Just like something famous has rumors, even bitcoins have made quite a few on its way up. There are a few misconceptions that keep people from putting their trust into investing bitcoins. You need to know that these misconceptions have been created anonymously as the media predicted its future moves and reported the news.

There are some misconceptions that almost 75% of US adults have heard in the Bitcoin market. But, when it comes to trustworthy news, these rumors don’t come from reliable sources from time to time; hence, your vision getting foggy is quite reasonable.

From believing that Bitcoin has become the magic internet wagon for money laundering or safe passage for drug sale and other criminal activities, here are the four common misconceptions about bitcoins.

The Misconceptions of Bitcoin that Most People Believe is True

1. Is Bitcoin anonymous?
It is only fair to say that one of the most common misconceptions of Bitcoin is that it is anonymous. One of the surveys shows that most of the people have heard a common phrase. It says a cryptocurrency is a virtual or digital currency developed as secure, decentralized, and in most cases, anonymous.

What most people miss out on is that the blockchain technology of Bitcoin is public. Anyone willing to look into the transactions at any given time since its release in 2009, using any of the block explorers.

It can’t be denied that a misplaced string of numbers and letters will not mean much to the common public. But the transactions made using bitcoins are more traceable than fiat currencies. This also offers authoritative bodies to anyone trying to misuse this forum anonymously.

The agencies dealing with law and enforcement, have noticed the efficient use of blockchain to proceed with investigations.

2. Criminals only use Bitcoin
A few cases have led people to believe that criminals only use Bitcoin. The Silk Road’s currency of choice had some hand behind this misconception’s birth. The illegal services and goods are available in the dark web marketplaces for buying and selling. This became a hotbed for criminal activities; here, a community used BTC to exchange in return for the services or goods.

Bitcoin has been a natural choice of money when it comes to illegal activities. But the transparency of the crypto transactions has exposed criminals to typically hit a wall when they try to convert the BTC into fiat currencies. The purchase that is being made can now be traced to some extent. Bitcoin had a considerable hand in shutting down the most significant child porn websites around the globe. This resulted in the analysts reaching back to darknet servers through Bitcoin addresses they leave behind.

3. It is for people who understand the technology
This industry is saturated with gossip about blockchains, hash rates, mining, hard forks, difficulty adjustment, ASICs, and coding. The people, who think it is for those who understand technology better, can be released from any blame. To some extent, they are right. Although the prime use of Bitcoin is to be utilized as a universal peer-to-peer exchange of value. Further, this system also allows you to make and receive payments from anywhere without having to pay the exchange fees.

4. Bitcoin could be shut down by the government
Bitcoin is banned in some countries, and trading of the same has been made illegal in China. There is a misconception on these factors that the government might shut down this asset someday, closing the shops of millions of people.

But the reality is bringing down the biggest and leading cryptocurrency in the market is not possible. This act will need a substantial covert operation of coordinated assault and chip fabrication that can dominate the next block for around 10 minutes. After this, the miscreant will be exposed, removed, and will lose millions of dollars for no good reason.

Conclusion
If you think that these hoaxes are not enough to scare you and you are ready for the future, start investing in bitcoins today. Use can learn more how to make money online at home during quarantine to invest and make a profit rapidly. You must think twice before you invest and you must be sure about whatever steps you take.