Bitcoin Misconceptions: The Four Most Popular Ones

‘What are the biggest Bitcoin misconceptions?’ – you are wondering.

Well, in the Bitcoin news today, we decided to share the four most popular ones out there, giving you a chance to see the common views or opinions about BTC that are incorrect because of faulty thinking or understanding.

A few experts in the field of blockchain and cryptocurrency spoke about the biggest misconceptions about Bitcoin at the Baltic Honeybadger conference held in Riga, Latvia this September. We are exclusively listing the list of Bitcoin misconceptions in a crypto news article.

“Why Bitcoin”

This is the first misconception relating to the whole point of Bitcoin. As Samson Mow who is the CSO at Blockstream explained, people don’t really think about ‘the why’, and ‘the why’ is answering the questions like ‘why it exists in the first place and where it fits in the grand scheme of things.”

“Bitcoin is private”

The second one in the list of Bitcoin misconceptions is the statement that Bitcoin is private and therefore used by criminals. The CTO at the crypto security specialist Casa, Jameson Lopp, answered:

“I think a lot of people don’t understand how difficult it still is to actually secure it and to use it privately. There are a lot of people right now who have access to good financial infrastructure and they don’t really see much incentive for them to educate themselves and better understand it.”

“Bitcoin is a technology – and not money”

Ok, if you are rubbing shoulders with crypto naysayers, you have heard that one before. However, one Bitcoin Core developer and entrepreneur named Jimmy Song was featured in the cryptonews for giving a good answer to this misconception, stating:

“People think that by building a better mousetrap, they have a better Bitcoin, and that’s just not the case. There are things that are different between money and technology, and you don’t want to make constant changes with money as you do with technology.”

“Bitcoin is a (cheap) payment mechanism”

This is one of the biggest Bitcoin misconceptions. People thinking that the payment technology behind Bitcoin is cheap are actually ones who “largely damaged Bitcoin’s narrative and caused a civil war to happen” according to Dan Held, who is the Director of Business Development at Kraken.

The Bitcoin news now show that the most dominant cryptocurrency is trading below $8,000 once again – proving that bears are in control of the market.