There are numerous Bitcoin myths spread all over the internet. There are also instances where you might need to set your mind straight and find out things for yourself. So, in this detailed, informative article, we will discuss the 7 most common myths about Bitcoins as well as some thought-provoking facts about this cryptocurrency that you might have never known before. Read on to know more in detail about Pros of bitcoin by clicking here.
Read on to know more in detail to have an overall better understanding!
1. Bitcoin is anonymous-One of the primary means associated with cryptocurrency is that it is anonymous. It means that the user’s identity is not at all revealed, even if we are dealing with cryptocurrency. Where is the fact is this is not completely true. Although the complete identity of the user is not revealed, you have the cost associated with the person.
2. Bitcoin is used mostly for illegal purposes– Another common myth associated with bitcoin is that it is mostly used for illegal purposes. Well, we cannot ignore the fact that even we have currencies that are being used for illegal work. Hence we cannot completely blame bitcoin for the same. Most of the investors in bitcoin or regular people like you and me. Around 29% of millennial parents in the US have shared in bitcoin.
3. Bitcoin is a pyramid scheme-The people who don’t believe in bitcoin were it to the pyramid scheme. It means that it is a fraudulent investment that is not going to give the investor the right returns. But bitcoin surpassed all this, and today it has become the most prominent cryptocurrency with the highest market capitalization. Also, the return is on the higher side when it comes to investing in bitcoin. The value of bitcoin reached a mark of dollar 65,000 in 2021.
4. Bitcoin is a bubble-Many people believe that bitcoin is a bubble and it is soon going to burst. But if we have a closer look at its story at the market value and the future, we can conclude that bitcoin is here to stay. Its value reached a mark of dollar 65,000, and in 2022 it had seen a dip of 19,000. But at present, it has again shot up to dollar 21,000. This changing fluctuation is in the direction of sturdy growth. Hence we cannot say that bitcoin is a bubble. Moreover, cryptocurrency has managed to survive a decade and is continuously growing.
5. Bitcoin is a Ponzi scheme-The people who do not support the idea of bitcoin believe that it is a Ponzi scheme and will soon end. Investing in it will give you losses, and hence one must stay away from it. However, bitcoin is not so. People have gained a huge return from it. But if you are looking for a quick return on investment, then you should not use a bitcoin. Investors believe that investing in bitcoin and Ethereum is a long-term goal.
6. Bitcoin is a money laundering tool- as much as bitcoin holds its positivity, certain negative things surround this cryptocurrency. One such aspect is its usage in illegal activities like money laundering. Corruption is a big problem in most nations, and with cryptocurrencies, it will become easier. But we cannot completely blame bitcoin for the same. Even the Fiat currencies find applications in corruption and illicit activities, so we cannot completely blame Bitcoin for the same.
7. Bitcoin is a fad– It is believed that bitcoin is a bubble and is a trend going on in the market. It is because of this reason people are investing in it. But the fact is something different. Something popular doesn’t make it a fad. Bitcoin Hai holds a lot of propositions for the future. For example, there are 15,000 companies accepting bitcoin payments. Its value has risen, and it is finding futuristic growth.
Conclusion
This brief discussion on myths surrounding cryptocurrency, especially bitcoin, and the reality behind it would have cleared the air surrounding bitcoin. Hence if you are convinced with the idea that bitcoin is here to stay and you are willing to invest, be sure to check out. There are other crypto platforms to explore, however, you should focus on finding a platform that is easy to use and also gives you rewarding results. With the above-mentioned facts about Bitcoin, you can now make an informed decision in crypto investment.
