Debunking 10 myths about bitcoin

Source

I can remember I debunk some myths about bitcoin some days that and some of those I debunked were the myth that bitcoin is a Ponzi scheme and that it's a haven for criminals. Was Just other assertion have people made about bitcoin. The following shows the remaining part of the 10 of which I promised to expose.
This is the link to the other 5 myths

Myth 6

The next myth of Bitcoin I love to the bank in this post is that most people especially critics argue that bitcoin has no intrinsic value and that it is a speculative asset with no legitimate backing. This view is a false assertion no doubt because bitcoins intrinsic value lies in its ability to function as a borderless and decentralized virtual form of money.

Pexel

No one ever taught bitcoin would have value because when it was first created in 2009, many people of mining of which the doubted the future of Bitcoin and then thought of it as a coin with no value. Even as they have seen the water of a bitcoin, they feel is a scam and that it has not tangible backing.

Bitcoin has a limited supply of 21 million coins and a resistance of censorship which prevents direct control or authority by a centralized user and its potential as a store of value this add to its intrinsic worth. So as majority recognized these qualities of Bitcoin, they will not have such view. Majority are regretting why they didn't purchase the coin when it was affordable. Now, it's scarce which has made bitcoins value proposition becomes increasingly obvious.

Myth 7

Another myth is that bitcoin is too volatile a coin. I can remember someone telling me he lost $400 to bitcoin on a buy future trade because of the dip bitcoin did some days back. The view it has very volatile in terms of price which is of serious concern discouraging some from considering it as a currency that's variable.

_{screenshot from my binance}

The prefer going on with others and assume bitcoin moves faster forward and backward. The volatility of Bitcoin is gradually decreasing as the market matures and the adoption by other institutions.

Myth 8

Another myth is that most people say bitcoin is controlled by a single entity as its creator which is satoshi. Can this be different? If yes, why does it have just a single creator but controlled by different entities? Bitcoin operate on the decentralized network of miners a nodes which doesn't give room for single entities exerting control over the asset.

Pexel

It is purely decentralized and pray from centralization which may cause a central authority to oversee, control or manage the asset. Also many render bitcoin obsolete by Altcoins meaning that no altcoin have succeeded in replacing bitcoin as a leading cryptocurrency. Old coin and coins older than bitcoin and it is decentralized and its unique value has ensured its relevance in the crypto ecosystem.

Myth 9

Another is that bitcoin transactions are expensive and slow. These has been argued by some critics who believe bitcoin transaction in periods of high network activity as slow and very expensive but these assertion is far from it as there is an advancement in technology like the lightning network which is more cost-effective in terms of transaction and is also very fast.

It allows at chain settlement to attend this ongoing development aim to enhance the scalability of Bitcoin which makes transaction more affordable.

Myth 10

Another is that bitcoin is a passing trend. There is no time bitcoin flies that wouldn't trend on Twitter. Some attributes this trend to bitcoins popularity to be temporarily hype but the case is that bitcoins endurance over the decades has made it more than just a passing trend. The development of blockchain technology and the continuous integration of cryptocurrencies into the traditional financial system signals that bitcoin access is actually on ground.

In conclusion, we've seen about 10 myths of the coin bitcoin and why these assertions seem to be invaluable. So if you thought of bitcoin as a Ponzi scheme platform or a scam, your view should change with these informations given out.

Disclaimer :Any financial and crypto market information provided in this post was written for informational purposes only and does not constitute 100% investment advice. It's just basic knowledge every crypto trader or investor should have