This myth stems from Bitcoin's early association with online black markets. However, the reality is that illicit transactions are a very small percentage of all Bitcoin transactions. Advanced blockchain analysis tools have made Bitcoin transactions more traceable than commonly thought, reducing its appeal for such purposes. Traditional financial systems and fiat currencies still remain the primary conduits for illegal activities.

Critics often argue that unlike gold or fiat currencies, Bitcoin has no intrinsic value. However, Bitcoin's value derives from its unique features like its fixed supply (capped at 21 million coins), security through decentralisation, and the growing consensus among its users and investors about its value as a digital store of wealth and a hedge against inflation and currency debasement by central banks.

While Bitcoin has experienced significant price volatility, labelling it as just a bubble overlooks its growing adoption and resilience over more than a decade. Increasingly, institutions and traditional investors are recognising Bitcoin as a legitimate asset class, adding it to their portfolios for diversification and as a hedge against inflation, increasing deficit spending and currency debasement.

Bitcoin does consume a significant amount of energy, primarily for mining operations. However, a substantial portion of this energy comes from renewable sources. Bitcoin mining often utilises surplus energy that would otherwise go to waste and can act as a stabilising force for renewable energy grids by providing a flexible load.

It's a common misconception that Bitcoin is frequently hacked. The Bitcoin network itself, powered by blockchain technology, has proven to be extremely secure. Most security breaches involve third-party services like cryptocurrency exchanges or individual user wallets, not the underlying Bitcoin protocol. Moreover, over it's 15 year life, the bitcoin network has an uptime of 99.98% - unmatched by ANY other network.

Critics often point out Bitcoin's limitations in handling a large volume of transactions due to its block size and time. However, innovations like the Lightning Network and Liquid are addressing these issues, enabling faster and more efficient transactions, suggesting that Bitcoin can indeed scale to meet higher demand.

While governments can regulate or attempt to restrict Bitcoin use, the decentralised nature of Bitcoin makes it inherently resistant to shutdown. Its global, borderless nature means that as long as there is internet access, Bitcoin can operate, irrespective of individual country regulations.

Bitcoin's price volatility is often cited as a reason it can't function as a currency. While its volatility is higher compared to traditional currencies, Bitcoin is increasingly being adopted as a means of payment. Its potential as a 'digital gold' and a store of value also counterbalances concerns about its volatility.

The environmental impact of Bitcoin is a hot topic. While Bitcoin mining consumes a considerable amount of energy, this perspective often ignores the context — such as the types of energy used and the potential for driving innovation in renewable energy sources. Moreover, comparing the environmental impact of Bitcoin to that of traditional banking and gold mining can provide a more balanced view. Bitcoin mining currently uses over 50% renewable energy (more than ANY other industry sector) and utilises significant amounts of energy that would otherwise be wasted.

It's commonly thought that Bitcoin transactions are anonymous. However, they are pseudonymous. All transactions are recorded on a public ledger, and identities can potentially be traced through sophisticated blockchain analysis. True anonymity is much harder to achieve with Bitcoin than often perceived.