When it comes to using Bitcoin, many people see it as taking a “leap of faith”. Everyday consumers are now blindly putting their faith and trust in banks and financial institutions, even though these entities have already proven – multiple times – they can not be trusted. But who is trusting Bitcoin more than fiat currency, which is still backed by “something” or “someone” tangible?
Bitcoin Is More Than Money
One of the major misconceptions people have about Bitcoin is that it is “magic internet money”. In fact, more and more people see Bitcoin as “free money” since additional coins are still being generated as we speak. And while that is true to a certain extent, there is no such thing as “generating free money” unless you’re a central bank.
“Creating” additional Bitcoin involves solving mathematical equations using very powerful computer hardware. Said hardware is not cheap and requires a ton of electricity to keep running at full capacity at all times. So before people go out spewing half-truths and lies about Bitcoin being “free money”, please do some research.
On top of that, the monetary aspect of Bitcoin is just one fact of what this