We all are aware of Bitcoins and its related facts but there are many myths or false information related to bitcoin which we believe to be true.

Here are Some Myths Regarding Bitcoin which we have Busted! Have a Look:

Myth # 1

Bitcoin’s Block chain is effective when split from bitcoin

Reality:

Blockchain and Bitcoin are like H & O in H2O (Water Molecules) so If they are Separated, they become ineffective.

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Myth # 2

Bitcoin is a Currency used by Ten’s of Thousands of Legal Merchants

Reality:

Bitcoin is mostly a Merchants’ PR Stunt.

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Myth # 3

Bitcoin transactions happen in a Real Time

Reality:

Bitcoin transactions are slower and even getting slower with time as it’s Algorithm becomes complex with time.

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Myth # 4

Bitcoin makes transactions “nearly Free”

Reality:

Bitcoin’s transaction are not free, In fact their charges are hidden.

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Myth # 5

Bitcoin is more secure than other transaction systems

Reality:

Bitcoin transaction is secure but not Perfectly Secure, Security breaches have human causes.

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Myth # 6

Bitcoin’s Ecosystem is decentralized

Reality:

Bitcoin ecosystem is claimed to be completely Decentralized but But actually it is controlled by a few developers of the original Bitcoin Client who have influence over the Bitcoin Community, yet their power to arbitrarily modify the protocol is very limited.

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Myth # 7

Bitcoin is idealistic and non profit system

Reality:

Billions of Dollars of Investment ride on Bitcoin

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Myth # 8

Bitcoin can printed/minted by anyone and are therefore worthless

Reality:

Bitcoins are computed my miners instead of Printed or minted. And Miners are awarded a specific amount of bitcoins and transaction fees paid by others.

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Myth # 9

Bitcoin don’t solve any problems that fiat or Gold Doesn’t Solve

Reality:

Bitcoin’s are easy to transfer, Easy to Secure, Easy to Verify and Easy to Granulate Unlike Fiat Currencies.

Source:
www.Cex.io
www.bitcoin.it
www.pixabay.com