Sometimes I've been talking with people about bitcoin. Some people seemed to like it. I was able to help some people to set up wallets and buy a little bitcoin.
But at least in my experience, it seemed like most people had negative opinions about bitcoin. If they don't want bitcoin, that's ok too.
As part of my bitcoin learning experience over the years, it occurred to me that it would probably be good to see the negative criticism about it, so I can be sure if bitcoin really works or if maybe people found any real problems with it. But at this point, I basically see people just guessing what must be wrong with bitcoin, or repeating some FUD talking points without real basis.
Here are a few things that people told me about bitcoin. Maybe it's just me, but sometimes I find those statements interesting / amusing. They were all said by Brazilian people unless noted otherwise. I've heard most of them in Brazilian Portuguese (which is the main language here in Brazil) so I'm translating them to English now.
Most asked question by far:
"Once you buy bitcoin, how do you withdraw the money later?" (I usually talk about bitcoin ATMs, and also suggest waiting months / years before withdrawing. I also suggest spending fiat money before spending any bitcoin.)
Negative reactions said by other people:
"It has gained much value over the years, so it must be a pyramid scheme."
"It has lost value or it has gained value too slowly (depending on time frame), so it must be a waste of time / or it must be the wrong cryptocurrency."
"The owner / inventor of bitcoin was arrested." (referring to a guy here in Brazil who was basically accused of losing people's money with bitcoin, he's nicknamed "Pharaoh of Bitcoins" around here)
"People lose money with bitcoin all the time." (To be fair, I suppose some people lose money with bitcoin sometimes, like when they buy high and sell low. Or in that "Pharaoh of Bitcoins" case)
"Bitcoin is not real money because you can't hold it in your hand. Cash and credit cards count as real money, because you can hold them."
"You must be rich to have bitcoin." / "It's too expensive, other cryptocurrencies are better because they are cheaper."
"Bitcoin is going to end, China is banning it."
"You should act more responsibly with your money instead of buying bitcoin. You don't know if this is going to work out."
"Bitcoin is probably for criminals because it's sketchy to have a currency without government oversight." (I've heard this in English, not from Brazil)
"Something only has value because people believe it has value. Maybe eventually people will believe that bitcoin is worth $0, then it really will be worth $0." (I've heard this in English, not from Brazil)
Sometimes people did not seem to believe me about some bitcoin claims:
"If someone loses their password, there's no way the money just stands there in their account with no way to retrieve it. That can't be right."
"It does not make sense that you hold onto bitcoin and it becomes more valuable over time. Who is giving you that additional money? Money does not grow on trees."
"I don't see how bitcoin could still have value if it gets banned in a number of countries / governments."
Other misconceptions / questions said by other people:
"The price is rising or is declining, so that's the price that the bitcoin management wants."
"Do the bitcoin send you a debit/credit card?"
"You can deposit / withdraw whenever you want? Don't they make you wait for some time before withdrawing it?"
People finding out about alt coins:
"If China bans bitcoin and creates their own cryptocurrency, China's cryptocurrency will probably be worth more than bitcoin."
"After you told me about bitcoin, I did my own research and would like to buy these cryptocurrencies: (says a list)."
"Since bitcoin is backed by nothing and got very valuable over the years, I want to make my own coin so it will also get very valuable."
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