Although Bitcoin has been around for more than seven years now, there are still plenty of myths about this technology percolating among the general public and the mainstream press. Bitcoin is sometimes a difficult subject to grasp because it requires a basic understanding of many different areas of study such as cryptography, economics and computer science.
Here are ten different popular myths about Bitcoin that still generate discussion in 2016.
1. Bitcoin Is Dead
The most common myth that people repeat about Bitcoin is that it is dead and no longer used by anyone in the world. There is a website, Bitcoin Obituaries, which keeps track of the declarations of Bitcoin’s death going all the way back to 2010. At that time, bitcoin was trading at $0.23.
In reality, Bitcoin is currently at its most successful point in history — at least when measured by the number of transactions that are happening on the network every day. The real problem right now is scalability (increasing block size to handle more transactions), which Blockchain Capital Managing Partner Brock Pierce recently pointed out is a sign of its success.
2. Bitcoin Is Anonymous
Although Bitcoin is often referred to as the “anonymous