[LINK] 5 Myths About Bitcoin You Need to Understand

[Kim Holburn]

http://www.sciencealert.com/myths-about-bitcoin
> 5 Myths About Bitcoin You Need to Understand
> Is it really using up the world's electricity?


> MYTH #1: There is a finite supply of bitcoin

> MYTH #2: Bitcoin users are anonymous

> MYTH #3: Bitcoin is beyond the reach of the law

> MYTH #4: Bitcoin wastes energy

> No wonder observers have lamented bitcoin's environmental impact, with reports that individual transactions use as much energy as a home uses in a week or, more hyperbolically, that bitcoin will consume all of the world's electricity within a few years.
> 
> But compare the overhead for various currencies. Banks pay for security guards (among many other security expenses), who often merely stand around watching the customers. We don't think of this as wasteful, because without guards, theft could undermine the entire system.
> 
> The same is true for the raw power used by bitcoin miners. We don't yet know how to secure a decentralised ledger like bitcoin's blockchain without the energy-intensive mechanism.

> MYTH #5: Bitcoin will replace credit cards and/or cash


-- 
Kim Holburn
IT Network & Security Consultant
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