7 things about cryptocurrencies that you’re better off not knowing

Why don’t people trust Bitcoin? Why should you wait to buy? When talking about crypto currencies, we often hear such words as “mining” or “hash” that leave most people scratching their heads. So we decided to see which aspects present a roadblock for cryptocurrencies on their path into the mainstream.

Mining

If a neophyte happens to ask a question like “what is Bitcoin?” - they are often presented with an explanation involving so-called miners and how these coins are created. But just how important is the money-creation process to the user?

Most likely, many automobile drivers who get behind the wheel each day have some abstract idea of how the car engine works. I suggest we don’t associate “mining” with gold mining since it’s hard to put the process of laboriously swinging a pick-axe in the same lane as some “complex computation process,” which is essentially done by a computer, while a miner only configures and monitors this process. 

Calling it “some type of computation process” is a pretty good way to describe the mining process. In all honesty, this process really does require knowledge and energy resources and, in present day, this is certainly not “easy money” that can be made out of thin air. But for the average user, fully grasping the Bitcoin mining process is not necessary. 

Anonymity

Bitcoins enthusiasts or, as they are often called, Bitcoin evangelists, always attribute anonymity as one of the main features of Bitcoin. Indeed, the currency itself along with electronic wallets and transactions are as anonymous as a suitcase full of dollars. 

The only non-anonymous aspect of this picture is the person holding this suitcase. The same goes for crypotcurrencies: unless your career revolves around de-anonymization but created an online wallet and posted it on Twitter, nothing will change - you will lose your anonymity online but the world will not collapse.

An no hacker will attempt to get into someone’s Facebook page in order to steal private messages. Because what will they find? What type of secret or confidential data could be stolen that the person should worry about? What more could be found besides maybe an old photo of them smoking a joint in a high-school bathroom many years ago. Therefore, any concepts of anonymity for the entire Internet should be left to people who are experts and are already working on such ideas