To this day, numerous myths and misunderstandings surround Bitcoin. Many of these originate from the early years of the cryptocurrency and persist stubbornly, even though they are long outdated or only partially true. Other myths about Bitcoin, however, have (partial) justification for their existence.<\/p>\n
But what is the truth behind statements like “Bitcoin has no value,” “BTC is just a bubble,” or “it harms the environment”? In this article, we clear up the biggest Bitcoin myths and show what is actually behind them.<\/p>\n
Many critics claim Bitcoin<\/a> has no value of its own because it consists only of digital data sets. In fact, like many other assets, the price of Bitcoin is determined by supply and demand. If no one bought Bitcoin, it would have no market value.<\/p>\n However, this argument falls short. Even modern currencies like the euro or US dollar, as fiat money<\/a>, have no intrinsic value; instead, they\u2019re based on trust and acceptance, as the European Central Bank itself explains<\/a>. The value of cryptocurrencies<\/a> is therefore derived in the same way as other currencies.<\/p>\n Bitcoin differs primarily through its fixed monetary policy: the maximum supply is limited to 21 million. This creates artificial scarcity. This is a central factor for its value. In addition, Bitcoin fulfills concrete functions. It enables global transactions without a central authority and is increasingly viewed as an independent asset class. The Commodity Futures Trading Commission (CFTC) now even classifies Bitcoin as a commodity<\/a>.<\/p>\n