20 Things Most People Get Wrong about Bitcoin – Miyagi Mornings Epi-153

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On a daily basis I hear or read people make claims about Bitcoin that have no basis in reality. From energy usage, to "backed by nothing" and more. Bitcoin is honestly the most misunderstood and slandered asset in existence today. It is not going away and those that continue to ignore it, do so at their own loss. But today I will explain 20 facts about Bitcoin that should help you understand why everyone should own at least some of the OG crypto.

1. Bitcoin is Backed by Security, Technology and Energy

2. Bitcoin is not “bad for the environment”

3. Bitcoin becomes more intrinsically valuable over time

4. Bitcoin transactions are not “expensive”

5. Bitcoin transactions are not “slow”

6. Bitcoins are not held in “accounts” well unless you are stupid anyway

7. Bitcoin has never been hacked

8. Bitcoin is in no way a “Ponzi scheme”

9. Bitcoin is not helpful to the governments desire for a central bank digital currency

10. Buying and holding bitcoin does not create a tax obligation

11. You do not have to be rich to invest in bitcoin

12. Bitcoin is a bad solution for illegal activities at any meaningful scale

13. Bitcoins code has been “audited” by 10s of thousands of independent programmers it is not a CIA trap

14. Governments “banning bitcoin” is not doable in the real world

15. The majority of bitcoin does not come from China, nor would it matter if it were true anyway

16. Even if Bitcoin went to 10 million dollars a coin, it could still be moved in 10 cent units

17. Bitcoin can be borrowed against for extremely low interest rates for a tax free retirement income

18. New technology for Bitcoin is being developed daily

19. The amount of new bitcoin is cut in half roughly every four years with an absolute cap of 21 million bitcoins. 328,500 bitcoins will be mined total in 2021 in 2024 that number again will halve.

20. The real reasons Bitcoin isn’t spent are tax implications and most people are not paid in it this actually increases pricing stability.

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