Many Nigerians remain skeptical about buying, selling or dealing with Bitcoin and other cryptocurrencies till date. That is because they have been surrounded by too many myths and fallacious statements that have blocked their path to the truth. Today, we would be going on a smooth journey to debunk these common Bitcoin myths, and spoon-feed you with facts about Bitcoin instead.
Myth 1 - Bitcoin is a Ponzi Scheme.
What you need to know
Technically, a Ponzi scheme is a form of fraud that lures people to “invest money” and are guaranteed a certain profit. It works by paying early “investors” their “profit” from later investors that they bring in to register under them. Consequently, late “investors” are left hanging while the brains behind the fraud hijack the cash, leaving the entire scheme to crash.
Now, Bitcoin and other cryptocurrencies are not Ponzi schemes because they do not guarantee a profit in that manner. They are merely currencies that you can buy or sell like any other currency on the foreign exchange market.
Remember MMM? No one said the Naira was a Ponzi scheme after that. In that case, it was the person behind the operation, and not the currency itself, that is of a fraudulent, Ponzi nature.
Myth 2 - Bitcoin is not Secured.
What you need to know
Bitcoin is mostly safe. It is encrypted with a unique system called blockchain. The way blockchain operates, all sensitive data like your personal information, are kept hidden from prying eyes. It also denies unethical hackers the opportunity to get into the system. Even if they manage to get into the system (which has never happened by the way), they are unable to see, much less steal or alter anything of value on the network.
Another point to consider is how secure your Bitcoin wallet is. Like any other digital feature, some viruses are now being designed to steal Bitcoin from wallets. Your crypto wallet can always be kept secure for you when you make use of platforms that provide this security feature for your wallets like Cordial Exchange.
Myth 3 - Bitcoin is used for Illegal activities; it is a scam.
What you need to know
As stated earlier, Bitcoin is merely a currency, a valuable one at that. There is not one currency that exists that is not, or has not been used by criminals for illegal activities. That does not make the existence of such currency a “scam”. The only thing you should be careful of is scandalous companies in operation, not Bitcoin.
Myth 4 - Bitcoin does not have value
What you need to know
The defining power of value is demand and scarcity. Bitcoin has these two qualities. Bitcoin has a significant first-mover advantage, being the largest cryptocurrency in the world, and the first to have a gold-like store of value properties — only 21 million Bitcoins can ever be in circulation.
What is more, the price of Bitcoin has been on a rise these days many thanks to its demand. Many experts believe that in future years to come, and with hundreds of millions of consumers using digital currencies soon, the price of one Bitcoin would skyrocket to an average of $100,000, and by 2030, it would rest comfortably at $500,000.
Myth 5 - Bitcoin is really expensive
What you need to know
You have probably heard how we have celebrated the rise in the price of Bitcoin which increased to a reach of $19,000. It is splendid news indeed to fellow investors who have recognized that Bitcoin is a store of value. However, you don’t need to have N 8,000,000 ($19,000) to buy Bitcoin. Anyone can literally buy BTC even if it is worth N 5,000.
Just like $1 can be broken down to 1cent, 1 bitcoin can be broken down to 1 satoshi, which is a tiny fraction of a bitcoin (0.0000000001 of a Bitcoin). This means that it’s much more divisible as a form of “money” and can be used for very small, or very large transactions, including anywhere in between.
As a Bitcoin holder, you cany enjoy maximum flexibility with how much you want to buy, hold, spend, send or sell BTC.
Myth 6 – Bitcoin is for the tech-savvy or financial gurus
What you need to know
Getting started in the world of digital currency can be overwhelming. There can be a lot of technical terms you are not ordinarily used to. The truth is once you get over the common terms, and you start to identify more with Bitcoin and other digital currencies in your research, you will find that it is not as complicated as you initially thought it was.
You would also find that you don’t necessarily need anyone to help you gain access to Bitcoin (either buying or selling), you can easily do so yourself. The Cordial Exchange Wallet is an all-in-one solution that lets you handle your digital finances from a single application. You can store, send, receive, buy, cash out, exchange, and spend digital assets with the same ease as cash. Try it now.
So, should I try Bitcoin?
This is completely up to you, boss. Like much of anything in life, there are pros and cons. Cordial Exchange cannot guarantee you a smooth ride as you embark on the journey of embracing the currency of the future, but we can guarantee that we would be with you every step of the way.
Many Nigerians remain skeptical about buying, selling or dealing with Bitcoin and other cryptocurrencies till date, and that is because they have been surrounded by too many myths and fallacious statements that have blocked their path to the truth. These common myths are uncovered in the article.
