Ever since the digital coin concept was introduced in 2008, there have been certain apprehension surrounding this cryptocurrency. Initially, the questions were raised about its sustainability and longevity. The opposition also claimed that Bitcoin is like a Tulip crisis and a bubble that is soon going to burst.
Despite all the odds, Bitcoin managed to strikethrough these apprehensions, and today it has emerged as one of the most powerful cryptocurrencies. Companies are spending millions of dollars to own way to share Bitcoin.
The list of investors doesn’t stop with companies and big traders, but even the individuals and the new age investors are looking forward to as a prospective future digital gold. There are several myths surrounding this cryptocurrency, and in this informative article, we are going to highlight such myths.
Some Common Bitcoin Myths You Need To Know About
This section of the article highlights some most common Bitcoin myths which you should be well aware of. Read on to know more-
- The users of Bitcoin are completely anonymous– Yes, anonymity is one of the significant features of Bitcoin, but here it is important to know that the concept of absolute and it doesn’t exist here. Each and every Bitcoin transaction is recorded in Blockchain.
Moreover, when a person shows interest in big coin exchange services or registers themself for trading in cryptocurrency, they have to share their detail. Several platforms have introduced the concept of knowing your customer, wherein they have to fill in all their details will stop; hence the concept of complete anonymity doesn’t exist in Bitcoin.
- The usage of Bitcoin will get in equal popularity as that of credit cards– Another myth that surrounds the crypto market. Most users of Bitcoin say that the use of Bitcoin will become equal to that of a credit card. But the fact of the matter is that the working of Bitcoin is not as fast as the credit card network. Scalability is one of the key issues that need to be addressed to make Bitcoin a part of mainstream transactions.
- Bitcoin is a bubble that is soon going to burst- We have been hearing this since the time Bitcoin was first introduced in the market. Although cryptocurrency has gained popularity, many people still believe that this is a Ponzi scheme and will soon disappear. However, Bitcoin has witnessed an overwhelming journey in the past ten years. From reaching a high mark of $60,002 dropping down to $30,000 being stable at it, there has been a considerable shift in it.
- Bitcoin is only used for illegal activities- Since the identity of the Bitcoin user is not completely revealed and there is no regulation, Bitcoin transactions have often been used for illegitimate activities. We cannot completely take away the fact that Bitcoin was never used for illegal transactions, but the fact of the matter is that many countries like the UK and the USA have imposed regulations to make cryptocurrency transactions more credible.
- Bitcoin cannot be used for making mainstream transactions- Well, if it had been a few years back then, we could have agreed on this fact, but today, companies are accepting Bitcoin payments and digital assets payments. There are around 2300 companies in us alone that have embraced Bitcoin payment. From making payments for Pizza Hut to booking hotels and flight accommodation, Bitcoin is not finding usability across the different industrial niches.
These are some of the key myths surrounding the cryptocurrency market; however, Bitcoin has overcome all the barriers and emerged as a powerful cryptocurrency. People willing to invest and not looking for a profitable Dr consider Bitcoin a possible choice.
At the end of the day, you should note that crypto investment is a new addition and can give you good returns, but this is only possible when you are vigilant and have a complete understanding of how the market operates as an investor; you should know where you should be investing your money and when you keep pulling yourself back from the market. So, if you are confident, you can register yourself on Bitcoin Pro software and start investing. This platform gives you access to explore the crypto world. Its special trading software simplifies the trading process for every investor. You can choose other crypto channels as well, but give it a good thought before registering on it.