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Technology / Bitcoin

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

Former Staff Writer
4 min read
Opinions expressed by Entrepreneur contributors are their own.

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)

John Oliver Explains Why Investing in Cryptocurrencies Is Just Like Gambling