Bitcoin is labelled as one of the biggest inventions in the financial industry. Unlike FIAT currencies, which are designed to make a profit for the banks and governments, Bitcoin is a user-orientated cryptocurrency that is designed to protect its users and provide the biggest benefits for them. Some of these benefits are user anonymity, instant transactions, no hidden or added fees, and the chance to make a profit.
As Bitcoin’s infrastructure keeps growing, the support that this cryptocurrency is getting is surreal. Millions of people use it already and experts believe that millions more will join soon. Some have even stated that Bitcoin has the potential to become the universal payment method in the distant future.
But, there are still some people that oppose it and consider this cryptocurrency a scam. They have created various myths about it; some of which are very silly. We decided to dive into this topic and name some of the biggest myths that surround Bitcoin and while explaining them, we are also going to provide you with facts which will debunk them. Let’s begin.
Trading Sites Are Scams
One of the biggest myths that surround Bitcoin is that trading sites are scams and that they are designed to rob people off of their money. The reason as to why some believe this claim is that they do not trust that trading sites have the type of technology which allows traders to sell Bitcoins and make money.
Just to clarify, the way that trading sites work is that they apply an advanced AI software which collects all the data on the market and makes an expert prediction on what the future price of Bitcoin will be, thus letting the traders know when is the best time to sell their Bitcoins and maximize their profits.
One of the most reputable sites of this character is Bitcoin Equalizer. This site has thousands of registered users around the world. Yet, many disbelievers have Bitcoin Equalizer scamstatements and try to discredit the site. This myth is not true and it is easy to debunk it. The proof? The thousands of people that have registered accounts on these platforms. To make things even easier, some celebrities have even invested in these sites.
Bitcoin Has No Value
Next up, we have possibly the most popular myth connected to Bitcoin. The second thing that disbelievers claim is that Bitcoin is a farce and that the cryptocurrency actually has no value at all. Bitcoin is currently valued at around $34,000, which is a record-breaking value and one that breezed past the 2017 record.
Furthermore, many people have managed to become wealthy over a matter of days thanks to selling their Bitcoins in the best time.
You Cannot Complete Transactions With It
Those that do believe that Bitcoin has a certain value, claim that even though it is worth something, you cannot complete any transactions with it, which makes the cryptocurrency useless. There are plenty of shops online that do accept Bitcoin as a payment method.
To make things even better, some of the world’s most reputablebrands recently joined the network and started accepting transactions made with it. Certain cities have Bitcoin ATMs in shopping malls and they allow you to trade your Bitcoins for a certain amount of money.
Bitcoin Is Not Secure
Those who do believe that Bitcoin has value and that you can complete transactions with it, neglect the cryptocurrency by stating that it is not secure. The reason for that? Bitcoin is a digital currency and considering the fact that the number of online scams has reached record-breaking numbers in the past couple of years makes them believe that the cryptocurrency is far from safe.
The reality is totally opposite. Bitcoin is by far the most secure currency on the market. How? As we mentioned at the beginning of this article, Bitcoin provides its users with a certain level of online anonymity. The anonymity increases their security by a milestone. This is done through the method called cryptography.
One additional proof that Bitcoin is as secure as it can be is the fact that even though this is a digital currency, it has never been hacked.