Lesson 16: Common Objections to Bitcoin

Preview

In the BTC Rabbit Hole, we are committed to following the truth wherever it leads. As much as the previous few lessons have tried to inspire optimism about Bitcoin and its future, we understand that everyone who discovers Bitcoin also brings their own unique set of questions and objections. These questions and objections are welcome in the Rabbit Hole. We strongly believe in the frequently repeated phrase among Bitcoin loyalists, “Don’t trust, verify!”. So in this lesson we will review some of the most common objections to Bitcoin. This lesson could not possibly cover every objection adequately, but our hope is that it will inspire curiosity to pursue your questions/objections further. So without further ado, here are 10 short videos with common objections to Bitcoin.

1. Bitcoin isn’t backed by anything.

2. Bitcoin Is A Speculative Bubble

3. Bitcoin Will Be Hacked

4. Bitcoin Is Like MySpace, There Will Be A Facebook

5. Bitcoin Mining Wastes Too Much Energy

6. Bitcoin Is Too Volatile

7. Bitcoin Will Be Banned

8. Bitcoin Can’t Scale

9. Bitcoin Is For Criminals

10. Blockchain Is The Innovation, Not Bitcoin

Key Takeaways

• Don’t trust, verify. You should have questions and objections to Bitcoin. Diving deeper into these objections will clarify your position, and ultimately help you decide if you want to put your money into Bitcoin. No one can answer this but you, so pursue the truth, and follow it wherever it leads!

Additional Resources

• it sucks, but telling people about Bitcoin never works…
• Debunking Seven Misconceptions About Bitcoin With Lyn Alden