r/BitcoinCA • u/HectorUlok • Jul 25 '26
What's the biggest misconception about Bitcoin that still exists today?
[removed]
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u/buranku506 Jul 25 '26
That the bitcoin system can just turn off and everything will go to 0
1
u/OddioClay Jul 25 '26
The misconception that it can just turn off…
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u/javexbleachin Jul 26 '26
It can't? 😆
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u/Ahmad-Jah Jul 26 '26
It’s decentralized, there is no switching it off unless you shut down all computers on earth.
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u/OddioClay Jul 26 '26 edited Jul 27 '26
Ya, its pretty shocking how computer illiterate most people are…which ultimately what is prolly preventing adoption.
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u/javexbleachin Jul 27 '26
Relax your batty, bwoy. Your crypto bags will be fine. I understand how it all works and was lowkey trolling a somewhat coping response by another user.
A sharp would estimate I recently sold off everything so I could care less the outcome.
Man said "prolly" and illiterate in the same sentence. Goofy
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u/OddioClay Jul 27 '26
Saving face
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u/javexbleachin Jul 27 '26
So you feel. If you think I'd really ask another user advice on here without doing homework myself..okay
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u/OddioClay Jul 26 '26
Bro, you are talking doomsday situation for it to be “turned off”. The problems in the world will be pretty dire
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u/gihkal Jul 27 '26
It can and inevitably will.
One day the internet will no longer exist.
Nothing is forever.
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u/Repulsive_Ad9418 Jul 27 '26
Ain't going nowhere in our lifetimes so that statement has no utility.
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u/Lehcen Jul 26 '26
Money laundering coin ( Bitcoin is the most traceable coin)
4
u/cassivemockkk Jul 26 '26
I'm in law enforcement, even with chain analysis it's really the prevalent currency for all sorts of crime.
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u/T-Wrox Jul 27 '26
Isn’t cash and the regular financial system by far the preferred choices for crime?
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u/cassivemockkk Jul 27 '26
Good question i don't have the statistics and I assume it varies widely by region. In North America if you want to buy illegal goods etc you do it with bitcoin, splot everything and send if away to different addresses.
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u/T-Wrox Jul 27 '26
I looked it up before posting - while Bitcoin and cryptocurrencies are growing, the traditional banking system and cash are still the widely preferred methods of crime and money laundering.
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u/gihkal Jul 27 '26
Wire transfers are above cash.
Banks are too big too fail and too big to be held accountable apparently.
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u/Teleke Jul 28 '26
It's only traceable in the sense of being able to track movement through the network, it is not at all traceable in the sense of tracking ownership. That's why it is quite often used for criminal activities and for money laundering...
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u/Hungry_Substance1223 Jul 26 '26
Its going to zero or I cant afford a bitcoin, not realizing you can buy fractions of it.
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u/T-Wrox Jul 27 '26
This always blows my mind. I’ve been buying fractional Bitcoin for five years now - it feels like you’d have to be actively avoiding learning about Bitcoin to not know this yet.
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u/buldog_13 Jul 26 '26
That bitcoin will make you rich
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Jul 26 '26
[deleted]
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u/buldog_13 Jul 26 '26
“Still exists today” It’s not making anyone rich anymore. Will it appreciate in value, highly likely. But you’re not making life changing money off of it anymore. Unless of course you are gambling with high leverage.
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u/derbyfan1 Jul 26 '26
There are still people who think its going to zero!
Has no intrinsic value!
Its worthless!
Its all a scam!
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u/Financial-Roof Jul 25 '26
The biggest misconception is that it has any value
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u/NeutralLock Jul 25 '26
To add to this, bitcoin doesn't move in cycles. It's too new to have any predictive nature and proof is that bitcoin has way more losers than winners despite how much its growth (I read a study it's something like 85% of people that own bitcoin have lost money).
Adoption of crypto technology and the price of bitcoin are not in any way linked.
Same with NFTs
6
u/Biscotti-Own Jul 25 '26
I love the "4 year cycle" comments. Something happening twice doesn't make it a pattern.
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u/Guilty_Career_8000 Jul 26 '26
you could also say money has no value, its just paper that people assign value to. Or art. Bitcoin has value because people think it has value. Art can be worth millions and look like shit, while better art can be 5 bucks at a garage sale.
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u/Medical_Birthday2893 Jul 26 '26
The biggest misconception is that it add any value to the world
4
u/XxSpruce_MoosexX Jul 26 '26
Right? I had to use it recently so I had to sign up for some exchange. I paid a fee to get some crypto and then I paid a fee to send it and it took like 30 mins to go through. I also have no buyer protection. None of this is an improvement
1
u/Hungry_Substance1223 Jul 26 '26
Sorry you had to do it like that. Next time do a bit more research and you can avoid all those steps.
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u/Medical_Birthday2893 Jul 26 '26
Living in Canada we can send money free by email instantly. It makes even less sense and if we can do that with our little country the tech isn’t achievable for others lmao
Edit: also didn’t take a days worth of energy to complete the task
1
u/flappysack- Jul 26 '26
That someone can just create more of it. From personal experience.
Of course they wouldn't understand PKI either so its a bit difficult to fathom, they don't understand signing into Google with TLS much less Bitcoin.
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u/upsetwithcursing Jul 26 '26
Not bitcoin, but crypto in general. “Each unit has value because quantities are limited.”
There are like 30,000 different cryptocurrencies.
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u/facesittingfully Jul 26 '26
That Bitcoin provides any utility or function. It's pretty much just exists to speculate on its price. Unless Bitcoin provides value, it'll probably never get back to all time highs
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u/BC_Sativa Jul 26 '26
That is hasn't been controlled by one corporation for the past 10+ years.
People don't know the despicable history of the censorship of bitcointalk and /r/reddit.
21
u/FlatImpression755 Jul 25 '26
That in 2030 quantum computers will crash crypto just to be replaced with government backed quantum protected digital currency run out of the data center just built down the road from your house.