Don't buy Bitcoin.
It could go to zero.
Bitcoin has no intrinsic value.
It's too volatile to ever be used as a currency.
I heard the government was going to ban it.
These are some of the top complaints against Bitcoin.
But are they true?
Or just FUD?
Today, we're gonna break down some of the most common complaints about Bitcoin.
Let's get it.
BitSwap is the hottest new way to trade tokens.
Crawling all the top decentralized exchanges,
BitSwap gets you the very best price and value for your trades.
BitSwap is changing the game.
Try it now at bitswapdex.io.
Welcome to BitBoy Crypto!
My name is Ben.
Everyday, I show you how to make money in cryptocurrency.
If you like money, then make sure to hit that Subscribe button.
And if you like to exchange cryptocurrencies, make sure you go head on over to bitswapdex.com,
you can always get the most bang for your buck.
In this video, we're gonna be looking at some of the most common complaints against Bitcoin,
and I'm gonna shoot them down.
This year, 2020, is the year of no surprises.
But one thing still really blows my mind.
It's hard to believe that people are still unaware of all the benefits Bitcoin provides to the modern world.
Oftentimes, people will throw around a lot of misconceptions about Bitcoin
to justify why they are too scared to invest in it.
Babies!
Well, obviously, those guys can laugh at me all the way to the bank
because I bought Bitcoin way back in 2012.
People are so quick to bash things they don't understand
or if they have a vested interest to condemn it.
Some of the most common misconceptions people have about Bitcoin are based on bad logic.
You'll hear the haters say things like,
"Bitcoin has no intrinsic value."
"Bitcoin is too volatile."
"Governments will ban Bitcoin because Bitcoin is used for drugs and money laundering."
"Bitcoin wastes energy."
These are all ridiculous.
And luckily, there are some beacons of light in the crypto community
that know better and prove those haters wrong.
Lyn Alden is one of those people.
Interestingly, Lyn was originally bearish on Bitcoin in 2017.
However, in 2020,
everything changed and she became bullish.
Lyn says she bought Bitcoin for several reasons.
To name a few,
she knows Bitcoin has the first mover advantage
and as adoption continues to grow,
so will Bitcoin.
Also, she knows the financial conditions in 2020 are perfect for Bitcoin to succeed,
and Bitcoin's programmed inflation rate was recently reduced to 1.9%,
making it even more scarce!
Lyn is already up 120% on her first Bitcoin purchase
in April 2020
and continues to be bullish through 2021.
Lyn is a Swan Bitcoin Advisor and highly recommends Swan as the best way to accumulate Bitcoin for the long term.
Now, we actually have a partnership with Swan,
and you can go to swanbitcoin.com/bitboy to receive $10 in free Bitcoin after you sign up
for an automatic recurring Bitcoin purchase plan.
Swan is the easiest and cheapest way to buy Bitcoin in the US.
You only have to set up your plan once
and just let Swan accumulate the best performing asset of the last decade on your behalf.
So, if a smart investor like Lyn Alden is bullish on Bitcoin,
then you guys know you should be too.
However, I know there are a lot of myths and FUD around Bitcoin,
and this may deter some newer investors from investing in it.
But they are missing out big time.
History shows that.
So, I'm here to dispel all these misconceptions about Bitcoin and set you guys straight.
Alright.
So,
as a crypto enthusiast,
the most common myth I hear about Bitcoin is
that it has no intrinsic value.
This one always makes me laugh.
These people really don't understand the concept of value.
Why is a rare baseball card, a Beanie Baby, or a BitBoy NFT worth tons of money?
It's because that's what someone is willing to give you for it.
That's the true meaning of value.
And it's not just baseball cards and Beanie Babies and NFTs that this applies to.
It applies to the value of anything.
Currency included.
I don't care where you come from,
your primary currency has absolutely no intrinsic value.
To quote the Federal Reserve,
Bitcoin units have no intrinsic value.
The US dollar, the euro and the Swiss franc have no intrinsic value either.
Alright, so,
on to the next one,
as DJ Khaled would say.
So, almost as often as I hear the BS about Bitcoin not having intrinsic value,
I hear the myth that Bitcoin is too volatile.
Well, guys,
come on!
We all know that everything is volatile.
Hello, 2020?
No one could have predicted the 2008 financial crisis or the pandemic.
These two events created wild volatility in the traditional markets,
with many people and companies going bankrupt
as the prices of everything of value, like stocks, the dollar, oil and gold plummeted.
Guys, the only thing that's constant in markets is volatility.
No one says gold isn't a good store of value because the price fluctuates,
but we hear that all the time with Bitcoin.
Seriously,
what did you expect with a new and emerging asset class?
It certainly wasn't going to be a linear price path.
As time goes on and the market cap continues to grow, the price will naturally stabilize over time.
Okay, so the next myth,
and this one really drives me nuts.
I'm sure you've all heard this before.
"The governments are gonna ban Bitcoin because it's used for illegal activities like
drugs or money laundering."
Unbelievable.
Let's just do some quick math.
Approximately, $2 trillion a year globally is laundered.
Americans spend $100 billion on drugs annually.
And the crypto market is at $537 billion as of this moment.
2.1 trillion - 537 billion = 1.563 trillion
So, what is being used for this $1.5 trillion?
What do you think, bozos?
Cash.
Before Bitcoin, national currencies have always been used for it.
And it still accounts for the lion's share.
According to the FATF,
cryptocurrency represents low risk for money laundering and terrorist financing activities.
The more reason spent on this FUD is that the government, specifically the US, is
going to ban Bitcoin because it poses a threat to the US dollar.
But, again, this argument doesn't hold water,
as we've seen in the past,
when governments attempt to ban Bitcoin,
it only results in the value and demand for it increasing.
The bottom line is,
governments can ban Bitcoin all they want.
And Bitcoin,
it's like the honey badger,
it just don't care.
You think the honey badger cares? It doesn't give a---
It's more likely we see nation states trying to accumulate as much Bitcoin as possible
for themselves in the coming years,
much like gold.
Alright, so,
there's one last myth I want to tackle in this video.
And that is
"Bitcoin is bad for the environment."
Don't get Greta all riled up.
First of all, compared to the global energy consumption in general,
the amount of energy used for Bitcoin represents only the tiniest fraction,
less than 1%.
When it comes to using electricity for anything else,
no one ever questions the morality of your electricity consumption.
Should I turn my light on or no?
You pay for it,
so you're free to do whatever with it you'd like.
For example,
I'm not going to shame you for using your electricity for your Christmas lights
or even watching
Keeping Up With the Kardashians.
It blows my mind when I hear people complaining about the energy consumption of Bitcoin
without first comparing it to the energy consumption of
gold mining,
the financial system,
governments,
courts,
the military,
selfies or even watching the Kardashians.
All of these things use an enormous amount of energy.
What all these myths and FUD represents is the magnitude of change that Bitcoin brings.
Any type of change, especially new technology,
evokes FUD.
And this FUD is directly proportional to the impact it will have on the world.
Humans don't like change.
And the amount of FUD is a representation of the huge change this new technology brings.
I mean, when the bicycle debuted in the 1800s, it was blamed for all sorts of problems.
From turning people insane to destroying women's morals.
Better not be showing those ankles ladies.
In the near future,
we'll look at these ridiculousness around Bitcoin in the same way we do now with bicycle myths.
With laughter.
So, that's it for this video, guys.
Which of these myths do you think is the most ridiculous one they have about Bitcoin?
Did I miss one of your favorites?
If I did please make sure to drop me a comment down below.
That's all I got.
Be blessed.
BitBoy out.