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5 myths about Bitcoin

People using Bitcoin

We are reading plenty of articles about Bitcoin every day. Depending on the week, the price of Bitcoin is either crashing or soaring. It is either taking over or burning out. The thing is, Bitcoin is hard to understand if you do not have a basic understanding of economics, computers and how cryptocurrencies work. As a result, there are plenty of myths about Bitcoin circulating in mainstream press and blogs. Before going through the 5 myths about Bitcoin, let’s see more facts about Bitcoin in the infographic prepared by experts from Bitcoin Play.

Myth 1- Bitcoin is Anonymous

It is safer to say that Bitcoin users are operating under their 34 digit addresses and it is not obvious who is acting under each address...

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How can I earn Bitcoins, what is mining Bitcoins?

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Bitcoin is a cryptocurrency which can be used for payment of goods and services. Part of the reason Bitcoin exists, is due to the voluntary computer systems out on the Internet running the program that supports the Bitcoin network. These voluntary computer systems are often called “miners” in the Bitcoin community. Miners do the calculations to ensure payments are only able to be spent once, and they update the master ledger or “block record” with transaction data. There is also a slim chance these miners can get free Bitcoins – which is the motivation to join and support the network.

The History of mining Bitcoins

In the beginning, computer CPUs powered the Bitcoin network...

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What is Bitcoin?

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About a week ago, the FBI shut down the Silk Road site, which was a hub for nefarious and illegal activity. I had never visited the site which requires the anonymity enhancing TOR browser, but the news article mentioned something that sparked my interest, “millions in Bitcoins seized.” Was that a lot? What is Bitcoin and what are they worth anyway? Then I saw another article that showed a picture of Bitcoins in hard currency form – were Bitcoins minted somewhere? My curiosity was peaked and I’ve spent about a week learning more about this fascinating, experimental, cyber currency.

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I took a few hacks at it, but the best de...

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