![](https://qz.com/wp-content/uploads/2018/05/peter-griffin-family-guy-cash.jpg?quality=80&strip=all&w=3200)

A recent report published by Quartz claims that there are still many misconceptions about Bitcoin when it comes to the general public. The misconceptions include people thinkin that crypto has the ability to seamlessly replace financial institutions, or fully kill off big banks and their corruption. Many feel that  crypto is a surefire way to get rich. Sadly the story is more complex than it is made out to be by mainstream media. Many have lost a lot of money in crypto if they recently bought the FOMO in November or December of 2017. Those same people may have assumed loss and now go around saying “cryptocurrency is a scam” when in reality it is just impossible to time the market.

Here are a few points brought up in the article published by Quartz. 

### Myth #1: Bitcoin is a get-rich-quick financial solution

https://media.giphy.com/media/dfM6PL52cVgSQ/giphy.gif

That can easily be disproven by the huge crash experienced from December 2017 to March 2018 and several others just like it in years past. Investing takes patience and only time will tell what the future holds for cryptocurrencies. 

### Myth #2: You can lose your digital money the same way you can lose your digital files

https://media.giphy.com/media/29SqSyXlyO6WI/giphy.gif

In reality this is sort of a misconception because you never really have your bitcoin or cryptocurrency on your computer, you have access to it with something called private keys. If you lose your private keys then you lose access to your cryptocurrency which in reality is like losing your cryptocurrency but it never really goes anywhere, its all on the blockchain as being associated with those same keys you lost.


### Myth #3: Bitcoin is easy and convenient to send, spend, and receive, just as fiat currency is...

https://media.giphy.com/media/TjQnAdKBIc5he/giphy.gif

Although Bitcoin ATMs are popping up in some places and more websites are accepting it as a payment option, it will take a long time for it to get the point of being universally accepted. It isn't too difficult to send and receive, you just need a bitcoin wallet which contains an address in which you can give others if they want to send you Bitcoin. 


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# Misconceptions abound but cryptocurrency is here to stay... 

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It is my firm belief that blockchains will increasingly be used in commerce and industry. Many of the cryptocurrencies that exist today will no longer exist in the future because as the industry consolidates only the strong will survive as the money will flock to the best use cases and best technology. 

What do you guys think of these misconceptions, do they hold some merit? Why are Bitcoin and other cryptocurrencies so misunderstood? Please leave thoughts below... 

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Source: 

TV just can’t seem to get bitcoin right - Quartz

Image Source: 

Quartz

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