Finances

5 Myths and Misconceptions About Bitcoin People Think Are True

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Written by Quentin Hack

Cryptocurrency has hit out market and is spreading globally. Although it took some time for us to know but now every day more people get involved with it. Thus, the use, investments and interest in this digital currency increases. The biggest hit in the crypto world was and still is Bitcoin. Even if people know less about cryptocurrencies, they are at least well aware of the word Bitcoin.

However, with fame, hate also rises. Likewise, when something becomes famous, misconceptions about it also spread in the market and users. Some people say words that are completely out of the world like it is a plan to control the whole world. Likewise, you might also hear that the news about Bitcoin is a conspiracy and it will vanish away one day.

However, none of them are actually true. At least, the facts are against these statements. Therefore, if you are interested in working with Bitcoin, you will need to clear out your thoughts first. Other than that, you will also need the right tools to do trading. Mining is not a cup of tea for everyone. Therefore, most people start from trading.

And to do trading, you will need a trading app like thebitcoincode. It allows you to optimize your trading at your skill level. If you are not very good with these things, you can change your level. Likewise, if you are a master of trading have a lot of luck, you can increase your level and earn. So go to www.thebitcoincode.io  and set up the application according to your expertise.

So what about the myths?

Of course, we are going to talk about them too. Here are some of the myths that a lot of people know about. So if you have also heard something like this, it is not the whole truth.

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1.This digital currency is only for speculation

A lot of people still do not take Bitcoin as a real-world currency. Although it was a unique idea and is a digital currency but its use has been increasing with time. Just like you shifted from cash to credit cards and mobile wallets, there is now digital currency in the market.

You can have free transactions, can transfer money all over the world and can do international shopping. You can buy art pieces, branded glasses and clothing and also bags and also cars. And guess what? You can buy private planes and yachts too.

The world is accepting bitcoin with open hands. The daily transactions through Bitcoin reach about 10 billion dollars. Furthermore, the number of transactions is around 305,000 on a daily basis. Although all the transactions are confidential and you do not know the person behind them, but the number of transactions is true. In addition to this, people have been doing shopping and a lot of international brands now accept Bitcoins. So it has become a part of our real world.

2. It is a pollutant and a waste of energy

No doubt Bitcoin mining consumes a lot of energy but it is not a waste. Do you know the definition of waste? It is something that serves no purpose. However, Bitcoin is beneficial for a lot of people. It is revolutionizing our financial sector.

Furthermore, it allows us to do international transactions without a fee and a higher charge rate. On the other hand, if you use a banking system, you will need to pay taxes as well as transaction fees.

And if you are worried about the use of electricity, it is because of mining. Mining consumes a lot of electrical energy and people say that the electricity is produced through non-renewable energy resources. However, this is not true. 39 percent of mining is done through energy produced from renewable resources. Therefore, it works through geothermal energy and hydroelectric power.

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3. It is too volatile to trust

Yes, Bitcoin is a volatile currency and there are certain risk factors too. However, this does not make it untrustworthy. At first, gold prices were also considered volatile. In the 1970s, the prices soared an all-time high from previous years. Afterward, it never went down from that. But instead, the prices keep on a raise.

Therefore, from the excessive use of Bitcoin, we are expecting it to become a complete part of this world. That is why, even if you want to store it as a value, it won’t be a bad deal.

4. Governments won’t let Crypto live

There is a difference of opinion about the acceptance of crypto around the world. Some governments accept bitcoin but others don’t. However, their cold shoulder does not mean that they will destroy it. Instead, it is just some security concerns that do not allow them to use it as freely as others.

Belarus, Russia and Nigeria and some underdeveloped and developing countries have not yet legalized bitcoin.

On the other hand, Canada, the U.S and other western and European countries have accepted it as a real currency. They have proper guidelines and regulatory authorities to manage cryptocurrency. Furthermore, some of them do not allow their banks to regulate Bitcoin. However, they allow their people to use it and do trading through bitcoins.

Therefore, it is only a myth that the governments will kill bitcoin and other cryptocurrencies. Central banks can allow the processing of bitcoins because all they care about is financial stability. So they will go with the one that provides the profit.

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5. Bitcoins are fading

Another common thing that you might hear now is bitcoin is fading because other cryptocurrencies are becoming common. Although we are now expecting a lot of cryptocurrencies, but they cannot take away the position from Bitcoin.

It has already reached one of its peak points and there is still hope for it in the future. Even if we get a lot of other cryptocurrencies, bitcoins will still be there. Because they are already being in use for shopping.

About the author

Quentin Hack