Myths: Difference between revisions
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please elaborate on these points as I don't know what to say here. |
→The bitcoin is backed by CPU cycles: Add clause explaining characterstic related to myth. |
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Bitcoin is not backed by anything. It is a commodity in its own right. Is gold backed by anything? No! It's just gold. Same thing with bitcoin. | Bitcoin is not backed by anything. It is a commodity in its own right. Is gold backed by anything? No! It's just gold. Same thing with bitcoin. | ||
The Bitcoin currency is protected when adequate [[Weaknesses#Attacker_has_a_lot_of_CPU_power|computing power]] exists. | |||
== Early adopters are unfairly rewarded == | == Early adopters are unfairly rewarded == | ||
Revision as of 06:37, 15 January 2011
Lets clear up common Bitcoin misconceptions.
The bitcoin is backed by CPU cycles
Bitcoin is not backed by anything. It is a commodity in its own right. Is gold backed by anything? No! It's just gold. Same thing with bitcoin.
The Bitcoin currency is protected when adequate computing power exists.