As soon as something new and not very clear appears, it usually quickly becomes overgrown with rumors, myths and fantasies. Sometimes such fairy tales are invented on purpose, sometimes-in an attempt to fill the information vacuum. However, incorrect data often goes to the people. In the case of bitcoin, they can not only mislead, but also reduce the number of digital assets in the wallet of an inexperienced or not too attentive user. Here are some popular myths.
Bitcoin is something like electronic money
the Main advantage of Bitcoin is its decentralization. In turn, electronic money is linked to specific currencies and is controlled by the state. Bitcoin cannot be reprinted (more than 21,000,000), destroyed, or blocked.
Bitcoin has no advantages over gold or Fiat
unlike gold bars, BTC is easy to store, split and move. And unlike paper Fiat, bitcoin does not wear out, it does not need to be re-issued and it cannot be forged. Emission of Bitcoins is predictable. Permissions or special documents are not required to open an account. There are no borders for Bitcoin, so you can transfer coins almost anywhere in the world with Internet access. Bitcoin is not secured by anything and costs as much as the electricity and equipment spent on it. the Cost of bitcoin is supported by the trust of people. At the same time, the higher the trust, the more people will try to get new coins. However, both gold and Fiat, in principle, exist only due to the trust of users.Only because people once recognized them as valuable.
Bitcoin is not recognized as a means of payment
and therefore not legal In some countries BTC is already recognized as a financial asset or a form of “private money”.
Bitcoin – a form of financial terrorism for disorder Cryptocurrency is only a financial tool.
And its direction depends only on the hands of the person who owns it. Proper and rational use allows you to develop business and economy, and not destroy them.
Digital assets encourage tax evasion in this matter,
as with Fiats, the responsibility is entirely on the users, not on modern technologies. In addition, in many countries, legislators have already resolved the issues of taxation of bitcoin transactions.
BTC can be” mined " by any person
the Complexity of BTC mining has now reached a record high. This process is expensive and not the easiest. A normal personal computer will not be enough.
At the heart of Bitcoin is unverified cryptography
The statement itself is no longer true: the SHA-256 and ECDSA algorithms are well-known industrial encryption standards.
The” pioneers " of the BTC network were rewarded unfairly.
they received their remuneration for testing a technology that was not clear to anyone at that time. The first users risked losing both time and money. That's why we got our reward.
All the needs of people do not close 21 million coins
we Remind you that 1 BTC is 100 million smaller units. Probably, by the end of the BTC issue, both millibitcoins and microbitcoins (parts of the coin) will be accepted in circulation.
The BTC is located in the wallet file: when you copy the wallet, you get more coins.
The idea with the wallet file is wrong. Assets are located in a global distributed network. And the wallet itself is just a means of accessing the network. Knowing the public address of a wallet is not the same as being its owner.
Lost BTC can not be replaced – it is bad Indeed,
a significant part of the coins have already been lost. As a rule, it is the fault of the owners themselves. This is sad for them, but not terrible for the economy. A smaller number of coins increases the cost of 1 BTC.
Bitcoin is a huge financial pyramid Bitcoin
does not have a regulatory center that is interested in getting a profit, like the pyramid.
There is no way to control inflation, so the idea of a " cue ball” will not work
Fiat and bitcoin Emissions are the opposite. In the case of the oldest crypto asset, a scenario is more likely when increasing popularity will lead to an increase in demand for BTC, an increase in the exchange rate and deflation.
The BTC community is anarchists and geeks
Today, among the crypto followers, you can see the leading representatives of capitalism – banks and IT corporations, venture funds, etc.the Number of crypto-anarchists in the community is constantly decreasing.
To intercept the network, you only need enough computing power.
Even a hypothetical capture of the network will not give this person access to other people's coins. And the real possibilities will be so insignificant compared to the large-scale costs that the idea itself seems absurd.
10 minutes or an hour for a transfer is too long for the organization of points of sale that work with BTC.
Payment using electronic money or banking schemes can take up to a day. And yet online Commerce is alive. When paying on the spot, the seller is aware of the irreversibility of the transaction. In addition, you can also use the prepayment system: when the client initially deposits to the account, and then spends BTC from it.
After full " mining”, the miners will stop creating blocks for confirming transfers,
while the miners will be able to earn commissions for transfers. It is planned that in the future, the turnover in the bitcoin network will become large enough for this.
The bad thing is that you can't cancel the payment
the Absence of the possibility of cancellation itself is a good protection against fraud. The responsibility for the coins lies entirely with the owner.
Quantum computers will affect the security of the bitcoin network
in theory, such a scenario is possible. But in reality, such machines do not yet exist.
Creating new blocks is harmful to the environment
In order to maintain working computing power, you really need a large amount of electricity. However, these costs are not catastrophic. Today, each of us consumes electricity in one way or another.
The instability of the exchange rate will prevent you from setting the price of a product in BTC.
Sellers can use payment gateways and determine the cost of goods in their country's currency. The buyer pays for the product in BTC, a transparent conversion occurs, and the seller receives the desired amount.
Governments can eliminate bitcoin
Bitcoin does not have a centralized management mechanism, so there is no such ban that can disable the entire network. No government can order the destruction of cryptocurrency.
BTC-scheme for quick earnings Bitcoin
is well known just because of its gradual growth in value. Well invested in those who started one of the first. Was their earnings quick?
BTC is a high-yield investment
Such investments are always a risk. None of us know what will happen next. The cost of an asset is unpredictable: it can either soar to the sky, or fall sharply down.
You can earn BTC by simply installing the Bitcoin client on your PC
No, so you will not earn anything. Profitable bitcoin mining today requires powerful specialized farms located on large areas and consuming a large amount of electricity. The average person will no longer be able to generate new coins on the PC.
The coronavirus will also affect Bitcoin.
Bitcoin is volatile. However, as the past period shows, the coronavirus pandemic did not have a bad impact on it. On the contrary, during the quarantine in many countries, people paid special attention to cryptocurrencies.
Popular myths about bitcoin in Russia
each country has its own experience. Economic in particular. Based on it, people choose the most “close” statements for them, which they cling to for a long time. So, on the territory of the Russian Federation, the most popular myths about the oldest cryptocurrency can be considered the following:
BTC is too expensive.
This coin will not be able to replace the Fiats.
Bitcoin will eventually replace another crypto asset.
BTC is a bubble that will burst soon.
Bitcoin is created for drug dealers and criminals.
