Myth Busted | Reality of Myths about Bitcoins

in #bitcoin6 years ago

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We all are aware of Bitcoins and its related facts but there are many myths or false information related to bitcoin which we believe to be true.

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Here are Some Myths Regarding Bitcoin which we have Busted! Have a Look:

Myth # 1

Bitcoin’s Block chain is effective when split from bitcoin

Reality:

Blockchain and Bitcoin are like H & O in H2O (Water Molecules) so If they are Separated, they become ineffective.


Myth # 2

Bitcoin is a Currency used by Ten’s of Thousands of Legal Merchants

Reality:

Bitcoin is mostly a Merchants’ PR Stunt.


Myth # 3

Bitcoin transactions happen in a Real Time

Reality:

Bitcoin transactions are slower and even getting slower with time as it’s Algorithm becomes complex with time.


Myth # 4

Bitcoin makes transactions “nearly Free”

Reality:

Bitcoin’s transaction are not free, In fact their charges are hidden.


Myth # 5

Bitcoin is more secure than other transaction systems

Reality:

Bitcoin transaction is secure but not Perfectly Secure, Security breaches have human causes.


Myth # 6

Bitcoin’s Ecosystem is decentralized

Reality:

Bitcoin ecosystem is claimed to be completely Decentralized but But actually it is controlled by a few developers of the original Bitcoin Client who have influence over the Bitcoin Community, yet their power to arbitrarily modify the protocol is very limited.


Myth # 7

Bitcoin is idealistic and non profit system

Reality:

Billions of Dollars of Investment ride on Bitcoin


Myth # 8

Bitcoin can printed/minted by anyone and are therefore worthless

Reality:

Bitcoins are computed my miners instead of Printed or minted. And Miners are awarded a specific amount of bitcoins and transaction fees paid by others.


Myth # 9

Bitcoin don’t solve any problems that fiat or Gold Doesn’t Solve

Reality:

Bitcoin’s are easy to transfer, Easy to Secure, Easy to Verify and Easy to Granulate Unlike Fiat Currencies.

Source:
www.Cex.io
www.bitcoin.it
www.pixabay.com

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Nice explanation bro

Thanks bro!

Wao its great