Anyone who has considered investment would have a certain and investing in bitcoin and cryptocurrencies. Since 2009 there has been a constant buzz around this word. Although not much can be said about its long-term sustenance but going with the present trend, we can certainly conclude that cryptocurrencies are here to stay. Know more about Bitcoin Mining Apps by clicking here.
The crypto market is evolving, and so is the number of investors jumping into this pool. To overcome the myths surrounding cryptocurrencies and bitcoin, we have come up with a detailed, informative article where we have highlighted some interesting facts about bitcoin that will unveil more information about the same. Read on to know more in detail to have an overall better understanding!
1. Bitcoin is not a Ponzi Scheme
When in 2009, Satoshi Nakamoto introduced the concept of decentralized finance with bitcoin into the picture, and many consider this a Ponzi scheme. Some people believe that it’s a fraudulent investing scam that made tall claims.
However, bitcoin doesn’t fit in this parameter because of the following reasons:
- Bitcoin is not inviting new participants
- It will continue to work irrespective of the number of investors in the cryptocurrency market
- There is no central governing authority that funding money into it
With all these parameters, we can certainly conclude that bitcoin doesn’t fit the criteria of a Ponzi scheme.
2. Bitcoin is not a bubble that will lead to Tulip Crisis
the concept of bitcoin is at the nascent sea and is hence driving a lot of attention from investors. Many believe that bitcoin will soon be at a value of dollar zero. Some have compared it with the tulip prices, and because of this, the investors will suffer a huge loss.
However, if we see at the trend of how bitcoin has emerged, the picture depicts a different story. Some believe that it might even rise to dollars 70,000 soon. Although there was a dip in its value is 2022, the Bitcoin investment did not stop. This clearly shows a different picture of how the bitcoin market is going to flourish in the times to come.
3. Most governments are friendly to Bitcoin
With the advancement of technological advancements, cryptocurrencies are becoming increasingly popular among enthusiastic financial investors. Irrespective of the fact that there are countries who are opposing the growth of cryptocurrencies, many have now considered it as a commodity and or regulating its circulation.
Countries like Australia, Canada, the USA, and India have imposed taxation on bitcoin transactions but have embraced that digital currency is here to stay. Many countries have also introduced their national cryptocurrencies. Some of the names include China and Sweden.
In addition, countries like El Salvador have given cryptocurrencies a legal status. All these positive inclinations towards the crypto market highlight that these are here to stay and are globally gaining recognition.
4. Bitcoin is not bad for the planet
What is the primary concern with the mining of bitcoin is it that it might impact the environment adversely? The mining processes are energy-consuming and require heavy investment.
However, there has been a constant shift to change this perspective. For example, as per a report of 2017, Bitcoin consumes around 8.27 terawatt-hours per year, but for gold mining, around 132 terawatt-hours per year are consumed.
The above facts about bitcoin would have given you newer information on why this cryptocurrency is trustworthy and credible. Although there are more than 20,000 cryptocurrencies(some of them are active and some of them or not), bitcoin enjoys a superior position and comparison to other cryptocurrencies.
This pioneering status of bitcoin makes it one of the most desired investment assets for investors. If you to R keen to be a part of this growing ecosystem and want to invest in bitcoin, register yourself on a trading platform like cryptolina.com.
However, there are different platforms that are compared based on the parameters like transactional fees, withdrawal fees, security features, customer support, technology, backend team, customer reviews, and ratings.
Once you have complete confidence that a crypto exchange platform will be best for your crypto trading journey, you can register by filling in details like your name and email address and verifying the same.