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It’s no secret that some of the well-renowned figures in the most elite ranks of the global financial system such as Jamie Dimon of JP Morgan and Noble prize-winning economist Paul Krugman regard Bitcoin and cryptos as an inflated bubble that cannot sustain itself in the long-run. Some of the most common allegations against Bitcoin are -
- Governments will kill Bitcoin
- Bitcoin has no utility in real life
- Bitcoin is a glorified ponzi scheme on a global scale
In this post, we will bust these myths about Bitcoin.
Governments will kill Bitcoin:
Loyalty to Bitcoin is predicated on the fact that public blockchains are decentralized and cannot be controlled by a centralized entity. Even in the case of an expensive state-sponsored attack on Bitcoin, a feature of blockchains allows users to fork the chain and create a sister currency that becomes the next Bitcoin. A fusillade of continuous attacks on multiple blockchains might hurt cryptocurrency adoption in the short run, but it cannot wipe them out of existence.
Bitcoin and cryptos have no utility in real life:
While we believe that Bitcoin, through its inherent design, can become a global store of value asset, it is currently being held predominantly for speculative purposes. We should consider the fact that we are still in the early stages of a mass adoption cycle, with current Bitcoin penetration at only <1% on a global scale. In addition, decentralized censorship-resistant networks and applications open up a wide range of new markets, such as Augur and NMR, which were previously inconceivable in a centralized world.
Bitcoin is a glorified ponzi scheme:
In a typical ponzi scheme, the early investors make returns on their investments by cashing out at the expense of later investors. However, in the case of Bitcoin, the early investors are much more ideological and ,indeed, allocating more capital to it. They envision Bitcoin as smart money that is resistant to both censorship (decentralized) and inflation (fixed supply). A majority of investors who made losses were the ones who gave into the FOMO and panicked at the first sign of a price downturn.
So folks, the next time your uncle or dad's old friend who's invested only in treasuries for the past 10 years tells you that Bitcoin is a hoax, you'll know what to say.
In the past 24 hours, 8 of the top 10 cryptocurrencies are in the red. BTC, at $6,348 has lost another 2.6% while ETH, at $361.36 shed 2.65%. XRP,as the past 24 hours' best performing currency, pared some of its losses from yesterday and joined Cardano as the only other crypto that showed gains.
Data sourced from OnChainFX.com.
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