Common Misconceptions Surrounding Bitcoin

Common Misconceptions Surrounding Bitcoin

Knowledgebase
23/10/2020 by Koinal
2775
Bitcoin and cryptocurrencies are popular topics in the US and around the world. While many see the potential for wealth, they may also have reservations. Some of the doubts reflect common misunderstandings. This article will discuss some of the misconceptions surrounding Bitcoin.
Common-Misconceptions-Surrounding-Bitcoin

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Common Misconceptions

As the leading and most famous cryptocurrency, Bitcoin gets a lot of attention. BTC began in about 2009 at a price under fifty few dollars. Today it trades at about $10,000.

Along the way, it has had drastic rises and some sharp drops in price. The long term trend is clear; Bitcoin has established a prominent place in global finance.

The items below describe some of the misconceptions about Bitcoin:

Only Big Investments Pay

The success of Bitcoin has made it an expensive item to purchase. The current price range is above $10,000 per coin.  You can grow an investment either way as the value of Bitcoin rises. When balancing a portfolio or protecting against inflation, some investors look to Bitcoin as a hedge. Whether large or small, your BTC investment can rise with the value of BTC.

Bitcoin is Vulnerable to Hackers

Cryptocurrency exchanges, wallets, and software have grown over recent years to protect systems and property against unauthorized use. It would be best if you used to care to protect your cash and currency assets by following safety protocols, keeping access codes secure, and using up to date security.

Bitcoin Is a Tool for Criminal Conduct

In the past, BTC and all cryptocurrencies may have attracted criminal activity and bad actors on the dark web. The lure of the anonymous movement of value may have been the main attraction. Today, law enforcement can use transparent blockchain to track currency wallets and follow the money trail. Rules that govern currency exchanges require knowing their customers (KYC) and guarding against money-laundering.

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