Bitcoin’s Confusing Terms

Note from the CEO: Bitcoin being held back by confusion? Adopting bitcoin on a broad scale is happening and there certainly is no confusion about that. So, let’s just see what this article says about misleading language, confusion and misconceptions. Perhaps he is living in Fargo (that’s kind of like Siberia for our international readers……….only more remote).

Any new technology will at first be confusing and bitcoin is no exception. The very name is sort of confusing since it is really not a coin and it doesn’t really go in a wallet that you put in your pocket. No matter, with more acceptance and visibility those “confusing” words will NOT hold back global adoption. Remember (if you can) these confusing words; internet, website, computer, jet engine, etc. Still, a good read pointing out some early growth “obstacles.

“The language used by the Bitcoin and Blockchain communities is misleading and conjures up all kinds of thoughts and images in people’s mind, often creating the wrong impression.

One of the big challenges for any new technology, apart from it being mocked by the incumbents, is that people try to compare it to what they know, their reference point. The obvious is fiat currencies – the current banking system and the process of how bank accounts work.

So here are the five most confusing things about Bitcoin and the answers that decode this technology and clear up the misconceptions to make it clear for all Bitcoin enthusiasts.

1. Gold coins is what it looks like……
2. Wallet is where you keep your Bitcoins……
3. Miners have pickaxes and dig for gold coins…..
4. Moving Bitcoin around is free…..
5. There is risk the other party won’t pay…..”

Source:  Cointelegraph