As 2021 keeps unfolding, Bitcoin remains the trending topic in financial news from all over the world. Recently, Bitcoin managed to cross $50,000 and became as valuable as gold, which is a milestone that no other product or service has managed to reach in history.
The reason why Bitcoin is so popular is that it holds tons of advantages over regular payment methods. The chance to make a profit, instant transactions, as well as user anonymity which leads to greater online security are some of those advantages. Bitcoin is also superior compared to other cryptocurrencies. Its network is far more stable, it has great future potential, greater liquidity, but most importantly – it is far more valuable than any other cryptocurrency.
Although millions of people use Bitcoin as a payment method and/or to make money, there are still those that doubt it and consider it a scam. With that being said, many myths have become popular over the years and we decided to take a look at them and debunk them with ease. Let’s begin.
You Cannot Profit From Bitcoin
Bitcoin appeared about 10 years ago and it was not well received in the beginning. He was not accepted due to the skepticism that existed at the time the plans were made. That skepticism never ceased, despite the great success of the currency. Many people do not believe that you can make money from this currency, so they do not even decide to invest in them. Even though they do not invest in them, they go around talking to everyone and telling them that any investment in the currency is wrong and that it will not bring you any profit if you invest in them.
The most popular myth about Bitcoin is the chance to make a profit. Disbelievers claim that the whole network is a scam and that you cannot profit from Bitcoin. The truth is the opposite. Here’s how people make money off Bitcoin.
First, they mine it. This process requires them to solve various complex puzzles. The reward for each puzzle that they solve is Bitcoins. The puzzles are transactions that miners verify. After they earn a certain amount of Bitcoins, they turn to trade sites to sell them.
Reputable and popular trading sites such as https://bitcoincompass.io/ even have an additional service that allows traders to generate more profit. How? They have integrated the latest AI system which collects all the data about Bitcoin from the market. After the data is collected, they analyze it and make accurate predictions on its future price. This method has proven to be very effective as the daily profitability rate here is high and there are thousands of registered users from all around the world.
This information is handed to the traders and they use it to determine when to sell their Bitcoins and make money off of them.
Nobody Invests In It
It is obvious that many people decide to invest in crypto, it is especially evident that people decide to invest in bitcoin. But despite the fact that it is obvious that many people decide on this currency, there are people who believe that this is not the case and apart from being skeptical, they decide to spread that opinion to other people as well. Uncertainty is easily spread among other people, which increases skepticism among all, but it is clear that it is unnecessary and that the facts can prove that this is not the case and that the investment is right to be made if desired.
The second myth is that nobody invests in Bitcoin. This myth is very easy to debunk as there are millions of people from all around the world who have done just that. But, since disbelievers will not fall for the word of an ‘average person, we decided to name several celebrities that have invested in this cryptocurrency.
The list of celebrities includes Floyd Mayweather, 50 Cent, Snoop Dogg, Paris Hilton, Gwyneth Paltrow, Bill Gates, Elon Musk, and Logic. Logic’s case is quite interesting as the rapper decided to invest $6 million in 2020, recently before Bitcoin’s value surged. HE has not commented on the case, but we do believe that he made a substantial profit.
You Cannot Use It As A Payment Method
You can not pay with them, do not invest in them – this is the most common comment given by skeptics to their friends and people in general who know them. The reason is clear – they do not believe and are not familiar with how cryptocurrencies work. That’s why they are confident in what they think and so they go around and share their thoughts. But the truth is different and is on the side of the facts that are available on the Internet, but you can find out anyway from people who already have experience in handling cryptocurrencies and know how everything goes around them.
The third and final myth that we are going to mention and debunk is that no company accepts Bitcoin as a payment method. Again, we are not going to talk about how some local shops accept Bitcoin, but we are going to name some global brands to make our argument stronger.
Some global brands that accept Bitcoin as a payment method are Wikipedia, Microsoft, Starbucks, Whole Foods, AT&T, and Home Depot. Recently, even Tesla announced that they will join the bandwagon. Tesla invested around $1.5 billion in Bitcoins, made $1 billion in profits just weeks after they invested, and they have announced that they plan on accepting Bitcoin as a payment method for all of their products.
Do not trust all people, trust only those who have experience in trading and owning this type of currency or possibly a large number of facts and written news and publications that are on the Internet. Reassure yourself of the information and then act on why you will only be successful and see the benefits of investing in some cryptocurrencies that are successful.