With rising prices and valuations, everyone wants to get their hands-on Bitcoin in some way or the other. However, it is easier for people who have access to better and more credible information, than for others.
Many people often ask me the question that if Bitcoin and cryptocurrencies hold so much promise why aren’t they more popular? In other words, what is preventing them from being as common and as widely understood as the stock market (given they are better than it)?
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One major reason for the same is because, from Day One, there have been more people spreading lies and myths about Bitcoin and crypto than there have been people stating the truth.
In this article, we are going to look at the five most common misconceptions associated with Bitcoins. However, before we reach the misconception list, let us first look at why they exist in the first place.
Why Misconceptions flourish around Cryptocurrencies like Bitcoins?
You need to understand that the philosophy of cryptocurrencies has the potential to change the world’s economic and political order. Governments exercise control over the income and money of their citizens, thereby controlling their lives.
If you take the same away from them, how else do you expect them to command obedience from their subjects? Likewise, billion-dollar financial corporations, banking entities, and other private players are invested in handling, regulating, processing, and storing financial transactions and records.
What happens when you take that away from them and create a better, safer, faster, and free alternative?
What I am trying to say is that the people who are spreading lies, rumours, and misconceptions about cryptocurrencies are fighting for their survival. Unfortunately, they have much more resources to invest in bad press and spread the same in an unabated fashion. For more information you can visit official site .
List of the 5 Most Common Misconceptions associated with Bitcoins
1. Bitcoin is Expensive-
Bitcoin is not a jacket or a car. It is an asset you need to invest in. Saying Bitcoin is expensive is like saying that home is beyond our budget. Like real estate is a store of value, Bitcoin is a store of value. Its value demands on the traditional demand-supply logic. On the contrary, Bitcoin is affordable and a high return guaranteeing assets even outperforming gold.
2. Bitcoin is Complicated-
Many naysayers go around saying that understanding Bitcoins is too technical and can get confusing. Don’t invest in something you don’t understand. However, you probably didn’t understand how smartphones used to work or laptops. You learned the same over time. Investing in Bitcoins is easy enough and anyone with some brief research can start and excel at the same.
3. Bitcoin is Illegal-
This is one of the most common misconceptions, which is aggressively passed around. You would be surprised to know that almost in all developed nations, the governments themselves are actively engaging and promoting Bitcoins. Whether it is Germany, Japan, Canada, or Australia, everywhere you look, you will see a definite legal status being accorded.
4. Bitcoin is a Ponzi Scam-
If you look at the foundations of Bitcoin and Blockchain, you will understand that it is one of the most genuine, user-friendly, and progressive financial assets aimed at freeing individuals from governmental control. Every single transaction, which is ever made is recorded in a detailed fashion. Without authority, no transaction is done. Bitcoin is as genuine as they come.
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5. Bitcoin is used for Anti-Social Activities-
There have been instances of individuals and groups using Bitcoins for making dark web payments. However, the counter-question to the same should be-is traditional fiat currency or digital payments completely full-proof and not used for any frauds or forgery? We all know how fiat currencies can be printed and utilized and how online frauds are so common.
The Final Word
If you are someone who is looking for tips for crypto trading, you need to pay attention to these misconceptions. They have the tendency to spread as they are backed by some powerful and rich groups who feel the ground slipping under their feet every time Bitcoin hits a new record high. Can you add to the list of misconceptions in the comments section below to aid our reader base?