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Common Myths About Bitcoin Debunked

Myths About Bitcoin

Bitcoin has caused a revolution in the global financial industry. This cryptocurrency provided people with a far superior payment method compared to the ones we have today.

Not only that, but it opened up another career and allowed them to become rich overnight. But, even though Bitcoin boasts many advantages, governments around the world still oppose it and deem it illegal. They are not fully convinced of how effective and efficient this cryptocurrency is.

There are also many disbelievers who state that Bitcoin is nothing but a scam. We wanted to take a closer look at this case and provide you with an answer to the most common myths that have become popular over the years. Let's check them out.

Bitcoin’s Network Doesn’t Exist

The first myth is that Bitcoin's network doesn't exist and nobody actually invests in it. The whole thing is a scam so that a select few people can rob you of your money and not face any consequences. We are going to debunk this myth by stating that there are over 5 million users in the network these days and thousands more are joining each day.

And if that is not enough, many celebrities are part of that network. The list includes the likes of 50 Cent, Elon Musk, Bill Gates, Gwyneth Paltrow, Serena Williams, Logic, and Paris Hilton. All of these celebrities have invested in Bitcoin and Logic was the one that took it public. Back in September 2020, he announced that he invested around $6 million in Bitcoin.

Profiting With Bitcoin is Impossible

Next up, we have the myth where people state that it is impossible to profit by using this cryptocurrency. Studies have shown that there may be around 100,000 Bitcoin millionaires around the world. They have managed to amass their wealth by trading with this cryptocurrency.

As for trading itself, there are two types of platforms that allow you to do that. The first one is trading sites such as BitcoinSystem. This is a reputable trading site that has thousands of registered users from all around the world. Not only that, but it has a very high profitability rate due to the fact that it implements an AI system that analyzes the market and makes accurate predictions on Bitcoin’s future fluctuations.

If that is not enough, there are also hundreds of thousands of Bitcoin ATMs around the world. They can only operate if they have a special license, which is obtained by the authorities of the respective country. That makes the platforms as legit as they can be.

But, due to the fact that Bitcoin ATMs are not as accessible as trading sites and charge a lot of fees, they are not used that often. Trading sites are available 24/7 and all users need is a stable Internet connection.

You Cannot Use it As A Payment Method

The last myth that we are going to debunk is the one where people claim that Bitcoin cannot be used as a payment method. There are many local and national companies that accept it, but since they might not be enough to convince them otherwise, we decided to name a few global brands.

The most recent global brand that announced that they will accept Bitcoin as a payment method is Tesla. People can now buy their vehicles by using Bitcoin. The list doesn’t stop there. Some other global brands that accept this cryptocurrency are Expedia, Shopify, Microsoft, Wikipedia, Starbucks, AT&T, Overstock, and Whole Foods.

Conclusion

Due to the fact that Bitcoin works for the people rather than the banks and authorities, the governments will always oppose it and create stories to blacklist Bitcoin. Normally, there will be many people that will blindly follow these accusations.

But, at the end of the day, Bitcoin is real, profiting with it is real, and you can use it as a payment method at numerous places. This cryptocurrency even has massive potential and due to the wide acceptance rate, many believe that it can become a legal global payment method in the distant future.

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