Cryptocurrency occupies a significant share of the market capitalization of the digital economy because people love to invest their money to earn attractive profits. If you want to make easy and safe bitcoin transactions then 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 complete transparency.
In the beginning, people also doubted that Bitcoin is a bubble similar to the existing asset in the market. Still, with their high-end concept, they are now sure that Bitcoin will one day beat all currencies in different countries. Bitcoin’s high adaptability is being pushed more and more by different sectors and generating more profits for investors. It has been considered the “king” of cryptocurrencies, increasing daily and will remain at the 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 wouldn’t have banned bitcoin because all countries in the world would lose the valuable money that also comes from bitcoin. Still, there are many myths about these digital coins, so it is important to clear such doubts through this article.
Myth 1. Bitcoin will replace banks in the future
Who thinks banks will disappear in the next ten years? That’s not going to happen because even if people use Bitcoin regularly, customers still need a bank for their savings, checking, or retirement accounts. Banks don’t want to lose that much money and people are sure that they will fight cryptocurrency as much as possible so that their customers don’t lose all bitcoin.
This topic is about feasibility, but it won’t be happening anytime soon because since 2013, Bitcoin has proven to be valuable and workable for everyone around the world, so no one wants to lose their money for nothing. To simplify this matter, why choose a random app or website built from scratch when you can easily use cryptocurrencies and transfer your funds quickly, which is more reliable than bitcoin?
So banks will be with us for a long time because people still need them, and they’re not going away any time soon.
Myth 2. Bitcoin is anonymous, so you don’t have to show your ID
Let’s talk about this myth in layman’s terms, because it is true that Bitcoin has provided you with a unique address to transact with. However, this does not always mean that this myth is true, as you still need to submit your proof of identity to verify your account and use any cryptocurrency for investing; it means that this myth is nothing more than just a myth. Furthermore, this myth is not true either, because even if Bitcoin was launched as a fully decentralized currency, no one can deny that you are required to register to some extent, meaning someone is tracking your transactions, money or whatever.
When you use bitcoins to buy something in certain stores or platforms, it’s not easy to track them. However, if someone wants to track your transaction history, no matter what they want, hackers can also find all your details by tracking your IP address. So there is no such thing as 100% security in cryptocurrency because every technology has weaknesses and exploits.
Myth 3. Bitcoin is a Ponzi scheme
Bitcoin is notorious as a Ponzi cryptocurrency for being used in this way, but the problem with Bitcoin is that it has not yet been proven to be a Ponzi or a scam. Furthermore, the claims that bitcoin is a pyramid have no reason to exist because bitcoin is not just a person who shares a certain number of bitcoins with other people to make money; This situation would never happen as the process is too slow and takes time.
Instead of calling it a Ponzi scheme or a scam, it is known to be the giant bubble in cryptocurrency history 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’re worth more.
However, there is a major difference between ponzi schemes and cryptocurrencies, as in ponzi schemes you would use other people’s money to generate additional money. However, with cryptocurrencies it is a different matter – you get bitcoins for free and earn some profits by investing in various projects.
Myth 4. You can’t mine Bitcoin yourself
You must have an expensive mining machine to mine Bitcoin, but there is no significant difference between Bitcoin and other cryptocurrencies. Even though the official website says it requires expensive hardware to do this, it may be true that you need some home computers, but not all computers are suitable as only special bitcoins can produce.
However, you need to buy mining hardware first to mine bitcoins and once you have one, you cannot mine it yourself due to the higher level of technical knowledge and longer period of time. So, self-mining is impossible, but some websites offer cloud mining facilities where you can rent your Bitcoin mining machine for faster transactions or a good profit.