10 funny myths about the currency of Betcquin
It was usually thought that the currency of Betquin was used for illegal activities only, and you could not use them to buy actual goods from stores. We have heard a lot that the Betquin is a bubble, and there are some dark aspects of this digital currency - the enormous cost of the Betquin mining, the inability to recover lost money, the portfolio's weaknesses, to name a few - but there is a lot of misinformation Which are spread around this currency. "People do not take enough time to do their research to find out about something," says Alan Silbert, founder and chief executive of BitPremier, a market that deals only with the Betquin currency. The focus was on drug traffickers, but they succeeded in polluting the reputation of the Pitcairn in general. "
In April, Dawood Cesarkowitz made a presentation in Toro, Poland, where he reached the common myths surrounding the Betquin coin. One of the most widespread myths was that one of them believed that the Betquin was given free of charge to its owners. Moreover, "many people claim that the Bitquin was taken by pirates while this is not true."
In this article we decided to address this issue by exploring (and ridiculing) the 10 most important myths surrounding Pitcuin.
- Bitquin does not have intrinsic value
There has been intense debate about whether or not Betquin has intrinsic value outside of use as a means of exchange. If society stops working, the decentralized currency that is not subsidized by the government and not associated with any potential commodity will be of no value. But there are also arguments about the value of Pitcairn as a global network of exchanges and traders. At the end of the day, the value is determined by supply and demand, and if the use grows, the currency may become the mainstay, and thus its value will also increase.
- The Betquin coin is illegal because it is without legal tender
There has been disagreement over another major question regarding Pitcairn as a form of legal tender or not. In the United States, legal tenders include currencies and invoices that have been cleared and issued by the US government. But this does not mean that the digitization coin is illegal because the US government classifies it as a virtual currency ... which is actually recognized by the FinCEN. At present, the Betquin lies in some gray areas, but certainly can not be considered illegal.
- Bitcoin is primarily used for money laundering
"If you look at the maximum market value of the Betkin in the market, it will lead to a lot of illegal activities," said Jason Williams, a Betcuene user. "While Bitquermier's society wants to stick to the rules, And was ready to cooperate with Governments to increase the adoption of digital currencies. "The circulation of money laundering in this chaotic way is not fair," he said. In addition, the US dollar is the preferred method of money laundering as is customary.
- Betquin offers tax evasion
The argument here by the proponents of Bitquin is that cash transactions are also unknown but still taxable successfully. There is a weak hypothesis that tax evaders will be arrested because their lifestyles and property are not consistent with reported income, but when you think about it, that's how the federalists knocked down Capone.
- The petquin coin is given free of charge
Dwayd Cesarewitz said that a lack of understanding of the mining process leads many people to think that Betquin is given free of charge. But in fact, Bitquin is mining through a resource-intensive computing process that checks out conversions by solving a series of cryptographic puzzles. The processes of conversion of Betquin through the Biloxin are also verified. The two metals that process and verify the betcoin are rewarded with a certain number of betquin and also benefit from taxes paid by others. As the saying goes, making money costs money, and here we say that the Betquin mining operations cost hundreds of thousands of dollars. This design is already intentional: the difficulty of mining is built in order to limit the number of bitquins produced each day. In addition, the number of Bitquin coins to be extracted is limited to 21 million pieces, which can be reached in 2140.
- Selling Bitquin coin is not possible
The sale can take more than an hour to confirm transactions and ensure that it is not disbursed twice. The Silbert e-commerce project at BitPremier is a luxury market that includes intermediaries of some products such as yachts, sports cars and jewelry. Because the company deals exclusively in high-end products paid by Bitquin, "people do not mind waiting an hour."
"I've seen low-cost items, so how can this be a problem," he said. I think the risk of double spending is very low. As for the small POS, such as a cup of coffee or yogurt, the seller does not wait for confirmation, because only one out of 100 people happen with them double spending, I think it is very unlikely to get this. "In addition to the sellers are also able to accept transactions Uncertain through the use of a company to avoid double-spending transactions, a process takes a few seconds. With the emergence of new headlines every day, other new works appear to accept Bitquin, it is obvious that sellers have no fear about this.
- Bitquin is a giant Ponzi scheme
The Ponzi scheme is known as a form of fraud that drives investors to return money from investors later rather than taking money from profits. Because Bitquin deals with peer-to-peer and open-source currency, there is no central entity that can lead such a scheme.
- Quantum computers will break the security of Bitquin
The core word and key solution here are "will". That's right, quantum computers will pose a danger to the Bitquin network as well as to other institutions - including banks - that rely on encryption. But one thing to keep in mind is that: quantum computers do not exist yet.
- No one will be able to generate any new blocks after 21 million pieces of bitcoin are mined
After 21 million bitquins are mined, it will not be possible to generate other blocks, but the network will still need insurance. The incentive for mining may decrease, but generating new blocks is important to provide a general ledger for the transaction audience. Thus, farmers will be able to earn profits through transaction fees. However, one of the salient effects of some is that once the mining reward has been reduced (or eliminated), will the demand remain available for network security. Where Eldentral in StackExchange is considering what will happen to network security after 21 million pieces of the coin have been mined. He said:
"It's not perfect, but the important point is that demand for security increases the mining incentive. With the reduction of this mining reward, "direct coupling" between the network's need for security and mining incentives is gradually becoming less. I am very concerned about what will happen to Bitcoin if we separate these two forces. I think developers must provide solutions to this problem so people can start testing it. "
- Breakthrough network Betquin
This is one of the most common myths about Pitcairn. Will people's money be secure if a hacker can penetrate the network?
So far, weaknesses in the Betquin network include inadequate portfolio security and attacks on sites that use Bitquin. But there have not been any attacks on the Blocin so far, that will lead to the theft of money. Where the objective is to exploit the protocol or theft as a result of a security vulnerability by the client.
