People who are on a mission to learn bitcoin understand that learning this cryptocurrency is just as important as getting to its core, which is the blockchain. Blockchain has a lot of significant aspects to it that make the platform highly appealing and intriguing, and for all the right reasons. But the wrong ones still persist today, further proliferating a set of myths about the blockchain technology that hinder one’s learning process. And it’s about time we quashed them. Here are the most common blockchain myths that are going around today, listed in this short bitcoin guide.
Image Source: CoinDesk
Myth #1: Bitcoin is blockchain
Many individuals still get the idea that Bitcoin, the cryptocurrency itself, and the blockchain, are one and the same. This idea is false. They are completely different from each other in form. Blockchain is massive. It’s complex. But to cut it short, the blockchain is a type of distributed ledger technology that powers Bitcoin and carries out every Bitcoin transaction made in history. It is not the currency itself.
Myth #2: Its only function is to record Bitcoin transactions
Bitcoin and the blockchain go hand-in-hand as if one can’t exist without the other; every bitcoin guide will tell you that. That may be true, but powering Bitcoin isn’t the only thing that the blockchain does. In fact, Ethereum, which is a different type of cryptocurrency has started to leverage on the blockchain’s capabilities in order to execute and distribute new investment offerings, like smart contracts.
Myth #3: Blockchain is a host to parasitic illegal activity
Because it’s an open source network, most people would assume that the blockchain can easily be hacked and is a center of illegal activity. As the biggest distributed ledger network today, the blockchain is a system that’s built on tight security. Otherwise, countries like the United States, Canada, China and Sweden, as well as global companies wouldn’t be investing in it.
As the rise of cryptocurrency continues to prosper, now is the best time to learn bitcoin and discover its hidden gems, like the blockchain. There are so many things to unravel about this revolutionary technology, that is why believing all the myths surrounding it won’t do any good.
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