Much like the moon, everything great that comes with any intriguing factor has a few myths made about it. With the moon, for example, you hear that a full moon makes people go crazy, and while Bitcoins myths aren’t that extreme, there are certainly a few questionable ones.
Cryptocurrencies such as Bitcoin have been around for many years and it seems as if every year comes with more myths that must be debunked before people actually do go crazy!
Potential investors and experienced investors alike have had many questions for years now and every time a different question is asked, more myths arise. It is a commonly known thing that over the past couple of years that Bitcoin has seen amazing success and people are rushing from all over to be able to invest in it. However, they tend to stop in their tracks when they hear about some of the most common (and sometimes terrifying) myths surrounding them.
So, as it has happened time and time again, it is time to seriously debunk some of these terrible myths associated with Bitcoin.
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Bitcoin is used for illegal activity
This one may be true in some circumstances, but people tend to take this the wrong way and think Bitcoin is ONLY for the black market. That couldn’t be further from the truth. While cryptocurrencies have definitely been used on the market to make anonymous transactions, people tend to use other, less-known cryptocurrencies so that pretty much rules Bitcoin out.
Bitcoin and other cryptocurrencies can be enticing for criminals to use it for criminal activity simply because they are so anonymous and simple. While there is evidence that it has been used in the black market to make transactions before, the statistics suggest that its usage in the black market has completely halted and people are using other forms of cryptocurrency now. In fact, people are more so using specific apps and websites now, such as the 1k Daily Profit, more than they use the black market.
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Bitcoin isn’t secure at all
Unlike the other myth, this one is entirely untrue. Sure, digital currencies have previously been victims of threats, attacks, theft, and other criminal occurrences, but if you put in the time and effort to secure your Bitcoins, you likely won’t have this problem. There are many, many ways for investors to change how they’re doing things so that they can further secure their precious asset.
Financial institutions have also had their eyes on blockchain technology because of how secure it is, so that is saying something.
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Bitcoin is a scam
Once again, this is entirely untrue to a hellish extent. While there have been some scams within the cryptocurrency world, Bitcoin itself is incredibly safe and not at all a scam. It came out in 2009 and has thrived successfully since then, so that alone is proof that it isn’t a scam, otherwise, it would have been kicked out of the door by now.
While you cannot eliminate the chances of becoming a scam victim, you can do things to avoid it.
