Many people mistakenly equate Bitcoin with fraudulent

schemes, not understanding that it is a decentralized open

source technology. Critics often claim Bitcoin is worthless or

a scam or a Ponzi scheme because it's not backed by a physical asset.

Many people believe Bitcoin transactions are untraceable, but

the blockchain is actually a public digital ledger where

all transactions are recorded and can be traced. And

of course, I've saved the best for last. Myth number 11, the

worst misconception is my financial advisor is

knowledgeable about Bitcoin. Well, let me tell you. I'm Matthew

Fraser, and this is Crypto Collective. After making millions

with Amazon and e-commerce, I realized that if I

was starting again today, crypto would be my first choice.

I'm here to help you take your first steps and build real

wealth. Ready to set yourself up for life? Let's go.

Hey guys, welcome to Crypto Collective. My name is Matthew Fraser.

And in today's episode, we're going to be covering the most common cryptocurrency

misconceptions. And this will be great, especially if

you are a beginner, but perhaps also if you've been in the space for a number

of years and there's some things that have been sort of lingering around that

you sort of thought, is that true or is that not true? I'm going

to be myth busting them right here in this episode. Let's

get to it. Myth number one, Bitcoin is completely anonymous.

Now, many people believe Bitcoin transactions are untraceable, but

the blockchain is actually a public digital ledger where

all transactions are recorded and can be traced. Now,

many years ago, the funny thing was that politicians and

the like used to say that Bitcoin is only for bad actors and

criminals and drug dealers and what have you. But that was

true. A lot of people were saying that. But what happened was

the criminals realized that, hang on a second, Bitcoin

is not anonymous. And these police and FBI and

CIA were able to track these guys down through the blockchain.

Took a long time to do, but ultimately, it proved that

using Bitcoin was not good if you want to stay anonymous. Myth

number two, Bitcoin is only used for illegal activities.

Now while Bitcoin has been used for illicit purposes, the

vast majority of transactions are legitimate, involving trading,

investing, and retail purchases. Now speaking

of retail purchases, only just this year, Ferrari, amongst

other companies now accept Bitcoin. So

isn't that perfect? Now when you need to go and buy your Ferrari, you

can just head straight to the dealer and hand over some Bitcoin. Now,

myth number three, Bitcoin has no real value. Now,

of course, critics often claim Bitcoin is worthless or

a scam or a Ponzi scheme because it's not backed by a physical asset.

Now it's ignoring its value as a decentralized, scarce, and

secure currency. Now this is said because Bitcoin

must be converted to a government-backed currency to be used,

such as a fiat currency like Australian dollars or US dollars, even

in countries where it is recognized as legal tender. The

argument here is that because Bitcoin is convertible, it doesn't have

any underlying value. But as we know, Bitcoin has

a cap of 21 million. It's fungible,

immutable, secure, desirable, and ethical. And that's what

makes Bitcoin the asset that it is today. Myth number

four. Bitcoin is a scam. We're in a Ponzi scheme.

Well of course many people mistakenly equate Bitcoin with

fraudulent schemes not understanding that it is a decentralized

open source technology. Now of course in the past there

have been scams and Ponzi schemes but it's not because

of Bitcoin. There's bad actors that are outside Bitcoin

who are trying to scam you out of your money either to give them

your hard-earned dollars or so that you send

them Bitcoin. But Bitcoin itself is not the scam. There's

people outside of Bitcoin that are scamming. Myth

number five, Bitcoin is controlled by a single entity

or government. Well, first of all, Bitcoin is a decentralized

asset, meaning that no one controls it. No government, no

company, no exchange, no one. So there's also other

reasons why people believe that Bitcoin is controlled by

a single entity or government. And that is that some people believe

that Satoshi Nakamoto, the inventor of Bitcoin, mined a

significant amount of Bitcoin early on, around 1 million

Bitcoin. And that this stash could be used to

control the Bitcoin network. Now the mystery around

Satoshi Nakamoto, the creator of Bitcoin remains unknown,

leading to conspiracies that a government corporation or

private corporation or a single entity might have created

and controls Bitcoin. Now speculation often points to

organizations like the CIA, NSA, or

major tech corporations. Another reason are the entities like

Bitcoin mining pools. A large portion of Bitcoin mining

is concentrated in very large mining pools. Coincidentally,

I just happened to have bought into Bitcoin mining pools myself. Now

this can create the perception that these pools or entities

behind them could control Bitcoin. Hey, just quickly, if

you're ready to dive deeper into crypto and Bitcoin and build real

wealth, join my free crypto collective community.

It's where I share exclusive insights and strategies and live discussions

to help you succeed, whether you're a beginner or scaling your

portfolio. Click on the link in the description and join us today. Now

back to the episode. Myth number six, Bitcoin is environmentally catastrophic.

Now, what they say, first of all, high energy

consumption. Now, Bitcoin mining uses vast amounts of

electricity to run the Bitcoin mining rigs. Now, it's

often compared to energy usage of entire countries. They

also say that it has a high dependency on fossil fuels. Now,

in some regions, mining relies on coal and

other polluting energy sources. They also say it has a large carbon

footprint because mining contributes to greenhouse gas emissions, exacerbating

other environmental factors. Sensationalism. Now,

media often exaggerates Bitcoin's impact without

comparing it to traditional industries. Now

the counter arguments for all of that is this. Bitcoin

miners know they need cheap energy and right

now the cheapest form of energy is renewable energy,

if you can get it. So many miners now use hydro,

wind or solar energy with estimates suggesting up to

60% of Bitcoin is mining from renewable energy sources.

Comparative impact. Industries like gold mining and

banking also consume significant energy but

rarely face the same scrutiny. Incentivizing Renewable

Investment. Bitcoin encourages innovation in

sustainable energy sources and grid optimization. So

for all of these reasons, environmental concerns about

the energy consumption of Bitcoin mining is

completely out the window. And I'm going to give you a case example right now. There's

a situation in Norway where an energy mining warehouse

utilizes hydrogen energy and all the

heat that's generated from that warehouse actually goes

gets pumped into a local building to

use for its heating. And the owner of that building buys

the heating from the Bitcoin mining warehouse because

it comes much cheaper than what they could get it off from

the natural grid. So this is another great example of sustainable

energy practices within the Bitcoin mining industry. Myth number

seven, and I love this one. You have to buy a whole

Bitcoin. Well, of course, people think they can't afford

a Bitcoin because of its high price. And the price right now is

$100,000 US dollars or about $150,000 plus Australian dollars. Now,

this is not realizing they can buy fractions of

a Bitcoin as small as 0.000000001 Bitcoin.

Now, that's called a Satoshi. There's 100 million

Satoshis in one whole Bitcoin. So when

you're thinking about stacking Bitcoin, perhaps that's

such a great number because it's a $100,000 per coin,

break it down into you want to start stacking SATs.

Okay, so you've got 100 million in one Bitcoin. Start

stacking sats now. Or as the phrase goes, buy,

stack and chill. Myth number eight. Bitcoin is

too complicated for the average person. Yes, although it

can seem intimidating, many user-friendly platforms

and resources make Bitcoin accessible to anyone willing

to learn. Now, I will say from the outset, with everything new,

it does seem daunting. Can you remember or are you old

enough to remember when the internet first was established and

you had to start using email, that back then was

very daunting. But now, everybody uses it

and we don't even think twice about it. The same thing is going to happen

with Bitcoin. Very soon into the future, everyone

will use Bitcoin and we won't think twice about it. Myth number 9. Bitcoin

is too volatile to be a viable investment. Well,

yes, while Bitcoin's price fluctuates, many long-term

investors focus on its growth potential rather than

the short-term volatility. And remember, when we

say volatile, we don't just mean volatile to the downside, we

also mean volatile to the upside too. So you

have to be in the asset to experience its upside. Never

just wait for it to come down because what if it never gets to that magic

number that you're waiting for? Myth number 10. Bitcoin

is dead or dying. Every time the price dips,

critics declare Bitcoin is dead, ignoring its decade plus

track record and growing adoption worldwide. Now,

according to Binance, Bitcoin has been pronounced dead

415 times. Now it's at $100,000. And you got to

remember, over the past four years, Bitcoin has had

an average compounding interest of 55% over

the past decade it's been over 60% and

right now in the year of 2024 Bitcoin

has had over a 100% increase and

of course I've saved the best for last. Myth number

11. The worst misconception is my financial advisor

is knowledgeable about Bitcoin. Well, let me tell you, in Australia,

most financial advisors, accountants, and

financial planners have no idea about

Bitcoin whatsoever. And I would be very, very cautious about

taking any advice or ideas from

them. Now, just so you know, in Australia, financial advisors

can't actually advise on Bitcoin because there's

no regulatory framework by the government surrounding this asset.

So don't even ask them for advice because they can't even give

it to you. But if they happen to slip something in and you say, hey, should

I invest in Bitcoin? And they say, oh, I wouldn't invest in that. It's

a bit risky. It's a bit volatile. That's because they

have no idea what they're talking about. But if you want to even push them

harder, ask them, Mr. Financial Advisor, do you

invest in Bitcoin? And if the answer is no, then

I will be not taking advice from these guys whatsoever. So

the takeaway with myth number 11 is do your

own research. There's so much information now on

YouTube, the internet, on Instagram, on

TikTok, you name it. The information is there. go

and do your own research, discover more about the asset yourself

so that you become knowledgeable about this asset and

then you can make the decision whether you should invest in it or not. So

guys, as you can see, there are so many myths when

it comes to Bitcoin and you've really got to be careful about what

things and information you listen to on the internet

because there's so much misinformation out

there. So guys, thank you so much for joining me on this episode. I

really hope I've answered a lot of your questions regarding the misconceptions about Bitcoin.

Now, if you want to know more information, you can jump into my free online community.

It's called Crypto Collective. I'm happy to share with you about where

to buy Bitcoin, how to buy Bitcoin, and how to create generational

wealth for you and your family into the future. All

right, look forward to seeing you there. Take care. Thanks for tuning in to

Crypto Collective. If you've enjoyed this episode, the best way to show

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