Some Bitcoin Myths Debunked


Bitcoin is completely revolutionizing the global financial industry. This cryptocurrency has tons of advantages over regular payment methods, which is why millions of people have joined its network. Experts believe that due to its massive acceptance and potential, Bitcoin has the power to become an official payment method at some point in the future.

Some of these advantages are the chance to make a profit, instant transactions, greater security, as well as the chance to save money with each transaction, as Bitcoin users void all unnecessary fees imposed by banks.

Still, many people do not believe in its potential and will do anything to shut it down. So, numerous myths about Bitcoin appeared over the years and we decided to take a look at some of them and debunk them with ease. Here are the top 3 myths surrounding this cryptocurrency.

Trading Sites Are Scams

Trading sites are the platforms where traders sell their Bitcoins. Not only do they act as marketplaces, but they provide traders with an additional service that allows them to maximize their profits. Bitcoin Storm is one of the most reputable sites that have this service, so we’ll use them as an example to explain it.

Bitcoin Storm has a very sophisticated AI system that can predict the future fluctuations of this cryptocurrency by analyzing the market constantly. This intel is given to the traders and they use it to sell their assets at the perfect moment and maximize their profits.

Still, the Bitcoin Storm scam is a frequent subject that conspiracy theorists like to talk about. They state that not on this trading site is a scam, but that all trading sites are created to rob people of their money. The truth is the total opposite. Thanks to trading sites such as the one we just mentioned, many people have managed to earn substantial amounts of money. Some of them even turned to overnight millionaires.

Nobody Accepts it as A Payment Method

Next up, the myth that nobody accepts Bitcoin as a payment method might be the most popular and most adored by conspiracy theorists. The fact is that numerous businesses around the world use it. After all, Bitcoin provides them with instant transactions, and everyone is fond of an efficient and effective way of sending money.

Since naming local businesses will not convince the disbelievers, we decided to name some global brands that accept it as a payment method. As of March 2021, the list of global companies that accept this cryptocurrency contains Expedia, Starbucks, Microsoft, Wikipedia, Whole Foods, Home Depot, and many more.

Nobody Invests in Bitcoin

Finally, the last myth that we are going to cover is that nobody invests in Bitcoin, which is far from true. The first argument against this myth is Tesla’s $1.5 billion investment back in February. Not only did the company manage to make $1 billion in profits shortly after the investment, but they also helped Bitcoin top $50,000 in value and reach a historic achievement. Tesla also announced that they intend on integrating Bitcoin as an official payment method for their vehicles and other services.

Numerous celebrities have also invested in Bitcoin. Back in 2020, the rapper Logic announced that he invested $6 million in Bitcoin, just before the price surged. Serena Williams, Floyd Mayweather, 50 Cent, Gwyneth Paltrow, Parish Hilton, and Snoop Dogg are also some other celebrities that decided to invest in Bitcoin over the years.

The Bottom Line

The bottom line is that there will always be people who oppose new and innovative ideas and way of living. Such is the case with Bitcoin. But, even though they try to hurt its reputation, as you can see, al of the myths are pretty easy to debunk.

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