No one could still understand why economists and the media take bitcoin negatively and portray it negatively. Bitcoin Evolution has tried to break the myth by clearing the misconception that everyone has regarding the bitcoins and the bitcoin trading. Maybe being technologically uneducated has made it result in the negative looks of the media and the economists. They do not really understand the importance and the method in which it works.
Time to Burst Some Bitcoin Myths
There are many factors that revolve as the bubble in and around people but it the time to burst all the myth that surrounds all of us not knowing what could be the possible reason. It is now time to break the myth related to all the bitcoin or digital currency.
#Factor 1: Bitcoin is Safe but can Be Accessed by Any Criminal
This is currently the favorite topic of media to question the security and dignity of bitcoins. The thing is bitcoin is said to be the most transparent and dignified process in which only the users that are the sender and the receiver know about the bitcoin transaction.
But the question remains the same, then how do the criminals hack or steal the bitcoins so easily. Now that is their job and they are experts at it. They know the pro and cons of the bitcoins completely.
#Factor 2: Huge Energy Used in Bitcoin Mining
It is the sensational topic that the recent change in the environment has been a major result of bitcoin mining hugely. The reality check is necessary and of course, it is true that bitcoin mining takes a lot of energy to produce a single bitcoin.
At least 30%-70% of renewable energy is used by the bitcoin miners to produce the bitcoins that are needed in the market. It has been found that the US is the 58th country in the world which consumes the most amount of energy for bitcoins only. It has also been accounted that the unused electricity of the residents is used for bitcoin production majorly.
Leaving aside everything, one must accept that in the current condition, one can not deny that traditional currency is gradually getting replaced by the digital cash. Now the digital cash is of more use than the normal traditional currency.
#Factor 3: It can be Used for Micro-Earnings
This is something that many of the users have denied but micro earnings are actually great. You can simply just pay the bills of your coffee shop using the bitcoins. It helps you to save the traditional currency and enjoy your delights using digital cash. It is no longer reaching out to become a bar of digital gold. It has already reached the place where we can say that it is similar to gold. It has become one of the best assets apart from gold and real estate or cars or any such asset. But the fact is that bitcoin gives more profit than any other asset.
# Factor 4: No One or Nothing can Back Bitcoins
The US dollars have never been backed by gold. The only backing to the national traditional currency is the currency itself and due to the hyper inflationary condition of the economy, the devaluation happens. According to the normal mentality of the people, no one can replace their thoughts and ideas regarding the authenticity of the traditional cash. They believe that normal cash is more worthy than digital cash and lack of understanding of the technology they avoid choosing the bitcoins.
We hope that we have been able to clear some of the myths surrounding the bitcoins in your mind. We also tried to enlighten you with the whole concept of bitcoins and we hope that it genuinely helped you.