Coin Currency News Est. 2014

Debunking the Most Common Myths About Bitcoin

Bitcoin continues to be a popular choice for cryptocurrencies despite the significant drops in its market price. There are now wearable techs that can facilitate bitcoin transactions. You can now also buy and sell through a bitcoin ATM, such as Coin Cloud ATM. Bitcoin can also be used as main mode of payment for a variety of products and services. With these, if you want to invest in bitcoin, make sure that you are armed with the right knowledge. Below, we will list down some of the most common myths about bitcoins and provide a basis on why you should never believe them.

1. It is for Criminals

Bitcoin has been in a bad light in recent years because it is often associated with criminal activities, primary because of its anonymity and decentralization. However, this is an unfair assumption. Yes, there are criminals who are using bitcoins, but its legitimate applications should not be overshadowed.

2. It is Difficult to Buy and Sell

Do not let this myth be a hindrance to your entry in the bitcoin market. Nowadays, there are convenient platforms that will make it possible for buyers and sellers to transact with ease. There are thousands of bitcoin ATMs all over the United States. You can even go online for a bitcoin ATM locator to find one nearest you. To add, many have also developed apps with a user-friendly interface to make it easy for novices to get started.

3. It is Not Secure

If you follow global bitcoin news, you must have already heard of some of its security vulnerabilities. Nonetheless, most of these are isolated cases. In general, it would be safe to assume that bitcoin is indeed safe. There is no basis for fear and doubt. There is no central server that can be targeted by hackers. The security of bitcoin is largely affected by your actions, so make sure to choose the right exchange or wallet to protect your investment.

4. It Will be Banned by the Government

Yes, there are countries where bitcoin is illegal, which include Morocco, Bolivia, Ecuador, China, and Nepal. However, if you are from the United States, as of now, there is no reason for you to be afraid that bitcoin will soon be banned by the government. In fact, there is a growing number of bitcoin ATMs and a high trust rate amongst citizens, so there is no legitimate sign of crackdown anytime soon.

5. It is an Easy Way to Earn Money

Sorry to burst your bubble, but this is another bitcoin myth that should be debunked. Yes, the profit potential is high. However, it is not an overnight success. It takes time, and patience is the key. It is not uncommon to suffer from sharp price drops, but this should not give you the reason to be discouraged. Bitcoin has historically bounced back after a fall.

Do not believe everything that you hear or read about bitcoins. Conduct your research and take note of the myths mentioned above to be well-informed about the risks and the potential of this cryptocurrency.