call or text 1-888-70-BITCOIN

Bitcoin Myths Debunked

Posted on January 2nd, 2018 by Taylor Rascia

Bitcoin has become a hot topic in 2018. The amazing price of bitcoin in 2017 led everyone to have something to say about cryptocurrency and blockchain. Of course, this leads to plenty of skeptics and myths surrounding bitcoin. Skeptics want everyone around to think bitcoin is a fraud and there is no value in it at all. According to Forbes, bitcoin skeptics have been proven wrong more than 200 times. As your Bitcoin ATM Chicago company, we are debunking common bitcoin myths.

Bitcoin Is a Ponzi Scheme

This is probably the oldest and most common bitcoin myth used by those who have a negative view of cryptocurrency. Skeptics believe that someone who would like to profit from their early speculations on the bitcoin price rely on more people to enter the system for their benefit. They also believe there is no practical benefit for the cryptocurrency network. The same logic must then be applied to all forms of money if someone considers bitcoin a Ponzi scheme. Would gold be considered a Ponzi scheme due to the non-industrial uses of the precious metal?

Bitcoin Is Not Secure

Hackers often will steal large amounts of credit card data from decentralized servers that store this sort of data. With bitcoin, security is pushed to the end user (you). Each user controls their own financial data in the form of private keys. This means that there is no central server for hackers to target. If you decide to give your bitcoin over to a centralized entity, you must trust that entity to secure the money. Also, bitcoin is likely to become more secure due to technical developments that have taken place over the last few years. Digital wallets have also played a huge role in making it much easier to secure your bitcoin.

Bitcoin Cannot be Used As Money

Many people believe that bitcoin cannot be used as money. This is the most bizarre belief. It is similar to saying that sandals are not shoes. Bitcoin is able to provide digital payment services for those that unable to gain access to the global financial system. Saying that bitcoin is useless for making transactions, is like saying the internet is useless for streaming video in 1993. It needs time to mature.

Courtesy Of: Forbes