Many of us here on Hive and out there in the crypto universe believe that BTC is the currency of the future and it's not going anywhere. Bitcoin may be "too volatile" for you, but there's still plenty of evidence that Bitcoin has a great future ahead & will continue to grow as an asset with or without your participation. Here are 5 Bitcoin myths we can dispel today!
Bitcoin is not good for the environment
This is simply not true. The bitcoin network has been running for over 8 years now. In that time bitcoin mining power consumption has increased exponentially, but it is still minuscule when compared to traditional payment systems like VISA. This means bitcoin mining does not produce many greenhouse gases at all. It also means bitcoin is much more energy-efficient than traditional banking systems.
Bitcoin is mostly used by criminals
The bitcoin space has changed dramatically in the past few years. For much of bitcoin's history, bitcoin was seen as the currency of choice for criminals who wanted to transact online without being traced. Nowadays, bitcoin is becoming more and more mainstream, with hundreds of thousands of people investing bitcoin in the hope of increasing their capital. Bitcoin is used by all kinds of people for many different purposes, but bitcoin transactions are no more or less anonymous than traditional banking transactions (unless you use bitcoin mixers).
Bitcoin can't be used by normal people
This is an unfortunate myth, but bitcoin really has become much more accessible to those who don't have a technical background. There are bitcoin wallets for mobile devices now, as well as bitcoin exchanges so no bitcoin is needed to buy BTC. In the earliest days of bitcoin, it was much more difficult to purchase bitcoin, and you had to be very tech-savvy, but this is definitely no longer the case!
Bitcoin is too volatile to maintain value
While bitcoin has been subject to significant price fluctuation in the past, bitcoin's volatility is often exaggerated. Recent bitcoin fluctuations have ranged from 5% to 15%, but traditional companies can experience swings of up to 25% on their stock market shares on a daily basis, so bitcoin volatility is still much lower than traditional currencies!
Governments will eventually ban Bitcoin
Bitcoin is not illegal anywhere, so it's unlikely bitcoin will ever be banned. Governments may try to regulate bitcoin in the future, but bitcoin may end up being used in a way that circumvents regulations (e.g bitcoin mixers). However, regulations for bitcoin and cryptocurrency will not be able to stop bitcoin from being used.
If you're a bitcoin skeptic, it's important to differentiate the myths from the truth. The evidence that bitcoin has a bright future ahead of it should dispel some of your fears--in fact, some experts predict bitcoin will soon become an accepted currency around the world!
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I thought one of them would be... Bitcoin will outlive Hive :p
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An excellent, easy to share list of Bitcoin myths.
I find that at least 1 of these will come up any time I talk to a normie about Bitcoin and here are ready made answers to the major concerns.
Thanks for taking the time to compile and share :)
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Quite an interesting and a very informative post all crypto users and non-users must read. Awaiting more such posts from you. Thanks a ton for sharing this qualitative piece of information! :)
The more governments hate crypto, the more inclined I am to love it. What's good for freedom is bad for tyrannical bureaucrats--and that is good for mankind! !BEER
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BEER.Bitcoin is not going anywhere. BTC has stayed for Long. I believe if BTC go, just believe all the altcoin will be vanishing one by one.
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The electrical impact is all perspective. I’ve tried to explain that traditional financial systems are also terrible for the environment.
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