Friday, 29 December 2017

Myths of a Bitcoin

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Myths about Bitcoin:

                         The first thing is that people think that you have to buy an entire Bitcoin.and  they think that price is too high that we can’t afford Bitcoin But this is wrong because we can divide the Bitcoin up and buy a part of it and you can go down to eighth decimal place which means you can divide Bitcoin down to 1 hundred millionth which is called a BIT (or) satoshi.

                     Some of the people don’t know how to use Bitcoin and lot of people talking about Bitcoin that is plain wrong .The topic is about some of the different myths and misconceptions about Bitcoin just to clear the misunderstanding about Bitcoin

                       The next one is common and that is Bitcoin is totally anonymous and can’t be tracked by anyone. and that’s not true because every transaction of Bitcoin is recorded through BlockChain and is the ledger that records everyone’s balance.The government also knows how to know the address of Bitcoin and some of the criminals also may track your Bitcoin status.

                      And the next one is Bitcoin is INSTANT which is not true.when your paying fee through Bitcoin which that queues it up into a transactions and the miners everytime they mine a BLOCK. if the fee is high enough they will then put your transaction into the block chain and the its confirmed and blocks are supposed to be mined about every 10minutes and that means you have to wait for every 10minutes for that transaction to get into the blockchain before its considered a transaction and in some places which accept Bitcoins will require multiple confirmations that gets deeper and deeper into the blockchain and more gets added on and then its irreversible. if you are sending money through bank its may takes 4 (0r) 5 business days they have to do an ACH transfer its take forever and even a wire transfer that supposedly instant but even that could take several hours.

                  The next one is Bitcoin will need too much computing power. First you have to understand that Bitcoin doesn’t need this amount of computing power. The amount of computing power difficulty scales with the amount of whole hash pull the entire bitcoin  network. The people think that it requires a huge amount of power usage and GPU.

                          The next thing is Bitcoin is worthless because its not backed by anything. Bitcoin is worth money because everyone agrees that its worth money and if we compare with a dollar its a worth money. if the government seized the dollar then its not a worth money. like that only Bitcoin also it depends on people.

                       The next one is Bitcoin is the only cryptocurrency . so many people think and talk about this but there’s actually a lot of different types of cryptocurrencies upto a thousand at this point most of them are garbage and worthless and but there are a few that are very popular LITECOIN, ETHEREUM. 

                             The final one  is Bitcoin is pointless because there’s no reason to use it over regular money. the are some specific reasons that we can transfer the BITCOIN every where in the world and very fast.Even the banks didn’t do that. some of them are like converted the currencies to another one and thats a huge process and it takes a lot of time
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