bitcoin is a means of making quick money or a scam project. It can even disappear from the market at any time. When some older people are asked about Bitcoin, they refer to it as gambling. There are many such misconceptions. We need to get out of this misconception and gain knowledge.

[Agbamoni]

All new technology needs attention and time before it can be acceptable worldwide. I remember when the internet broke through, many felt it was a trap for global censorship. Now, not even a single soul who has encountered the internet is not making use of it. The same unbelief occurred in Bitcoin, Web3, and now AI. However, they are all globally accepted, even though there will forever be those people who will kick against it till the end of time.

[Big Dirams]

It's normal for people to feel this way, when a new thing is out especially when it involves putting in some money it is normal to feel fear the fear of losing money but it all boils down to ignorance. I remember when I first hear the name "Bitcoin" it was during the time a popular Ponzi scheme (MMM) hit Nigeria that a lot of people were scammed so it made many believe that Bitcoin will also end up the same way. I believe if Nigerians haven't experienced anything of such many people will not have doubted it the way they did and would have led to early adoption in the country.

I thought Bitcoin was controlled by some people and when you invest in Bitcoin they can run away with your money not knowing that your coins are in your hands and no matter how Bitcoin depreciate your coins won't disappear only the value drops. Also For me i was too focused in school that I thought it would be a distraction. Now it's all "Had I know".
I believed that with good results it would be easy to gain admission and get a good paying job after graduation. Had I known i would have looked Bitcoin way since.

[Rockson1]

All new technology needs attention and time before it can be acceptable worldwide. I remember when the internet broke through, many felt it was a trap for global censorship. Now, not even a single soul who has encountered the internet is not making use of it. The same unbelief occurred in Bitcoin, Web3, and now AI. However, they are all globally accepted, even though there will forever be those people who will kick against it till the end of time.

You are correct, every system will have people that are not strong believers of it, even the instances you made, the internet still have people that think that it is one the problem we have today although these persons still use the internet because the have not options than to use it, as far as technology is concerned, disbelief must exist among individuals but it is a matter of time before people of diverse mind will accept it but we can't get total acceptance because there people who don't believe in anything, trying these kind of people will amount to waste time, no that is it.

[Rruchi man]

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.

Unfortunately, this was one of the early experiences of many Nigerians. Ponzi made believing in bitcoins a lot more difficult. Maybe if Ponzi schemes had never happened, many more Nigerians would have invested then in bitcoins because people had a lot to invest in Ponzi schemes, and I don't think it was only for the promise of quick wealth; people invested because they had and wanted to invest in something that promised returns.

What I know now: Bitcoin has nothing to do with scam, neither is it a Ponzi scheme.

Some people have still not recovered from the losses they made. They still consider anything digital a scam based on past experience. Just too bad!

[Slimzeee]

I remember when I first hear the name "Bitcoin" it was during the time a popular Ponzi scheme (MMM) hit Nigeria that a lot of people were scammed so it made many believe that Bitcoin will also end up the same way. I believe if Nigerians haven't experienced anything of such many people will not have doubted it the way they did and would have led to early adoption in the country.

The crash of those pyramid schemes back then greatly contributed to the early misconceptions about Bitcoin, especially within Nigerian circles. In some ways, I also believe that if that hadn’t happened, the initial adoption rate would have been higher. Another way to look at it is that the crash helped people develop more trust in Bitcoin as something that would not collapse the way those schemes did.

I thought Bitcoin was controlled by some people and when you invest in Bitcoin they can run away with your money not knowing that your coins

This was also one of the issues back then. People wondered, “If I can’t trace the owner, why am I investing?” It meant there was always the possibility that the person behind it could disappear at any time once they had collected enough money from investors.
But in all we thank God for knowledge and bitcointalk for the platform to learn.

[Joy_learns_crypto]

All new technology needs attention and time before it can be acceptable worldwide. I remember when the internet broke through, many felt it was a trap for global censorship. Now, not even a single soul who has encountered the internet is not making use of it. The same unbelief occurred in Bitcoin, Web3, and now AI. However, they are all globally accepted, even though there will forever be those people who will kick against it till the end of time.

The word na Luddite, people who no one take ear hear about a new technology or innovation because they have many fears for the thing like they believe that this new innovation will remove them from business.
No be only bitcoin Luddite attack they have been doing this from many centuries back and even new innovation like AI get attack by Luddite.

[AmaGold70]

Personally I don't remember having any misconception about Bitcoin when I got to know about it because my mentor was doing well for himself because he has been in the crypto space for more than a decade so his story was just the proof that Bitcoin was legit and I'm a believer so when I hear about new things I love to give it a try first before condemning it, I was not among the first badge that got to know about Bitcoin in Nigeria and I'm sure that I'm not even in the fifth badge of people so it was more like many paid the price and laid down the path for me the follow with a lot of evidence of Bitcoin's Worth showing in my face I had zero reason to call it a scam openly though as human there were doubts for I was a believer and here I am.

[Agbamoni]

You are correct, every system will have people that are not strong believers of it, even the instances you made, the internet still have people that think that it is one the problem we have today although these persons still use the internet because the have not options than to use it, as far as technology is concerned, disbelief must exist among individuals but it is a matter of time before people of diverse mind will accept it but we can't get total acceptance because there people who don't believe in anything, trying these kind of people will amount to waste time, no that is it.

The creator of life made it so that the world is a two-sided coin. Top and bottom, good and bad, right and wrong, and many others, you can use for further understanding. If it were one side, there wouldn't be balance.

I don't expect Bitcoin to have total acceptance. Nothing created by man has helped man in life, and never destroyed another man. It is up to us to choose what we want to use them for.

[MD0706]

Do you remember a time when you first  heard about Bitcoin and what ran through your mind??
As for me, I certainly do, and honestly, I had some misconceptions about it, if not many. But over time of gaining knowledge, I have been able to debunk those misconceptions and replace them with facts. I will be sharing some of these misconceptions as well as these facts.

This thread is to help others that might still have these similar beliefs, because the fact that you have proper knowledge of Bitcoin now does not mean someone out there is not still struggling with the same misunderstanding you struggled with before you fully understood it.

• 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.

.

• 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.

.

• I believed that if banks were to come together and work against it, they had the ability to shut it down. Yes i believed this could happen which would make anyone who had already invested in it lose their money. This was because it was opening up routes for international transactions that were not favorable to these banks, coupled with the fact that these banks connive with government officials for their operations. I was skeptical about what the fate might be if it was shut down after investing.
  
  What I know now: Banks cannot shut it out. Even government agencies can go against it, as we have seen over and over, but its relevance remains strong just like a seed buried in fertile ground.

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

my earliest misconception about bitcoin and fact
Bitcoin is a digital currency that is not under any authority and is use worldwide through your computer or phone before my misconception about bitcoin is I was thinking then that is like a pounzi skills I was thinking is something that can go anytime not ontil now that I have see the fact that bitcoin has change people life for long and still on that is I realize the fact

[Nathrixxx]

Most of us at the early stage could have talked a lot about bitcoin and what it seems to be to us, base on our personal interpretation, but later do we have to realize that we are actually wrong about some of these things, because we can't claim saying all manners of things about what we have no idea about, this makes it of an important decision that we also learn more about bitcoin before going into it and not join others fight against it.

[DYOR+BTC]

When I first had about bitcoin, I believed it was introduced so as to provide easy access to stealing public and individual funds which was the reasons I disliked its operation and even that of those involved in it without knowing it was a total misconception about it.
After some encounter with different people, I took it upon myself to research and  carry out some investigation about it later do I know all where wrong conception I developed of what I don't know.  Although one of the reasons that made me hold on to such believe was when I saw a friend lost his life savings while trading without knowing he has poor knowledge of trading.

[IceLincoln]

Do you remember a time when you first  heard about Bitcoin and what ran through your mind??
As for me, I certainly do, and honestly, I had some misconceptions about it, if not many. But over time of gaining knowledge, I have been able to debunk those misconceptions and replace them with facts. I will be sharing some of these misconceptions as well as these facts.

This thread is to help others that might still have these similar beliefs, because the fact that you have proper knowledge of Bitcoin now does not mean someone out there is not still struggling with the same misunderstanding you struggled with before you fully understood it.

• 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.

.

• 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.

.

• I believed that if banks were to come together and work against it, they had the ability to shut it down. Yes i believed this could happen which would make anyone who had already invested in it lose their money. This was because it was opening up routes for international transactions that were not favorable to these banks, coupled with the fact that these banks connive with government officials for their operations. I was skeptical about what the fate might be if it was shut down after investing.
  
  What I know now: Banks cannot shut it out. Even government agencies can go against it, as we have seen over and over, but its relevance remains strong just like a seed buried in fertile ground.

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

A lot of the misconceptions in Bitcoin had all being due to poor knowledge and wrong information, listening to hearsays; once you start seeking knowledge about bitcoin all these gets cleared.
Another one that’s still common today is people thinking it’s too expensive to buy or that it’s for the rich only, not knowing you can start buying the least sat you can afford. Looking at the future what they see as expensive now might actually be cheap in the future.

[Jubilee58]

The first time I heard about bitcoin, I never new it can be converted to real money and I never also new the price can appreciate over along period of time because I never had any body around me who could introduce me or educate on how bitcoin works and based on this improper knowledge of bitcoin, it took me time before I started investing in bitcoin.

Some of this misconception has really made some people not to invest in bitcoin earlier on , and even today there are people who hear about bitcoin but they don't know how to go about it and don't even know how it works, and this lack of knowledge and misconception stands as a barrier to their bitcoin investing.

[Joy- maker]

Sincerely speaking when I first heard about bitcoin what came into my mind was that Bitcoin is a scam why because I was introduced to Bitcoin by a trader, so because I was seeing him trading Bitcoin and losing his fund's so that made me to start seeing Bitcoin as scam. And as time goes on I started seeing bitcoin as gambling a game of luck, and all this thinking forwards Bitcoin was because I was introduced to Bitcoin by a trader. But this forum have helped me to understand Bitcoin and all my thinkings back then towards Bitcoin has changed for good, because of the knowledge I have gained in this forum from reputable members. And I now see Bitcoin as a safe haven store wealth, an asset that is more about long term growth and potential.

[Josefjix]

Some of this misconception has really made some people not to invest in bitcoin earlier on, and even today there are people who hear about bitcoin but they don't know how to go about it and don't even know how it works, and this lack of knowledge and misconception stands as a barrier to their bitcoin investing.

Those that listen without trying is doom to diminish, those that listens and try a little to see how it goes are said to flourish, that's how great men are made. I don't hear, and follow the crowd, that's why I am here today testifying how crypto especially Bitcoin had helped my life today because I listened to the rumors and decided to test it and see if it's true or false.

I don't believe in people telling me about something, I believe in myself trying it out and confirm myself, you are are such type of personality, you win in everything.

[Proty]

When I first heard about bitcoin the thought that get into my mind was that it is late to start buying then. The price of bitcoin then has not gotten to $50k but I was thinking that it will be wrong to start buying at this price. Another misconception is that I thought bitcoin can only be be bought in a whole with this mindset I was seeing bitcoin to be too expensive and that only the rich can be able to buy bitcoin.

[Dan Arewa]

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.