The Four Most Popular Bitcoin Misconceptions
Table of contents
The purpose behind Bitcoin
The first misconception about Bitcoin revolves around its very existence and the purpose behind its evolution. People have a range of theories on why Bitcoin exists in the first place and how it can fit in the grand scheme of things. Instead of viewing Bitcoin as an alternate currency that is free from regulations of any kind, people see Bitcoin as a medium that can put an end to governmental control.
The privacy of Bitcoin
The second biggest misconception about Bitcoin is that it is private and therefore, could be used by criminals. However, securing Bitcoin and using it privately is an incredibly difficult task. Since many people today can access excellent financial infrastructure, they don’t deem it beneficial to educate themselves and understand Bitcoin, which paves the way for more Bitcoin misconceptions.
“BTC isn’t money but only technology”
You must have heard this one before if you are rubbing shoulder with Bitcoin naysayers. Money and technology are two entirely different things. While constant changes can be made to technology, financial systems are rarely ever meddled with.
“BTC is a cheap payment mechanism”
This Bitcoin misconception has done more damage to Bitcoin’s reputation than all of the above three misconceptions combined. People tend to think that the payment mechanism behind Bitcoin is cheap. This has resulted in several other altcoins cropping up and Bitcoin losing its market value.
Conclusion
While there is no dearth of Bitcoin misconceptions that have damaged the crypto coin’s image and continue to do so, this article sums up the four biggest misconceptions around it. There is a need for crypto enthusiasts to take steps to alleviate fears from the minds of potential investors and help the most dominant cryptocurrency regain its market stature that has ebbed away to some extent in recent times.