Bitcoin Myths

Bitcoin Myths



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.

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#1 Quantum computers will kill Bitcoin.


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Quantum computers will crack Bitcoins cryptography, making it obsolete.

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#2 Bitcoin ownership is highly concentrated.


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0,01% of Bitcoin users own 27% of all Bitcoins. The distribution of Bitcoins is highly centralized.

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#3 Bitcoin is used by criminals.


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Bitcoin is a safe haven for drug dealers, money launderers, and other criminals.

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#4 Bitcoin is too volatile.


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The Bitcoin price is unstable, therefore it is only for speculators.

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#5 Bitcoin is a bubble.


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Bitcoin is a huge bubble because it has gained over 70 million percent in 13 years. It reminds me of the tulip mania.

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#6 Bitcoin is a Ponzi scheme.


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The price of Bitcoin only goes up when Bitcoiners convince others to buy Bitcoin too. It is based on the greater fool theory.

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#7 Bitcoin wastes too much energy.


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Bitcoin uses too much energy, it’s bad for the environment.

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#8 Bitcoin cannot scale.


The Bitcoin network can only process up to 7 transactions per second, which is not enough for it to be used on a global scale.

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#9 Bitcoin transactions are too slow.


Each Bitcoin transaction takes at least 10 minutes to process, sometimes even much longer.

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#10 Bitcoin transaction fees are too high.


Bitcoin cannot be used for micropayments, because the transaction fees are too high.

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#11 Bitcoins technology is old-tech.


Other cryptocurrencies are faster, cheaper, more scalable, and more environment-friendly.

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#12 Bitcoin is too expensive.


The Bitcoin price is already too high, I will look out for the new Bitcoin instead.

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#13 Bitcoin has no intrinsic value.


The Bitcoin price is already too high, I will look out for the new Bitcoin instead.

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#14 Bitcoin is not limited in its supply.


The Bitcoin source code can be changed, therefore the finite supply of 21 million units is a farce.

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#15 Bitcoin will be banned.


Governments have banned Bitcoin and others will catch up to do the same.

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#16 CBDCs are the end for Bitcoin.


Central Bank Digital Currencies will make Bitcoin obsolete.

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#17 Internet shutdowns will stop Bitcoin.


If the internet were to be shut down globally, Bitcoin cannot continue to function.

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#18 Solar flares will render Bitcoin useless.


A solar flare will wipe out all hard drives and render Bitcoin completely useless.

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#19 A critical bug in the Bitcoin code will be found and exploited.


Sooner or later, a bug will be found in the Bitcoin source code, which will make Bitcoin go to zero.

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#20 Barely anyone accepts Bitcoin.


Not many merchants accept Bitcoin, which makes it useless.

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