Bitcoin Forum

Introduction:

Glory, Glory to Bitcoin. A young technology that was welcomed with lots of criticism and skepticism just like electricity,  television, the Internet and many other technologies when they were  new. Many thought that Bitcoin will not last up to a decade, infact Bitcoin was classified as a major ponzi scheme and even till now  many people are still not able to understand Bitcoin, neither do they trust it. Despite all the attacks, Bitcoin has not stopped proving all those who distrusted it wrong, Bitcoin kept winning amidst fights from individuals, corporate bodies and even the government. In this article, I will outline some of the fears and doubts of people about Bitcoin that Bitcoin has defeated over the time.

	Fear/Doubts	How Bitcoin overcame
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1.	Bitcoin is a bubble	Bitcoin has experience many crashes which was supposed to be a point at which the bubble will burst, but after every crash Bitcoin will grow stronger and even recording a new all time high, thereby continually sending shame to its obituary writers
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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.
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3.	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
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4.	Bitcoin will be banned	In the early days of Bitcoin,  there was serious fear that Bitcoin will be banned by the government but now Bitcoin has proven that it cannot be banned by the whole government of the world since there is no central government deciding for the whole world. While one country is trying to ban it, another country like El Salvador is making bitcoin a legal tender.
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5.	Bitcoin is used only by criminals	In the early days of Bitcoin, it was seen as a tool by criminals, money launderers and kidnappers to make  payments without being caught. But in the real sense, Bitcoin network is so transparent that paying with cash is more safe than paying with bitcoin. However, institutions have adopted Bitcoin. Bitcoin is used for purchases and has been used by many companies as payment method. So the idea that bitcoin is being used by criminals has been defeated by Bitcoin
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6.	Bitcoin is not scalable	while it has been a general notion and a problem to Bitcoin about its scalability, the developers working on the Bitcoin open source are not relenting in solving this problem.  Today we have layer two solutions like lightning network that has tackled the issue of scalability. We have the implementation of segregated witness (segwit) that has also lightened the block weight, we do hope for future upgrades.
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7.	Bitcoin will be defeated by a better altcoin	There have been some concerns that due to some limitations in Bitcoin network that a better altcoin would someday or some time outperform Bitcoin. But it is over a decade and we are yet to have an altcoin that is as secured as Bitcoin and that is 100% decentralized.  Inasmuch as some altcoins have some better advantages over Bitcoin in some certain aspects but in general,  there is no altcoin and none in view to overtake bitcoin.
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8.	Institutions will never adopt Bitcoin	Many people said due to the volatility of Bitcoin, institutions will never adopt it and therefore global adoption is not possible. But this year, we have seen a great ETF approval and many institutions getting into Bitcoin. Bitcoin has successfully defeated that myth.
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9.	Bitcoin can never function as a currency	It is true that the vast majority of bitcoin users now use bitcoin more as an asset for investment than currency,  but that does not negate the fact that bitcoin can also serve as a currency.  We have seen people buy houses,  buy lands, buy products online and even gamble with bitcoin as currency and some countries have also adopted bitcoin as a legal tender where the citizens buy goods and services with bitcoin.
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10.	Bitcoin has no real use case	There has been fear and doubt that bitcoin has no real use case and is intangible therefore, it will likely collapse.  But Bitcoin has proven that it has a use case such as store of value, investments,  cross border transactions and many more. So, as Bitcoin evolves, the more the use case of bitcoin keeps emerging.

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.

I remember you. You did the topic on tables. Glad to see you have created a one. Great job. If I were you I'd the text would be in the regular format without being bolded. You can read it already, making it bold is in my estimation unnecessary. With regards to the topic Bitcoin has shattered a lot of myths and expectations. It will still continue to do so for a very long time to come.

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.

Hmm, Narratives keep changing, with every cycle many newbies join the community and they fear of many things and this is due to what influencers feed them in the wrong way. TBH after a certain period of time they realize and evolve with Bitcoin as you've mentioned Bitcoin countered all of these narratives, and this is never a never-ending cycle, narratives will keep changing as new people keep joining.  

TBH, Bitcoin never disappointed me in such a way, I'm not sure why but now if I look back, this is because I never followed any of the influences to the end, I did follow many but just for the sake of learning, my decisions were my own, some were stupid but they helped to progress. The current fear is about new ATH, and maybe next week it might change, so make a decision by considering the long-term perspective. Nothing is impossible, 67k was impossible but Bitcoin did it, similar to that look forward.

TBH, I got this thread's link from the help & beginners section, no matter what your presentation is cool.

I too have never come across any information or content as regards to bitcoin having no real use case, aside from the blockchain that you talked about, the bitcoin white paper which most of us are familiar with, deals extensively on the usecases of bitcoin, and from the beginning, many of us know that Bitcoin is a currency, used for peer to peer transactions amongst the holders of the cryptocurrency, and was also introduced as a means through which holders can easily without delays and high fees, send money abroad and across different countries of the world easily without any intermediaries or third parties.

This are common usecases that any one interested In bitcoin should already know about or be aware of from the onset, it's absolutely funny to assume that anyone will believe that bitcoin doesnt have a use case, how then was Lazlo able to by two pizzas with 10,000 bitcoins in 2010 of bitcoin lack usecase?.

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.

Since most think that Bitcoin is a bubble, it is obvious that they think that it will not have use case.  Aside from that, those people who are intentionally downgrading Bitcoin, they will obviously spread the word about Bitcoin having no use case but just some speculative investment that can crash anytime.  

With over the decade of Bitcoin history, many had gained profit and many also losses in this Bitcoin trade but we cannot blame that on Bitcoin since it is the person's decision to sell early than have patience and reap a great reward.

That said, Bitcoin had proven again and again that it has a real-life case use but those who have ill-intention, even though knows it, refuse to recognize it.

The wrong information that people have is because they listened to what they were told without trying to verify the authenticity of it because most of this myths may have easily been waved away if these people have just tried to verify from good sources on the internet. Critics will always continue to generate new myths and wrong information to feed people who are poorly informed, and then the people who take this information may also share this information to other who care not to verify what people tell them. If more people learn to verify information, many myths will not survive.

These narratives could actually be a base to some stronghold. When these narratives are disputed as it eventually is, they begin to see reasons why they should filter most of the narratives they are fed with out there.

I wouldn’t say these newbies shouldn’t listen to what they find out there, it’s a part of the learning process and they should by far be open to learning. Not having to cap the information to be final and continue on the part of verifying the informations they expose themselves to.

Thank you very much, I also remember you from begginers and help board where you kept guiding me to create my first table.
I have implemented your suggestion and it seems better. Thanks once again.

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@Accardo and @Fivestar4everMVP, what I meant by Bitcoin not having a real use case is the myth that bitcoin is for speculative purposes only. If people stop speculating and trading bitcoin, the bubble will burst. This has been a popular bitcoin myth.

@Hamza2424, I will give your post a special reply. Thanks.

Some websites and resources to debunk FUD against Bitcoin.

https://endthefud.org/
Energy https://endthefud.org/energy
Inflation https://endthefud.org/inflation
Money https://endthefud.org/money
Pow vs PoS https://endthefud.org/PoW
Control https://endthefud.org/control
Governments https://endthefud.org/governments
Justice https://endthefud.org/justice

Bitcoin already uses green energy
https://bitcoincleanup.com/

Bitcoin Mining Council with their reports to debunk many fud on energy. You can read their report's abstract, full report, or watch Youtube videos.
https://bitcoinminingcouncil.com/

Bitcoin consumes much energy...

That's a reality and not a myth, even if some miners use green energy the reality is more than 90% use "nasty" energy. In theory, right now the miners consume 70 y 150 TWh, and that's a lot of energy, it could be compared with cities or with some country's consumption. And there is nothing that we can do about it now. The energy consumption will not go down, that's a fact.

The only way to avoid that consumption is to migrate Bitcoin from PoW to PoS.

Thank you for the effort you put into creating this summary of the most important objections that Bitcoin has received throughout its history and the easy responses to these objections that have all proven to be unsuccessful.

From Bitcoin being a Ponzi scheme to a bubble to it consuming too much energy to it being used by criminals and terrorists to many other ridiculous objections that can be easily denied, Bitcoin is still going strong and has proven itself against all these accusations and is gaining increasing interest globally and has been officially adopted by El Salvador and is now a key card in the US elections.

There have been lot of things said by the people and even government regarding bitcoin in all manner of tones, but despite all, it is still what we are having till today standing strong because of it foundation, we should be prepared for the things ahead, which may be unpleasant coming from those that don't regard or appreciate the existence of bitcoin, just as the way many of them would have profess that bitcoin is scam, bitcoin is fraudulent and it will soon die like a bubble, yet we have it keep growing more stronger and better without loopholes on it adoption.

Most of the explanations in this post are valid and the presentation makes it more interesting. Bitcoin has suffered many obituaries. There have been several predictions that Bitcoin will not exist for more than a particular year, but Bitcoin has even outlived some of the predictors. The negative perspective about Bitcoin is changing rapidly because awareness is growing in many countries.  

The government and other institutions are now seeking means to bring Bitcoin under their control via regulatory laws. The new phase of government attack is no more ban but strict regulations which might undermine the main goal of Bitcoin.

Another challenge to the use of Bitcoin as a currency is seasonal attacks on the network by ordinals which make transaction fees go very high. This might discourage people from adoption.

I think there are some other myths that need to be handled, related to Bitcoin. This will be very brief, but you could string a paragraph out of each.

11. Bitcoin pollutes the environment

*Most bitcoin mining is using renewable energy.

12. Bitcoin is noisy and causes hearing damage

*This is the fault of careless mining farms that don't follow regulations, and should be fixed at a government level.

13. Anyone using Bitcoin can be traced

*Only if there is a paper trail that leads to somebody's documents or social media. Good luck otherwise.

1.Bitcoin still consumes lots of energy. It doesn't matter if the energy is "green" or "dirty".
2.There's still a possibility for Bitcoin to get banned by the big governments around the world. This possibility will remain forever.
3.Bitcoin is used by criminals, just like any other currency or payment method that exists in the world. I don't know about any currency or payment method, that has never been used by criminals.
4.Bitcoin isn't a bubble, but the BTC price can form price bubbles, just like any other financial asset, that is being traded on the financial markets.
5.The scalability problem remains, whether you like it or not. :(

OP, that part where you talked about renewable energy got me thinking, it is not as great as you may think and it is obvious that you aren't into Bitcoin mining yourself, if you are into mining I bet you won't add this as a point.

Renewable energy is good, but do not forget that it costs a lot to set up renewable energy for Bitcoin mining, we are talking about millions here, do the math, a BTC Asic miner takes 2800watts to 3200watts to run, a single solar panels and inverter with batteries that will let this miner run 24/7 is insanely high already, that's just for a single Asic miner.

It cost me $2,300 to build a 2000 watts solar setup with four tubular batteries three years ago, and today it cost even more, with this setup I can't even run any Bitcoin Asic miner, remember an Asic miner takes 3000+ watts to run, do the math.

Renewable energy for mining Bitcoin will cost arms and legs, suited for organizations that are already rich and also remember that the ROI will take longer than expected, it will take years down the road.

Bitcoin is a bubble - TRUE
Bitcoin will be hacked - TRUE It's being actively exploited by ordinals with the https://github.com/bitcoin/bitcoin/issues/29187
Bitcoin consumes much energy - TRUE
Bitcoin will be banned - TRUE - it is banned in some countries
Bitcoin is used only by criminals - Not only, but Bitcoin is #1 in ransoms
Bitcoin is not scalable - TRUE (https://bitcointalk.org/index.php?topic=5508950.msg64527003#msg64527003)
Bitcoin will be defeated by a better altcoin - TRUE (see linked post above)
Bitcoin can never function as a currency - TRUE (see linked post above)
Bitcoin has no real use case - It has a use case as a speculation vehicle. That's it.

Actually, the answer to the "environmental pollution" argument, is that it does use energy, yes. Besides renewable, it does use a hell lot of other, non-renewable. And it does it, because that's the way the world works. Civilization requires energy. We all consume energy everyday. The global reserve currency, as we speak, consumes more energy in a recession than all Bitcoin mining since 2009.

You're a funny guy.  :)

As I have always mentioned in the past, I love well formatted threads which are not low efforts just to get merits. I appreciate you doing this and then also choosing a very interesting topic of the Myths that Bitcoin busted. +1 merit from me for this.

Coming on one of the point - "Bitcoin has no real use case", that's simply stupid and you don't have to provide an explanation for this.

Even as bitcoin consumes much energy, the way it is being presented and constantly used against bitcoin created alot of fear and panic. Whereas several industries and companies consume even much higher amount of energy and go unnoticed.

• Telecommunication
• Streaming services
• Cloud providers 
• Oil and gas
• Manufacturing industries: For instance, in order to produce 1 ton of aluminum, it requires around 12 - 14 MWh of electricity. The global annual aluminum industry consumption is about 900 TWh, which obviously higher than that of bitcoin

Why the pressure on only bitcoin?

If this happens, you know we are going to lose the original decentralization that bitcoin offers us for free. People will higher stake will tend to control the system. Secondly, the security of the network would be weakened. PoW to me is what bitcoiners should guard and not discard.

Thank you for this inclusion, I'll develop it and add to the original topic.

This is good. Thank you very much for this. That is the aspect I'm speaking from.

I seem to be at a loss here regarding your use of "bitcoin" and "blockchain technology". I understand that blockchain is the underlying technology behind bitcoin which means that it is what make bitcoin what it is. If blockchain technology makes bitcoin and not the other way round, then how can the blockchain be the use care of bitcoin? Blockchain technology can have revolutionary impact in diverse fields of human endeavors, from medicine, to cybersecurity and even governance like you mentioned but these sectors may not necessarily integrate bitcoin in their operation. However, bitcoin as a digital currency is already a use case as I have seen many businesses integrate bitcoin as a means of payment.

The last myth I read was about the climate change and they put all the blame to the crypto miners as if they are the main source of such global warming happening all around the world but guess what? Their claim was irrelevant since they don't have enough evidence to prove their point and they are also from the groups that hostile against Bitcoin.

It doesn't make any meaning if those sectors integrate bitcoin as a payment medium, the fact remains with the use of Blockchain by these sectors to solve problems, bitcoin is offering them a use case.

Forget about the dozens of thousands of places Banks exist at all around the World where they put plastic advertisements on the window panels, they consume a ton of plastic to produce flyers and they use I presume a ton of electricity world wide to run all the computers the employees use.

Forget about the private airplanes being used every single day by celebrities and important Politicians.

Forget about the unnecessary wars and all the bombings.

The real and main problem is Bitcoin.

Yes, bitcoin consumes alot of energy but bitcoin is not alone in this league.

I disagree. Big governments are now owning CBDCs and having activities in the blockchain. Things will get better in my own opinion. The worse case scenario is that they ban miners in the country and miners will relocate to another country.

Very true!

Very true again.

Yes, the scalability problem remains but in different percentages. If in the last decade, the problem is 100%, today, the problem should be 75%. This means in the next decade scalability problem could just be 50% and it will continue until it is zero. My personal opinion though.

The bank is the institution of the centralized government, they are saints.

The airplane enables them to travel and launder their over printed fiat. So the airplane is a saint.

The wars and bombing is part of the process to claim supremecy. There's no problem with that.

Yes, bitcoin is the problem. How can what we didn't found and don't control exist?

 :D :DA great deal of sifting is needed in this process of figuring out who is who in this universe. I would say that first we need to dissociate those former bureaucrats from the state's local government from this scenario, as it tends to bring unnecessary speculation into this field. Second, we need to regionalize this first. There are states where this would be easier and safer to do, such as Portugal, for example, where there is a terrible scenario of several cartels eating up the public sector and burdening taxpayers. This is already indirectly affecting Brazil and other countries with political connections.

At the same time, if everything goes well in this regard, we can see how such a scenario of uncoupling speculators who are already "boosted" in financial resources does not prevent us from, for example, reestablishing relationships with countries that correctly use the bitcoin currency with other potential regional countries, such as Spain and foreign countries with their influences.

Anyway. There are more strategies for this, but for now it is good as it is. ;)

Well. Let's take it one step at a time. The people who know the most about this are people with a greater interest and technological knowledge. Ordinary or standard users, or those who are unable to evolve in this field of computing, will always need help. And today, almost everyone no longer has the time or patience to teach things step by step in a personalized and personal way. Everything depends on tutorials, readings, and efforts to improve knowledge, almost like us humans running after time, which is faster and faster.

The fact is that simply being able to take power away from corrupt and backward political authorities will give these ordinary users a breath of fresh air. Then, a little teaching will be necessary.

I believe that Satoshi designed this with his subsequent team; he was aiming to store big data as a savings account. For example: you are an ordinary user but are interested in developing part of the technological field. All your actions are saved in big data, which will give you your return in algorithmic support for what you need. Now, of course, this is a piece of the blockchain that would have the intention of making your actions within the network transform into some form of income or money.

Of course, all of this is now lost in the great economic process and giants like ALPHAbet, ByteDance, Meta and others.

The problem is that in the middle of all this there are many idiots, people who got rich on the backs of big techs and want to control the system for themselves without giving room to others, which is where we fell in the previous economic process  of state corruption

So in this sense, when an opportunist in his database has exceeded some limit in the verification of his data, he needs some kind of restriction. But we do not have an algorithm that does such "censorship" or ethical calculation of actions openly and directly. There are many things still in the dark. So those responsible for the administration of such big data and big techs turn a blind eye, leaving everything as a big pyramid.

But of course. There is a large community that knows how to use the tools and prefers a less hectic life.

In analyzing fields, initially neutralizing Portugal in some way and indirectly Brazil, we will have a large field of work to wash dirty dishes

It is just a myth created to continue to corner Bitcoin in relation to Bitcoin mining activities that still use the POW (Proof of Work) method which requires more energy.
But when compared to the use of energy for sectors such as industry, tourism and activities with higher energy use, of course, the emissions produced by Bitcoin are not much, so it is not Bitcoin that contributes to greenhouse effect emissions but more in other sectors supported by the government.

The phrase that dropped Bitcoin is also only a subject for criticism by political critics who hate Bitcoin to influence the price of bitcoin to continue to fall.
There are manipulative and claims that are not fundamental to their personal interests.

Crypto mining can have a negative impact on the environment, it should not be directly linked to it as the main cause of global warming, as it oversimplifies a serious problem. There is a need to take several data-driven approaches to understand what the true impact of crypto mining is on the environment.

45 Latest Greenhouse Gas & Climate Change Statistics 2024
https://www.talkimg.com/images/2024/09/13/B52Cf.png
https://theroundup.org/co2-greenhouse-gas-emission-statistics/

In addition, we must be aware that when talking about this environmental pollution problem, it is only used as a classic, endless reason for those who really don't like bitcoin and are unable to find other reasons to make bitcoin look bad so that the problem of environmental damage that occurs and is considered due to bitcoin is always raised again and again even though this method is actually not very effective for making bitcoin weak.

Especially for now it is actually not only bitcoin that uses energy but in the end when bitcoin is always the best then they assume that in the end environmental damage and so on that have a negative impact on the environment are only based on bitcoin alone but instead it will look ridiculous when there is another project such as for large waste factories that use much greater energy is not considered to pollute the environment including pollution problems.

They hate Bitcoin and want to weaponize anything they can use to attack Bitcoin. They ignore facts that we see, and try to write own fabricated stories against Bitcoin in their distorted ways.

If they actually care about environment and do their homework well, they will see some facts.

Bitcoin energy consumption size is very small compares to other industries and at national or global scale, it is like a sand in desert.
Bitcoin consumes energy from more green, sustainable and renewable resources than other industries and nations.

If they do care about global environment and actually want to contribute some efforts to minimize environmental collapse worldwide, they must identify reasons, in top-to-bottom down ways, and find solutions for top reasons first. Try to find solutions at bottom is non sense and won't contribute any considerable change to minimize catastrophe of climate change.