Myth #1- Bitcoins are illegal
Back in April 2018, RBI imposed a ban on all the entities that come under its regulation to stop facilitating individuals who buy and trade in crypto. This made it crystal clear that cryptocurrency in India is not legal tender. This meant that banks had to stop deposits and withdrawals to and from the Indian rupees on digital currencies. This ban however did not mention that trading or investing in Bitcoin was illegal. Although this news is of the past.
Last year in March 2020, the supreme court ruled against the banking bank on cryptocurrency trading in India. Now, this means that banks and financial institutions can now go back and resume offering services to individuals and entities who are or want to deal in crypto.
Myth #2- Bitcoin is a big Ponzi scheme
Do you know what a Ponzi scheme is? It is an investment scheme where earlier investors' returns are paid off through the funds of new investors and not from the profits attained through business.
Bitcoin is a decentralized digital currency where there is no particular entity that can lead such a scheme. It is a peer-to-peer currency. Therefore, it is not a Ponzi scheme. Although traders need to beware of companies that conduct such schemes in the name of Bitcoins just like there are scams in the name of gold or stocks.
Myth #3- Bitcoin is extremely expensive
No, they are not expensive because you can buy a portion of a Bitcoin that you can easily afford. Just how you own a share of a company. There are sub-units of a Bitcoin-- Satoshis, Millibitcoins, and Microbitcoins. Satoshi is the lowest unit, so you can buy Bitcoins fractions for how much money you want to
invest in it.
Myth #4- Bitcoins can be easily hacked
The Bitcoin blockchain is reviewed on a regular basis by the entire network which makes attacks on it highly unlikely. There are thousands of copies of Bitcoin's ledger stored in computer nodes, it is scattered across and it contains all the information related to the transactions that have taken place yet.
Since the beginning of its existence, Bitcoin has not been hacked since. Although, having said that, it cannot be hacked but can be stolen just like any other fiat currency. This can happen if you store it in places that are not that secure.
Myth #5 - Bitcoins are not accepted as a mode of payment
People often see Bitcoin as an investment vehicle, but just like the Indian Rupee, you can also spend it by purchasing things or
● You can recharge your phone in India using Bitrefill etc.
● You can online shop through sites such as Overstock and Sapnaonine.
● You can purchase games and applications in Xbox stores and Windows.
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