Replying to Avatar DecentralizedDude

💡💡🫡 Five Misunderstandings About Bitcoin: Debunking the Myths with #CryptoFacts

1. 🕵️‍♀️ "#Bitcoin is not just for illegal activities. It's used for many legal purposes. Plus, transactions are public and leave traces. #BlockchainTransparency"

2. 🎢 "The #volatility of #Bitcoin is partly due to its youth. With increasing acceptance, volatility could decrease. #CryptoFuture"

3. ⚡️ "#BitcoinMining consumes energy, but increasingly it comes from renewable sources. Compared to traditional banks and gold mining, consumption is relative. #RenewableEnergy"

4. 🛡️ "#Bitcoin is decentralized, which doesn't make it insecure. Transactions are secure and irrevocable. Regulations are evolving worldwide. #CryptoSecurity"

5. 💰 "#Bitcoin is real money. It fulfills the functions of money and its value is secured by user demand. #CryptoCurrency"
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LogicallyMinded 2y ago

I agree with all but would push back on the last one. #Bitcoin isn’t yet largely adopted as a medium of exchange. It is still money because it can be used as a medium of exchange but it has limitations and isn’t competitive for this use case as of today.

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