Common misconceptions about bitcoin

Cryptocurrencies will soon be banned.
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When we mine more tin from the earth, do we affect the supply of gold? No, because they are unrelated assets. To understand why this is wrong, replace Bitcoin with pizza: If we take a pizza and cut it into a billion pieces, do we have more pizza, less pizza, or the same amount of pizza?

Common Misconceptions Surrounding Bitcoin

We have the same, of course. Relying on governments to be technology innovators is very optimistic. The lone exception is in China, where the government is keen to launch its own digital money to gain greater oversight into spending in the country and extend its reach beyond its borders. That, if anything, is a boost to Bitcoin, as there are many who would prefer to stay out from under the watchful eye of the Communist Party.

Corporate digital currencies also known as stablecoins will not threaten Bitcoin, either. The value of all stablecoins in circulation has skyrocketed 40x since , but Bitcoin continues to thrive, as more users grow comfortable with digital assets. In my view, Bitcoin is certainly a catalyst of innovation and could become a key player in the future of our global financial system. Money, which has evolved through the millennia from cowrie shells to clay tablets to precious metals, bank notes, and bank balances, is taking another step into the future. Money is becoming digital.

Buying Bitcoin could offer a way to get exposure to that future. As with any new paradigm, there are risks and uncertainties. To understand Bitcoin, start with the facts. This article is for information purposes only and should not be relied upon as investment advice.

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Warren Buffett: Bitcoin Is An Asset That Creates Nothing - CNBC

After two days of sell-offs, bitcoin bulls finally returned. The stock market debut followed strong investor enthusiasm for Poshmark Inc. The British pound rallied on Friday to break above the 1. However, the 50 day EMA looks as if it is trying to offer resistance.


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CNBC reported forced sales by Archegos were probably related to margin calls on heavily leveraged positions. But it makes more sense to look at it long term, and see that each cycle, with us being in the fourth one since the May halving , saw massive increases. Bitcoin's utility lies in the fact that it allows people to store value outside of any currency system in something with a provably hard-capped supply, which is more easily verifiable than gold , and then to transport that value easily across the world.

With any payment protocol, including the traditional ones like Visa , there is a trade-off between security, decentralization, and speed. Bitcoin maximizes security and decentralization, at the cost of speed.

Top Bitcoin Myths Debunked

But "the key thing to realize is that although Bitcoin is limited in terms of how many transactions it can do per unit of time, it is not limited by the total value of those transactions. The amount of value that Bitcoin can settle per unit of time is limitless, depending on its market cap and additional layers. The question is whether that energy is put to good use, and so far "the market says it does and I agree," said Alden. It gives people around the world a choice, while a significant portion of the energy that Bitcoin uses, could otherwise be wasted, as bitcoin mining converts the output from cheap stranded sources of energy.

Top Bitcoin Myths Debunked

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6 Most Common Misconceptions About Bitcoin Picked by Lyn Alden

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