Crypto critics: Fact or fiction?

Busting myths about Bitcoin

clock • 2 min read

Since Bitcoin hit the mainstream last year all manner of hyperbole, both positive and negative, has been pumped out about cryptocurrency and there is some truth on both sides.

Let us look at the merits of three common criticisms. 1. It is only used by drug dealers and terrorists There are no reliable stats, but anecdotal evidence suggests it is probably fake news, just like the rumour in the 1990s that the internet was 99% pornography. Anyone using Bitcoin for large-scale illegal enterprises would be better off using cash or another cryptocurrency dedicated to privacy, like Monero. Far from being anonymous, the point of the Bitcoin blockchain is to have an indelible record of transactions and coin ownership. While it is a long way from mass adoption...

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