10 of the Biggest Lies Told About Bitcoin
As the British Prime Minister Benjamin Disraeli once said, there are three types of lies: lies, lies and statistics, bitcoins often occur at the end of all, it is a lot of accusatory figure on energy consumption or lies condemned by terrorism. We have 10 rounds of most intrusive mistruths and ready to set records directly, the next time someone will bring one, then send it here.
Bitcoin Economic Terrorism
We will start with the most vocal claim, though all the entries in this list are stupid. Do you know what is the financing of terrorism? Terrorist and Terrorist Sympathy If you want to blame one currency, try the US dollar that is used for more war, proxy war, bombardment, kidnapping and rebellion than any other.
Bitcoin is a bubble
Where do we start with this also? No, bitcoine is not a bubble. This is not going to crash on Earth and it's definitely not going to return to zero. We are not giving any returns for doing so for a long time. This whenever the beatcone wins or loses $ 2,000, then this word will not prevent B from being thrown. There will be improvement in the way - no property has ever been raised in the straight line - but Bitcoin is not about jumping.
It was not a $ 3,000 bubble, it was not a $ 11,000 bubble, and it will not happen next week when more than a dozen other editorials have asked about this question.
bitcoin is unstable
Those who do not appreciate the risk, there are definitely less attractive properties to invest for them, however, the notion that bitcoin is unstable and it should be "trained" is wrong. Chris Bernysky, a highly respected encryption expert, recently told that the inconsistency of bitcoin is now less than Twitter. There are still rollercaster days, but most of the time digital currency is superbly silent
Bitcoin is Tulip Mania All Over Again
If you are not familiar with the highly cited case of Tulip Mania through Holland of the 17th century, then your search engine will provide you backstory. The sensation reached 4600 florin in the price of a special bulb. From there, the only way was down
It has been discovered that the bouquet is a lack of internal value and is a rare item, such as conch shells and beautiful stones, on the other hand, it is not easy to commit bitcoin, indestructible, transportable and rare compared to the trilps.
Bitcoin is Used by Hate Groups
We could launch into a lengthy explanation as to why it’s ridiculous to blame a currency for the actions of a tiny subset of its users, but sometimes the simplest responses are best:
Bitcoin is Mostly Used for Illegal Purposes
This statement could have been true in 2013, but nowadays, the vast majority of Biltcoin transactions are for legitimate purposes. Chris Burnscak also provided further evidence about this which was mentioned earlier. However, this influential media can not stop hacks from destroying this old chestnut as soon as possible, usually with some forms of this image:
Bitcoin is a Ponzi Scheme
A Ponzi plan or pyramid means that large investors are paid by the capital of new investors, as long as the racket is not upset and falls into itself. The operation of bitcoine is completely transparent and its adoption and development can not be controlled by any person. The cost of bitcoin is fully determined that what is ready to pay the market, and not the need to repay the previous investors. Bitcoin is definitely not a pyramid scheme, on the other hand bitcoin ..
Bitcoin Can Be Hacked
Bitcoin exchange and cloud-based portfolio can theoretically be hacked, like something connected to the Internet. However, the underlying code can not be trimmed by feeding bitcoin blockchain . Bitcoin has been subjected to more extensive stress tests than any other written code. If you are worried about theft of your coins, follow our advice and use a wallet that you have keys instead of trusting a third party
- Bitcoin is a Fad
You know what else was a fad? The internet and cell phones.
- Bitcoin Uses Exorbitant Amounts of Energy
We recently rejected the balloon of this time, and Wired is also looking for this issue in a big way. Yes, bitcoin mining consumes a lot of energy - but not as much as it has been told - and yet every watt is worth it. Rather than digging in long technical interpretations, there are some relevant facts to consider here: Bitcoin uses less than one third less energy than Christmas lights in the United States each year.In one study, bitcoin has been estimated that between 0.8 and 4.4 kW per year is to be used. Comparison with 650 kWh spent for gold mining and recycling, 138 kW per year or every year by the global banking system and resembles a model of Bitcoin efficiency.