Oh, myths about Bitcoin, there isn’t a day that goes by without us hearing another crazy theory regarding Bitcoin, It really gets a bit annoying.
But that’s why we decided to post this article, to break these myths once and for all!
We’ve selected the top 5 myths about Bitcoin, those that we heard the most and were the most stupid/false.
To read the entire list of myths possible (and there are a lot) check out this wiki article.
So let’s get started:
1. Bitcoin is a pyramid scheme – This is the only one we can understand, people are suspicious, but being worth more than $300 since 2009, we can safely say it is not a pyramid scheme and it’s not going anywhere.
2. Bitcoin mining is useless – That is definitely not true. Even though a lot of Chinese farms are occupying the vast number of mined bitcoin. It is still possible to earn a lot of money, check out our bitcoin mining calculator to see exactly how much you’ll make.
3. Bitcoin is illegal – This myth barely deserves a response, bitcoin has been made legal to use in a vast number of countries and business.
4. Bitcoin is for criminals – Again, barely deserves a response, even though it is true that bitcoin is used at times for extortions, it’s just like blaming knives when you get cut. Knifes are useful and can be used for either good or bad.
5. Bitcoin isn’t worth a lot – Well, it is true that bitcoin has decreased in value in the last 2 years, as we’ve made clear in this article. However, the value of bitcoin is determined by the users, and therefore if it’s $300 per bitcoin, that’s the price people are willing to pay for it.
We hope this helped clear up some things! See you guys next Sunday!