Myths

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Revision as of 21:19, 9 January 2011 by Genjix (talk | contribs) (please elaborate on these points as I don't know what to say here.)

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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.

Early adopters are unfairly rewarded

It's a giant ponzi scheme

Deflationary spiral

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