Myths and Facts on Bitcoins Busted

Everything one must know about Bitcoin 

Bitcoin is a peer-to-peer decentralised cryptocurrency that can be transferred using the decentralized bitcoin network. There are various legitimate trading platforms available in the cryptocurrency world which keeps track of all the legal transactions taking place with Bitcoins. These platforms make sure that no absurd activities take place in the trade market and no hacker gets to breach through the security system of BTC’s proof of work at any point. Recently, there has been a lot of cryptocurrency activity around the world. If you want to learn more about bitcoin, click this link. 

These legal bodies make sure that all the transactions taking place in each corner of the world gets recorded in the public ledgers with complete transparency. 

Bitcoin is a type of digital currency that does not require centralised organisations like banks or governments. Instead, they directly confirm user-to-user transactions over a peer-to-peer technology network.

The New York Times claims that the philosophical foundation of bitcoin appealed to libertarians and anarchists. Roger Ver, a pioneer of bitcoin, said that nearly everyone who initially participated did so for conceptual justifications to Bitcoin.. Bitcoin is a techno-anarchist project to build an electronic version of working capital, a way for people to transact without the potential of interference from bad governments or banks. These statement were made by The Economists of all time. Economist Paul Krugman claims that cryptocurrencies such as bitcoin are a “cult” based on “paranoid fantasies” about government power.

The first cryptocurrency ever created, Bitcoin (BTC), is also the most well-known of much more than 19,000 cryptocurrencies that are currently in use. Bitcoin has become an indisputable fixture of the landscape; thanks to the eagerness with which the financial media covers each new dramatically elevated and sickening decline. 

Although the extreme volatility may make for exciting news, it hardly helps make Bitcoin the best option for those who are new to investing or seeking a reliable store of value. The public ledger that contains information about every Bitcoin exchange that has ever been made makes it difficult to reverse or forge transactions. Although it may seem risky that anyone could alter the Blockchain, this is what gives Bitcoin its reliability and security.

Myths about Bitcoin :

Myth 1– Bitcoin is anonymous

People frequently believe that Bitcoin users are anonymous. But this is far from the truth. Each bitcoin has an address that it belongs to, so every bitcoin has a traceable history of ownership dating back to its inception.

Myth 2– Bitcoin Seems To have no Inherent Value and Is Not Backed

While Bitcoin isn’t supported in the sense that it has a secured exchange rate for another asset, it is supported in the same way that conventional fiat money is backed: by user demand and support.

Myth 3– Governments do not regulate or support bitcoin.

The Federal Reserve, candidates for president, senators, and state-elected authorities are just a few of the prominent Americans who have supported Bitcoin regulation till date.

Facts about Bitcoin

Fact 1– There has been 668 million transactions using Bitcoin.

Since its debut in 2009, there have been 668 million transactions involving Bitcoin, according to the surveys on Blockchain technology’s public ledger records.  In recent years, that number has risen more sharply. Daily averages of 265,714 transactions were being completed at the time of writing.

Fact 2– The first Bitcoin transaction was a pizza purchase. 

Are you aware of the first Bitcoin transaction ever? If not yet, then here it is. In 2010, when cryptocurrencies had not been this famous in the world, some crypto enthusiast purchased two pizzas for 10,000 BTC in those days. The worth of two pizzas was only $41. Since then, a day called Bitcoin Pizza Day has been observed annually to honour this first-ever commercial Bitcoin transaction.

Fact 3– Almost 100,000 people are millionaires in Bitcoin.

Generally the digital wallets remain hidden from the public and their owners’ identities also remain anonymous from the world for the sake of security factors. From various surveys on Bitcoin ROIs, one thing is pretty much clear that if you go by the worth of Bitcoins, then you would be able to find more than thousands of millionaires and billionaires in the world. 

In addition to losing your personal identification, losing your Bitcoin address also referred to as your private key also results in the loss of all the bitcoins stored in your hardware wallet. According to research, at least 60% of all Cryptocurrency transactions are ghost addresses.