2023-03-03 17:57:41
Myths and real facts about Bitcoin
Aloha, community! Bitcoin is already 14 years old, but the principle of its operation is still incomprehensible to beginners. This leads to the emergence of various myths.
It's time to dispel them!
Myth
Bitcoin is a pyramid scheme. It costs nothing and has no real value, and the rising price is the result of deceiving gullible investors.
FactBitcoin is a peer-to-peer payment network that implements cryptographic encryption and data storage technologies in a distributed network - blockchain.
Myth
Bitcoin is fast and easy money. Every few years, it updates its historical highs, multiplying its cost.
FactBitcoin is a speculative and high-risk asset with high volatility.
Myth
Bitcoin is an asset of the rich. It is used only by whales and large investment funds.
FactBitcoin is divided into smaller shares - Satoshi (one hundred millionth of Bitcoin). You can purchase ~446000 Satoshi for $100.
You can check the cost of Bitcoin on Coinmarketcap.
Myth
Bitcoin has no real value. It is not backed by physical assets, its market value is speculation and a bubble.
FactBitcoin is not backed by precious metals, government bonds, stocks, and so on. Bitcoin is backed by investors' real money, and its value is based on technical and economic advantages:
1. Decentralization
2. Minimal government regulation
3. Limited supply makes BTC a deflationary asset: Bitcoin is considered a worthwhile investment because it is resistant to inflation spikes.
What myths about BTC do you know? Share in comments
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