A major myth surrounding Bitcoin is that it is anonymous and this has gained the cryptocurrency favor with the operators in the darknet. However, bitcoin is not anonymous, it is only pseudonymous, meaning all transactions are publicly logged using bitcoin addresses and it is easy to identify all addresses in the a chain if just one is known. This apparent anonymity bestowed on bitcoin has enabled it to be used in criminal activity.Given its highly volatile price, Bitcoin is often viewed as a speculative investment. The digital currency is mainly viewed as a niche and high risk investment and hence, only spare cash must be put into this. In 2013, when Bitcoin set a then record price of $1,124.74, former Federal Reserve Chairman Alan Greenspan called Bitcoin a “bubble” in an interview to Bloomberg News, saying that the digital currency lacked intrinsic value. Soon, Nobel Laureate Robert Shiller also said bitcoin could be a speculative bubble. Since then several studies and bitcoin enthusiasts have tried to dismiss this claim, while those in traditional finance have repeated the warning.Another major misconception about Bitcoin is that the digital currency is beyond government control. While it is true that Bitcoin is decentralized and is not legal tender anywhere, the transaction involving bitcoins are governed by the law in almost all countries and are taxable. Further, illegal activities involving bitcoins can attract legal action.Most people also think that bitcoin and other cryptocurrencies are only for tech guys and does not find much use in real life. This myth is debunked by the use of bitcoins in everyday transactions such as payments at retail stores and internet shopping. And acceptance of bitcoins by companies such as Microsoft and Dell as payment for digital services and content helps to bury this myth.