Myths Associated with Bitcoin
Myths Associated with Bitcoin

Believe it or not, however, the world progresses in a positive direction there will always be myths that surround anything that is popular.  As bitcoin is quite a popular currency, there are obviously some myths about it.

Let us take a look at some of the most popular myths surrounding between which need to be debunked immediately.

What Popular Myths About Bitcoin Need To Be Debunked?

Bitcoins Are Used For Illegal Activities:

This has to be the oldest and most pervasive myth about Bitcoin that it is always used for illegal and illicit activities around the world. As cryptocurrencies are not a centralized form of currency, they can be used to transfer money from anywhere in the world.

Cryptocurrencies are anonymous in nature and there are no records of how and when they are transacted from one place to the other. It is obviously true that there have been nefarious activities in the past using Bitcoins but now there are big companies that are also investing in Bitcoin. This myth has surely perpetrated deep into the minds of investors and many are still skeptical about investing but nonetheless, Bitcoin can be used for good activities too.

Bitcoin Is Not Real Money As It Does Not Have Value:

Sorry to break your bubble but Bitcoin does have value. When Bitcoin came out in the year 2008 it really started out at a price of being $1000 only. If people had started investing in it by then they would have become billionaires.

Today Bitcoin reached a value of around $50000 in the market as there have been many activities surrounding it. The technology called blockchain helps in the mining of Bitcoins which leads to believe that Bitcoin is a very valuable digital currency right now in the world.

Bitcoins Are Not A Secure Form Of Digital Currency:

Cryptocurrencies have recently become very popular in the market which has led to many scams and failures on the part of the investors. But it is not a time to back down from investing in cryptocurrencies as it is the future technology. Blockchain technology is a very secure technology that does not get easily hacked. Therefore, it is quite possible that any technology is at fault, but this does not mean that we have to lose hope in cryptocurrencies whatsoever.

Bitcoins Are Not Eco-friendly:

This concern might be a valid one for all environmentalists as Bitcoin mining takes up a huge amount of electricity. One should always remember that the value of a bitcoin will outweigh any other currency in the world one day as it is the future. Anyway, there are only 21 million Bitcoins that can be mined as it is a limited currency, therefore however much electricity is needed will always be less compared to what it gives back in return.

These myths have to be broken down as soon as possible because the new generation has to understand the importance of cryptocurrencies one day.

Cryptocurrencies Are A Fraud:

If this was true, we wouldn’t have found all around the world. Obviously, there are past stories such as, there have been fraudulent scams in the past that have robbed investors previously. Investors need to do their daily research before investing in something as new as cryptocurrency, as they have to be very careful with any fraud. In case an investor fails to do research, then he might fall prey to a scam and then he cannot blame it on anything else except himself.

For one should always take out the time and effort before investing in something as new as a digital currency.


Therefore, these are the few myths about Bitcoins that need to be debugged immediately.

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