Note (opinion)

8 Big Myths and Lies About Bitcoin


If you have just entered the world of digital currencies and bitcoins, you have probably heard a lot of rumors about it or you have unanswered questions in your mind.

Some of these rumors are:

Bitcoin is used only for illegal activities.
You cannot buy physical goods from stores with Bitcoin.
Bitcoin is not worth it because anyone can make it.

From the time Bitcoin was introduced until today, many rumors and lies about Bitcoin have been exchanged among users. Of course, some news such as the failure to recover lost coins and the vulnerability of the wallet are accepted.

“People don’t spend a lot of time researching, and that leads to a lack of learning and understanding,” said Alan Silbert, founder and CEO of BitPremier, a luxury grocery store. “Unfortunately, drug gangs have done more research on bitcoin than people, and that has tarnished the name of bitcoin.”

In April 2013, at a meeting in Poland, David Ciskerkiewicz acknowledged that one of the big myths and lies that really bothers me was the news that bitcoins had been hacked and released for free. .

8 Big Myths and Lies About Bitcoin:

1. Bitcoins have no real value

This issue is hotly debated among users. Proponents of this lie say that because bitcoin is not controlled by the government, it has no backing and is in fact just a number. But it is good for them to know that value is determined by supply and demand. If something is used, it can be used as money. Now it might be a barrel of oil or a cryptocurrency like Bitcoin.

2. Bitcoin is illegal because it is not an official currency

Another big question about Bitcoin is whether it is a legal currency. In the United States and many other countries, official money includes coins and banknotes provided by the government for exchanges. But that does not mean that bitcoins are illegal, because the US government has classified them as digital currencies. Of course, the use of bitcoin has been outlawed in several countries, but the majority of governments have either remained silent about bitcoin or have officially declared it legal.

3- Bitcoin is used primarily for corruption and money laundering

Bitcoin is also a type of currency. Like dollars or any other currency, bitcoin can be used for good deeds and can also be used for corruption and money laundering. Because bitcoin is so highly secure, dollars and traditional currencies are more prone to corruption than bitcoin. It is not fair at all to consider bitcoin primarily for corruption and money laundering.

4- Bitcoin causes tax evasion

These people argue that because Bitcoin handles transactions anonymously, it can lead to tax evasion. But we must note that in any case, the person who performs the transactions, can not keep it in his wallet forever and must use it for work or sell his bitcoins, as well as lifestyle and assets. He is registered. There are many ways to avoid tax evasion and rest assured that bitcoin is not the best way to do this.

5. Bitcoins are donated for free

David Ciskerkiewicz said those who do not know the bitcoin mining process think that bitcoins are donated for free. In fact, bitcoins are mined through an intensive computational process.

Bitcoin transactions are approved by Blockchain. Miners connect powerful computers to the network that process and verify bitcoin transactions, and in return they are rewarded with bitcoins. In other words, they earn bitcoins through the activity of their computers. The difficulty of extraction is increasing day by day due to the increase of transactions and the decrease of coins that can be extracted. Bitcoin can only be mined up to 21 million units, which is likely to last until 2140.

6. Bitcoin is a great design پانزی Is

Since Bitcoin is a peer-to-peer, open source network, there is no central body to lead the project, while in Panzi Trick, fraudulent companies are controlled by executives. This is the most ridiculous lie about bitcoin.

7. Transactions are no longer approved after the number of bitcoins reaches 21 million

Some people on social media announced that when bitcoin is no longer mined, there will be no incentive for miners and the network will be destroyed. This may be a question for you too.

Bitcoin mining will stop after 21 million bitcoins are mined. But the network must be guaranteed to work. Miners may be less motivated, but it is important to generate new blocks in the distribution network. When bitcoins are no longer mined, they will be in circulation and the volume of transactions will increase, so miners can still earn money by approving transactions and their fees.

8- Bitcoin has been hacked

Recently, when the btc-e exchange closed due to fraud, many people thought that bitcoin was hacked, it may be funny to you, but this is a true story!
This is one of the great legends of Bitcoin. Bitcoin is not hackable at all because it has been distributed by millions of computers on Blockchain. In just a few cases, the vulnerability of wallets and sites has led to the theft of bitcoins.

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