The Biggest Myths About Bitcoin Debunked

The Biggest Myths About Bitcoin Debunked

Recently, Bitcoin managed to achieve another historical moment by reaching a record-breaking value that went over $30,000. Its network is ever-growing and there are millions of registered users. Experts believe that millions more will join in the upcoming years and that Bitcoin will be so well-accepted in the public that in time, governments will have no other choice, but to make it an official payment method. 

The reason as to why so many people opt-out for Bitcoin is because this cryptocurrency makes all other payment methods look obsolete and it holds tons of great advantages over them. Users pay lower general fees, they escape added and/or hidden fees, are provided with a certain level of online anonymity, transactions are instant, and most importantly, they can make a profit by using Bitcoin. 

Of course, some oppose it and they have created and popularized various myths about Bitcoin. That is exactly the topic that we wanted to touch on. We are going to name some of the most popular Bitcoin myths and we are going to debunk them. Let’s begin.

Nobody Invests in Bitcoin

The first myth is that the process of investing in Bitcoin is not real and it is a widespread scam. We cannot give specific about the individual investments of people around the world since they are secret, but what we can do to debunk this myth is to name several celebrities that have publicly stated that they invested in Bitcoin. 

Some of these celebrities include Paris Hilton, Mike Tyson, Snoop Dogg, Bill Gates, Ashton Kutcher, Roseanne Barr, and most recently, Logic. He invested $6 million in Bitcoin in November of 2020, and considering the fact that Bitcoin surged shortly after that, you can say that the retired rapper is now a lot richer.

You Cannot Make Money With It 

The main reason as to why people use Bitcoin is to make money, that is obvious. Bitcoin has the power to turn the ordinary people into overnight millionaires. But, some state that there is no way to make money with it as Bitcoin is not real, which of course, is not true. 

After traders earn their Bitcoins through a process called mining, they use some of the world’s most reputable trading sites to sell them. One good example of a reputable site of this character is Bitcoin Loophole, a platform which uses advanced AI system to analyze the market and collect all the information about Bitcoin. 

After the software analyzes the data, it makes a precise prediction on what the future price of Bitcoin will be, thus letting traders know when is the best time to sell their assets and make the highest possible profit. Knowing the future price of Bitcoin is very important since the cryptocurrency has a huge volatility rate and its value changes frequently. 

The trading sites are proof that you can make money with Bitcoin. Not only that, but platforms like the one we just mentioned have a huge daily profitability rate. 

You Cannot Use It as A Payment Method

Those who believe that Bitcoin exists and that maybe you can make money off it, firmly believe that there is no way that you can use it as a payment method. Why? Because it is illegal. That does make sense, but many companies accept this cryptocurrency as a payment method. 

And they are not your local shops. We are talking about global brands and giants in their respective industries. Some of these brands include Wikipedia, Microsoft, AT&T, and Expedia. Recently, even Starbucks announced that they will accept Bitcoin as a payment method.

It Pollutes the Environment

Conspiracy theorists will literally grab onto anything they can to try and discredit Bitcoin. One of the latest critics of this cryptocurrency is that it pollutes the environment as the enormous electrical power that is used to power its systems produces a lot of CO2 and it pollutes the air. 

The only true statement in this myth is that Bitcoin requires a lot of electrical energy to power and sustain its systems. But the truth here is, a big majority of the electrical energy that is used for the cryptocurrency actually comes from renewable sources. So, not only is Bitcoin not polluting the air, but you can consider the cryptocurrency as eco-friendly.

Copyright Lyonsdown Limited 2021

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