Dispelling Bitcoin Myths

bitcoin-myths-btc-modernfinancialguide.com

By the editor, Terrell Flautt

Bitcoin is a new digital currency that was created by an anonymous developer in 2008.

Those who have invested in Bitcoin (BTC) in the early days and managed to hold on to their crypto through the years have multiplied their money tremendously.

Lets dispel a couple of myths about Bitcoin.

That it is anonymous.

Every bitcoin transaction that has ever happened is recorded on the blockchain and can be traced back. Following the money has never been easier. The trick is to find out who the wallets belong to but there are ways for that as well.

When using Bitcoin (BTC) and most other digital coins you need to realize that the transactions may be traced and all it takes is for one wallet to be linked back to you.

In order to be as anonymous as possible, use Monero (XMR) and a new wallet address for every transaction.

Monero (XMR) is one of the only 100% trusted proven digital cryptocurrency known for actually being anonymous.

You cannot buy Bitcoin on coinbase but you can use the service xmr.to to exchange from Bitcoin (BTC) to Monero (XMR), effectively making it anonymous at that point.

That it is used for illegal things.

Not as much as cash is used for illegal things. We must not deprive the world of great technology only because of those who would abuse it.

Cryptocurrency like Bitcoin (BTC) is a direct threat to the U.S. Dollar and other fiat currencies because it takes power from the bankers and puts it back into the hands of the people.

The government does not want competition for the U.S. Dollar and will say anything to discredit Bitcoin (BTC).

Even if that means blaming it for crime.

How can I learn more about it?

The first thing that you will want to do is create an account with Coinbase.

Coinbase is one of the largest exchanges in the crypto industry. They also have pro.coinbase.com for more advanced users where the fees are much lower than the retail site.

Please sign up using my affiliate link so that you can get $10 in Bitcoin (BTC) for free and I will also that will be used to support my blog.

Once you have your Coinbase account you will be able to start transacting in Bitcoin, Litecoin, Ethereum, Zcash, and other digital currencies.

In my opinion it is best to stay away from unknown alt coins as they can lose a lot of value very quickly.

When using crypto as a store of value for your digital earnings stick to Bitcoin (BTC), Monero (XMR) for storing funds Stick to Litecoin (LTC) and BitcoinCash (BCH) to send money and transact quickly with low fees.

For example, I always keep some money stored in Bitcoin, Litecoin, and Monero.

Monero (XMR) funds are my private emergency funds. Bitcoin is like my savings account, and my Litecoin is used for paying for things like web hosting services from Hostinger.com

Please comment below and let me know if you want me to write more content on cryptocurrency like the best place to buy, sell, and store Monero (XMR).


Leave a Reply

Skip to toolbar