"Bitcoin??? I'd rather not". Read Here for the common myths that I have gathered about Bitcoin
Myth 1: You have to buy one whole coin to invest into Bitcoin
Truth: You can buy Bitcoin for as little as R10.00 ($1) in a form of Satoshis. (Bitcoin to Satoshi is the same as Rand to Cents or Dollars to Pennies). I personally use Luno (formerly BitX) and it is linked with my bank account.
Click Here if you want to sign-up with Luno and use this code TD9KC after signing up to get R10 worth of BTC for 0.1BTC sold/bought .
Myth 2: Bitcoin is a Pyramid Scheme/HYIP (High-yield investment program)
Truth: Bitcoin is a virtual currency, in which paved the way for people to build HYIPs out of Bitcoin. Just like any other HYIP schemes, Bitcoin HYIPs makes hard to turn down offers. Many people had to discover Bitcoin this way and after not getting profits via such systems, they discard everything that has to do with Bitcoin. Stay away from such, Bitcoin is just like any other currency, only virtual.
Myth 3: Bitcoin is Illegal
Truth: Well...it depends on which country you are on. In South Africa, a statement released by the South African Reserve Bank states that it has "no legal status or regulatory framework." It does not mean that it is illegal, but rather their way of saying use Bitcoin, but should anything bad happen, it is your own problem.
Read More Here based on the status
Myth 4: Bitcoin is controlled by government
Truth: Bitcoin is controlled by the Bitcoin ecosystem, meaning that anyone who uses Bitcoin, controls it. The correct term is that it is "Decentralized" - I will write more articles based on such terms, given the "thumbs up" of this one.
Myth 5: Bitcoins are actually worthless
Truth: I have mixed emotions every time I hear this one. I mean, if I had a time machine, I would place as much cash I would get and cash out a multi-millionaire. It literally grew from like R1.00 to approximately R14000.00 (depending on the BTC-ZAR market) within like 6-7 years. Do your calculations, it is a lot indeed. More on the Bitcoin growth can be read by clicking here
There are a whole lot of Myths based on Bitcoin, but they are required, as they do help make the virtual-currency a lot more safe.
By: Sthumacher Experience
About Sthumacher Experience:
He is just a young student keeping his fellow South Africans in mind of global events. He believes that anything he keeps his mind to computer related, he can do. He is not a “programming-geek” or anything like that though, but he is aiming for legendary, to become a 21st century renaissance man.
“I am learning myself, let all my work be more of like a joint venture for all of us. Information should be as easy as possible for all of us to understand. let us enjoy the EXPERIENCE”
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