Common Misconceptions Surrounding Bitcoin

Common Misconceptions Surrounding Bitcoin

These days, it’s hard to turn to a place where people aren’t buzzing about cryptocurrency. While still a somewhat novel concept to many, cryptocurrency has the whole world on its feet. As the most popular cryptocurrency currently out there, Bitcoin gets a lot of extra attention, and with good reason. Everyone’s excited about the many opportunities Bitcoin has to offer, but talking the talk is one thing, and walking the walk is another. A lot of people still fear investing in Bitcoin, and while some have a good reason to, most of it is based on some of these next few misconceptions.

Only Big Investments Are Worth It

It’s undeniable that making a big investment in Bitcoin be quite a rewarding venture, but that doesn’t mean that making smaller ones won’t end up bringing you a good return. The most common thing we’ve heard people say related to this is that buying Bitcoin can only pay off if it’s a whole coin. This isn’t true in the slightest. Buying Bitcoin can be a lot for a person to take depending on their financial situation, so sometimes smaller investments are a much better option. Just because you get 0.0001 Bitcoin doesn’t mean you won’t make a nice return if there’s a price jump.

What makes Bitcoin both incredible and truly terrifying is the volatility attached to it. Depending on multiple factors, the price of Bitcoin can either skyrocket or crash down in a matter of days. This brings with it a lot of uncertainty, but it’s also what gives people a chance to make a lot of money. When you dig deeper into things with this in mind, it’s easy to see that even with a very small investment, you could potentially make a fortune off of Bitcoin.

Bitcoin Isn’t Protected From Hackers

Bitcoin runs on blockchain technology, and just like any other tech in history, there’s an adjustment period where security is still being tested and tuned for it. This is why finding a reputable e-wallet provider is one key to keeping your Bitcoin safe and sound. On top of this, doing your research on the kind of trading software you use can also be an extra layer of security. The Bitcoin Revolution official website and app are a great option you can look into. Not only do they offer some of the best trading software on the market, but they’ve got a spotless record.

It’s incredibly important to find good services when it comes to Bitcoin, but the fear of hackers is immensely exaggerated. Sure, there have been a few instances where cryptocurrency-related companies did experience security breaches and customers lost their money, but this was a result of poor security. Most of these were in the past, and luckily, security regarding Bitcoin has improved greatly since then. It’s not a longshot to state that investing in Bitcoin is just as safe, if not safer, than eBanking.

Bitcoin Is Only Used by Criminals

There’s a long-standing belief that Bitcoin is solely used by people that like to commit criminal acts and buy illegal things off of the black market. Unfortunately, this myth was perpetrated by some truth. It’s no secret that Bitcoin was largely used for illegal activities back when it first came out, and this was mostly because of the supposed anonymity it granted its users. Yes, Bitcoin does grant its users anonymity, but it’s not the kind most people think it is.

Bitcoin transactions are recorded in a public ledger along with the addresses of the wallets used. While this does mean that personal information about users isn’t shared, law enforcement can track down the owner of a particular wallet. Through the years law enforcement has been working on ways to get better at this and has shut down some very serious illegal activity related to Bitcoin. We’re lucky enough to see them have achieved some great results with it, lifting the taboo off of using Bitcoin and keeping everyone a little bit safer.

Just Posted

Dave Hodges, pastor at Zide Door, the Church of Entheogenic Plants that include marijuana and psilocybin mushrooms, holds some psychedelic mushrooms inside the Oakland church on Friday, July 22, 2021. (Kevin N. Hume/The Examiner)
San Francisco Police stand guard outside the Mission Police Station during a protest over the Minneapolis police killing of George Floyd on Saturday, May 30, 2020. (Kevin N. Hume/S.F. Examiner)
Fired: California bill aims to decertify police for serious misconduct

By Robert Lewis CalMatters On a Wednesday afternoon in April 2018, Gardena… Continue reading

The Giants and Dodgers face each other again following a May series the Dodgers swept; Dodgers shortstop Gavin Lux caught stealing by Giants second baseman Donovan Solano at Oracle Park on May 23 is pictured. 
Chris Victorio/
Special to The Examiner
Giants vs. Dodgers: What you need to know before this week’s huge series

By Chris Haft Special to The Examiner That grinding noise you’ll hear… Continue reading

Gov. Gavin Newsom announced Monday that state employees and health care workers must be vaccinated or undergo weekly testing and wear masks. (Photo by Anne Wernikoff, CalMatters)
California orders vaccine or testing for health care workers, state employees

By Ana B. Ibarra CalMatters Amid an uptick in COVID-19 cases and… Continue reading

Jeremy Kahn and Monica Ho are excellent in San Francisco Playhouse’s production of Lauren Yee’s “The Song of Summer,” being presented live and online. (Courtesy Jessica Palopoli)
Touching relationship at heart of ‘Song of Summer’

Lighthearted SF Playhouse show ‘feels right for this moment’

Most Read