Not everything you’ve heard about Bitcoin is true.
Bitcoin gets a lot of attention — and just as much misunderstanding. Headlines often focus on extremes, leaving out how Bitcoin actually works and why people use it.
Let’s set the record straight by tackling the most common myths holding Canadians back from understanding Bitcoin.
For beginner-friendly education, visit the 1Bitcoin.ca Homepage or explore the Bitcoin Resources Hub.
Myth #1: “Bitcoin is only used by criminals”
This is one of the oldest myths — and one of the easiest to debunk.
Today, the vast majority of Bitcoin transactions take place on a public blockchain, meaning activity is transparent and traceable.
In fact, Bitcoin’s open ledger often makes it easier for law enforcement to track funds compared to cash.
For a deeper explanation of how Bitcoin transparency works, see the Resources Hub.
Bitcoin is used by:
- Businesses
- Families
- Nonprofits
- Everyday Canadians
Just like the internet itself, misuse doesn’t define the technology.
Myth #2: “Bitcoin has no real value”
Bitcoin’s value comes from several well-defined properties:
- Scarcity (only 21 million coins will ever exist)
- Durability
- Portability
- Global acceptance
Just like gold or real estate, value is determined by what people are willing to exchange for it — and how well it protects purchasing power over time.
To understand how money, value, and purchasing power connect, see our Fees & Value Guide.
For a deeper dive into Bitcoin’s monetary properties, visit the Resources Hub.
Myth #3: “It’s too late to get in”
Bitcoin may be past its earliest experimental phase — but it’s still early in global adoption.
Only a small percentage of the world currently uses Bitcoin, and many institutions are still in the learning stage.
Buying even a small amount and learning how Bitcoin works is still meaningful today.
If you want to explore at your own pace, the Resources Hub is a great place to start.
And if you choose to try Bitcoin hands-on, starting small via Bitcoin Express keeps things simple and non-custodial.
Myth #4: “Bitcoin is bad for the environment”
Bitcoin mining does use energy — but energy use alone doesn’t tell the full story.
Bitcoin mining relies on proof-of-work, a system that secures the network and makes it extremely difficult to attack.
Increasingly, mining:
- Uses surplus or stranded energy
- Helps stabilize power grids
- Incentivizes renewable infrastructure
For balanced, research-based discussion on Bitcoin and energy, explore the Resources Hub.
Myth #5: “If I lose my phone, I lose my Bitcoin”
Losing your phone does not mean losing your Bitcoin — if you’ve set things up correctly.
Bitcoin wallets are backed up using a recovery phrase.
That phrase — not your phone — is what controls access.
As long as you’ve secured your private keys, you can restore your wallet on any compatible device.
Best practices for safe storage are covered step by step in the Self-Custody Guide.
Myth #6: “I have to buy a whole Bitcoin”
You don’t.
Bitcoin is divisible into 100 million smaller units, often called satoshis.
You can buy $10 worth — or even less.
This divisibility makes Bitcoin accessible regardless of income level.
Understanding how small purchases work is explained in the Fees & Value Guide.
Final Thought
Bitcoin isn’t magic — and it isn’t a scam.
It’s a new kind of money with real tradeoffs, real benefits, and real learning curves.
The more you explore beyond headlines and hype, the clearer Bitcoin becomes.
For Canadians who want to learn safely and without pressure, start with the 1Bitcoin.ca Homepage or continue exploring guides in the Bitcoin Resources Hub.
Understanding always comes before adoption.
