Bitcoin is the biggest news in the world of investing for a few years now. Every day you hear something about it that makes your head spin. We’re talking about the breakthrough it makes even as we speak. It changed the way we see investment. BTC showed that fiat currencies can be easily replaced. People are getting more acquainted with it more and more each day. It’s been more than a decade since it was first introduced and many misconceptions that followed it are now behind us.
While that’s the truth it’s only a part of it. This digital currency has a massive fan base, but to many people all around the world, it’s still a mystery. Even to us, who are well-versed in all things Bitcoin some things still seem like a work of fiction. We can all thank Satoshi Nakamoto for that. For the newcomers, BTC has plenty to offer but also provides some traits that make people feel insecure. Some of them are even giving it mythological properties.
There’s no reason to go that far, as this digital currency is now a part of the daily life of most brokers and amateurs in investing all over the world. BTC and similar currencies can be traded every day throughout the whole year, and they show no signs of stopping, slowing down or disappearing. If you’re willing to try your luck and knowledge with this crypto you should try out the Bitcoin traders app. But, if you’re still feeling insecure, keep on reading, as we’re about to show you the five common Bitcoin myths you’ve always believed as “facts.” Let’s start.
1. It’s Not Applicable In The Real World
What’s even the real world? We thought that all of us live inside of a Matrix? Well, BTC certainly does have that sci-fi vibe. Because of it, there are plenty of those who don’t trust it and don’t see how it can be applied to the real world. Bitcoin is a digital currency so for many laics out there it can only be used in the virtual world. This couldn’t be further from the truth. As we already stated, this currency has been around for more than a decade, and as such reached every corner of every financial market. You can use it as a method of payment in every corner of the globe. For a while, it was possible to order a Tesla Model 3 using BTC. The best part about it is that it can be used directly without the need of a middle man such as banks. So, it’s not only that it can be said in the real world, and in everyday life, soon it might be the best way to deal with your financial transactions.
2. It’s Illegal
The legality of BTC is often brought into question. But, only by the people who don’t know anything about it. Because it showed massive signs of volatility when it was still young people distrusted it from the start. Later on, BTC gained much stability, but it’s still very volatile compared to standard financial instruments. Furthermore, it’s not tied to any central institution or regulatory body, which makes people distrust it even to this day.
Those who are not familiar with digital currencies don’t’ understand that this is their biggest advantage. An advantage they could soon lose, as there are plans in many countries to bring digital currencies under the umbrella of central banks and governments.
Maybe this will serve as a satisfactory development for people who see it as illegal. Trust us, it’s perfectly legal in all parts of the world.
3. BTC Is Not Valuable
For most people, what they can’t feel with their hands doesn’t have any value. This couldn’t be further from the truth. That’s why gold hasn’t lost its value even after centuries of being the dominant asset in the world of finances. The last time Bitcoin had little value was back in 2009 when it was just invented. Back then a coin wasn’t worth more than a couple of dollars. With time, its popularity rose, and only a year ago it was worth almost $70,0000 per coin. As you can see it is quite valuable. Yes, due to its volatility it often rises and drops in value, but you can’t deny that it is quite a refreshment on the financial market.
Whatever you might say or think about it, you can’t argue that it’s not valuable. You just can’t!
4. Bitcoin is Just Another Cryptocurrency
Since the early days of digital currency, many things have changed. First of all, today you have plenty of cryptocurrencies to choose from. Each day we have a new one. Right now there are more than a thousand active ones. Some of them are aiming at BTC to take its throne. The most popular digital currencies next to the famed BTC are Ethereum, tether, and Binance Coin among many others. What you need to know is that not even one of them comes close to BTC. Not even when you’d combine some of the leading cryptos BTC wouldn’t be overthrown. It’s a work in progress, but so far, it’s been a big failure for other digital currencies. BTC is the king, and this will remain as such for the foreseeable future.
5. Mining Crypto Endangers Environment
It’s easy to spout nonsense when you don’t know what you’re talking about. Many people believe that only because mining Bitcoin leaves a carbon footprint it’s harmful to our environment. Yes, mining drains a lot of energy, and its effects are visible. But, they’re nowhere near to what some media might portray for clicks.
The best part is that due to the limited amount of crypto left to be mined, all the activity revolving around this particular crypto will cease in the not-so-distant future. This planet has bigger issues at hand than people who mine BTC for a living. Mining is still not a process that suffocates the world, and when compared to the entire world’s banking system is nowhere as near as harmful. But, the myth is alive and it needs to be dispelled.