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5 Lies Frequently Told About Bitcoin and The Truth You Need to know

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5 lies about bitcoin

Since its creation in 2009, Bitcoin has gained a lot of popularity. However, with this popularity comes some “untruths” that some people or authorities spread. Gaius, in his recently published book, takes a look at 5 lies that are frequently told about Bitcoin.
1.Bitcoin is MMM: No, Bitcoin is not related to any Ponzi scheme. It is a digital currency and not a pyramid scheme where you rob Peter to pay Paul.
2. Bitcoin will make you rich instantly: this is a total lie. It took me 5 years to gain profit from my initial investment in Bitcoin. If you want to get rich instantaneously bitcoin isn’t for you.
3. To own Bitcoin, you must “buy at least one Whole Bitcoin”. This is not true as Bitcoins are divisible to eight decimal places, or 1/100 millionth of a bitcoin called satoshis. This means you can own bitcoin worth a thousand naira or even a hundred naira.
4. Bitcoins does not have any intrinsic value: Most people fear that Bitcoin lacks value because it’s supply is finite but this is a lie as Bitcoins offers a safer, faster, cheaper transaction network. Since people utilise it for transactions, it has value.
5. Bitcoin can be used for illegal activities more than cash: This is a lie because Bitcoin can be easily traced and offers less anonymity than cash. So while criminals prefer cash, investigators prefer Bitcoin as it is easier to catch these criminals.
These excerpts are from his my best selling book “How Bitcoin Changed My Life” now on Amazon. Get a copy.
 
Do you share similar views with Gaius?  If yes what other lie would you like to add to this list? If no what is your take on the topic? Drop your opinions in the comment section 
 
Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

 

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Bitcoin News

Bitcoin is expected to hit $89k, but not soon – Edward Igberaese 

Engr. Edward also revealed some top altcoins to watch out for. He named Bitcoin (BTC), Ether (ETH), EOS, and some DeFi coins. He also said Ether is expected to rise even further.

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According to Engr. Edward Igberaese, bitcoin is expected to reach $89,000 however this figure might not be realized soon. He said this on Inside Blockchain on CryptoTvplus on Monday 23rd November, 2020

He said Bitcoin (BTC) might experience a pull back before heading to $89,000. 

He called the current movements as spikes due to new people coming into cryptocurrency. The FOMO is also a contributing factor to the spike. 

He said bitcoin is expected to go down before it will go high. He said this isn’t the time bitcoin will get to $89k.  It will go very down before going up. 

He warned that people shouldn’t put all their money in bitcoin right now. He advised people to take profit.

Nobody takes profit and goes broke – Edward Igberaese, Leader Satoshi Africa

Engr. Edward Igberaese also revealed some top altcoins to watch out for. He named Bitcoin (BTC), Ether (ETH), EOS, and some DeFi coins. He also said Ether is expected to rise even further. 

Watch the program here below:

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How a First Time Bitcoin Trader Made 10% Profit in 10 Days

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A first time cryptocurrency trader shares her story of how she made 10%  profit from her first trade on Luno. 

The lady who goes by the name Deborah Ugboro and resident in the oil rich Delta state, said she was at first hesitant to buy bitcoin because she had heard several stories of how people lost their money either at the point of buying or trading bitcoin. 

She said, despite the evident warnings around, the enthusiasm for bitcoin and cryptocurrency generally was not doused and considering her background in finance, it was becoming clear that this is the future of finance. 

According to Deborah, she bought her first bitcoin at the end of October, 2020 on Luno after she sought help from people who knew about cryptocurrencies to enable her navigate the new territory.

Join us on Crypto Roast every Friday by 9PM Nigerian time.

She also transferred some to the Bitcoin Savings Wallet Luno recently launched to help her earn interest on her bitcoin. Ten days later, she was able to sell off and made a profit of 10%.

When asked how she felt after making her first crypto profit, Debbie (as she wanted to be called) said she was “happy and excited.” And while she has had her doubts in the past; now, she “wants to learn more ways on investing in cryptocurrency.”

Concluding our session, Debbie said with a smile “It feels good to be a winner.”

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JP Morgan Chase CEO, Jamie Dimon Is Still Closed to BTC  

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Although the CEO of JPMorgan, Jamie Dimon, is set to not having anything to do with crypto, he has highlighted that the nascent technology that runs it, Blockchain technology, will play a fundamental role in how the finance sector will run in the nearest future. He remains adamant on not stashing his monies in Bitcoin, the premier crypto.

Jamie Dimon highlighted how JP Morgan Chase as an organisation is set to support Blockchain at the New York Times’ DealBook Conference on the 18th of November 2020.

According to him, “We (JP Morgan) will always support blockchain technology.”

The company’s view is that the nascent technology is on it’s course to evolve the finance sector.

The CEO of JPMorgan Chase notes that:

“The blockchain itself will be critical to letting people move money around the world cheaper,”

In fact, JP Morgan had just recently released its “JPM Coin”. The coin was made to facilitate wholesale banking payments.

As at press time, Dimon has still not disclosed why he is not open to stashing his monies into Bitcoin (BTC, +1.64%).

He maintains his stance that the crypto sector, particularly BTC will be under tight government surveillance.

Although a number of financiers have stashed their hard earned monies in the crypto sector in high hopes that it will be more financially viable than gold, Dimon is still not convinced to tour the Bitcoin investment path.Edit with the Docs appMake tweaks, leave comments, and share with others to edit at the same time.NO THANKSUSE THE APPJP Morgan Chase CEO, Jamie Dimon, Is Still Closed to BTC

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