Bitcoin Cryptocurrency Biggest Myths – Avoid the myths 

Bitcoin has forayed into various business verticals for almost a decade now and has been getting popular for good reasons lately. Since Bitcoin have supplemented the business transactions, it has gained a lot of limelight from common man as well as businesses.

For the choosing of the best helium miner 2021, there is a need to avoid the myths. The performance of the business transactions is simple and easy for the people. There are good reasons available to have the best results. The collection of the information about them is essential. 

But there are certain myths that hover around Bitcoin as newbies and veterans think that it is difficult to comprehend the use of Bitcoin because it has many angles attached to it such as computer science, cryptography, math, economics, etc.

Humans have a tendency to look into the negative aspect of something and land into irrational conclusions. Moreover, Bitcoin have so many angles attached to them that may obscure the real fact hidden behind them.

So, it calls for a blog that could clear out all the myths related to Bitcoin. Below given are some myths that you should do away with-

Bitcoin is a big scam

The seeds of fraudulence and scam of Bitcoin are sown by those who think that the founder of Bitcoin, Satoshi Nakamoto is fraud or a coward who will run away with all the money.

Moreover, those who think that Bitcoin are not backed by anything should answer. That what backs their current national currencies. At least math, censorship resistance, etc back Bitcoin.

Quite often people who discourage Bitcoin don’t know anything about decentralization, free-market economics or intrinsic value. The primary idea behind it was to incorporate decentralization in every stage without human intervention or single point of failures.

Mr. Satoshi tried to supplement the transaction process using Bitcoin, which was far better than the concept of central banks printing the unaccounted amount of fiat useless paper money.

Also, people have misconceptions that they will lose money. If they resort to gambling practices, then surely they will lose money as BTC markets are free-markets and are the most un-correlated asset class till now.

Bitcoin: a part of illicit activities

Initially, Bitcoin proliferated a lot of illegal activities such as transactions on silk roads. Later, WikiLeaks found a way to use it when banks didn’t support them.

People immediately started questioning and doubting Bitcoin but everyone remained shut when it was used for buying pizzas. This draws us to the conclusion that when legal or illegal activities have a support by the fiat currency. Then no one dares to question or calls it fraud.

But it took no time for people to call Bitcoin a scam and Ponzi. Thankfully, people holding fiat USD or EUR have not made any remarks as such.

Mining of Bitcoin consumes much energy

Another most controversial issue is whether Bitcoin mining is waste of energy or not. It is NOT a waste of energy as it gives self-sovereign money, resilience, and immutability in exchange for so much energy the protocol consumes.

We should constantly work on finding newer, greener and sustainable ways to satisfy the need for Bitcoin protocol. To shut down the debate of the Bitcoin energy waste issue. Standard American Mining have started implementing sustainable and efficient solutions for Bitcoin protocols.