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Myths And Misconceptions About Bitcoin

We often have misconceptions about many things. The trail of misconceptions builds myths and people started believing it. The misconceptions are produced by the lack of knowledge about that particular thing. Once we get to know about a matter in details, we stop building up misconceptions around it.

Bitcoin is not an exceptional one which has got rid of the misconceptions. Statistics from some official site say that 75% of US adults are acquainted about the term Bitcoin, but mostly they have misconceptions in their minds. To understand Bitcoin in a better way and capitalise in its uprising market, you must get rid of the misconceptions.

  1. It is Anonymous

Most of the people know that Bitcoin is a digital currency which is secure and decentralised but they don’t know that it is accessible for the public. Most of them, Bitcoin is anonymous. It is a lot easier to handle the transactions with real cash than Bitcoin. Though the transactions are secured with cryptography but this is not at all anonymous.

  1. It is Dangerous

It is a matter of fact that through Bitcoin many illegal transactions are made, but that doesn’t conclude with the idea that Bitcoin is used only by the criminals. With open and transparent cryptographic transactions the fraudulent exchange is barred.

  1. The Network is not Secure

Most o the people think that the network Bitcoin uses for the transactions is not safe. Rather, it is easier to hack the network and take control of your fund. This is basically a wrong idea. The transactions of Bitcoin is secured by blockchain and the cryptography is blockchain is unbreakable.

  1. It is for the Tech-savvy Only

To use and trade in Bitcoin, you don’t need to be a rocket scientist. Anyone with a moderate knowledge about technology can deal with Bitcoin. Bitcoin allows universal peer-to-peer exchange of value which enables people to get and receive payment from anywhere in the world.

Do you know any more myths around it? Share with us.

James Spade

About James Spade

James Spade is an editor, content specialist and a web designer. He has been in the industry for more than a decade. Aside from writing, he also loves painting.
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