Myths about Bitcoin have constantly arisen that tend to mislead those who are interested in mining it. The consumption of the energy that people spend in this activity is one of the most prominent myths.
The pioneering cryptocurrency is a controversial phenomenon that has led to the creation of myths (and even misinformation) about it. Undoubtedly, many people have heard about them, but a website focused on the myths about Bitcoin seeks to explain them simply.
Its creators plan to share a series on the myths and legendary creatures surrounding the cryptocurrency that Satoshi Nakamoto created. Through several short texts, they contribute to demystifying those arguments that discredit Bitcoin.
One of the factors that cause the most concern among critics of Bitcoin is that of mining. In this regard, the website explains the myth of the ecological impact of mining, arguing that Bitcoin uses forms of green energy.
The creators of the website introduce the myths with the following premise: “Bitcoin is borderless and decentralized. It is also destroying the world by releasing an endless stream of smoking hot CO2 into the atmosphere.”
However, they clarify that this is not true since Bitcoin is not destroying the planet or releasing an endless stream of CO2. They also explain that miners must maximize efficiency, so they must embrace green energy to stay in business.
Mythological Creatures of Bitcoin
Those who worry about the origin of the energy to mine the cryptocurrency are so-called “green giants”. According to the website, Bitcoin miners are looking for plentiful and inexpensive sources of energy. Besides, they highlight that 80% of miners use renewable energy sources.
Probably, alluding to the Greek mythological god Scamander, “scale-a-manders” deal with the issue of Bitcoin’s scalability. There is a myth that it takes a million times more energy to scale transactions a million times. The website says that it is possible to scale the volume of transactions from 10 to 10,000 with the same amount of power.
The myth of “fiat fairies” says that Bitcoin consumes more energy than conventional currencies. However, the website recommends analyzing the cost of energy consumption of the large infrastructure supporting fiat currencies. The latter includes banks, the police, the military and legal systems.
“Werewolves” say that Bitcoin mining hardware must run around the clock to recoup hardware costs. The authors say that it is only necessary for hardware improvements to naturally stabilize over time. They recommend using mining devices when demand is low to reduce electricity costs.
The creators of the website promise that they will also deal with the myths about Bitcoin security. Financial services company Square, Inc. seems to be behind this website. In this regard, Jack Dorsey, the CEO of the firm, posted a tweet mentioning the website. Also, the name of the book on myths is “The ‘Square’ Crypto Book of Bitcoin Mythology.”
Since the beginning of the year, searches for and interest in Bitcoin have been on the rise. New websites related to the topic, as well as humorous webpages, have appeared.
Although these websites do not seem to be very serious, they help demystify the misinformation that circulates on the Net. The pioneering digital asset of the new era of finance has generated many myths that bitcoiners have tried to dispel in various ways.
By Alexander Salazar
