Courtesy of TABB Contributor Nicholas Colas, ConvergEx Group
In the rush to understand what bitcoin is – and isn’t – the public discussion on the topic has gotten a bit muddy. Here are 11 bitcoin myths and the reality under the hype and confusion.
MarketsMuse Editor Note: In deference to copyright and proprietary content protocols, below are 7 of the 11 myths characterized by Nick Colas.. Link below brings you to the full article at TABB Forum. If you are not a paying subscriber, no worries; unconfirmed rumors indicate that TABB is said to be pondering the acceptance of Bitcoins
Haters gonna hate, but the “Bitcoin bubble” meme has become the financial equivalent of a viral online cat video – wildly popular but pretty vacuous. Today we separate fact from fiction and review 11 bitcoin myths.
Myth #1: Bitcoin is huge
Myth #2: Bitcoin is a major problem in dealing with drugs and terrorism
Myth #3: Bitcoin is a currency. Reality: Bitcoin really is a cross between a mutually held company or large partnership and a money transfer business.
Myth #4: Bitcoin has never been more volatile than now, with all the attention it is getting.
Myth #6: Bitcoin is a store of value.
Myth #7: Bitcoin is untraceable.
Myth #8: Loss of anonymity will make bitcoin worthless.