Bitcoin seems to be hitting new all-time highs every month for the last few years, and with that more and more hype has been building. In fact, since its release back in 2009, no other cryptocurrency has been able to match bitcoin in terms of pure investment and the growth of its market cap. Ethereum has come the closest but still remains someway off in second place.
The popularity of the digital coin has tempted many people to put their fears aside and start making some Bitcoin investments, in order to make large gains in the long term. The only problem that still exists is that there is a lot of scepticism, some valid and some completely invalid, surrounding Bitcoin. There are a lot of myths and misconceptions surrounding Bitcoin, and this article will attempt to debunk some of the biggest ones.
Bitcoin is No Different From Any Other Cryptocurrencies
One of the most popular myths that people like to spread about Bitcoin is that it has little to no differences from other cryptocurrencies on the market. Many people who stand against Bitcoin investments state that the only reason Bitcoin is as popular as it is, is because it was released much earlier than other popular coins like XRP and Ethereum.
Simply put, this is not the truth. In fact, before Bitcoin was released, and rose to prominence in the cryptocurrency industry, almost all digital assets still belonged to a centralized financial management centre. Bitcoin is completely decentralized and played the cryptocurrency game completely differently from any other digital currencies on the market at the time.
Bitcoin Has No Real-World Application
One of the biggest misconceptions surrounding Bitcoin, and the cryptocurrency industry in general is the belief that cryptocurrencies exist in an online bubble, and that they can’t be used for anything in the real world. Now, while this may have been true around 10 years ago, the world has shifted and cryptocurrencies are starting to have much more real-life applications.
Many software companies like Microsoft and Linux now accept cryptocurrency payments, in particular Bitcoin payments, for services and goods. Car dealerships and that concurrent industry are following the path set by Elon Musk, in terms of accepting crypto payments.
Investing in Bitcoin is Gambling
This is perhaps the biggest fear that people live by when it comes to investing in digital assets and Bitcoin. Since there is no regulation in the market, and not many people truly know why the investments are so volatile, leads people to believe that investing in Bitcoin is basically gambling. While these fears are well-founded, they can easily be debunked.
Bitcoin is one of the more stable cryptocurrency investments on the market and trusted experts like those at Bitcoin Codes can confirm this. If you set aside some time to study the blockchain protocol on which it exists, as well as the actual Bitcoin project itself, you will realise why prices fluctuate and when to buy, sell, or trade your Bitcoin. There is rhyme and reason behind the fundamentals of Bitcoin investments.