Bitcoin is one of the most famous cryptocurrencies around and it has strongly held people’s attention. The world is constantly going under change and people are no more just limited to traditional paper currency.
In the era of digitalization and technology, even currency has become digital and there is not just one but some many digital currencies out there. Bitcoin, Libra, Altcoin, Litcoin, and Ripple are just a few to name and the list continues. It is shocking that though people are investing blindly in Bitcoin with the immense belief of becoming a millionaire.
However, despite the hype around Bitcoin what is shocking is the fact that people have little or no idea about the whole scenario of Bitcoin. Where was it’s origin and from where it all started?
Also the less information has lead to a lot of rumors floating about Bitcoin which are off course not true. So, let me list out some of the wrong information about Bitcoin which is not at all true.
Let’s start:
- Bitcoin is a scam
Bitcoin is still very fresh and new. Only 40% of people are aware of the existence of Bitcoin and are actually using it. So, many people believe that Bitcoin is nothing but a Ponzi scheme made by a group of people at the top that are earning money by false claims. One day this bubble will burst and the value of Bitcoin will be zero and thus people will have wasted a lot of money by then and would be too late to back out.
Apart from this, people also give this reason for Bitcoin being a scam:
- It’s founder ‘Satoshi Nakamoto’ ran away.
- He himself his very rich with 1 million Bitcoins.
- People have lost huge amount of investments.
However, people do not know the basic concept behind these rumors. Yes, it is true that founder Satoshi Nakamoto’ left the project in between, but the reason is simple that he wanted to keep crypto-currency free from any human dependency.
As far as he owing 1 millions bitcoins is just a rumor, there is no proof that he has it.
As far as loss in investment is concerned, every trade comes with certain amount of risk; you have to face risk in every trade.
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Bitcoin mining is just wastage of natural resources!
Bitcoin mining though uses a lot of energy for mining but it also gives you money and immutability in exchange of such much power used. Also it is high time to invent a method for mining that uses less energy.
Bitcoin is used for illegal traders
Yes, it is true that in the Beginning Bitcoin was used in a illegal, dark site of USA called Silk road that dealt with drugs and other illegal products, but that is not the fault of Bitcoin for the way it was used!
However, later Bitcoin was supported by WikiLeaks which helped Bitcoin provide a place in the mainstream market.
Bitcoin is expensive
Many people wrongly assume that Bitcoin is expensive and only certain class of people can afford it, which is not at all true. Also people wrongly assume that they have to purchase one whole BTC. Bitcoins can be divided into fractions 10^-8 so you can buy Bitcoin with whatever money you have and whatever you can afford.
Bitcoin is not secure
Many people think that Bitcoin is not secure as it is online money and deals with online transactions whereas the same is not true. It is more secure than traditional paper currency. There are so many high security wallets available that make sure that your hard earned bitcoins are safe.
