This article marks the beginning of “Bitcoin: The Misunderstood” a series of articles that debunk popular myths about Bitcoin.
What exactly is Bitcoin? That's a question you've undoubtedly asked yourself before, and probably still do. It's a question that's both specific and vague at the same time. A question so complex, it's hard, if not impossible, to answer in a single article, an hour, or even a day.
Like a strange creature being discovered, Bitcoin is examined from all angles. It can sometimes be intriguing, even worrying. And for good reason, what you've likely heard about it isn't exactly flattering:
“Bitcoin causes a lot of unnecessary pollution and contributes to global warming”, the neighbour will say.
“Bitcoin is used for funding terrorism and laundering money on the dark web”, the politician will claim.
“Bitcoin is lame compared to other cryptocurrencies”, the geeky nephew will argue.
“Bitcoin is a scam, it's controlled by developers who will ruin people”, the office colleague will warn.
“Bitcoin has no value, it's purely speculative and too volatile”, the insurer will assert.
“Bitcoin is not a currency”, the banker will state.
“Bitcoin will get banned by governments”, this whole group will predict.
These praises — mostly spread by the media, banks, and politicians — worry and perplex you? That's normal. And a good sign! Falling into the Bitcoin rabbit hole, much like Alice in Wonderland, means discovering a whole new socio-economic dimension that questions many fundamentals. A dimension that challenges the role of what we use every day to buy a baguette, rent a car, or take out a mortgage: money.
The Earth wasn't always thought to be round; yet it's an absolute truth. Similarly, one might wonder how long it will take for Bitcoin to be recognized as common currency.
If I told you that the euro sitting in your savings account waiting for retirement have lost value, would that surprise you? Questioning money means questioning the value of your salary, your rent, the fuel your car consumes. It's not easy. It requires a certain perspective and a rug under which to tuck your ego for some reading time.
That's why, with Dux, we are launching a series of weekly 3-minute articles responding to the (non-exhaustive) list mentioned above. These articles will help you better understand Bitcoin. To see what mistakes are most often made in understanding Bitcoin. We're not trying to convince you, but to help you see more clearly. To be able to use Bitcoin as a just reserve of value for your future. And that of your family.
In the “Bitcoin: The Misunderstood” series, you will find the following already published articles: