We’ve read that Bitcoin is the new way of paying for things online. We’ve learned that people are increasingly accepting the value of Bitcoin, and even in resorts primarily located outside the main centers of commerce, Bitcoin has been progressively accepted as payment for products as local as beer, room accommodations and even fruits! Yes, even as far as in the Philippines, tourists from Norway, U.S., Canada and Japan, etc. have been seeing the “We Accept Bitcoin” signs in restaurants that invite people to use their Bitcoin Wallets.
The Bitcoin Phenomena has gone viral enough that people have been thinking this is just a bubble and later on this trend should come to its final dust form and everyone invested in it come to their full regret. Some say that Bitcoin is just an underground payment system used for shady deals. Let’s mow the weed off beautiful garden and separate truth from mere speculation.
Here are the misconceptions you should be aware of before deciding to miss out the opportunities on Bitcoin or be part of the Bitcoin movement that shall open an era of transparency the way the Information Technology era was opened and empowered all the disadvantaged people in the world.
- Bitcoin is Just Like Any Other Digital Currency,Like Paypal. Nothing new – this myth is easily debunked by the fact that unlike Bitcoin, all the other digital currencies out there are:
- printed or generated to the whims of the controllers, controlled by humans
- they’re easily destroyed by attacking the point of control, which is a human being
- arbitrary rules run by emotional beings that have no objective control.
Bitcoin is run by a calculation, a math, a machine. And by most machines, they are more reliable, more stable and less erratic and less dependent on the whims of man.
- Bitcoin is illegal because it’s not legal tender.
Last March 2013 the U.S. Financial Crimes Enforcement Network issued a guidelines undermining the value of digital currencies like Bitcoin, but implied that those who engage in bitcoin are not under the control of the regulators and don’t need to be registered.
This means that Bitcoin is just like any other currencies in existence in the context of being a non-government-backed currency that generally isn’t illegal. You should check laws on your jurisdication of course, but generally, Bitcoin, like WoW Gold or Berkshares, could not be considered as deviating from the law.
- Bitcoins Can Easily Be Printed/Minted
Bitcoin can’t be printed because the nature of this money is computed via miners using computers, where the miners are rewarded with specific amount of bitcoins as payment. The mining helps the system become more secure and reliable. The mining is what makes the Bitcoin system more stable.
- Bitcoin Is A Big Ponzi Scheme
It is almost a default for any person to think that any new trading system today is a Ponzi scheme. This critical thinking is good and should always be encouraged. It is through this that we can get rid of the pretension and the fakery and shenanigans that destroy the economy and put people’s lives in danger. Fortunately, Bitcoin is nothing like a Ponzi because unlike a Ponzi, there is no guarantee for people to make profit in Bitcoin. It’s just a form of money economy built by people.
Only the early adopters benefit from Bitcoin and the late ones always lose. In Bitcoin, the early adopters gain from the increased Bitcoin value and late adopters can benefit by getting to use a decentralized form of money.
There’s more to Bitcoin than meets your digital eye every time you check some fake news website online. But remember: we evolve with new ideas, and civilizations fluorish because of advancement. Bitcoin is an advancement worth spreading, and its misconceptions are worth denying.