‘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.
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.
‘Golden Cross’ For BTC May Result In Gains To $26,000 By Halving
“Last time this happened #Bitcoin pumped 170% in under 60 days,” he summarized.His comments were echoed by many other analysts. And as he added that at press time, levels of around $9,800 show that Bitcoin regained support in an overall bullish ascending price triangle, the sentiment was also echoed by another fellow Cointelegraph Markets analyst named Michael van de Poppe, who said:
“And so, we've bounced on the green area around $9,450-9,500. That was heavily needed. We could still see a period of relative calm movements, before we're either attacking the highs at $10,400 or the lows at $9,500.”The past weekend left a significant gap between two Bitcoin futures trading sessions too. Historically, BTC has subsequently "filled" these gaps which is why many believe this will be a week when Bitcoin will visit $10,500. Still, the 'golden cross' is the biggest thing now and makes Wareing the third prominent Bitcoin figure to forecast major short-term gains this month only. Before this, we had Fundstrat's Tom Lee who said that Bitcoin could reach $27,000 by August, again because of the price beating out resistance from its 200-day moving average. After that, we saw Mike Novogratz commenting that BTC/USD might retest its all-time highs of $20,000 by the time of May's block reward halving. Anyways, the price of the most dominant cryptocurrency today is stable at $9,755 and may soon prepare for a jump to $9,800 and then $10,000 which is the five-digit level many are hoping to see Bitcoin reclaim. The coming altcoin news show that ETH, XRP, BCH and BSV have all regained much from their losses and are stable today with new potential gains on the horizon.
Moon Will Help Amazon Support Cryptocurrency Payments
- Through any Bitcoin wallet which is working with the Lighting Network (faster than normal transactions)
- Through the crypto balance on your Coinbase account - this was a big thing in the Coinbase news as all holders of accounts there can pay in a matter of seconds (the apps are interlinked)
Fractal Predicts A Near-Vertical Rise For BTC Above $10,000
Crypto Books Are Still Best Sellers On Amazon For 2020
Central Bank Of Russia Finished Blockchain Pilot For Tokenized Assets
Binance Will Compete With Amazon’s Cloud Services
Cosmos Tendermint Labs Director Resigns Due To Untenable CEO
Ripple Will Be The Amazon For Crypto: Brad Garlinghouse
Worldwide Cryptocurrency Regulation Turns Bearish
Rarible Blockchain Art Platform Sparks Fraud Discussions
New Bitcoin Drop Nets Bitfinex Whale $10 Million In 5 Minutes
GIFTO (GTO) Achieves A $9.65M Market Capitalization
Algorand: Building The First Open & Permissionless Blockchain Protocol
Namecoin NMC Started Trading Low By 15.4% Over Past Week
China Declares Bitcoin As Property! Central Banks Prefer Crypto? SONY “Contactless” Hardware Wallet
JPMorgan Predicts A 60% Recession, Is Crypto The Best Chance Now? | [Bitcoin News // Crypto News]
Ethereum Sees Record Number of Shorts! NEM Blockchain Hub | Samsung Blockchain Supply Logistics
Crypto Jobs Up 300%! Lost BTC 20% Rate of Recovery | Only 45% of Exchanges Meet Security Standards
DC Forecasts Proudly Backed The Global Disruptive Blockchain Innovation Summit
- Ethereum News7 days ago
JPMorgan To Merge With Ethereum’s ConsenSys Platform
- Blockchain News6 days ago
Cornell University Remains Leader In Crypto Education
- Ethereum News6 days ago
TRON Grows On Gambling Dapps And Ethereum On Gaming
- Bitcoin News7 days ago
Bitcoin Enters Five-Digit Zone Again After 4% Overnight Rally
- Bitcoin News5 days ago
Bitcoin On Valentine’s Day: Will Historic Data Favor BTC Bulls?
- Altcoin News5 days ago
Bitcoin And Altcoins Dip Remains Attractive To Bulls Now
- Bitcoin News4 days ago
Bitcoin Bull Run May Last 3 Years With $45,000 High: Tone Vays
- Bitcoin News4 days ago
Bitcoin Bulls Have To Prepare For Cryptocurrency Regulation Challenges