Bitcoin is among the most misconstrued, straumanned and misrepresented phenomenons in the contemporary world. Good thing bitcoin does not have a mouth, or it would scream really bad. So, hereby, we aim to debunk and unleash the true nature of the currency. Not in any affiliated with it. Only trying to promote some good in the world. Following are a few myths that you may be aware of, or not. Let’s see if this helps you in clearing them out or any.
1. Computers magically produce coins
People think that you can leave computers at their own and they will mint coins for you. While what goes on in a mining warehouse is quite similar, it is not true entirely. The greater the number of computers and the better the equipment used in mining, the better the results will be. But it is not as simple as just turning your computers on. The network is governed by tight rules and regulations that instate that when and how can coins increase.
2. One Man Army
The reward for individual miners has reduced to almost nothing. Only hobbyists still continue to mine individually. It is more of a team effort. Any body serious about mining will come up with their own powerhouse of miners whereby they will mine the currency in a collective attempt to make enormous returns. It has become unprofitable to do so individually.
3. Bitcoin Fall Meant That All Cryptos Are Bad And Illegitimate
No, The fall just indicated that it is a currency just as any other would have, it crashed too. Crazy things happen in the financial world. The market starts bubbling out of nowhere. All of that happens, its normal to. This does not make it a lie, a fraud or a scam. It is all very logically backed up, legitimate business.
4. You can just throw it anywhere
No. Bitcoin is intangible, the gold coin imagery is only for the show. If you drop it you can not pick it, if you lose it, you can not find it dangling somewhere around the house. If it disappears it will not be in your laundry clothes. If it is gone, my dear, then it is gone. So remember where you keep it, and do not let other shady software and thieves hang around being all cheesy. Keep your network virus and dirt free too.
5. Bitcoin Is For The Hardcore Developers and Lovers Only
I regret to inform you, that you sir, had a major misconception on the subject of bitcoin. Anybody who has the money for it, can buy it. Anybody who can google things well, can make a profit out of it. Anybody who like to have fun will brag about it. This makes most bitcoin investors, enthusiasts or lovers too. But, making money don’t hurt ain’t nobody. So brush off that image of really tech savvy people enjoying bitcoin, may be true for Wallstreet stuff, that only really big finance guys can make money out of it, not true for bitcoin. Anybody can. Really, anybody can. No age, caste, color, creed, sexuality, gender or class limits.
That is it for now, let us know about your views, ideas, what itches you about crypto or blockchain and we will get back to you on that too, we love hearing from you, so please, tell us more. Giving you your crypto feed like no other does it! Stay in touch! Also, like and share.