The Biggest Myths About Bitcoin

Bitcoin Myths

2021 is proving to be a massive year for Bitcoin. After the cryptocurrency managed to surpass the 2017 record in value, it is still showing no signs of slowing down as its value went over $50,000. Bitcoin is now so valuable, that it is on the same pedestal as gold, which is truly a wonder. No one could’ve ever thought that gold’s value would be reached, and yet, here we are. 

Even though Bitcoin is proving to have a lot of potential – it holds tons of advantages over the FIAT currencies, you can make a lot of money with it, and experts believe that Bitcoin can become an official global universal payment method in the future, there are still many conspiracy theorists that believe that Bitcoin is a scam. We wanted to take a look at some of the myths that surround Bitcoin and debunk them. Let’s check them out.

Bitcoin Has 0 Value

The number 1 myth that surrounds Bitcoin is that this cryptocurrency has no value whatsoever, which is wrong. Not only can you earn it, but you can make a massive profit with it. If you want to see for yourself how to make money with it, just check out trading sites.

These sites are platforms where Bitcoin is bought and sold. Not only that, but trading sites have advanced AI systems that can help sellers maximize their profits. How? Let’s take, a reputable trading site, as an example. This site’s AI system takes all the data about Bitcoin from the market, then analyzes it so that it can predict its future fluctuations. 

Bitcoin is a highly volatile cryptocurrency and if you have an insight into whether its price will go up or down in the near future, you will be provided with the information on when is the best time to sell it, thus maximize your profits. 

Nobody Accepts it As A Payment Method

The second myth that surrounds Bitcoin is that even though it may have some value, nobody accepts it as a payment method, which is a myth that is easy to debunk. There are tons of companies around the world that accept transactions with it, but to make sure that our argument is valid, we’ll take some well-known global brands. 

Wikipedia, AT&T, Microsoft, Starbucks, Whole Foods, and Home Depot are just a few well-known brands that accept Bitcoin as a payment method. Recently, even Tesla entered the business after the company invested over $1 billion in Bitcoin. They have stated that they intend to incorporate Bitcoin as a payment method for their vehicles shortly. 

Bitcoin Compromises Your Online Security

Considering the fact that Bitcoin is a digital currency and we live in an era of online scams, many question its security. But, the fact is, Bitcoin is a very safe payment method. All users gain a certain level of anonymity when they trade with it, thanks to the fact that Bitcoin utilizes cryptology technology. 

Additionally, Bitcoin has never been hacked in its history, which is not an accomplishment that many can praise. User anonymity combined with Bitcoin’s security makes this type of trading very secure. 

Its Network Doesn’t Exist

Reports state that there are over 5 million traders in Bitcoin’s network. Still, some believe that the network doesn’t exist and that this scam is designed to rob you of your money. We are going to debunk this myth similarly as the myth which states that nobody accepts it as a payment method. In this case, we’ll use celebrities that have joined the network. 

Logic, Floyd Mayweather, Snoop Dogg, Serena Williams, Bill Gates, Elon Musk, Gwyneth Paltrow, and Paris Hilton are some of the celebrities that have invested in Bitcoin.

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