Bitcoin has now entered its fifteenth year, yet in Europe many people still see it through outdated headlines and half-truths. For some, it is still the currency of criminals. For others, it is a waste of electricity or just a toy for speculation. These misconceptions persist despite the fact that governments, banks, and businesses across the continent are experimenting with digital currencies and blockchain solutions.
Myths spread easily because they sound simple, while the truth is more complex. But understanding Bitcoin today does not require technical jargon. What it requires is setting aside old narratives and asking what the evidence really shows. Here are five of the most common myths and why they no longer hold up in the European context.
1. Bitcoin is only for criminals
For many Europeans, the first time they heard about Bitcoin was in news reports about online black markets or ransomware attacks. Stories about the Silk Road marketplace, combined with frequent headlines about hackers demanding Bitcoin, created the impression that this currency is built for crime. Even today, critics claim that most Bitcoin users are criminals laundering money or avoiding taxes. This stigma has stuck, and many assume that when someone converts btc a eur, they are hiding shady activity rather than making a legitimate payment or investment.
Why is it a myth?
This image is outdated and misleading. Research by blockchain analytics firms like Chainalysis shows that less than one percent of Bitcoin transactions worldwide are tied to illegal activity. By contrast, cash remains far more common for criminal purposes because it leaves no digital record. Bitcoin’s blockchain is fully transparent, every transaction is permanently recorded, making it far easier for law enforcement to track suspicious activity. In fact, European regulators and police agencies already use blockchain analysis to investigate fraud and crime. Today, the vast majority of Bitcoin use in Europe comes from investors, traders, businesses, and even charities. Instead of being a criminal tool, Bitcoin has matured into a regulated, traceable financial asset.
2. Bitcoin wastes too much energy
One of the most common criticisms across Europe is that Bitcoin consumes massive amounts of electricity. Headlines often compare the Bitcoin network’s energy use to that of small countries, which sparks fears of environmental damage. With Europe pushing ambitious climate goals and transitioning to renewables, the idea of Bitcoin as a climate villain resonates strongly. Many Europeans assume the network is fundamentally unsustainable.
Why is it a myth?
It is true that Bitcoin uses energy, but the debate is more complex than critics suggest. Unlike traditional banking systems or gold mining, Bitcoin’s energy use is transparent and measurable. Studies now show that an increasing share of Bitcoin mining relies on renewable energy, especially in regions like Iceland, Norway, and parts of Germany where excess wind or hydro power can be put to use. This makes Bitcoin one of the few industries incentivized to seek cheap, surplus green energy. Moreover, the energy debate often ignores the environmental footprint of the existing financial system, which requires thousands of bank branches, data centers, and physical infrastructure. In Europe, where renewable adoption is accelerating, Bitcoin is increasingly aligning with sustainable energy practices rather than opposing them.
3. Bitcoin has no real world value
Skeptics often argue that Bitcoin is just numbers on a screen with no tangible backing. Unlike euros, which are issued by the European Central Bank, or gold, which has industrial uses, Bitcoin is seen by some Europeans as speculative magic internet money without intrinsic worth. This belief has fueled warnings from financial commentators who claim that sooner or later, Bitcoin will collapse to zero.
Why is it a myth?
Value in any currency comes from trust, adoption, and usefulness, not from physical backing. The euro itself is not backed by gold but by the economic and political framework of the Eurozone. Similarly, Bitcoin derives value from its scarcity, security, and global demand. Across Europe, Bitcoin is already used in practical ways, such as companies accepting it as payment, families using it for remittances, and investors treating it as a hedge against inflation. Far from being valueless, Bitcoin has proven staying power over more than a decade and continues to grow in adoption worldwide.
Conclusion
Bitcoin has been misunderstood for years, and myths still cloud public opinion across Europe. Concerns about crime, energy, and value continue to circulate, but they rarely match the reality of how Bitcoin is used today. In truth, the network is transparent, increasingly green, and valuable as a scarce digital asset. By moving past outdated misconceptions, Europeans can engage with Bitcoin in a more informed and confident way, seeing it not as a threat but as an evolving opportunity in the digital economy.