Even though Bitcoin has been around since 2009, there has been a lot of hype surrounding this cryptocurrency in recent years. Now that you can buy Bitcoin with cash at ATM, use a credit or debit card, or engage in a bank transfer, acquiring Bitcoin is easier than ever. However, a lot of people are on the fence about whether or not investing in Bitcoin is a good idea.

This is mainly because it’s difficult to separate the fact from the fiction. Here we’ll cover the most common Bitcoin myths as well as what’s actually true. This will help you decide if Bitcoin is a solid investment for you, or if you should pass on buying Bitcoin this year.

Bitcoin Myth #1: Bitcoin is Highly Susceptible to Hackers

For some reason, many Bitcoin conspirators are telling the world that there is a 99.999% chance of your Bitcoin funds being hacked. This is a common misconception since Bitcoin is indeed an entirely online form of money, and we all know what can happen in the online world: hacking. The news is always going on about hacking instances with Bitcoin, but this actually isn’t possible.

The Truth: According to blog.blockchain, “Bitcoin is a protocol (or piece of code) that uses cryptography to allow users to safely transfer units of value, and all transactions can be verified by looking on the blockchain. This protocol, literally the root of what bitcoin is, has never been hacked.” So stop worrying about hackers, you can rest easy knowing your Bitcoin funds are safe.

If you ever hear about Bitcoin being hacked, what the source means is that the service that uses the Bitcoin is the one being hacked – not actually Bitcoin itself. For this reason, try to keep your Bitcoin funds stored in a safe and secure exchange platform. It is recommended that you move your Bitcoin (or any other crypto investment for that matter) from the crypto wallet to a more secure crypto exchange. This is especially important if you invested in large sums of crypto cash.

Bitcoin Myth #2: Bitcoin is a Ponzi Scheme

This myth has been going on since the very beginnings of Bitcoin, and it is going on strong. There will all be Bitcoin critics and haters out there that feel that the entire crypto industry is a sham. The exact words used are Ponzi scheme, which essentially means that there are lots of promises made to Bitcoin investors, but the only people benefiting from these investments are the main Bitcoin players (in this case, the original creators and investors of the currency).

The Truth: Bitcoin is far from a Ponzi scheme. Although the currency has struggled in recent years, it has made a lot of investors rich, and not just the guys in charge. Bitcoin is a lot more valuable than many crypto experts give it credit for, you just have to make your investment at the right time if you want to experience that value personally.

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