Myths
Lets clear up common Bitcoin misconceptions.
Contents
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
As deflationary forces occur, economic factors such as hoarding are offset by human factors that may lessen the chances that a {[Deflationary spiral]] will occur.
