6 Myths about Bitcoin that you should know

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Bitcoin has become one of the most used digital currencies to carry out transactions without the need for intermediaries. It was created in 2009 and since then its popularity and value have only grown.

For this reason, there are more and more professionals or companies specializing in Bitcoin investment, such as the Bitcoin-prime.app application.

6 Myths about Bitcoin that you should know

Main myths about Bitcoin

This cryptocurrency has given much to talk about, especially in recent years. For this reason, many claims and myths have arisen around it. In today’s article, we see what are the most widespread myths about the currency that you should know. Keep reading and discover them!

1. Bitcoin generates a bubble effect

Most people buy Bitcoin as a form of investment to obtain a higher economic return. However, this does not mean that it generates a bubble effect.

When we speak of a bubble, we refer to an economic cycle where there are large increases in market value. And, subsequently, prices are generated that are above their real value.

2. Not useful in the real world

As it is a digital asset and is not tangible, it has been claimed that Bitcoin has no use in the real world. However, this is not true, since cryptocurrencies have an increasing presence and can be used to make payments to different companies and entities without the need for an intermediary such as a bank.

3. It can be replaced by new digital currencies

Bitcoin stands out for being the first cryptocurrency and has been very successful since its creation in 2009. Although new currencies have subsequently emerged, none have come to replace Bitcoin. This is due to its great popularity since it accounts for 60% of the market.

This currency is characterized by being decentralized and open and, in addition, it has the advantage that it was the first to appear. All this has made it one of the most relevant cryptocurrencies in the sector.

4. It is unsafe

Bitcoin has been shown to be 99.9% secure as it has a large computing power that secures its network. Its operation has been perfect at all times and there are no records of money theft or vulnerabilities in its system.

It is possible that we will see news about different hacks to this currency. However, those that have suffered attacks have been websites, exchanges or wallets that use Bitcoins, but not the currency itself.

5. It will be banned by governments

In turn, one of the myths that exist about Bitcoin is that it is thought that it will be banned by governments. But, it is not true, since a large number of countries support its use, as is the case of the United States, Argentina, Chile, Ukraine, and Spain, among others.

In this sense, it should be noted that El Salvador has approved it as legal tender and the New York Stock Exchange has a listed fund. This means that its value and importance are taken into account and are beginning to be regulated in many governments and countries.

6. Hardly anyone invests in cryptocurrencies

It is a more common type of investment than you think, especially in recent years. Specifically, Spain is one of the countries that has invested the most in cryptocurrencies.

And this is mainly due to the fact that it is a comfortable and easy way to invest since there are many digital platforms that make this process agile and, above all, easy. Like, for example, it offers Bitcoin-prime.app.

As you can see, the popularity of Bitcoin is still present and it has become one of the most used currencies when it comes to investing in cryptocurrencies.