Five common bitcoin myths demystified

Bitcoin - with its logo seen here at the Consensus 2018 blockchain technology conference in New York City in May - is not discovered or created by "miners". Rather, they get new coins as a reward for securing the network.
Bitcoin - with its logo seen here at the Consensus 2018 blockchain technology conference in New York City in May - is not discovered or created by "miners". Rather, they get new coins as a reward for securing the network.PHOTO: REUTERS

Learning the associated jargon, sorting fact from fiction will help avoid potential financial losses

Misinformation, myths and misnomers abound in the world of technology, frequently amplified on social media due to a lack of credible sources.

The emergence of cryptocurrencies, and bitcoin in particular, is no exception, with the promise of fast fortunes to be made helping to fuel the speed with which these myths spread.

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A version of this article appeared in the print edition of The Sunday Times on August 05, 2018, with the headline 'Five common bitcoin myths demystified'. Print Edition | Subscribe