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Bitcoin is the first cryptocurrency to successfully record transactions on a secure decentralized blockchain-based network since it launched in 2009.
Bitcoin is the largest cryptocurrency based on market capitalization and the amount of data stored on its blockchain.
There’s a lot of information about bitcoin and cryptocurrency in general that swirls around the barbeque conversation and across the dinner table.
And while it’s easier to have an unfounded opinion, it’s trickier to get the hard facts and form an educated opinion on how it works.
One thing is for sure that there are plenty of misconceptions about digital currency. In this article, we’re going to clarify the biggest Myths about bitcoin, so even if you have 99 problems, bitcoin is not one.
Without wasting any more time, let’s dive deep into the topic, “Bitcoin Misconceptions: Busting 12 Popular Myths!”.
Bitcoin is Anonymous
Bitcoin isn’t like cash.
With cash, you trade it for goods and services.
There’s no trace of you on the cash bitcoin is more like an infinite data ledger.
It keeps a record of every cryptocurrency transaction ever made.
This allows law enforcement to track down money trails and trace activity back to people because all bitcoin transactions are stored publicly and permanently on the network.
Like all things online, there are ways to modify or hide your identity, so it’s not straightforward if users don’t supply the correct information.
In short, bitcoin is pseudo-anonymous.
Bitcoin is Used for Criminal Activity
Because of cryptocurrencies’ structural fundamentals, it makes it easy to facilitate crime.
Mainly, through money laundering from nefarious activities into legitimate transactional funds.
This doesn’t mean the whole web is light with unpoliced criminal cryptocurrency, just like not all cash is used for illegal activity, but some are the same for bitcoin.
There are plenty of businesses set up to track and report money laundering to cryptocurrency exchanges and financial institutions.
You Need to Buy the Whole Bitcoin.
You Need to Buy the Whole Bitcoin.
While researching for this, bitcoin values fluctuated between 16 and 17000 dollars.
So, if you’re thinking of going out and buying bitcoin, this could be a bit of a daunting first investment.
The good news is that you can buy part of a bitcoin that’s because it’s digital, not like a dollar with only 100 cents in it.
It can be divided into as many as 100 million pieces meaning you can own a bitcoin fraction with only a tiny investment.
You can also sell, pay and send these small bits and pieces of bitcoin.
So, there you go, myth dispelled now you know that bitcoin is an option for any size investor.
Bitcoin and Blockchain are the Same.
As your grand would say, what is all this bitcoin and blockchain hocus pocus?
Well, here it is.
Bitcoin is a cryptocurrency.
One of many the same way each country has a currency.
There are many different cryptocurrencies, blockchain powers bitcoin and any other cryptocurrency.
It’s a distributed database, which acts as an extensive logbook of transactions blockchain must follow similar rules as a bank like having customer information, all of their details.
Whereas bitcoin is pseudo-anonymous, as we already explained, with a system like a blockchain, you can transfer other things, not just currency.
It could change the way business is done with property transfers and providing sensitive information safely.
Bitcoin can be hacked.
Bitcoin uses cryptography to secure transactions.
All of the transactions are recorded in the blockchain ledger users, and blockchain technology constantly reviews the systems and looks for weaknesses and repairing them. So, it’s challenging to hack.
The more common way that bitcoin would be stolen is, if a hacker hacked into an individual’s computer and found logins to someone’s digital wallet and then stole their bitcoins that way.
Hacking via the blockchain and avoiding being caught is difficult.
It’s one of the many reasons why blockchain technology is truly changing the world.
You Can’t Pay for Anything with Bitcoin.
By now, you’re probably considering investing in some bitcoin, but are wondering what you’re going to do with it once it grows in value. Are we right?
Well, the truth is that spending your bitcoin is easier than you might think.
36 percent of small businesses in the US already accept bitcoin heck.
Even in South Africa, you can pay your speeding fines with bitcoin.
That means paying for a haircut, a coffee, or even a dog grooming service is all possible with bitcoin.
Big companies like Microsoft and telecoms also happily accept bitcoin.
You can even use a custom search engine called spendabit.co, which allows you to search for bitcoin-accepting stores that you can splurge at.
Bitcoin is a Pyramid Scheme.
A pyramid scheme, in essence, is a business model that needs its members to recruit new members to keep it afloat.
It offers rewards for recruiting new members, and you get a knock-on commission for what they sell.
Bitcoin doesn’t offer any reward or guaranteed return for buying its coins.
Some cryptocurrencies have been caught up in a pyramid scheme like one coin.
Keep watching, and we’ll give you the scoop on that scandal later.
Scammers might use bitcoin in their pyramid schemes.
Still, bitcoin itself as a cryptocurrency isn’t to blame in the same way that any currency could be used by a pyramid scheme in the long history of pyramid schemes.
Bitcoin is Complicated, and You Need to Know the Code.
Bitcoin is complicated in the same way the car you drive or the phone you own is difficult.
Of course, it requires a degree of technical experience and knowledge to build a car or a cell phone, but you don’t need to have this knowledge to use or own one.
The same principle goes for bitcoin.
You don’t need to be a bitcoin miner or code to hold the currency, because it’s a new concept there’s a natural curiosity to know how it works and a healthy mindset in it.
But remember how people initially thought we would all explode from traveling at a steam train speed.
Well, don’t be that guy when it comes to bitcoin.
Bitcoin is not Regulated.
In simple terms, bitcoin isn’t regulated in the traditional sense of some currencies or investments, but that doesn’t mean it’s a free-for-all.
The trust in bitcoin is that it requires no faith at all.
Bitcoin is fully open-source and decentralized.
Everything about it is available to anyone at any time.
Everything is transparent and in real-time, and we can see all transactions.
Payments don’t rely on a third party to be made, and most importantly, the whole system is protected by peer-reviewed cryptographic algorithms like those used for online banking.
No one person can control bitcoin, which means that even if there’s a shady element in its users, there are plenty of regular joes that won’t let it go to garbage.
Bitcoin is illegal.
In most countries, Bitcoin is entirely legal Argentina and Russia have stringent bans on foreign currencies, and in these countries, bitcoin is illegal in other countries like Thailand.
For example, the government limits the licensing of entities like bitcoin exchanges, making it harder to succeed.
As the use of bitcoin grows, each country has a responsibility to provide its regulations and rules on how individuals and businesses should use the new technology.
They will also provide rules on how it will integrate with their traditional finance systems in the US.
Within the United States, the treasury department is a body called the financial crimes enforcement network or FinCEN.
This bureau has issued non-binding guidance on how it characterizes certain activities involving virtual currencies.
This kind of guideline and guidance will help cryptocurrency be recognized and used more and more in everyday life.
So Explicit Facters, what’s your most considerable hesitation when it comes to bitcoin?
What’s the weirdest misconception you originally had about it?
Let us know your thoughts in the comment section, and of course, you stuck with us until the end.
You know what that means. Here’s your bonus.
If you want to know more about the type of cryptocurrencies that are a scam, then look no further than this BBC podcast for a glimpse at how messed up the world of poorly designed crypto businesses, led by people who have no business in the industry are.
Dr Ruja Ignatova persuaded millions to join her financial revolution, a pyramid scheme of the worst degree.
Once billions of dollars had been sewn into her company by adoring followers, she suddenly disappeared.
It’s a story of greed, deceit, and hurt madness and a fascinating warning of what to look out for in the kinds of crypto schemes that give legitimate currencies like bitcoin a bad name. You can listen to it on apple podcasts and all other types of platforms right now.
Until next time, Explicit Facters always appreciate your thumbs up, and don’t forget to subscribe for more content every day.
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