Bitcoin has been around since 2009, and the number of myths surrounding this popular cryptocurrency keeps growing! In this detailed, informative article, you’ll learn the most common myths about Bitcoin and the actual true ones! If you are interested in trading cryptocurrency, you may consider visiting the dogecoin-millionaire.app for more information.
List of Bitcoin Myths
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Myth: If the internet goes down, bitcoin dies
The first myth is that Bitcoin can become valueless without an internet connection. Here, it is to be noted that Bitcoins are distributed across a vast peer-to-peer network of computers run by individuals worldwide. Even if an army of bad guys were to take down every single internet connection, including those that power Google, Facebook, and Apple, bitcoin would continue to function as long as just one person was running their computer with a bitcoin wallet installed. As of now, there has not been any single report of Bitcoin accounts getting hacked or stolen by hackers.
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Myth: Only criminals use bitcoins
Some state that only criminals use bitcoins. This is wrong on many levels. For one, it does not take a criminal to use bitcoin at all, as it is completely legitimate in all aspects. The second thing is that even though it is a digital currency, people still need somewhere to store them or be lost forever. You can’t simply mine a million dollars and put them in your mattress, so instead, people choose things like banks or bitcoin wallets to keep their money secure but still accessible should they need to cash out quickly.
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Myth: No one accepts bitcoins anymore
This is simply not true. Thousands of merchants, including many household names, accept bitcoins now. Furthermore, dozens of POS (point-of-sale) systems let you use bitcoin in brick-and-mortar stores (the name for physical locations). Mobile payments are also a huge part of bitcoin culture: thousands upon thousands of people regularly pay for things with their smartphones via apps like Gyft or eGifter.
List of Bitcoin Facts
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Fact: People will trust bitcoin as long as it has value
Throughout history, people have collected gold because it has value. The same principle applies to Bitcoin. People will trust bitcoin as long as it has value, which is determined by supply and demand in an open market. As long as new bitcoins are created at a predictable rate, there will always be new buyers for them, creating a healthy level of demand that makes thefts like those from Mt. Gox much less likely to happen again. This is how free markets work in practice.
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Fact: Banks are investing in bitcoin
This is not completely true. This is because the financial institutions are exploring how they can use blockchain – the underlying technology that processes bitcoin transactions – in their own operations. This is one of the main reasons why many people choose Bitcoins as a commodity rather than a currency.
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Fact: Big companies accept bitcoin
Some large companies like Expedia, TigerDirect, Dell, and Overstock accept bitcoin as payment. Although these numbers pale in comparison to credit card purchases, it shows you that big companies are starting to take notice. And bitcoin is likely to continue growing as time goes on.
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Fact: It isn’t a fad; it’s been around for almost ten years
The earliest known mention of Bitcoin was in a whitepaper released in November 2008, with Satoshi Nakamoto (an alias) being credited as its creator. If it were truly a fad, it wouldn’t have been around for so long; there has to be something to it.
Conclusion
Although Bitcoin has gotten a lot of press, it can be intimidating to jump in because there’s a lot of confusion around what it is and how to use it. But once you get past these myths, you’ll find that Bitcoin is like any other currency, only digital. And with that comes all kinds of benefits: from online purchases to instantaneous transfers, Bitcoin can make your life easier while putting more money in your pocket.
