In our previous article we mentioned 3 of the myths in the bitcoin world that needs to be busted. In this article we mention the two of the main myths of bitcoins in common man’s mind that needs to be busted.
Myth #4 – Bitcoins = Illegal services or activities
As mentioned for the first myth related to Scam, Bitcoin was not initially created for the sole purpose of illegal activities. Instead Bitcoins were used by many for gambling or trading and other such illegal activities.
BTC was especially used for many illegal transactions on the Silk Road (marketplace). It was considered as a wrong act for many; but if you consider people like Julian Assange of the well-known WikiLeaks, this helped them.
All the banks stopped helping or supporting WikiLeaks and the infamous Whistle-blower. At such a time, it was Bitcoins which helped no other currency.
WikiLeaks had tweeted the following in 2011, “WikiLeaks now accepts anonymous Bitcoin donations on 1HB5XMLmzFVj8ALj6mfBsbifRoD4miY36v.”
Julian Assange later tweeted the following in 2017, “My deepest thanks to the US government, Senator McCain and Senator Lieberman for pushing Visa, MasterCard, Payal, AmEx, Mooneybookers, et al, into erecting an illegal banking blockade against @WikiLeaks starting in 2010. It caused us to invest in Bitcoin — with > 50000% return.”
The two adoptions further pushed the usage of Bitcoins towards a mainstream adoption, i.e. people ended up using or rather buying Pizzas through mere BTC.
But there were no discussions or news related to this aspect.
There were questions raised at the illegal activities done around the entire world through fiat currencies. Not a single person considered to oppose these fiat currencies or raised a voice to consider them as fraud for mere illicit purposes.
Myth #5 – Bitcoins are not only dead, but are useless as well as involves high fees
Bitcoin, as we all know by now, is very adaptable, resilient as well as powerful. It is in fact considered to be so powerful that it would be able to survive any attack due to its self-governing as well as self-sustaining angles; namely, Math and Cryptography.
How can one consider Bitcoins as dead?
We, as humans would surely die one day or the other but Bitcoins or the protocol would still run even after our deaths.
The difficulty involved would eventually reduce or step down and few of the people would even start mining directly through their PCs once again.
Bitcoin Obituaries have been proven wrong a plethora of times which can be seen by clicking here.
Also, apart from these, many Bitcoins and the carious cryptocurrencies have certain hacks which could be as big as Coincheck or Mt.Gox etc. These hacks and Bitcoin happen to grow stronger day by day continuously. Thus this speaks about the mere volume consisting them.
More Insight –
Another big myth is the fact that Bitcoins involve high fees. Maybe at times, the fees are indeed high but it surely doesn’t conclude that they are useless.
In recent times, there are zero-fee transactions which makes it obvious that with the evolvement of software and its development; like for example, with the increase in Segwit adoption, one could easily find Bitcoin fees as low as just 1 Satoshi/byte.
ArminVanBitcoin among many celebrated this low fees related news.
He tweeted on his Twitter account by saying, “We’ve reached a major milestone! $BTC tx fees are now at an ALL TIME LOW. We are now seeing transactions below 1 sat / byte for the first time ever. You can send #bitcoin for ~0.1 cents ( ~100 satoshis ) per transaction. #bitcoinisscaling #segwit”.
Thus, you can’t disagree with Bitcoin just by looking at the present conditions or the high fees because with further innovations like Schnorr signatures or lightning networks etc, the usage would only increase.
Although there are plenty more minute myths; these major myths involve almost the complete speculation based on Bitcoins or Cryptocurrency as a whole.
Hence hopefully these myth busters give a new insight for you about Crypto and mainly about Bitcoins.