Now, with nearly 77 000 000 fans on Twitter alone, everyone knows Ellen DeGeneres is awesome. From playing hilarious scare pranks on her guests (on some of them several times) to seeing eye to eye with Barrack Obama to highlighting the importance of some of the most pressing issues in the world, Ellen has enthusiastically accompanied us through the years.

Some of them have been euphoric, some not so much, and others openly catastrophic, just like the history of Bitcoin. Dazzling, brilliant, seductive and unpredictable – we’re talking about both Bitcoins and Ellen here. No wonder the two worlds have collided. It was only a matter of time until Ellen Degeneres voiced her opinion on the Bitcoin.

Bitcoin is a goat

One of the most famous and fantabulous comedians and show hosts spoke about the Bitcoin and its volatility in her recent show, highlighting Bitcoin’s weak spots: its volatility, unpredictability, and the fact that it’s kind of…not there.

She paired up cryptocurrency and digital democracy digital goats, stating Bitcoin is “like a picture of an adorable baby goat that you want to pick up and cuddle, but it doesn’t exist except for on that Internet.”

“Personally, I’d rather own a baby goat” – Ellen said after going through all the problems with cryptocurrency that have been highlighted before (or even ever since it was introduced in any way that counts). Ellen, while, it seems, lacking thorough technical understanding of how Bitcoins (or baby goats) work, displayed a remarkable insight into the issue. For example, she stated: “Who wouldn’t feel safe with their life savings on a piece of plastic that can go into the washing machine?”.

Is Bitcoin a goat?

Now, there is a lot of truth to the fact that Bitcoins and cryptocurrency, in general, are not tied to any tangible assets, meaning users create the demand for them.

Their anonymity is also a perfect cover for all manner of sin. That also is the reason why this type of currency has been so popular with all people who are tired of living under the watchful eye of the Big Brother.

It seems you can’t sneeze without signing a consent form (and, of course, someone will be putting out a video on YouTube). In an age where there is almost no privacy left, people like the idea of being able to handle their own finances without reporting to anyone. Bitcoins have a few substantial advantages. But are their flaws so glaring and uncontrollable as Ellen said? Let’s take a look at the common myths.

Facts Vs Myths

Investing in Bitcoin will either make you very rich or you’d be very broke

While there is truth to the fact that you can lose a lot of money on some stocks and shares and everything that has fluctuating value, it is very rare for something to fall in price so drastically overnight that you would lose all your money.

If you know anything about trading, you will always diversify and spread your investments, watch the stocks carefully, and even make money when some shares, or in this case Bitcoins, drop in price.

The stock market survived a lot of crashes, but it’s still here, bigger and better than ever. And so is Bitcoin. Which is now more and more readily accepted in the world.

There is a reasonable chance of washing your Bitcoins into oblivion

With a combination of an electronic wallet, the key to which is securely kept on your hard drive, and sensible precautions, you won’t lose your money even if you lose your hard wallet. There are all kinds of backup set-ups that will allow you to get your money back. As long as you are reasonably careful, you can retract any changes you make in case something goes sour.

Bitcoin doesn’t exist in real life

In a sense, blockchain, because it is a decentralized network, meaning every member of the network has a copy, it is a far more reliable resource than the official currency or the banks whom you have to trust to get things right.

We won’t get into the technicalities here, and you probably know all of them anyway if you’re intelligent enough to come here, but essentially, it all comes down to dependability. Bitcoin is so far the most dependable system of all systems known to men. There is even a potential for building the world’s first real democracy using blockchain.

So we’re not sure overall whether there is much truth in the rumors about Bitcoin’s flaws and its dark, uncertain future.

It seems to have recovered from its recent dip, now stabilizing at just over $9500, and is accepted in more and more places now as means of payment. But we do admit it’s true, it’s very frustrating not being able to pick up and pet every baby goat you see. We think everyone should be given a free baby goat. And a Bitcoin. The world would be a much nicer place then.