5 prejudices about bitcoin and cryptocurrencies

5 prejudices about bitcoin and cryptocurrencies

By yanis | little crypto guides | 31 May 2020


Cryptocurrency is a very new thing (~11 years old), so there're many prejudices about it. In this article, I'll say which is true and which is false.

 

So, let's go !

 

Prejudice 1 - We've to be computer scientist to use cryptocurrency

FALSE - We've to be computer scientist for cryptocurrency development, but, for using it, we haven't.

Someone can own bitcoins without knowing what's a hash.

 

Prejudice 2 - Cryptocurrency is used by criminals

TRUE - If bitcoin is used on dark web, it isn't a big part of all transactions (approx. 2 percents), but the 98 other percents is legit.

 

Prejudice 3 - Cryptocurrency's volatility

TRUE - Bitcoin price has a great volatility, but for the long term, price increases (with halvings...), and it's good for hodlers. But hopefully, there're stablecoins like DAI and Tether.

 

Prejudice 4 - Bitcoin is completely anonymous

FALSE - You can see it by using a blockchain explorer (like blockchair or blockchain.com). If you want to be fully anonymous, you can use privacy coins like Monero (XMR) and Horizen (ZEN), or use a bitcoin mixer.

 

Prejudice 5 - To use bitcoin, we need for a big PC

FALSE - If we need for a big PC for mining cryptocurrencies, we can use it with a sample smartphone.

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yanis
yanis

I'm not afraid of the matrix, I AM THE MATRIX (pure code here)


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