Sergii Sokoliuk wrote a nice series of tweets about common bitcoin myths.

All I knew about Bitcoin was its price. Then I took a crypto deep dive week. Now I believe it is the future of everything. Here are simple myth-busting analogies that helped me to understand $BTC

“What is money?” – every Bitcoin intro conversation.

Money is a socially accepted medium of exchange. Not smth that government gave you. Like cigarettes in prison – it is valuable because it is scarce and accepted without any authority involved. @Breedlove22

“Bitcoin is not backed by anything.”

Maybe it was not in the early days. Now it is the most powerful decentralized computer network supported by the community of fanatics. Much more backed than Pokemon cards. @APompliano

“Bitcoin is too complicated for mass adoption.”

Think about Bitcoin in the same way we think about the HTTP protocol. You don’t! You just browse the web. The Internet runs on HTTP. Money will run on Bitcoin. @timevalueofbtc

“Bitcoin is too slow for everyday use.”

The core of Bitcoin (Layer 1) is slow by design. It is like your Swiss Bank account. Security is more important than speed. The Lighting Network (Layer 2) solves this. @naval

“I can’t buy coffee with Bitcoin.”

You can! The Lightning Network solves this. It is like your credit card – instant and linked to your bank account, but it is not the bank account itself. Oh, did I mention there are no fees?! @ln_strike@jackmallers

“I don’t have a problem using my Visa. Why do I need some other way?”.

Bitcoin is your Visa+Stripe+PayPal+Bank Account+Currency all in one. Imagine how much fees, time, and flexibility you can save using one instead of 10 vendors.

“Bitcoin vs. Etherium” (and other cryptos) is not a debate.

BTC is the only genuinely decentralized medium of exchange. It doesn’t mean that other coins are crap, but owning them is like owning company stock with similar unpredictable outcomes.  @michael_saylor

“Countries might ban Bitcoin.”

Yea, they might. Then everyone who values freedom will move to [insert the latest country that adopted BTC]. @balajis

“It’s too late to join the Crypto trend.”

There is a digital asset revolution going on. It is the fastest tech adoption the World has ever seen, and we are at the very beginning of it. It is not late. It is just on time! @RaoulGMI

Dig a little deeper, bust those bitcoin myths and then if you believe in it, buy some bitcoin.



Leave a Reply