It’s a common misconception that Bitcoin transactions are completely anonymous and untraceable. In reality, Bitcoin transactions are only partially anonymous, or “pseudonymous,” at best.

When sending bitcoin payments, a person’s public wallet address is visible to the entire public network. While this string of alphanumeric characters does not contain any identifying information, modern-day forensic blockchain techniques can link wallet addresses to individuals. This means that once your identity is connected to a certain blockchain address, all of the transactions associated with that address are publicly available for anyone to see. 

Check out our Learn Center article on How Do Cryptocurrencies Use Cryptography? for more information.

Over the years, many critics have likened Bitcoin to a pyramid or Ponzi scheme. These fraudulent operations rely on new money entering the market to provide returns to existing participants. 

Bitcoin is a computer program and it does not guarantee holders any returns. Instead, it simply operates as a fully decentralized, freely-traded digital currency. Its value is driven by factors like supply and demand, adoption, and market sentiment — the same principles that determine the value of most asset classes including real estate, gold and even baseball cards. 

Unlike a fraudulent scheme, if people stopped buying into Bitcoin, the protocol itself would continue to operate. 

While there have been instances of scammers using Bitcoin to carry out their frauds, Bitcoin itself is not a pyramid scheme.

Check out our article Busting Crypto Myths: Bitcoin is a Ponzi Scheme for more information.

It's often said that Bitcoin has no intrinsic value. However, this is simply not true.

Bitcoin's value is largely derived from three factors — its utility, scarcity, and security. Bitcoin’s finite supply and borderless nature has made it an attractive digital store of value and medium of exchange for many.

Check out our article Busting Crypto Myths: Bitcoin is Not Backed By Anything for more information.

L’un des mythes les plus répandus parmi les détracteurs de la crypto-monnaie est que le bitcoin sert principalement des activités illégales, de par son caractère pseudonymisé. S’il ne fait aucun doute qu’il a pu être utilisé dans des transactions illicites par le passé, le bitcoin est dans son écrasante majorité utilisé à des fins légales, comme des achats en ligne, des transferts de fonds et comme réserve de valeur.

En effet, un rapport de 2023 a établi que seules 0,24% de l’ensemble des transactions en crypto-monnaies, bitcoin compris, étaient en lien avec des activités criminelles.

En outre, les forces de police ont élaboré des outils sophistiqués pour suivre et repérer les activités illégales faisant intervenir des crypto-monnaies. Grâce à ces avancées, la crypto-monnaie est devenue bien moins efficace pour exercer des activités illicites que la monnaie fiduciaire émise par les États.

Some critics argue that Bitcoin's price volatility makes it unsuitable as a store of value. However, Bitcoin's volatility has decreased over time as the market continues to mature. Therefore, it's important to distinguish between short-term price fluctuations and long-term value. 

When compared to other asset classes, including gold, Bitcoin often outperforms other markets in terms of annualized returns. While it is easy to criticize the short term price changes of Bitcoin, many choose to take a far more long term view on the future potential of their bitcoin purchases.

Check out our article Store of value: What does it mean? for more information.

It's often claimed that Bitcoin can be hacked or manipulated easily. In reality, Bitcoin's blockchain is highly secure due to its decentralized and cryptographic nature.

While individual wallets or exchanges may be vulnerable, the underlying Bitcoin protocol has remained operational and highly secure in the face of many hacking attempts. In practice, hacking or manipulating the entire Bitcoin network would require an almost unimaginable amount of computational power and resources.

Check out our article What is Bitcoin mining? for more information.

Some believe that Bitcoin's meteoric rise in value is indicative of a speculative bubble. 

While Bitcoin' price has experienced significant fluctuations, it has also shown resilience and continued growth over the years. Its adoption by institutional investors as well as its relevance as a global store of value suggests that it may have staying power beyond short-term market dynamics.

Predicting the future of Bitcoin's price remains highly uncertain, but the protocol continues to operate without fail as intended.

Check out our article What is a Bitcoin halving? for more information