Difference between revisions of "Myths"

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m (moved Bitcoin myths to Myths)
(please elaborate on these points as I don't know what to say here.)
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People have several common misconception about how bitcoin really work. This page address these misconceptions.
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Lets clear up common Bitcoin misconceptions.
  
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== The bitcoin is backed by CPU cycles ==
  
==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.
 
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.
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== Early adopters are unfairly rewarded ==
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== It's a giant ponzi scheme ==
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== Deflationary spiral ==

Revision as of 21:19, 9 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.

Early adopters are unfairly rewarded

It's a giant ponzi scheme

Deflationary spiral