{"id":38,"date":"2016-04-28T23:35:00","date_gmt":"2016-04-28T23:35:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/5-facts-about-bitcoin-everyone-thinks\/"},"modified":"2020-11-09T04:30:30","modified_gmt":"2020-11-09T02:30:30","slug":"5-facts-about-bitcoin-everyone-thinks","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2016\/04\/5-facts-about-bitcoin-everyone-thinks.html","title":{"rendered":"5 Facts About Bitcoin Everyone Thinks Are True"},"content":{"rendered":"
There are lots of myths<\/b> in the Bitcoin<\/b> world that people think are true.<\/div>\n
<\/div>\n
These misconceptions<\/b> are usually related to its illegality or its use by criminals.<\/div>\n
<\/div>\n
But we want to give you a good news: it is not true, and 44.3% of Bitcoin users identify themselves as \u201clibertarian\u201d, as you can read on this study.\u00a0<\/a><\/div>\n
<\/div>\n

5 myths on Bitcoin<\/h3>\n
So, let\u2019s see the 5 commons facts about Bitcoin that most people wrongly believe:<\/div>\n
<\/div>\n
1. Bitcoin will only enable tax evaders or criminals because it is anonymous.<\/div>\n
<\/div>\n
\n
Well, let\u2019s answer to this once and for all\u2026<\/div>\n
<\/div>\n
Cash transactions have the same level of anonymity and it is up to users to follow the applicable state laws.<\/div>\n
Also, Bitcoin is not completely anonymous<\/a> as transactions are open and public thanks to the blockchain nature.<\/div>\n
\n
Even if the wallet owner name doesn\u2019t appear on the ledger, once wallet owners are identified (because it is possible) they are linked to every transaction made.<\/div>\n
<\/div>\n
<\/div>\n

2. 21 million coins are not enough<\/h3>\n
<\/div>\n
As you may know, Satoshi Nakamoto<\/b> has set a maximum level of existing bitcoins, totaling 21 million, so it can never be more than that amount.<\/div>\n
<\/div>\n
We have to remember that one Bitcoin has eight decimals instead of the two of fiat currencies, that means there are over 2 quadrillion of usable units in the bitcoin system.<\/div>\n
<\/div>\n
So every bitcoin represents 100,000,000 of these units.<\/div>\n
<\/div>\n
As the value of 1 BTC is rising too much to be useful for daily transactions, people is starting dealing in smaller units, such as milli-bitcoins (mBTC) or micro-bitcoins.<\/div>\n
<\/div>\n
<\/div>\n

3. Bitcoin will be shut down by governments as it happened with Liberty Dollars<\/h3>\n
<\/div>\n
As you may remember Liberty Dollars<\/b> were created to have an alternative US currency, including physical coins.<\/div>\n
They were shut down because they resembled US currency.<\/div>\n
<\/div>\n
But bitcoin doesn\u2019t resemble any other currency.<\/div>\n
<\/div>\n
Also, closing Liberty Dollars was an easy move, because there was a company and offices. Bitcoin, instead, has no leaders, offices nor tangible asset backing, so it doesn\u2019t have the same vulnerability.<\/div>\n
<\/div>\n
<\/div>\n
4. The Bitcoin community consists of anarchists and conspiracy theorists<\/div>\n
<\/div>\n
As we said, the members of the Bitcoin community are mainly composed libertarians and ideological enthusiasts.<\/div>\n
<\/div>\n
So, the greatest part of the community wants a libertarian system without any central authority.<\/div>\n
<\/div>\n

5. Bitcoin is illegal<\/h3>\n
<\/div>\n
Even if Bitcoin was involved in the Silk Road story, it is not illegal and it is not used only by criminals.<\/div>\n
<\/div>\n
In 2013 the U.S. Financial Crimes Enforcement Network<\/a> issued a guide about decentralized virtual currencies. On this guide, “a user of virtual currency is not a Money Services Businesses (MSB) under FinCEN’s regulations and therefore is not subject to MSB registration, reporting, and record keeping regulations.”<\/div>\n
<\/div>\n
\n

<\/h3>\n

Multicurrencies Wallet<\/h3>\n
<\/a><\/div>\n
<\/div>\n
The best way to understand how bitcoin works is trying to have it.<\/div>\n
<\/div>\n
So, try to open an online wallet where you can store your bitcoin.<\/div>\n
<\/div>\n
Sign here for free and create your HolyTransaction wallet.<\/a><\/div>\n<\/div>\n

 <\/p>\n

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Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

There are lots of myths in the Bitcoin world that people think are true. These misconceptions are usually related to its illegality or its use by criminals. But we want to give you a good news: it is not true, and 44.3% of Bitcoin users identify themselves as \u201clibertarian\u201d, as you can read on this […]<\/p>\n","protected":false},"author":2,"featured_media":417,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23,37,76,187,347,453],"tags":[718,764,867,1017,1111],"yoast_head":"\n5 Facts About Bitcoin Everyone Thinks Are True -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2016\/04\/5-facts-about-bitcoin-everyone-thinks.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Facts About Bitcoin Everyone Thinks Are True\" \/>\n<meta property=\"og:description\" content=\"There are lots of myths in the Bitcoin world that people think are true. 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