6 Myths About Bitcoin And How To Bust Them: Expert Take

Given all the negative press that Bitcoin has to fight against, the arguments in favor of Bitcoin may sometimes be lost in all the noise.

Even though Bitcoin is on the main page of many online newspapers since mid-2017, most people still do not know they can buy a fraction of a Bitcoin.

The price of Bitcoin is too volatile to invest any money in itThere is no debate that the price of Bitcoin is very volatile, but it is so for good reasons.

Bitcoin is bad for the environmentWhen Bitcoin started being mined by Satoshi Nakamoto back in 2009, mining it could be done on a simple laptop and it took on average 10 minutes to mine a block just like it does today.

At $7,000 per Bitcoin, the current annual cost of the Bitcoin network is $4.6 bln, and a sizable portion of it spent on electricity bills.

Bitcoin Is used to buy drugs and for money launderingWith Bitcoin, every single transaction is public, which is not exactly ideal if you are looking to engage in illegal activities.

Bitcoin transactions are slow and expensiveEver since the SegWit soft fork got implemented about 6 months ago, the theoretical maximum number of transactions per second increased from 5 to 7 per second to close to 20 per second, or 1.7 mln per day.

A long road aheadMost people still misunderstand what Bitcoin is and how it works, and it is going to take time for them to figure it out.

Bitcoin adoption is still increasing - even in the middle of a bear market which saw the price of 1 mBTC fall from $20 down to $6 - and it is all that matters.

Bitcoin has had its fair share of booms and busts in its 9 years of existence, but what makes Bitcoin different from other bubbles is that even though its price went down many times, it has always recovered, at least until now.