Myths and Realities of Bitcoin

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The bitcoin is the first decentralized cryptocurrency. Also, it is one of more than 700 electronic currencies, which are ambitious attempts to create digital money that can replace the traditional payment methods. Although cryptocurrencies are recognized, accepted and used as money by some agents, these aren´t money, nor do these satisfactorily fulfill the main functions of money.

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The bitcoin is the first decentralized cryptocurrency. Also, it is one of more than 700 electronic currencies, which are ambitious attempts to create digital money that can replace the traditional payment methods.

 Although cryptocurrencies are recognized, accepted and used as money by some agents, these aren´t money, nor do these satisfactorily fulfill the main functions of money. Obviously, the bitcoin doesn´t escape this reality, being its great myths the following: 

  1. Bitcoin is money.
  2. Bitcoin has a true intrinsic value.
  3. Bitcoin is safe and reliable because it is supported by the market forces.
  4. Bitcoin is indestructible.
  5. Bitcoin is a better investment than the dollar, the gold, the silver, the oil and the stocks.
  6. Bitcoin will displace the traditional currencies and will be the currency of the future.

 On the one hand, the optimism of investors has generated an excess of demand for bitcoins, in opposition with its limited digital offer, giving the impression that the price of this cryptocurrency will continue rising in a speculatively manner, during some periods. And on the other hand, all the evidence points to the fact that the bitcoin will generate a huge financial bubble and come to an end.

Rolando José Olivo

Systems Engineer with 3 postgraduate degrees: Master in Applied Economics, Diploma in General Management and Specialization in Social Programs Management (Summa Cum Laude).

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