Since its creation in 2009, Bitcoin has gained a lot of popularity. However, with this popularity comes some “untruths” that some people or authorities spread. Gaius, in his recently published book, takes a look at 5 lies that are frequently told about Bitcoin.
1.Bitcoin is MMM: No, Bitcoin is not related to any Ponzi scheme. It is a digital currency and not a pyramid scheme where you rob Peter to pay Paul.
2. Bitcoin will make you rich instantly: this is a total lie. It took me 5 years to gain profit from my initial investment in Bitcoin. If you want to get rich instantaneously bitcoin isn’t for you.
3. To own Bitcoin, you must “buy at least one Whole Bitcoin”. This is not true as Bitcoins are divisible to eight decimal places, or 1/100 millionth of a bitcoin called satoshis. This means you can own bitcoin worth a thousand naira or even a hundred naira.
4. Bitcoins does not have any intrinsic value: Most people fear that Bitcoin lacks value because it’s supply is finite but this is a lie as Bitcoins offers a safer, faster, cheaper transaction network. Since people utilise it for transactions, it has value.
5. Bitcoin can be used for illegal activities more than cash: This is a lie because Bitcoin can be easily traced and offers less anonymity than cash. So while criminals prefer cash, investigators prefer Bitcoin as it is easier to catch these criminals.
These excerpts are from his my best selling book “How Bitcoin Changed My Life” now on Amazon. Get a copy.
Do you share similar views with Gaius? If yes what other lie would you like to add to this list? If no what is your take on the topic? Drop your opinions in the comment section
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.
What are shitcoins? Watch this Video to learn
Appealing to Regulators, Binance launches a Tax Reporting Tool
Leaving China, Crypto Exchanges Cancels Most of their Chinese Businesses
Patricia sponsors Big Brother Naija the 2nd time after recording 13k Users in 12 Hours
Yes! Bitcoin at $38k, See Why they Say It Has A Mind of its Own
The CBDC will lower the cost of doing business – CBN
Nigeria’s CBDC to Run on Hyperlegder Fabric
NatWest Suspends Payments to Binance
Carlifornian Resident Files Lawsuit against Dfinity Over ICP Sale
Watch the Latest Edition of Inside Blockchain – 29th Nov. 2020
Crypto Roast is LIVE – 27th Nov. 2020
AMA Series with Beam CTO & Tech Lead, Alex Romanov
Keep it Locked on to Cryptotvplus
Inside Blockchain | 16.11.2020
Inside Blockchain: WHY YOU SHOULD BECOME A BLOCKCHAIN DEVELOPER
How Blockchain Technology Can Transform Governance In Africa
Hedge Trading on OKEx
Trading cryptocurrency seems cumbersome to new traders, especially those new to the crypto space. There have been a lot of...
The Chances of BTC Dropping to 40k Is Slim – Prateek Suri
The founder and Chief Executive Officer of the Maser group, Prateek Suri joined Tony Obiajuru this morning, 15th March, 2021...
Binance Smart Chain; CeFi or DeFi?
The controversy around whether or not the Binance Smart Chain is centralized or decentralized was cleared on the Inside Blockchain...
How Earnathon is Making Crypto Adoption Easier
Earnathon is making cryptocurrency education and adoption easier with its unique learn and earn platform. It’s no news that the...
NaijaCrypto CEO Says CBN Cannot Ban Cryptocurrency Trading
The Chief Executive Officer of NaijaCrypto, Chiagozie Iwu has said on the Inside Blockchain Show powered by CryptoTVPlus that the...