The Biggest Misconceptions About Bitcoin and How Experts Are Trying to Debunk Them (VIDEO)

Former Staff Writer
4 min read

Many mistakenly believe it’s a company. Others say it is bound to be destroyed by regulators. In some circles, it has been described as nothing more than a conduit to buy and sell drugs.

As a relatively nascent technology, misconceptions about Bitcoin abound. That’s because it functions as a kind of blank slate, explains Jonathan Chester, COO and founder of BitWage -- the world’s first Bitcoin-based payroll service. “Everyone creates their own mission or vision to build on top of the Bitcoin infrastructure,” says Chester. “Think of the Internet. There’s no mission or vision of the Internet -- it’s just what people want to do with this cool product.”

At the Inside Bitcoins conference in New York City, we asked three executives in the Bitcoin space about some of the biggest misconceptions currently surrounding the cryptocurrency. Check out their responses -- and how they typically redress these falsehoods -- in the video above. 

Related: Barry Silbert: Western Union Will Be Crushed by Bitcoin (VIDEO)

More from Entrepreneur

Elizabeth's expertise can help you scale your business, build a personal brand and focus on being a value-driven CEO.
Book Your Session

For a limited time only, get this bundle of Entrepreneur PressĀ® titles for less than $30 (60% OFF) on our bookstore when you use "LEAP" at checkout.
Buy Now

Are paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.
Get Your Quote Now

Latest on Entrepreneur

My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.