Bitcoin keeps shattering records when it comes to its value. 2020 and 2021 (so far) have been historical for this cryptocurrency. In 2020, Bitcoin managed to break the 2017 record in value, while 2021 was the year when Bitcoin managed to rise to $50,000, which is quite a mesmerizing number. Its recent surge in value and the popularity of this cryptocurrency makes many experts believe that this is the future of online payments. Not only that, but Bitcoin holds tons of advantages over FIAT currencies and makes them look obsolete.
Even though Bitcoin was established more than a decade ago, this cryptocurrency is still surrounded by some mysteries/myths that leave many people confused. We decided to weigh in on this topic, name the most popular myths and try to explain them in layman’s terms so that you can understand them.
How Do Trading Sites Operate?
As you may know, trading sites are the platforms where traders buy and/or sell Bitcoins. They are considered as virtual marketplaces. But, they are so much more than that. Trading sites incorporate the latest AI technology which allows sellers to maximize their profits. Let us explain how.
Reputable trading sites have very advanced AI systems which take all the data on Bitcoin from the market. After this data is collected, its algorithms analyze it so that they can predict how will Bitcoin fluctuate in the near future. Bitcoin’s volatility rate is very high and its price changes each day, which is why this type of information can prove to be very useful.
One of the trading sites that has the most advanced AI system of this character is bitcoin circuit. Thanks to it, the daily profitability rate at this platform is very high and there are thousands of registered users from all around the world. Since these algorithms can predict the future price of Bitcoin, traders will know when it the best time to sell their assets and thus, maximize their profits.
Is It Secure?
Next up, we have a security issue. Since we live in a time where online scams happen every day, security is a massive concern for Bitcoin users. While many conspiracy theorists claim that Bitcoin is not secure, the truth is the opposite.
Bitcoin has one of the safest networks in the online world. The fact that it has never been hacked speaks for itself. More so, thanks to the cryptography method, which uses codes as a means of communication, users gain a certain level of anonymity. Anonymity increases their overall security even more.
Does it Have Any Value?
One other thing that conspiracy theorists claim is that Bitcoin does not have any value, which is wrong on so many levels. Not only does Bitcoin have value, but you can also use it as a payment method at many places, including global brands such as Microsoft, Wikipedia, Whole Foods, and Expedia.
Recently, even Tesla joined the bandwagon after the company decided to invest around $1.5 billion in Bitcoin. They also stated that they will incorporate it as a payment method for their products. For the record, since investing in this cryptocurrency, Tesla has had $1 billion in profits.
Who is Its Creator?
Lastly, we have a mystery that none of us can shed light on. The creator of Bitcoin is the biggest mystery that surrounds this cryptocurrency. The only thing that we know about this individual is that he or she goes by a pseudonym – Satoshi Nakamoto. Nothing about this person has been confirmed. We don’t know his nationality, age, gender, place of residence – nothing. Although there have been many rumors, nothing is yet confirmed. What we do know is that Satoshi made the first Bitcoin transaction after he sold Bitcoins to Hal Finney.