Fidelity: These Are the Most Common Misconceptions People Have About Bitcoin, and We're Here to Address Them

Tell ordinary people unfamiliar with Bitcoin that these are all misconceptions about it. There remains considerable criticism and misunderstanding surrounding Bitcoin. Let us review and respond to these. The following are the most common criticisms we have discussed multiple times, but given the recent surge in Bitcoin attention, we want to share updated responses. Specifically: Bitcoin's price is too volatile to serve as a store of value. Bitcoin cannot be a means of payment. Bitcoin is a waste of resources. Bitcoin is used for illegal activities. Bitcoin is not backed by anything. Bitcoin will be replaced by competitors.