What Bitcoin is not

All the stories you’ve heard

Let’s begin with the assumption that everything you’ve heard from friends, family, the media, or anywhere else about Bitcoin so far is either wrong or incomplete, and let’s go back to the fundamentals.

First, let’s clarify what Bitcoin definitely is not:

It’s not a get-rich-quick scheme. Sure, people have made "money", but Bitcoin wasn’t designed as a lottery ticket.
It’s not a physical coin you can hold. There’s no gold inside, and no banknotes: Bitcoin lives digitally.
It’s not a scam or Ponzi scheme. The tech is open, transparent, and mathematically sound. Scammers may lurk around it, but Bitcoin itself is as legit as it gets.
It’s not controlled by any government, company or institution.
It’s not only for criminals. Sure, some illegal transactions happen (same for traditional money), but most Bitcoin use is completely legal: think businesses, investors, merchants, even governments.
It’s not anonymous in the way you might think. Transactions are public; your name isn’t there, but your activity is (It’s still possible to have strong privacy with Bitcoin).
It’s not magic money. Bitcoin still follows rules, math, and code, no fairy dust involved.
It’s not going away if governments issue digital currencies: Bitcoin is decentralized and no one can switch it off.
It’s not all bad for the environment, as a matter of fact is the exact opposite.

We will dive deep into some of these points along the way.

Now that we’ve cleared up what Bitcoin isn’t, let’s take a look at what it actually is!