Top six Bitcoin Myths debunked.
- 2 mins
As with anything new, there will be persistent untruths, myths, and rumours about Cryptocurrency in general and certain coins and tokens in particular.
Let's take a look at some of the most common myths about Bitcoin, and explore whether or not each contains some truth.
Some people have formed wrong notions of BTC due to misinformation and ignorance about its technology.
__Myth 1: Absolute Anonymity __
No, cryptocurrency trading isn't done amongst ghosts. While there is some element of anonymity with Bitcoin, it is not entirely absolute. When Bitcoin users engage in a payment transaction, they leave behind a pattern in their blockchain. When users seek the services of a Bitcoin exchange, they have to share their details for record purposes, so they leave a paper trail.
Myth 2: Bitcoin is a Ponzi Scheme
This by far is the most hilarious myth about Bitcoin. As Bitcoin isn't controlled by any firm in whatever way. Anyone can produce, sell or purchase Bitcoin without the influence of a regulatory body.
Myth 3: Bitcoin is Expensive
At the time of writing, a single Bitcoin costs over nineteen thousand dollars, but you can still buy a fraction of Bitcoin at a lesser rate.
The smaller unit of Bitcoin is called a Satoshi. So if you want you can always get some Satoshi.
Myth 4: The Inventor was Arrested.
Forget about what you heard or read, the supposed inventor (or inventors) of Bitcoin are yet to be identified publicly in person not to mention getting arrested. The people who were arrested in March 2014 & December 2015 have long since denied the claims publicly.
Myth 5: Nothing ‘Backs’ It
Value is ultimately subjective, markets are free to value what, how and when they will. This is how the gold and cowry shells of ancient times came to be money.
The speed, low fees and lack of centralized oversight of Bitcoin give it a cutting edge which causes people to ascribe value to it “out of thin air.” The paper Naira bills filling our wallets have value simply because everyone has no choice but to use them, and “agrees” to do so.
Myth 6: Only Tech-Savvy People Can Use It
If you are new to the crypto game, you may get a bit overwhelmed by all the tech jargon, public and private keys, crypto Twitter drama and talk of hash rates and halvenings. That said, getting started is as simple as creating a free account with Patricia to send or receive Bitcoin. You don’t have to know anything about Satoshi, nodes, blockchains or cryptoanarchy to enjoy the benefits of quick, low-fee, permissionless transactions.
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