1. Bitcoins are not backed up. It’s a soap bubble that can burst
In the traditional sense, bitcoin is not supported by anything. You can not exchange the crypto currency for the computing power.
An important indicator is a willingness and desire to use cryptocurrency as an analog of traditional currencies, the exchange equivalent. Thus, the Bitcoin rate is determined solely by the demand for it. As an example, you can bring gold, which is also not provided, but for several centuries has a particular value.
The higher the price of the crypto currency, the more opportunities for their use, the more they are extracted. Which, in turn, increases the complexity of the extraction process.
2. Anyone can obtain Bitcoins
It is challenging to get bitcoins today. Those days are gone when individual users — miners — did it. Now it happens on huge, expensive mining farms. Nevertheless, for cost-effective mining Bitcoins, there is a need to invest in the equipment of thousands of dollars.
Most other crypto-currencies are easier to obtain and cheaper, but their rate is an order of magnitude lower.
3. Management of the network of bitcoins can be easily intercepted
The more units that generate bitcoins, the more difficult it is for one person or group to establish control over the network. After all, to commit such an attack, you will need equipment worth hundreds of millions of dollars. Plus, energy costs were comparable to the consumption of a large enterprise.
The economic sense of controlling the network is simply not there. Burglars can not use the bitcoins in other people’s wallets.
You can lose the bitcoins, but only together with the loss of access to your wallet. Each owner has his private keys. And if he lost them, there will be no access to the accumulated or extracted cryptocurrency.
4. Bitcoins are illegal, and there may be problems in using them
Many countries officially recognized cryptocurrency. Japan considers Bitcoin as a legal means of money. Moreover, Germany, China, Switzerland accept it as monetary units.
5. Bitcoins and other crypto-currencies are similar to a financial pyramid
You can create a financial pyramid in any currency. Therefore, everybody can use Bitcoin as a means of payment in the performance of financial fraud.
The financial pyramid operates according to a different scheme. The constant attraction of new funds ensures the income of participants of such a structure. The first depositors receive funds from the contributions of those who came later. The flow of money stops – the pyramid collapses.
It is hard to predict whether it is worth investing in the crypto currency. It is unlikely that Bitcoin will bring a fabulous profit: these times have already passed.
6. Mining of Bitcoins harms the environment
This myth based on the fact that for the generation of cryptocurrency, maintenance of computing power requires a large amount of electricity. In fact, for energy consumption, the network of Bitcoins is similar to the city where 100 thousand people live.
But not everyone believes that the damage from mining crypto currency exists. The reason is that these devices several times increase the consumption of electricity and contribute to a noticeable increase in temperature in the premises. And this can be unsafe for other tenants, especially if the house is old.
Opponents of the ban are sure that the increase in temperature during the operation of farms can be for heating premises. Also, it is unclear how people can control such a ban. After all, equipment for mining is often a personal computer, albeit improved.