So many people today are googling questions about Bitcoin, and not just the basic question of ‘What is Bitcoin?’- they want to know all about it. It’s a good sign that the public is starting to take the digital currency much more seriously.
Here are 13 of the most googled questions about Bitcoin, answered by Anthony Pompliano, Founder & Partner at Morgan Creek Digital Assets and former Product Manager at Facebook.
“Bitcoin’s definitely here to stay.”
2. Is Bitcoin a bubble?
“No, I don’t think Bitcoin’s a bubble.” Yes, the price has its drawbacks periodically, “but ultimately Bitcoin’s advantage is the technology and its ability to be transferred peer to peer and a decentralized public ledger.”
3. Is Bitcoin legal?
States and countries are already deciding whether to treat it as a property or currency.
*Note, Bitcoin is illegal in some countries.
4. Is Bitcoin safe?
“Why wouldn’t it be?”
5. Can Bitcoin be hacked?
No, but wallets can. “Bitcoin is one of the most secure networks if not the most secure network in the world.”
6. Can Bitcoin be traced?
Yes. “Bitcoin itself is actually on a public transparent ledger and so the only criminals that are using Bitcoin are idiots.” Criminals around the world still choose the U.S. dollar as their go-to currency.
7. Can Bitcoin crash?
Definitely. “Bitcoin’s favorite thing is to run up really fast and then crash really hard. The only people who actually care about that are all the people who are speculating on it but for all the people who actually understand the technology and really believe in the difference and kind of change that Bitcoin can bring they don’t get phased when it crashes.”
8. Can Bitcoin be shut down?
They can try but “it’s really really hard to kill an idea.”
9. Is Bitcoin taxable?
“Definitely taxable every time that you sell it…the IRS man is definitely coming.”
10. Can Bitcoin hit 100k?
Definitely. “I think that Bitcoin in 2018 is going to hit $50,000 dollars by the end of December, and I’ve seen estimates that Bitcoin will be at $100,000 by the end of 2020.”