10 secrets of Bitcoin and other crypotcurrency

 

  1. It is a decentralized currency. This in itself is a negative feature. When something is not controlled by any centralized body then it's a virus. It is impossible to say such or rather unbelievable to say bitcoin is self-controlled with the level of organized activities of the blockchain technology.
  2. It can be mined. A lot of opinions are everywhere that crypto can be mined. I am yet to find how combining codes can materialize into money. 
  3. Crypto exchange is verified through blockchain technology. If this system is not controlled by a company or an individual why is it well organized?
  4. Cryptocurrency has no Central Authority. : This is untrue as lots of cryptos have communities that can coordinate their circulation and flow. 
  5. t is acceptable everywhere. So many countries are yet to accept this digital currency called cryptocurrency.
  6. Bitcoin is backed by purchasing power. It is not backed by any purchasing power but by other factors like community influence
  7. The value of BTC is based on electricity and computing power. This is untrue as the values are based on intrinsic values.
  8. Bitcoin is illegal because it's in legal tender. This is false lots of countries permit it another country like the US gave a constitutional guideline on its use 
  9. Bitcoin can be predicted. It is important to note that bitcoin and other currencies are unpredictable. This is because their values are not determined by the forces of demand and supply 
  10. Cryptocurrency transactions can be traced. This is impossible because only codes are reported as transfer history and no physical location..
 

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