[2016-04-27] Top 5 Bitcoin Myths

[themerkle]

Bitcoins are illegal, they are useless, it’s a giant ponzi scheme and only drug dealers use them. These are just some of the few misconceptions surrounding Bitcoin.

Those who hear of Bitcoin usually aren’t familiar with cryptography and blockchain technology in general. As a result misconceptions about Bitcoin’s inner workings may arise as one’s intuitions takes over reality. We present the top 5 widely believed myths that are circulating about Bitcoin, hold on to your hats – its time to debunk them all.

Read More: http://themerkle.com/top-5-bitcoin-myths/

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[alani123]

From my experience, I'd say that It's generally accepted that bitcoin's value is entirely extrinsic. Bitcoin was valueless for years, Laszlo valued 10000BTC equal to a pizza, right now traders buy bitcoins @442.8$ per coin, there's nothing that adds value to bitcoin as is, only it's users do by speculating. right now it's the users that are involved in trading that play an active role in changing the price.

Of course, it's not the time I've heard someone claiming otherwise but it's usually bitcoiners that will support this narrative.