Bitcoins have created such a craze in the digital world that people have gone crazy thinking and talking about it. Every few months, people sprout on different geographies around the world telling everyone how Bitcoins made them a millionaire overnight. Although a real favorite of all happy Bitcoin investors and with the largest market cap amongst all sorts of digital currencies, Bitcoin has had many things said about it which have raised eyebrows and made people befuddled.

With over a thousand things being said about it day in and day out, it is hard to discuss all of them.

However, in this article, we would shed light upon 10 of the boldest statements ever made about Bitcoins and have a gala time expanding upon them.

1. 1. Bitcoin is indestructible

      Suppose someone uploads a real hilarious video on YouTube and it goes viral in seconds. It is shared and downloaded on almost every social media platform like Facebook, Instagram, Whatsapp etc. Now suppose this video had content that upset a certain section of people and it had to be taken down from YouTube. You think that every trace of the video is deleted just because it was removed from YouTube? Of course not. There have already been so many copies made of the video that it is virtually impossible to remove all traces of it.
      
      The Bitcoin scenario is similar to this. The decentralized platform of Bitcoin claims to be virtually impossible to be destroyed. Since to attack the network and cause it to perish, one is required to destroy every single node of the network. As long as it has absolutely any number of users, Bitcoin claims that it can never be destroyed. Of course claiming something to be immortal is a bold statement to make. 

   2. Bitcoin ‘will come to a bad end’: Warren Buffett

      In a complete turn of events, and contrary to the last point I just made, Warren Buffett, an American business magnate and investor, told CNBC in an interview recently that, “I can say almost with certainty that cryptocurrencies will come to a bad end”. Making such a bold statement about a technology that claims to be seamlessly indestructible is rather a big thing. He described the ever increasing values of Bitcoins a bubble which would soon reach its saturation point and burst, causing Bitcoin investors all over the world to suffer heavy losses. Coming from a world famous and respected figure in the financial and economic world, this statement has caused a lot of frenzy amongst people.  

   3. Bitcoin is trustless

      All transactions done on the Bitcoin network are done without the meddling of a third party, a server, person, government authority or centralised bank. The proof of ownership and credibility of a transaction is built by the use of cryptographic signatures. No step in the Bitcoin process is based upon trust. This is why they say that Bitcoin is trustless. A rather bold promise made by Bitcoin, this is also one of the most talked about points when it comes to the functionality and integrity of the Bitcoin network especially when the world’s governments discuss whether or not to allow Bitcoin to be a legal form of payment in their country. 

   4. ‘I would short Bitcoin if I could’: Bill Gates

      Surprisingly, even Bill Gates does not seem to be that loving towards Bitcoins. In a rather bold statement regarding this digital currency, Bill Gates said, “As an asset class, you’re not producing anything and so you shouldn’t expect it to go up. It’s kind of a pure ‘greater fool theory’ type of investment”. Although he is supportive of the underlying Blockchain technology on which the Bitcoin network, he is altogether against a system like Bitcoin. He even added that someone once gifted him Bitcoins on his birthday which he sold off. This is definitely too harsh a statement coming from one of the world’s most favorite business magnate and founder of Microsoft Corporation. 

   5. Bitcoin is a scam

      This is from all the haters out there. Since Bitcoin is not tied to a finite resource like gold or some other fiat currency like dollars or pounds, several people out there, and even imminent personalities all around the world have made harsh statements about Bitcoin saying it is just a scam. A way of fraud to take people’s money away and never return. Although there have been certain cases of people losing their money but that has been mostly when people use untrustworthy sources or choose cloud mining services. (Not that I am saying all cloud mining services are a fraud, but there have been several reports. No hate, but stay careful!). However, there is only a limited number of Bitcoins available to be mined and traded, 21 million to be exact, and once all of them get into active circulation, their value would keep rising with passing years. Although there is enough proof that control supply works, people still have not been to wrap their heads around this explanation and peg Bitcoin as a scam.  

   6. Bitcoin is a Ponzi scheme

      For those of you who have heard this word for the first time or have heard of it but do not know what it means, a Ponzi scheme is basically a dishonest top down approach. In this, the profits made by an investor comes at the expense of all those who invest after him or her. It is basically a zero sum game for everyone who enters after the root. An important thing to note in this argument is that any form of currency which has been made legal by countries like United States, Canada, New Zealand, Australia, would of course not be a Ponzi scheme in maximum likelihood. However, people still go on to spew hate upon Bitcoins and claim that it is a Ponzi scheme. 

   7. Bitcoin is used for criminal purposes

      If you are under criminal investigation, and you conduct an end to end trade on the Bitcoin network and then convert it into fiat currency, it is safe to say that certain red flags would definitely be raised. People claim that the anonymity involved in the entire business makes it a perfect hotspot for criminal activities. However, the distributed shared ledger attribute of the Bitcoin network causes it to have way too many touch points or check points than even your paper currency would have. Moreover, it is not impossible to use it anonymously but very difficult. Just as all fiat currencies are not tainted by the shadows of the criminal tradings, all digital currencies are not tainted by such shadows too. Be a good law abiding citizen and you have absolutely nothing to worry about. 

   8. Bitcoin will replace cash

      Owing to the massive rise of cryptocurrencies, especially Bitcoins, over enthusiastic people have gone as far as to say that Bitcoins will replace cash. They believe that as and when countries start making it a legal form of payment, more and more people would shift to using Bitcoins as cash instead of our traditional cash and that our traditional cash would eventually be wiped out owing to its decentralized characteristic. However, an increasing user base would mean more pressure on the network and more pressure always brings about a few or more cracks. And although this idea is a little far fetched, people still believe that it will replace cash. 

   9. Bitcoins will wipe out banks

      A sort of continuation of my last point, if eventually Bitcoins do replace cash, there would not be the need of a centralised authority like banks that would be needed to manage and organize our transactions. The entire concept of the Bitcoin network is to eliminate the need of a trusted third party. In that cases, in the long haul, there are speculations that with more and more encroachment of Bitcoins in the fintech world, banks would be wiped out altogether since there would be no use of them. Millions of people would lose their jobs and the entire working of the world would change. This again, is a very far fetched idea.  

      10. Satoshi Nakamoto is an alien

      Perhaps the most funniest or far fetched or silliest statements that has even been made regarding Bitcoins is with respect to its creator. With no one knowing the identity of Satoshi Nakamoto, who penned down the white paper for Bitcoin, and  no one even sure if it is a single person or a group, people have come up with the bizarre idea that Bitcoin is a software which was sent to us by an advanced civilisation of aliens via signals. If this is somehow proved true, the millions of years and resources spent by space organisations like NASA to find proof of life beyond Earth would finally bring some light to this world.