Myths about Bitcoin - which ones should be overthrown?

2 min reading

Bitcoin has gained many supporters since its creation. Despite this, there are still people on the horizon who are share not true information about. Here are 5 Myths about the queen of cryptocurrencies, which need to be overthrown!

bitcoin myths

Bitcoin is a pyramid

This cryptocurrency has long been accused by critics of being a financial pyramid. Even one of the economists of the largest American online lending market - Tendayi Kapfidze - called that. Of course, such attacks on Bitcoin are very common among economists and politicians.

However, it is important to understand that bitcoin is not  pyramid. The main value of Bitcoin is that as a peer-to-peer electronic currency it can increase productivity and thus reduce transaction costs.

Read also: Is Bitcoin a financial pyramid?

Bitcoin is a speculative bubble

Many people see bitcoin only as a speculative asset. For this reason, people very often compare it to tulip bubble, which wreaked havoc in the Netherlands between 1636 and 1637, or the Dot-com Internet bubble of early 2000.

This deep misunderstanding of the role played by Bitcoin leads to the empowerment of this myth. Of course, it is a fact that we live in a world where more and more people are driven by greed, so they do not see other important aspects of cryptocurrencies.

Bitcoin is complicated to use

Although the notions of blockchain, crypto wallet, or private key may be difficult for begginers to understand, in fact, there is nothing complicated about them. Bitcoin transactions run smoothly, so intermediaries such as banks and other financial institutions are not needed at all!

To use Bitcoin on a daily basis you do not need to know all its technical parameters. All you need to do is take care of the security of your private key, nothing more. Transactions carried out in cryptoes can be compared to sending e-mails. Initially nobody wanted to use them, but over time it turned out that they are not as complicated as you might think.

Read also: How to recognize shitcoin?

Bitcoin is anonymous and non-transparent

Bitcoins function on a so-called blockchain. It can be said that it is a kind of public database. Every transaction made through this crypto is written in a chain of block. What's more, other users can track it, as well as know the details of the balance or the date it was made.

Therefore, it can be concluded that no other currency has shown as high level of transparency as Bitcoin.

Bitcoin is the enemy of ecology

People will never run out of ideas for a Bitcoin attack. That's why many people have started to point out that tbitcoin use a lot of energy, which in their opinion has a negative impact on the environment.

In fact, Bitcoin is not as catastrophic for the environment as its opponents claim. Moreover, this has been demonstrated by numerous studies, including those carried out by Susanne Köhler and Massim Pizzol from the University of Aalborg in Denmark.

Read also: How and Where To Buy Bitcoin?