Common Bitcoin Myths and Misconceptions
The case against Bitcoin is so abundantly clear, that even Bitcoin beginners can present a whole chain-of-arguments, creating a convincing plea against it:
“Bitcoin is too volatile, Bitcoin wastes too much energy, criminals use it, it’s a bubble, most Bitcoins are in the hands of a few thousand people, Bitcoins aren’t backed by anything, Bitcoin is too slow, Bitcoin can’t process enough transactions, quantum computing is the end for Bitcoin, Bitcoin is useless [...]”
At first glance (and second, third, fourth,…), there seems to be just one rational conclusion to be made:
“Bitcoin is stupid. Case closed.”
Everyone starts as a Bitcoin skeptic. Indeed, it would be extremely naive to believe in the Bitcoin fairy tale right from the get-go. Open-minded skepticism of new and emerging technologies, especially when directly connected to your personal wallet, is a healthy habit to pursue and maintain.
On this page, I invite you to discover a new perspective on the evident problems of Bitcoin.
Understanding Bitcoin is a process that takes time and effort.
#1 Quantum computers will kill Bitcoin.
View Myth Analysis
#2 Bitcoin ownership is highly concentrated.
View Myth Analysis
#3 Bitcoin is used by criminals.
Not available yet
#4 Bitcoin is too volatile.
Not available yet
#5 Bitcoin is a bubble.
Not available yet
#6 Bitcoin is a Ponzi scheme.
Not available yet
#7 Bitcoin wastes too much energy.
Not available yet
#8 Bitcoin cannot scale.
Not available yet
#9 Bitcoin transactions are too slow.
Not available yet
#10 Bitcoin transaction fees are too high.
Not available yet
#11 Bitcoins technology is old-tech.
Not available yet
#12 Bitcoin is too expensive.
Not available yet
#13 Bitcoin has no intrinsic value.
Not available yet
#14 Bitcoin is not limited in its supply.
Not available yet
#15 Bitcoin will be banned.
Not available yet
#16 CBDCs are the end for Bitcoin.
Not available yet
#17 Internet shutdowns will stop Bitcoin.
Not available yet
#18 Solar flares will render Bitcoin useless.
Not available yet
#19 A critical bug in the Bitcoin code will be found and exploited.
Not available yet
#20 Barely anyone accepts Bitcoin.
Not available yet
Would you like to contribute to this page?
Do you have constructive feedback to improve this page?
Is there some wrong information on this page?
Please send me a message here:
Send me a message