5 Myths about Bitcoin Investing - NETRAL'ID

5 Myths about Bitcoin Investing

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Wednesday, 24 June 2020

5 Myths about Bitcoin Investing

Up to now, the name Bitcoin continues to be discussed by people in the world. In fact, Bitcoin investment is the most popular investment in the moment. What is Bitcoin? For those of you who don't know it, Bitcoin is a digital currency that applies blockchain technology.

This virtual currency began to emerge in 2009 which was pioneered by Satoshi Nakamoto. Similarly to dollars or Rupiah, this currency is only available in the digital world. Bitcoin can be used for a variety of financial transactions, such as purchasing various services, games, and hosting websites. However, for now, the amount that receives the Bitcoin service is still very limited.

How does Bitcoin work?

Essentially, Bitcoin is a digital journal that records who owns Bitcoin. Usually every bank has a journal like this which is used to record how much money the customer has. However, what distinguishes Bitcoin is its form which is a digital journal that is not stored by any agency or parties.

In Bitcoin, digital journals can be known by Bitcoin users. When a user's digital journal is corrupted, you have other backups obtained from other users. No controlling party, all participating in it. 

Because of its abstract form, it often makes people feel reluctant to use Bitcoin. In fact, it arises misleading opinions about Bitcoin. To clear this misunderstanding, here are the lies about Bitcoin that should not be trusted.

1. Purchase Bitcoin at least 1 coin

Currently the value of 1 bitcoin coin say Rp 120 million. Lies that circulate in the community if you want to have one that should buy 1 coin that costs Rp 120 million. Info is wrong great. No need to have Rp120 million money to invest bitcoins. In fact, with Rp 3.3 million only, you can also have it. The value of Bitcoin you have is a capital that you have divided by the price of Bitcoin at the time of purchase

2. Vulnerable hacked alias in-Hack lies

In the community about Bitcoin is its security. Whereas in the system, so far there has never been a case of hackers attacking bitcoin. The one that is prone to hack is the wallet system, that's because users are less secure for their own wallet.

3. Used for Bitcoin criminal activity

It is often used by certain parties in the black market. Given the existence of virtual money is not under the supervision of the government. This is what makes people reluctant to use Bitcoin because it feels that its users are mostly criminal. In fact, not everyone who uses Bitcoin is criminal.

4. How to get luckily the same with gambling

The use of bitcoins that tend to be free makes many people think if this cryptocurrency is used for gambling activities. This is also due to the increase in its value which is quite fantastic when compared to money generally.

In fact, Bitcoin is just the currency as in general, but the amount is quite limited. Therefore, making demand is getting higher which impacts the rising price.

5. Bitcoin Mining is a dangerous act

Creating Bitcon does require a technology device that has a high capability. Because of this, many people think that Bitcoin mining can trigger large electricity use which will harm the environment. Whereas, in reality, the creation of Bitcoins is the same as spending annual electricity needs.

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