otae.com

What are the common misconceptions about Bitcoin

Sure thing! Here are six common misconceptions about Bitcoin:

**Bitcoin is completely anonymous**: A lot of people think Bitcoin transactions are totally untraceable, but in reality, they’re pseudonymous. Every transaction is recorded on a public ledger, so while you might not see names, you can see wallet addresses.

**Bitcoin is only used for illegal activities**: Sure, it’s been associated with some shady stuff, but the vast majority of Bitcoin transactions are for legitimate purposes. People use it for investment, remittances, and even buying everyday goods.

**Bitcoin is a get-rich-quick scheme**: Some folks think you can just buy Bitcoin and become a millionaire overnight. While there have been big gains, it’s super volatile, and investing in it carries risks just like any other asset.

**Bitcoin is not environmentally friendly**: Many people believe that Bitcoin mining is terrible for the environment. While it does consume a lot of energy, there’s a growing movement toward using renewable energy sources for mining.

**You need to buy a whole Bitcoin**: A common myth is that you have to buy a whole Bitcoin to get started. In reality, you can buy a fraction of a Bitcoin, so you can invest as little or as much as you want.