“Bitcoin is anonymous”

The “digital gold’s” anonymity has always been one of the hottest topics of crypto industry. The very essence of BTC’s operation is a public registration of each transaction. When transactions are carried out through the exchangers, there are certain risks of the Bitcoin account being identified, which means the risk of a transaction address being identified by the government representatives. It is important that the users understand the reason for such a lack of the system’s anonymity: it is the pillar of minimizing the risks of “dirty” transactions, fraudulent activities and eventually, BTC system’s failure. Whenever the account contains both anonymous and non-anonymous income, the user has no choice but to make it “clean”.

“Only criminals use bitcoin”

It goes without saying that the BTC has a whole range of advantages over traditional banking system. There is no common approach to the cryptocurrency regulation. Not yet. Here is where so many questions about the actual role of digital assets & its features that require special attention from the government come from. Such concerns keep circulating within the crypto community for a while. The number one priority is to develop the methods for monitoring and preventing cyber-criminal activity, as well as catching cyber-criminals. However, this task is not even nearly completed so far, since digital currencies are created on the principles of anonymity and total decentralization. Which, in turn, creates a delightful opportunity of money laundering for criminals. According to the research, nearly 10% of all illegal income within the network have been originated from the field of cyber-crimes. Which means that a cyber-criminal can easily earn on illegal activities in cryptocurrencies and transfer it to the fiat currencies. Besides, a cryptocurrency provides an exciting opportunity to avoid paying taxes and hide an actual income.

“Bitcoin is not safe because it can be hacked”

Nevertheless, these events take place without a blockchain intervention and cannot be taken as the negligence of companies & individuals who have failed to provide a sufficient attention to the safety measures. In other words, cyber-crimes have nothing to do with blockchain hacks, it only happens to small companies and individuals that are unable to protect themselves. The register itself remains constant, which means that nothing could possibly change the data stored on it. During 10 years of its existence, he blockchain has never been hacked. It remains the same intact as when it has been originally created.

“Bitcoin is bad for the environment”

According to Digiconomist, the Bitcoin consumes only 0,28% from general world’s electricity consumption. Besides, if we compare the BTC’s energy consumption with global banking network, the Bitcoin is not even close to the banks. According to the research, the banks consume around 100 terawatts of electricity per annum. In addition, one should remember that total number of BTC has been originally defined. Which means, that sooner or later, the last Bitcoin is going to be created and the mining will stop once and forever, making the BTC not more harmful for the ecology than a simple download of files via p2p-network. So, answering the question “Is BTC harmful for the environment” – no.

“The governments could shut down bitcoin if they wanted to”

Since the Bitcoin operates in a decentralized network and relies on miners for the transactions verification, it has no representation center like the government & banks. Someone has to control more than half of computing power of the network. Fortunately, the BTC’s qualities make all these efforts pointless. The government’s way to deny the Bitcoins use is to ban it completely. Some countries, like Afghanistan, Saudi Arabia, Vietnam, Algeria and some others have already chosen this way. However, forcing it to disappear completely is nearly impossible due to the BTC’s decentralized nature, since you can still buy or sell it on an individual basis. Thus, can the government stop the Bitcoin’s operation? Highly unlikely.

“Debunking myths about bitcoin”

Be sure, these are not the only BTC myths. Unfortunately, fake advertising of the Bitcoins has a tendency to spread like a fire among those who form his opinion based on rumors. The best way to avoid this – spend some time for self-education.