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3 Myths About Bitcoin

During the existence of Bitcoin, a large number of erroneous judgments have appeared about it. This leads to a negative attitude towards cryptocurrency, as the vast majority of myths about digital currencies are aimed at discrediting them. At the same time, BTC becomes more frequently used among sportsbook users and even real estate agents. This process will become even faster if we dispel these 3 myths.

It Takes a Lot of Obscure Words to Explain What Bitcoin Is

It's not really all that bad. Cryptocurrency is money that is created, transferred, and protected using elements of cryptography, more simply, mathematical encryption algorithms. Bitcoin is not the only cryptocurrency.

Bitcoin is a cryptocurrency that can be exchanged online without banks or other intermediaries. Bitcoin is not tied to any state and has no regulatory center that can "print" money or set rules for its use. No one controls it, and anyone can issue up to a certain limit - 21 million BTC. Bitcoin is anonymous. You don't have to enter any of your data to register a BTC wallet. The bitcoin network is provided by computers around the world, not by centrally located servers. Bitcoins are transferred directly between two wallets, without intermediaries. Bitcoin refers to the entire payment system network, the monetary unit, and the technology of transferring data on the network.

Bitcoin Is No Different From Regular E-Money

To stop the work of a centralized payment system, you need to shut down their servers - to prohibit the work at the state level or destroy them physically. Bitcoin is operated by miners all over the world. So it is almost impossible to block or freeze someone's account. To do that, you have to shut down all the computers that support the network - and if there is a single miner with an antediluvian computer somewhere in Zimbabwe, it will still work. That's how decentralization works.

To register a Bitcoin wallet, in contrast to the usual Internet wallets, you do not need a passport, phone number, ID number, or any other data. You can have as many wallets as you want. Bitcoins are anonymous, and for this reason they are also called electronic cash. But it is important to understand that all of the transactions in your wallet are publicly available, just no one knows that the wallet is yours until you say so. If your mom finds out that a particular wallet is yours, she can see all of your past and future transactions. So can her friends, if she tells them. But if you're "burned," you can always get a new wallet.

The More Miners, the Sooner All the Bitcoins Will Be Released

It is not possible to get all bitcoins out in a hurry, even if you are mining in the whole world. The number of miners affects the probability for each of them to get the reward, the more miners - the lower the probability. The bounty itself is fixed and only one miner always gets it every 10 minutes or so. The time it takes to create a new entry - a block in the Bitcoin block, this limitation is built into the code and cannot be circumvented. For example, right now the whole world is competing for 12.5 BTC every 10 minutes. The reward will only decrease over time, so all bitcoins will be released by 2140. Not before. Unless, of course, Bitcoin becomes obsolete or humanity stops needing the money by then.

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