Cryptocurrency is a fairly new concept for many people. Some time after Bitcoin was first introduced to the world, it was in the news for all right reasons, as many people who invested got rich overnight. Suddenly its value increased and people started scrambling to buy more. Then the coin was dissected and sold in parts. As a potential investor, you may have heard a lot of hearsay about Bitcoin and must be wondering, is Bitcoin safe? You may also have heard of some negative news associated with Bitcoin.
Of course, most of it is nothing but a myth. TRASTRA will answer some of the most common myths related to Bitcoin and debunk them. Here are some of the most common myths debunked.
Bitcoin is Temporary
Everything great was once deemed temporary by the ones with a firm foundation or less knowledge. One of the earliest crypto myths was the idea that cryptocurrency was just a phase that the younger tech savvy generation would soon get over. Bitcoin did not succumb to this news, but instead, poked at the interest of all naysayers once its value crossed a thousand dollars.
Bitcoin’s Value Will Not Grow
Many people are worried that if they get in now, they will not make any profit. As per them, the rich have already become richer and the value of Bitcoin has already peaked. But if you take into account the facts from the past few years, you will notice that a lot more people trade in Bitcoins as compared to before and the value of Bitcoin is steadily rising over the years.
Bitcoin Promotes Corruption
When there is success, the distant relatives start meddling. Of course when Bitcoin grew in value, fame and likeability, certain traditional banks took it as a personal attack on themselves. Words started being put out that Bitcoin was a space where money could easily be laundered. This is far from the truth. While we know many banks have got their hands sticky in this exact situation, studies have shown that the risk of money laundering with Bitcoin is very minimal.
Bitcoin is Not Taxable
Taxation of cryptocurrencies differs from country to country. But have ever asked questions such as ‘is Bitcoin real’ or ‘is Bitcoin legit?’ Your government certainly thinks so. While some countries have not taxed cryptocurrencies, others have imposed taxes based on storage or trade. Each country has different laws so you have to read up on the taxation laws pertaining to your country when you invest in Bitcoin.
Read also – The biggest crypto scams
Bitcoin will Be Used Instead Traditional Money
While this may be a great idea in an ideal world, Bitcoin has no way of taking over traditional money any time in the near future. Money does make the world go round and many countries still like the safety of hard cash. Bitcoin may be a more efficient, faster and cheaper global trade tender, but for it to grow up to the level of money will take a long time. It is also relevant to understand that not many countries have reached a point where they can understand the workings of cryptocurrencies and use them seamlessly. For that outlook to change, it will take a couple of decades at the least.
Even though naysayers have put down Bitcoin so many times, it continues to grow strong. I hope this answers your fears. It is a method of the future in our day and an answer to global trade for the local man. Bitcoin, or cryptocurrency in general, is helping our world come closer and creating a much needed glocal economy. In a nutshell, Bitcoin is secure, growing steadily in value and here to stay as one of the most efficient global modes of transaction.