1. Bitcoin Is Not A Real Currency
FASLE
While technology and change can be scary, it does not mean that it is not real or
not valuable. If someone told you 50 years ago that by 2017 everyone would have their own mobile phone, you would think they were crazy. But today it is a reality.
While technology and change can be scary, it does not mean that it is not real or
And that is what is happening now with Bitcoin and cryptocurrencies. Many people don’t understand them, which is not only why many do not yet trust them, but also the main reason we created ICoinPro. The bottom line is, while there are a lot of questionable cryptocurrencies popping up that give legitimate ones like Bitcoin and others a bad name, Bitcoin is certainly a real currency and its value is growing daily.
2. 21 Million Bitcoins Are Not Enough
FALSE
Just like a dollar can be broken down into 100 pieces, a single bitcoin can be broken down into 100 million pieces known as “satoshi”. Each piece of bitcoin has value. In reality there will be 2,100,000,000,000,000 (2.1 quadrilion) units of bitcoin. To put that in perspective, there are only about 12,000,000,000,000 (12 trillion) US dollars in circulation. That’s more than enough.
Just like a dollar can be broken down into 100 pieces, a single bitcoin can be broken down into 100 million pieces known as “satoshi”. Each piece of bitcoin has value. In reality there will be 2,100,000,000,000,000 (2.1 quadrilion) units of bitcoin. To put that in perspective, there are only about 12,000,000,000,000 (12 trillion) US dollars in circulation. That’s more than enough.
3. Bitcoins Can Be Copied
FALSE
No two exact same bitcoins can ever exist at the same time in the bitcoin ecosystem. If someone were to try and fake a bitcoin and add it on the network, it would be immediately rejected as bitcoin was designed to prevent this from happening. Unlike fiat currencies, cryptocurrencies can never ever be counterfeited.
The only time that this is possible is if there is a deliberate fork (a severe change to the system) which can only be done with the consent of every miner on the network, a fork would require that every mining computer start using a new version of the software that drives bitcoin.
4. Bitcoins can’t be used like money
FALSE
Firstly bitcoin is not “like money”, bitcoin IS money, just a different form of money. Secondly, bitcoin is accepted by over 200,000 vendors that include well-known companies such as Microsoft, Steam, Virgin, Subway, Dell, Newegg, Overstock and even sport teams like the NBA’s Sacramento Kings accepts bitcoin as a form of payment for merchandise and tickets. Even beer and hotdogs sold at their home arena can be bought using bitcoin!
Firstly bitcoin is not “like money”, bitcoin IS money, just a different form of money. Secondly, bitcoin is accepted by over 200,000 vendors that include well-known companies such as Microsoft, Steam, Virgin, Subway, Dell, Newegg, Overstock and even sport teams like the NBA’s Sacramento Kings accepts bitcoin as a form of payment for merchandise and tickets. Even beer and hotdogs sold at their home arena can be bought using bitcoin!
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