Cryptocurrency is capturing a considerable share in the market capitalization of the digital economy because people are in love to invest their money to generate attractive profits. If you want to make simple and safe Bitcoin transactions, visit the platform like this app, where you can make your trading journey much better. In addition, these virtual tokens generate a unique marketplace with total transparency.
In the beginning, people also doubted bitcoin to be a bubble similar to the existing asset in the market. Still, with its high-end concept, they are now sure that one-day bitcoin will beat all the currencies across different countries. The high adaptability of bitcoin is getting more powered by various sectors, generating more profit for the investors. It has been “considered the king” of Cryptocurrencies, which are increasing daily, and will remain on top until no one likes it anymore.
Some people are already on this topic that bitcoin restriction is coming soon. Still, in my opinion, if all authorities were competent enough, they would not have banned bitcoin because all world’s countries would lose the valuable money which comes from bitcoin too. But still, there are many myths about these digital coins, so it is crucial to clarify such doubts through this write-up.
Myth 1. Bitcoin will replace banks in the future
Who thinks that banks will disappear in the next ten years? It will not happen because even if people use bitcoin regularly, customers still need some bank for their savings, checking, or retirement accounts. Banks don’t want to lose such a significant amount of money, and people are sure they will fight against cryptocurrency as much as possible so their customers won’t go the whole bitcoin.
This topic is about the feasibility, but it will not happen shortly because bitcoin has proved itself since 2013 that it is valuable and workable for everyone across the globe, so no one will want to lose their money for nothing. To make this matter easier, why would you choose a random app or website built from scratch when you can easily use cryptocurrencies and quickly transfer your money which is more reliable than bitcoin?
So banks will stay with us long because people still need them, and they will not disappear soon.
Myth 2. Bitcoin is anonymous, so you don’t need to show your ID
Let’s talk about this myth as a layman because it is true that bitcoin has provided you with a unique address for transactions. However, it does not always mean that this myth is true because you still need to submit your identity proof to verify your account and use any cryptocurrency for investment; it means that this myth is nothing more than just a myth. Furthermore, this myth is also not true because even if bitcoin has been introduced as a fully decentralized currency, no one can deny that you have to register yourself to a certain extent, which means that someone will track your transactions, money, or others.
If you are using bitcoins to buy something from particular stores or platforms, it won’t be easy to trace them. Still, if someone wants to track your transaction history, then no matter what you want, hackers would also be able to find all your details by tracing your IP address. So there is nothing called 100% security in cryptocurrency because all technology has weaknesses and exploits.
Myth 3. Bitcoin is a Ponzi scheme
Bitcoin is notorious as a Ponzi cryptocurrency because it has been used in such a way, but the issue with bitcoin is that it has not been proven to be a Ponzi or fraud yet. Furthermore, the claims of bitcoin being a pyramid have no ground for existing because bitcoin is not just one person sharing some number of bitcoins among other people to make money out of it; this situation would never happen because the process will be too slow and taking time.
Instead of calling it a Ponzi scheme or a scam, it is known to be the giant bubble in the history of cryptocurrency because the value of bitcoin and all other cryptocurrencies is increasing daily. So if you want bitcoins, get them now and sell them when they are worth more.
However, there is a vast difference between Ponzi schemes and cryptocurrencies because, in Ponzi schemes, you would use money from other people to generate some extra money. Still, with cryptocurrencies, it’s a different thing- you get bitcoins for free and earn some profits by investing in different projects.
Myth 4. You cannot mine bitcoin by yourself
You have to have an expensive mining machine to mine bitcoin, but there is no significant difference between bitcoin and other cryptocurrencies. Even if the official website says that it needs expensive hardware, it might be true that you need some home computers, but not all computers are suitable because only special ones can produce bitcoins.
However, you must purchase mining hardware first to mine bitcoins, and once you have one, you cannot mine it by yourself because of the higher technical knowledge needed and the extended period. So self-mining is impossible, but some websites provide cloud mining facilities where you can rent out your machine for bitcoin mining for faster transactions or good profit.