Myths

From Bitcoin Wiki
Revision as of 06:38, 15 January 2011 by Sgornick (talk | contribs) (β†’β€ŽThe bitcoin is backed by CPU cycles: Change link which recently was renamed.)
Jump to navigation Jump to search
The printable version is no longer supported and may have rendering errors. Please update your browser bookmarks and please use the default browser print function instead.

Lets clear up common Bitcoin misconceptions.

The bitcoin is backed by CPU cycles

Bitcoin is not backed by anything. It is a commodity in its own right. Is gold backed by anything? No! It's just gold. Same thing with bitcoin.

The Bitcoin currency is protected when adequate computing power exists.

Early adopters are unfairly rewarded

It's a giant ponzi scheme

Deflationary spiral