Most Common Myths About Bitcoin Debunked

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Bitcoin is the most talked-about subject in the global financial industry. As it keeps breaking records on a daily basis, thousands of people join its network in the search of profit. Not only that, but this cryptocurrency is far superior to FIAT currencies when it comes to making payments online. It is extremely secure, provides instant transactions, and allows users to avoid all unnecessary fees.

Speaking of the chance to make a profit, there are reportedly around 100,000 millionaires in the world who managed to make a fortune by trading with Bitcoin. Additionally, its network counts over 5 million users.

Even though Bitcoin is as legit and legitimate as it can get, there are still many people who believe that it is nothing but a scam. That is the reason why many myths surround this cryptocurrency. That is exactly the topic that we wanted to discuss in this article. We are going to take a look at some of the most popular myths about Bitcoin and debunk them as easy as we can. Let’s check them out.

Bitcoin Has No Value

The first and most common myth connected to Bitcoin is that it has no value. First off, Bitcoin is extremely valuable. Not only that, but it is on the same scale as gold. Thanks to its value, millions of people are able to make money.

If you are wondering how they do it, they use trading sites to help them sell their assets and generate the highest possible revenue. Reputable platforms like Bitcoin Code collect all the data from the market about Bitcoin and use it to make accurate predictions on its future fluctuations. The results are then shared with the traders who know when is the best moment to sell their Bitcoins and maximize their profits.

These trading sites helped many people battle with Bitcoin’s volatility. As you may know, Bitcoin is a highly volatile cryptocurrency and its value goes and up and down with each passing day. Alternatively, you can use Bitcoin ATMs to sell Bitcoins and make money, but they are not as accessible as trading sites and charge a lot of fees.

You Cannot Use It To Purchase Products/Services

The next myth that we are going to debunk is that you cannot use Bitcoin as a payment method and purchase products or services. This can easily be debunked as there are tons of businesses that accept it. We are not going to name some unknown local shops, but global brands.

The list of global brands that accept Bitcoin as a payment method includes Shopify, Expedia, Overstock, Wikipedia, Microsoft, and most recently, even Tesla. Back in February, the company announced that they invested $1.5 billion in Bitcoin. Not only did they make a billion in profits, but they also announced that they will accept it as a payment method for their vehicles.

Nobody Has Invested in Bitcoin

Lastly, the third most popular myth is that nobody invests in Bitcoin. We are going to tackle this myth similarly to the previous one. Instead of naming one of the 5 million users, we are going to list some celebrities that are affiliated with this cryptocurrency.

The list includes Serena Williams, Logic, Elon Musk, 50 Cent, Snoop Dogg, Gwyneth Paltrow, Bill Gates, and many more. All of these names have invested in Bitcoin.

Bonus Myth – Satoshi Nakamoto

A bonus myth that not even we can debunk concerns the creator of Bitcoin – Satoshi Nakamoto. To this day, nobody knows who is Satoshi. We don’t know his gender, age, or nationality. Satoshi Nakamoto is just a pseudonym that this individual goes by.