There are some minor mistakes from the OP.
2. Bitcoin is untraceable & Bitcoin is NOT untraceable.
When you make any transaction using bitcoin your identity is never used in any form whatsoever. Only your ‘public’ identity is visible. But there is a but…The ‘blockchain’ is a ledger in a permanent form, this is transparent so if anyone knows your public address they could see the amount of bitcoins you hold and what transactions you have made. It is said this how the FBI found and captured the owner of Silk Road.
Bitcoin is pseudonymous, but it's traceable. Be careful if you're dealing with someone from the dark market.
3. Bitcoins do not grow on trees.
Just like money bitcoins do not grow on trees! Of course, unlike money, you can never feel, touch or print bitcoin.
Bitcoins are mined on a network called the blockchain only existing when a miner finds and ‘mines’ bitcoin blocks. Currently, the mining power of the Bitcoin network is over 300 times more powerful than the 5 top supercomputers of the world combined!
The "blockchain" is not the Bitcoin network. The "blockchain" is a database.
5. Bitcoin cannot be banned
Due to the nature of Bitcoin, there is always a talk about banning it. Bitcoin works outside the traditional banking system so attracts a lot of hostility. However, its design ensures that it cannot be banned however it can be regulated. If you have an internet connection and a bitcoin wallet you can invest in bitcoin.
This hasn’t stopped many countries trying to ban it. Bolivia, Thailand, Vietnam and Bangladesh, for example, have all tried. Other more accommodating countries such as Russia, Japan, Australia and Venezuela have made bitcoin legal tender and regulated it. Finally, some countries like India and the USA are not clear and have not defined an official policy regarding cryptocurrencies yet.
In short, Bitcoin can’t be buried or pushed away.
Better term, "censorship-resistant".
8. The FBI is owning one of the largest Bitcoin wallets
A few years ago, the FBI shut down the Silk Road which was a big black market website where Bitcoin was frequently used to make different purchases. FBI acquired all the Bitcoins that were circulating around the website, which is around 1.5% of all the world’s Bitcoin.
That may not sound like a huge amount but looking at the big picture, 1.5% is considerably a huge amount for one entity to own.
Weren't those coins auctioned?
9.If you lose your private key (Bitcoin wallet), you lose your Bitcoins.
You store your Bitcoins in a digital wallet. You can log in and check your balance. One thing, though, you have to be very careful when it comes to storing your password and key, which is what allows you to access your digital Bitcoin wallet. If you lose this access, you’ll lose access to your Bitcoin wallet and the amount you have inside.
It's thought that around 20% of the entire Bitcoin supply is 'lost', primarily due to misplaced or stolen keys, or laptops or computers that have been discarded.
Your private key is not your wallet. It's what you use to sign and allows you to spend Bitcoins.
14. Bitcoin transactions cost almost nothing
PayPal and banks require their customers to pay transaction and other types of service fees. The good news is that Bitcoin transactions can be carried out free of charge because there's no middleman! True, some exchanges charge a small fee, but this is simply to pay those who 'mine' Bitcoin and release it into the system.
Wrong. There's someone always bearing the costs to transact in the network.
15. The sender/receiver details are hidden
Bitcoin addresses are a long string composed of 34 alphanumeric characters. Just by using this address it’s impossible to know who’s the recipient. That’s one of the main reasons why Bitcoin is a preferred method of conducting illegal transactions. Most wallet programs also assign each user a portfolio ID, used as a username, to further protect the privacy of the senders/receivers.
Wrong. It's not impossible, and sender/receiver details in the blockchain are not hidden.
17. Bitcoin creates a lot of energy
Bitcoin mining is a big business and it requires vast amounts of computer processing power. Various estimates of just how much CO2 it uses equate to around one million transatlantic flights, or the equivalent of the energy output of the Republic of Ireland, New Zealand, Hungary or Peru.
Basically, if Bitcoin miners were a country, they would rank 61st in the world in terms of electricity consumption. It has been said that around 2.5 million people could be powered by Bitcoin mining and this is something we have to consider in the future.
While Bitcoin has undoubtedly disrupted the technology sector in recent years, its incredibly wasteful process needs to be improved.
Wrong. Bitcoin miners mine in places where there's energy surplus, that electricity generation would have been wasted if it was not used.
18. Bitcoin is created through mining
Speaking of mining and energy, let’s talk about how Bitcoin is created.
The process is called mining and the core technology behind it is called Blockchain technology. It’s dependent on a network of nodes, ensuring the integrity of transaction history by achieving consensus.
That's wrong, let me stop you there. The core of Bitcoin technology is in the Proof of Work. It's the lacking aspect of all the attempts to develop a successful decentralized digital currency in the past.
21. Bitcoin was not the first attempt at making a P2P digital currency.
Many people think that Bitcoin was the first attempt at making a digital currency, Well, it’s not exactly like that.
Wei Dai’s B-Money, Nick Szabo’s Bit Gold, Adam Back’s Hashcash and David Chaum’s DigiCash were the precursors to Bitcoin. Unfortunately, each of those currencies failed to gain traction because of their proposed centralised systems.
They needed Proof of Work!
22. Not the only one to watch out for
Bitcoin is not the only cyber currency, though it remains the most highly valued one. Bitcoin gets almost all the media coverage but these days there are so many cryptocurrencies to choose from if you are interested in investing and trading.
Right now, there are over 2,500 cryptocurrencies in total.
Ethereum, for instance, is another popular cryptocurrency that was funded through crowd-funding and went live back in 2014.
There are differences, however. Ethereum exists within its own network and is used more for gambling, investing, dApps (decentralised applications) and smart contracts rather than for everyday purchases.
Ethereum is a shitcoin.
