Bitcoin and some of its misconceptions

[whydifficult]

Hi Newbies (and non-newbies),

I just wrote a blogpost about Bitcoin on my blog. It's more of an overall explanation of how Bitcoin works and I'll go through a lot of misconceptions I've seen on the internet (especially through the main stream internet) and why I think they are false.

Note that the post is somewhat lengthy and it doesn't cover anything like how to get your own wallet or how to setup your own miner.

Bitcoin and some of its misconceptions

It talks about Bitcoin, blocks (and the blockchain), mining, wallets and exchanges. And the following misconceptions:

• You can make free money with your computer.
• Bitcoin is not stable.
• Bitcoin crashed because it got DDoSed.
• Bitcoin is a ponzi scheme.
• Bitcoin is anonymous.
• We can't trust Bitcoin because we don't know who created it.
• Bitcoin is for buying drugs and other illegal stuff.
• Bitcoin is only for geeks because you need to understand a lot before you can mine your own bitcoins.

I'm not a Bitcoin veteran so please let me know if there are errors in the post. The same goes for typos, as I am not a native english speaker. And also let me know what you think!

[kmoneylongshanks]

There is also this from the Bitcoin Wiki: https://en.bitcoin.it/wiki/Myths

[whydifficult]

Good point! I've added the link on top of my post.