The Biggest Myths About Bitcoin

The Biggest Myths About Bitcoin

It goes without saying that Bitcoin is one of the most innovative and most useful ‘products’ in the financial industry. It provided people with a new and much more efficient and effective payment method. Not only did it made FIAT currencies look obsolete, but it completely dwarfed them. 

These days, Bitcoin remains a trending topic due to the fact that it reached another historical milestone and broke the 2017 record in value. Not only that, but the cryptocurrency is showing no signs of slowing down. Its potential is what makes many experts believe that Bitcoin will be powerful enough to become the universal payment method in the future. Millions of people already use it, and some research states that millions more will join the network in the next few years. 

But, as with many inventions that revolutionize the world, Bitcoin is subject to some criticism and several myths have appeared and gained popularity over the years. We wanted to take a look at those myths and debunk them in the simplest way by using facts rather speculations. Let’s begin. 

It Does Not Have Any Value

One of the biggest myths that surround Bitcoin is that the cryptocurrency does not have any value, which is wrong on so many levels. Not only does it have value, but it is the most valuable currency on the market. The current price of 1 Bitcoin recently surpassed $36,000 and from the looks of it, the price can go as high as $50,000. 

Additionally, the existence of trading sites where there is proof of people making money debunks this myth even more. Platforms such as Yuan Pay Group UK  have many registered users and through the use of the latest AI software, they can make predictions on future Bitcoin value. These predictions are very precise, which is why the daily profitability rate at this platform is huge. Another proof of the good work that Bitcoin Prime does is the fact that it counts thousands of registered users from every corner of the planet. 

So, in short, Bitcoin does have value and platforms such as the aforementioned one allow people to make money off of it. If you are not convinced, take a look at celebrities like Bill Gates, Elon Musk, Serena Williams, Logic, and many more. All of them back and have invested in Bitcoin.

It is Not Secure

Another myth surrounding Bitcoin is that the cryptocurrency is not secure. What leads many people to believe this is the rise of online scams. Thousands of people fall victim to online scams daily and they are robbed of their money. Considering the fact that Bitcoin is a digital currency, it is only natural for some to think that it is not secure. 

The reality is actually the opposite of that claim. Bitcoin is the safest currency in the world because it uses cryptography to its advantage. Through the use of cryptography, all personal information such as name and surname is hidden thanks to the fact that the technology uses codes, which makes it impossible for some information to be hacked. By using Bitcoin, users increase their online security, which means that Bitcoin makes online transactions safe. 

Furthermore, Bitcoin has never been hacked in its history. Online security is actually one of the biggest advantages that Bitcoin has over FIAT currencies. 

Bitcoin is Not Eco-Friendly

Bitcoin’s opposition will grab on to anything to try and discredit the cryptocurrency. One of the latest critics is that it requires a lot of electrical energy to power and sustain Bitcoin’s network and that electricity pollutes the air. Powering Bitcoin's network does take a lot of electricity, that is true, but the claim that it pollutes the air is false. 

Research by Susanne Köhler and Massimo Pizzol at the University of Aalborg in Denmark showed that Bitcoin's CO2 emissions were much lower than what originally thought. Not only that, but the network utilizes renewable energy, thus making the cryptocurrency eco-friendly and an ally in the fight against air pollution and climate changes. 

Its Creator

Finally, we would also like to mention the myth about its creator. Unlike the previous myths, this one is not a negative myth, but rather the biggest mystery that surrounds Bitcoin. The creator of this cryptocurrency goes by the pseudonym Satoshi Nakamoto. 

The interesting part about it is that to this day no one knows the true identity of the creator. There are many speculations and some rumours say that Satoshi is a male in his mid-40s and comes from Japan, but none of this information has been confirmed. 

Copyright Lyonsdown Limited 2021

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