Debunking the Most Common Bitcoin Ownership Myths That Exist Today

Haven’t you heard the news? Bitcoin is in a bubble! If you act fast, you can capitalize on this investment opportunity!

Do you suffer from FUD (Fear, Uncertainty, Doubt)? It is wise to pay attention to the news, but it’s better to do your research to get a clear picture. These are words to live by in the crypto space.

Bitcoin ownership allows you to truly own your money. No government or third party can take it away from you. To learn all about the common Bitcoin myths, read our guide below.

bitcoins

Bitcoin is Bad for the Environment

Bitcoin and crypto mining costs money and a large number of computer resources. The same holds for other networks and institutions too.

International banking and gold mining are two prime examples of high energy use outside of Bitcoin.

Bitcoin is for Criminals

Bitcoin ownership means you’re a criminal, right? Criminals and hackers indeed use Bitcoin due to its pseudonymous nature. You could say the same thing about cash, and more frequently too.

Blockchain technology allows for everything to be traced due to its public properties. Since you can track everything, large movement between Bitcoin wallets would easily cough up one’s identity.

Bitcoin Has No Value

Is there any intrinsic value when it comes to Bitcoin and other cryptocurrencies? What about fiat currencies such as the U.S. Dollar?

The U.S. Dollar used to be backed by gold with a fixed amount. By 1971, the U.S. Dollar went off the gold standard and is now gets its value by being back by global confidence.

Did you know that Bitcoin shares many features with precious metals including a fixed supply and production rates? The main difference between the two is that Bitcoin allows for transfer across the globe at a fraction of the cost with lighting speed.

Bitcoin Is a Ponzi Scheme

Many people believe that Bitcoin is a Ponzi scheme. In a traditional Ponzi or pyramid scheme, people are lured in with the promise of exponential returns. Previous investors are paid off with initial investors’ money. This is a vicious and unstable debt cycle.

Yes, Bitcoin involves risk due to its volatile nature, but so does any investment. Bitcoin isn’t a scheme run by a group or organization. The value of Bitcoin rises when bitcoin ownership takes place.

To get your hands on some bitcoin, head to a Byte Federal ATM.

Due to Bitcoin’s blockchain network and its transparent immutable nature, if anyone were to create a scheme for nefarious reasons, people would know about it.

Governments Will Kill Bitcoin

In some countries like Nigeria, Russia, and Belarus, Bitcoin isn’t treated with the respect it deserves. In Western countries like the United States and Canada, Bitcoin is another story.

For example, the Commodity Futures Trading Commission has a reputation of being a global innovator in regulating Bitcoin derivatives. Also, did you know that a top U.S. securities regulator taught a cryptocurrency course at MIT?

A crackdown of the $1 trillion Bitcoin market would mean destabilization.

Bitcoin Ownership Requires Responsibility

Bitcoin ownership teaches you things about money such as responsibility. With freedom, you need to act like you are running your bank.

This is a beautiful thing that is not to be taken lightly. With this fascinating blockchain technology, there is always something more to learn.

We recommend sticking around and checking out our blog for all the latest crypto information and intel.

Saurabh Saha
Pursuing MCA from the University of Delhi, Saurabh Saha is an experienced blogger and internet marketer. Through his popular technology blogs: TechGYD.COM & Sguru.org, he is helping several brands to gain exposure in front of high-quality web visitors.