The Most Common Misconceptions About Bitcoin

[twinklejagawat]

Most people from around the world that hear about Bitcoin are confused. It is completely normal to feel like that. Bitcoin is relatively new. It appeared in 2008 as a white paper written by Satoshi Nakamoto, an alias of a person that nobody knows. Then, the official launch as a currency took place in 2009.

Nowadays, there are numerous articles written online about cryptocurrencies, and countless websites that cover other options, like stablecoins. However, there is no denying the fact that Bitcoin is the most popular cryptocurrency out there. Even so, there are many misconceptions associated with Bitcoin. Below you can read about the most common ones so that you can be better informed about the most popular cryptocurrency.

“This Is A Bitcoin”
When Bitcoin is presented in the media, it is usually shown as a coin with a specific design. Because of this, the golden token is what many think Bitcoin (BTC) is. In reality, this conception of the token is worthless and just a symbol.

The best way to describe a Bitcoin is to say it is a digital currency. Practically, the currency does not have a physical form. You will never see coins that are minted.

“An Entire Bitcoin Needs To Be Bought”
One of the most interesting things about Bitcoin is that it is divisible up to eight decimals, as opposed to a regular currency like the US Dollar, which can only be divided up to 2 decimals. This means you can hold as little as 100 millionth of a Bitcoin.

Historically, the value of 1 BTC reached a maximum of $19,783.06. This means that buying 1 BTC is not something that most people can afford. Due to this reality and the huge potential value of cryptocurrencies in general, the eight decimals are in place.

“Bitcoin Has No Intrinsic Value”
Similarly to all currencies in the world, Bitcoin has value because there are millions of individuals from all around the world sharing the thought that the cryptocurrency offers a much cheaper, faster, and safer transaction network. There is a limited supply of Bitcoin possible. People have to own currency
read more on: The Most Common Misconceptions About Bitcoin

 

[The CC Forums]

Most people from around the world that hear about Bitcoin are confused. It is completely normal to feel like that. Bitcoin is relatively new. It appeared in 2008 as a white paper written by Satoshi Nakamoto, an alias of a person that nobody knows. Then, the official launch as a currency took place in 2009.

Nowadays, there are numerous articles written online about cryptocurrencies, and countless websites that cover other options, like stablecoins. However, there is no denying the fact that Bitcoin is the most popular cryptocurrency out there. Even so, there are many misconceptions associated with Bitcoin. Below you can read about the most common ones so that you can be better informed about the most popular cryptocurrency.

“This Is A Bitcoin”
When Bitcoin is presented in the media, it is usually shown as a coin with a specific design. Because of this, the golden token is what many think Bitcoin (BTC) is. In reality, this conception of the token is worthless and just a symbol.

The best way to describe a Bitcoin is to say it is a digital currency. Practically, the currency does not have a physical form. You will never see coins that are minted.

“An Entire Bitcoin Needs To Be Bought”
One of the most interesting things about Bitcoin is that it is divisible up to eight decimals, as opposed to a regular currency like the US Dollar, which can only be divided up to 2 decimals. This means you can hold as little as 100 millionth of a Bitcoin.

Historically, the value of 1 BTC reached a maximum of $19,783.06. This means that buying 1 BTC is not something that most people can afford. Due to this reality and the huge potential value of cryptocurrencies in general, the eight decimals are in place.

“Bitcoin Has No Intrinsic Value”
Similarly to all currencies in the world, Bitcoin has value because there are millions of individuals from all around the world sharing the thought that the cryptocurrency offers a much cheaper, faster, and safer transaction network. There is a limited supply of Bitcoin possible. People have to own currency
read more on: The Most Common Misconceptions About Bitcoin

You left out Bitcoin is a scam or pyramid scheme. That one still gets thrown out there.

On your second point, it’s hard to convince people to think in fractional math terms. Especially if they have to look at at anything that can be broken down into 10 to the minus 8th or smaller.

Americans never adopted the metric system because everyone was convinced they’d have to convert all the time. I used to argue with my parents that if a road sign gave the speed limit in kilometers and the distance to your next destination in kilometers, and your Speedo displayed km/hr, there would be no conversion needed. If you need to go 30 km and you’re driving 90 km/hr, you’ll be there in 20 mins. Doesn’t matter how many miles that is.

If a recipe called for 30ml of vegetable oil, you’d pull out your metric volume cup, fill it to 30 ml and pour it in the bowl. It doesn’t matter how many ****** that is, just match the recipe with the measuring spoon.

It was an uphill battle, and Americans never got it. Now they don’t understand how they can buy $500 worth of bitcoin. It costs $8k, so they can’t afford to invest. And who knows what will happen when we Americans try to pay for something with 0.02567489 BTC. Minds will explode

So those are some of the things we hope this site can help get across. Your article is helpful to our readers. Thank you for that.

From an investment standpoint, I often recommend that new bitcoin buyers try $100 per week for a few months. Or $50. Or $100 per month if that’s what they can afford. Once they get how this can be done, we have a new bitcoin enthusiast in our community. Getting over that hump to trust a certain exchange and learning to carefully make a few small bitcoin or crypto purchases is the first step.

Age also plays a big role of getting this across. Reddit targets younger users. Bitcointalk seems to ramble all over the place. Here, we hope to help the 30+ y.o. crowd get comfortable with crypto investing. But we have to get them to our site first. And Facebook and Google obstruct that at every turn by blocking our ads and ranking crypto sites lower.

So help spread the word. We welcome everyone, but your post is particularly helpful to the mature investor who doesn’t quite yet get how it works. I remember starting out at the beginning of 2017. Wading through reddit posts and bitcointalk trying to figure out hash rates, public keys, private keys, wallets and so on. Techies are great at tech but not so great at explaining things to non-techies.

Let’s help bridge that gap as bitcoin starts its next bull run, shall we?

 

[BitFit]

Yes, I’d like to buy 1.34762488 ether please.

Did anyone ever think they’d be using those fractions again in life? Other than engineers and astronomers I mean.

 

[nazakethussain]

Well yeah i agree this is the common misconception.. but what about scam which is commonly happening in bitcoin.. So????