Despite Bitcoin’s growing popularity, many critics have reservations about cryptocurrency: some skeptics believe that Bitcoin doesn’t have any intrinsic value, while others believe that it is hard to spend Bitcoin in the real world. However, you don’t need to fall victim to fear, uncertainty, and doubt: Bitcoin is both highly valuable and extremely useful. Here’s the truth about Bitcoin, plain and simple.
Myth #1: You Need to Buy an Entire Bitcoin
Some people believe that Bitcoin is expensive because, at any given time, the price of one Bitcoin is several thousand dollars. This means very little, though: Bitcoin can be divided almost infinitely, down to the penny, and you can buy it in very small amounts. That said, you should know that exchanges will set minimum purchase limits: on Jubiter, you need to buy at least $50 worth of Bitcoin when you make an instant BTC purchase.
Myth #2: Bitcoin Has No Intrinsic Value
Because Bitcoin is a digital online currency, many people believe that Bitcoin doesn’t have any intrinsic value. This isn’t true: Bitcoin’s value comes from its scarcity, just like any other currency that exists in limited amounts. Because Bitcoin is difficult to create, and because there is high demand for Bitcoin among its users, virtually everyone agrees that Bitcoin has real intrinsic value.
Myth #3: Very Few Stores Accept Bitcoin
When Bitcoin was first created, very few stores accepted it. However, this is no longer the case: Bitcoin is now a widely accepted form of payment at many venues online and off, and we have published a list of stores and websites at which you can spend it, directly from your Bitcoin wallet. Plus, you can also spend Bitcoin virtually anywhere by using the Jubiter prepaid card, which instantly converts your Bitcoin to Euros whenever you spend your money.
Myth #4: Bitcoin Transactions Are Slow and Expensive
In the past, Bitcoin payments were slow and expensive due to transaction bottlenecks. However, this problem has largely been solved with recent Bitcoin network upgrades, and with the introduction of second-layer payment networks like the Lightning Network. Thanks to these improvements, Bitcoin is capable of quickly handling a high number of transactions, and its transaction fees are lower than ever before.
Myth #5: Bitcoin Has No Advantage Over Cash and Cards
Some people argue that Bitcoin is inferior to cash and payment cards. But in truth, Bitcoin has several advantages: unlike cash, Bitcoin can be sent over the Internet, and unlike payment cards, Bitcoin transactions do not need to be permitted by a single authority. These facts mean that you can send Bitcoin anywhere in the world without restrictions. However, if you do want to use Bitcoin with a payment card, that is entirely possible: Jubiter’s prepaid Bitcoin debit card allows you to do this.
As you can see, some of the most widely believed myths about Bitcoin are simply not true. Bitcoin is far more accessible and useful than many people give it credit for, and it is discrediting countless myths as each day goes by. In the next article in this series, we’ll discuss five myths that you may have heard about investing in Bitcoin – and why you shouldn’t be concerned.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.