Topic: Some myths bitcoin has defeated. (Read 657 times)
These fears/myths were raised during the initial days when Bitcoins were launched. No one has tried the coin, and many people have different and mixed feelings about it. After all, here money is involved; hence, people need to think outside the box at first. But as gradually people used the coin, they found the benefits and advantages that Bitcoin provides above other coins. Hence, gradually most of these myths are busted. Now I am sure that all the elite families are aware of these Bitcoins, and more than half of the people are using this great innovation.
I see something special about bitcoin because bitcoin was created by Satoshi Nakamoto, but until now no one knows for sure who Satoshi Nakamoto is. The creator of bitcoin himself does not want to reveal his identity to the public, so many people assume that Satoshi Nakamoto is a team or organization that has created Bitcoin in a very perfect form so that bitcoin is not easy to hack or destroy, so it is impossible if bitcoin was founded by just one person.
I don't think a single person can't create something like Bitcoin because we know a lot of genius minds existed throughout human existence. I'm not saying that it wasn't a group because we don't know, but it could be a single person as well, and whoever he is or was, he is an absolute genius for coming up with such an idea. No one could ever think something like this would exist, he started it and now we have a whole industry of cryptocurrencies around us.People called it names, said it is a bubble, a currency used by criminals to fund criminal activities, said it would soon burst and those investing in it will lose all their money but what happened? Today, those who used to have such thoughts or say such things are regretting why they didn't take interest in it because if they had done that, they would have become millionaires today.
1. "Bitcoin is a bubble." - Technically, bitcoin can be classified this way (just like the stock market), because the price of bitcoin grows due to new "infusions" of investors into this asset. As soon as this stops and the reverse effect of withdrawing money from this asset begins, a "rollback" of the price occurs, which creates volatility. It is similar to how a "bubble" inflates and deflates, but doesn't burst completely, as long as there is faith in the future growth of this asset. It would be interesting to see what happens to this "bubble" as soon as faith in the future of this asset evaporates (for whatever reason), for example, a mass panic "outflow" of investors.
This chart https://charts.bitbo.io/yearly-candles/ shows that Bitcoin is not a bubble since 2009.Quote
5. "Bitcoin is used only by criminals." - Instead of "only" there should be "and". That is, it should not be denied that criminals also use bitcoin (just like traditional money).
Everything on Earth can be used by criminals and nothing is only used by criminals. "Bitcoin is used only by criminals" is a narrative of people who really hate Bitcoin.Quote
7. "Bitcoin will be defeated by a better altcoin" - CBDC will do this.
Altcoins are scam and many of them die with time. Altcoins can not be a next Bitcoin and they're not Bitcoin killers. In fact, no altcoin successfully kills Bitcoin, but they suicide and die with time.How Many Crypto Coins Have Died?
CBDCs are even worse than normal altcoins because CBDCs are completely centralized and worse than altcoins because the centralization belongs to governments.
The existing Bitcoin myths which have already been addressed did not stop the growth of Bitcoin. Bitcoin is already gaining mass adoption round the world from both individuals and institutions. New myths that would spring up would obviously be coming from those who are still scared of taking the risks.
Exactly, these myths you mentioned has existed and has been overcome by Bitcoin adopters because they have found nothing reasonable in them and they all now understand that they are all generated by haters just to stop Bitcoin progress, yet Bitcoin adoption is growing fast more than expected.Since Bitcoin adoption is increasing globally by both individuals and institutions, only people that fail to take risk will be left out of the trend and they will keep suffering anarchy of centralization without freedom financially.
I learnt something here. Every situation in Bitcoin is a blessing to one investor or the other.
Yes, it is always a blessing to both the investor and the adopters because the support from the community will keep Bitcoin going viral and the investors will use any situation to either cashout or invest more to accumulate more Bitcoin in their portfolio. Although DCA method is here to help us accumulate at any price. 
Op, there is enough effort on this thread, but the last point is not familiar to me, because the birth of bitcoin came with the blockchain technology, which has been bitcoin's use case since day one. Therefore, those who may have thought that bitcoin had no use-case didn't know about its blockchain, and how it serves banks, government, cybersecurity, smart contract etc. On a broader level, I do not remember seeing any content regarding bitcoin having no use case.
Perhaps what the OP's referring as used case is that Bitcoin has no real life usage. But we all know that Satoshi originally designed it as payment scheme. But it evolved in the last ten years or so. And so it's really wrong to say that it doesn't have a use case. We can even say that it give birth to crypto base online platform.
For sure some old gamblers here will attest that you just need a Bitcoin address for deposit and withdrawal and you will go totally (pseudo)anonymous. And definitely, now it's a investment vehicle, we have institutions and whales and who's who on the market right now.
Bitcoin usefulness or use cases can not be overly emphasis because it has no hiden place, some people are only skeptical about Bitcoin but yet Bitcoin is still making it way, indeed it offers includes the financial freedom, preserving privacy and creating investment opportunities, it is a store of value, offering protection against inflation, let alone the borederles transactions. Bitcoin is one of the best if not the best digital asset class, it is left for those who are yet to figure out the real and true potentials that Bitcoin holds.
1. "Bitcoin is a bubble." - Technically, bitcoin can be classified this way (just like the stock market), because the price of bitcoin grows due to new "infusions" of investors into this asset. As soon as this stops and the reverse effect of withdrawing money from this asset begins, a "rollback" of the price occurs, which creates volatility. It is similar to how a "bubble" inflates and deflates, but doesn't burst completely, as long as there is faith in the future growth of this asset. It would be interesting to see what happens to this "bubble" as soon as faith in the future of this asset evaporates (for whatever reason), for example, a mass panic "outflow" of investors.
5. "Bitcoin is used only by criminals." - Instead of "only" there should be "and". That is, it should not be denied that criminals also use bitcoin (just like traditional money).
7. "Bitcoin will be defeated by a better altcoin" - CBDC will do this.
9. "Bitcoin can never function as a currency" - Of course not, because according to the constitution, only the national currency (which will be replaced by the CBDC in the future) can be legal tender in any country. The experience of El Salvador can be ignored, because it is a country with a "toy" economy.
5. "Bitcoin is used only by criminals." - Instead of "only" there should be "and". That is, it should not be denied that criminals also use bitcoin (just like traditional money).
7. "Bitcoin will be defeated by a better altcoin" - CBDC will do this.
9. "Bitcoin can never function as a currency" - Of course not, because according to the constitution, only the national currency (which will be replaced by the CBDC in the future) can be legal tender in any country. The experience of El Salvador can be ignored, because it is a country with a "toy" economy.
The fact that Bitcoin was designed not to be under the control of any entity is what we should be thankful for. Most of these myths would have turned to facts if naysayers could actually manipulate it to suit their claims.
Those who write it down are those who hate Bitcoin. They made a bad statement about Bitcoin. In fact, I'm sure they won't stop at making Bitcoin's name worse. But I'm also happy with this situation, sometimes this moment of bad news can be used by traders to buy in rumors and profit when prices go up. There are always two sides of the argument, I don't hate but it is part of this crypto industry. I hope that Bitcoin will destroy the myth that is still growing, so that they will immediately shut down and change their faith in Bitcoin.
The fact that Bitcoin was designed not to be under the control of any entity is what we should be thankful for. Most of these myths would have turned to facts if naysayers could actually manipulate it to suit their claims.
Those who write it down are those who hate Bitcoin. They made a bad statement about Bitcoin. In fact, I'm sure they won't stop at making Bitcoin's name worse. But I'm also happy with this situation, sometimes this moment of bad news can be used by traders to buy in rumors and profit when prices go up. There are always two sides of the argument, I don't hate but it is part of this crypto industry. I hope that Bitcoin will destroy the myth that is still growing, so that they will immediately shut down and change their faith in Bitcoin.
Bitcoin consumes much energy
Gone are the days that enemies of bitcoin use it's energy consumption against it. These days, miners are shifting to renewable energy sources. With this, there is no more fear or concern about energy consumption and the safety of man's ecosystem
I remember this was an argument of Elon that Bitcoin consumes a lot of energy. And by his words, many have believed that it was the only thing that consumes a lot of energy. After he's said that, the market plunged IIRC but that's just another way of him influencing the market because of renewable energy and sources, many farms have made their own ways to do it using green energy. A lot of FUD has been said about Bitcoin before and it's not just a myth but more than that. But it's nice to see that these narratives have changed the minds of a lot and started to realize and understand more about the goodness and usefulness of having Bitcoin. Gone are the days that enemies of bitcoin use it's energy consumption against it. These days, miners are shifting to renewable energy sources. With this, there is no more fear or concern about energy consumption and the safety of man's ecosystem
but even so, until now bitcoin is still debated by many parties with the various things you mentioned. even though it is clear that some of these problems have been solved by bitcoin, but they still don't care about the fact and continue to say negative things about bitcoin. that is their right, but when they don't want to be open with the fact that bitcoin is getting better day by day it only shows that from the start they just didn't like the presence of bitcoin.
The fact that Bitcoin was designed not to be under the control of any entity is what we should be thankful for. Most of these myths would have turned to facts if naysayers could actually manipulate it to suit their claims.
Those who write it down are those who hate Bitcoin. They made a bad statement about Bitcoin. In fact, I'm sure they won't stop at making Bitcoin's name worse. But I'm also happy with this situation, sometimes this moment of bad news can be used by traders to buy in rumors and profit when prices go up. There are always two sides of the argument, I don't hate but it is part of this crypto industry. I hope that Bitcoin will destroy the myth that is still growing, so that they will immediately shut down and change their faith in Bitcoin.
In conclusion, Bitcoin has gone through lots of phases where it kept improving , thereby infusing more trust and confidence in the hearts of it's adopters. We should not be surprised that the number of bitcoin supporters are increasing as the day goes by because the doubts and fears in the hearts of many have been cleared, we are hoping for a glorious future with Bitcoin.
Sure, Bitcoin has defeated several myths and will keep defeating anyone that will come up letter because of its transparency, and how it has grown to this stage despite being against centralization that has been in existence, and it has become one of the main tools to give us financial freedom, and the coming of Bitcoin has exposed a lot of things.
That is true about Bitcoin is a bubble. I think circa 2016-2017, I've been hearing a lot from the media and from the market and economy "experts" that they've been telling that it's only a matter of time that Bitcoin will burst.
Several years has passed and yes, Bitcoin has burst but not from being a bubble but being adaptable and likeable by the mainstream financial institutions and normies that like to invest their money in a secure and safe asset for the long term.
Too many taboos are being destroyed by Bitcoin per se and there will be more once the price of it gets higher or we'll continue to hear them every now and then.
Several years has passed and yes, Bitcoin has burst but not from being a bubble but being adaptable and likeable by the mainstream financial institutions and normies that like to invest their money in a secure and safe asset for the long term.
Too many taboos are being destroyed by Bitcoin per se and there will be more once the price of it gets higher or we'll continue to hear them every now and then.
| 2. | Bitcoin will be hacked | Many people, especially those who doesn't understand the Bitcoin network has the fear that bitcoin will be hacked. Although, exchanges, mixers, personal wallets can be hacked but the bitcoin network has proven to be very secured. The decentralized nature of bitcoin and the PoW protocol makes it unhackable. |
I see something special about bitcoin because bitcoin was created by Satoshi Nakamoto, but until now no one knows for sure who Satoshi Nakamoto is. The creator of bitcoin himself does not want to reveal his identity to the public, so many people assume that Satoshi Nakamoto is a team or organization that has created Bitcoin in a very perfect form so that bitcoin is not easy to hack or destroy, so it is impossible if bitcoin was founded by just one person.
Learning about how Bitcoin has stepped beyond all these wrong myths leveled against her gives me joy that Bitcoin is not what people thought it to be. Some of the narratives of how Bitcoin is are no longer in the minds of so many people nowadays, and we all can attest that Bitcoin is not what some people have thought it to be in the past.
The biggest and most debunked bitcoin myth is that BITCOIN WILL DIE, as far as I'm concerned in previous cycles many people have condemned and said that bitcoin will die, but it never happened and instead continues to be adopted by many people to countries. 
Maybe what du said in the OP is true, but it is not so interesting other than this curse from many people who used to be very distrustful of bitcoin.
This Maybe what du said in the OP is true, but it is not so interesting other than this curse from many people who used to be very distrustful of bitcoin.
In conclusion, Bitcoin has gone through lots of phases where it kept improving , thereby infusing more trust and confidence in the hearts of it's adopters. We should not be surprised that the number of bitcoin supporters are increasing as the day goes by because the doubts and fears in the hearts of many have been cleared, we are hoping for a glorious future with Bitcoin.
Sure, Bitcoin has defeated several myths and will keep defeating anyone that will come up letter because of its transparency, and how it has grown to this stage despite being against centralization that has been in existence, and it has become one of the main tools to give us financial freedom, and the coming of Bitcoin has exposed a lot of things.Talking about massive Bitcoin adoption, we are already there; inflation has shown us the importance of holding Bitcoin, because fiat currencies do lose value and we need them to buy local goods, but we have noticed that holding Bitcoin instead of fiat will give you more confidence because it will never lose its value, it does increase due to market trend and you can be rest assured of holding Bitcoin that whenever you need money, your asset value will serve you despite the fiat devaluation.
That is why I take this best advice of using the DCA method from this form to accumulate more Bitcoin.
The biggest and most debunked bitcoin myth is that BITCOIN WILL DIE, as far as I'm concerned in previous cycles many people have condemned and said that bitcoin will die, but it never happened and instead continues to be adopted by many people to countries.
Maybe what du said in the OP is true, but it is not so interesting other than this curse from many people who used to be very distrustful of bitcoin.
For those who are actually knowledgeable about bitcoin, they will see this as a useless myth since Bitcoin has been condemned a lot of times, but still here it is standing and even more making progress.Maybe what du said in the OP is true, but it is not so interesting other than this curse from many people who used to be very distrustful of bitcoin.
However for those who have no knowledge at all, they will continue to claim that bitcoin will die eventually. The question is when? As long as there are big institutions who will continue to support and back-up bitcoin, it will never ceased its operation in the market. It may even stay here for good who knows.
If I assume Bitcoin will die when the electricity in this world goes out, because after all to turn on VGA you need electricity to turn it on, and when the electricity goes out everything will die and we return to the past without electricity, but that view is impossible at this time, it is just a hallucination that can be idealized with the logic of how Bitcoin works and will be affected, We will never know when, but the myth of Bitcoin die is real because it has only been a myth so far.
The biggest and most debunked bitcoin myth is that BITCOIN WILL DIE
If anyone tells you like this, it's easily for you to debunk them if you know these following sites.Bitcoin is dead
Bitcoin deaths
Bitcoin obituraries
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as far as I'm concerned in previous cycles many people have condemned and said that bitcoin will die, but it never happened and instead continues to be adopted by many people to countries.
Hundreds of calls "Bitcoin is dead" and it is not dead.The legal adoption of Bitcoin, in contrast to "Bitcoin is dead" calls that drop with time, increases a lot as Bitcoin map shows.
Bitcoin legality map
The biggest and most debunked bitcoin myth is that BITCOIN WILL DIE, as far as I'm concerned in previous cycles many people have condemned and said that bitcoin will die, but it never happened and instead continues to be adopted by many people to countries.
Maybe what du said in the OP is true, but it is not so interesting other than this curse from many people who used to be very distrustful of bitcoin.
Many people were skeptical about buying Bitcoin in it's early days, they thought many negative things about it especially that it's a Ponzi scheme that won't last. I had the money to accumulate as many Bitcoin as I wanted then but I also followed the popular perception about it that it won't last. It's the massive ROI of those early adopters that have paved the way for most of us to change our perception about it. I know that in years to come most doubters will change their minds and adopt it. A good product sales itself and in practical Bitcoin has proven it's reputation as an asset that it's value will keep increasing on the long term. Maybe what du said in the OP is true, but it is not so interesting other than this curse from many people who used to be very distrustful of bitcoin.
In conclusion, Bitcoin has gone through lots of phases where it kept improving , thereby infusing more trust and confidence in the hearts of it's adopters. We should not be surprised that the number of bitcoin supporters are increasing as the day goes by because the doubts and fears in the hearts of many have been cleared, we are hoping for a glorious future with Bitcoin.
Thank you for your efforts to remind us to continue to spread more notes that will come in the future, and make the next generation understand the meaning of bitcoin creation. Point 8 is a turning point to destroy the most unbelieved myths but now the fact is that institutions are more aware of bitcoin investment than other assets that provide less positive efforts. Jump to: