Debunking Five Bitcoin Myths

It’s important to stay safe with Bitcoin―but don’t let rumors convince you that BTC is dangerous without first learning some key facts. Here are some key insights into Bitcoin safety and busted myths.

If you use Bitcoin, then you’ve probably been exposed to a few scare tactics. Critics will tell you everything from Bitcoin being illegal to it being incredibly dangerous. They may even list all the ways that Bitcoin is risky to you. None of these, however, are true. Bitcoin is just as safe as any other monetary system. So, here are some of the biggest myths surrounding Bitcoin safety and why you shouldn’t have anything to worry about.

Safety Myth #1: Only Criminals Use Bitcoin — BUSTED

In the early days of crypto, Bitcoin was largely used for criminal activity, however, due to Bitcoin’s adoption into mainstream commerce, it’s association with crime is fading fast. Last year, a report from a member of the US Drug Enforcement Administration found that just 10% of all Bitcoin transactions were involved in illegal activity―a complete reversal from 2013, when 90% of transactions were related to crime.

Safety Myth #2: Bitcoin Is Anonymous — BUSTED

If BTC were completely anonymous, it would be heaven for illicit activities, but Bitcoin isn’t entirely anonymous. Whether you’re a savedroid user or actively participate on an exchange, you will typically need to identify yourself. This is due to KYC regulations that are designed to keep you safe. All trustworthy platforms will keep your personal data private. Don’t worry, you can be rest assured that with savedroid, your personal data will not be shared with other users. Most platforms will never provide your personal data unless a government authority demands it.

Safety Myth #3: Bitcoin Can Easily Be Stolen — BUSTED

Bitcoin can be stolen and accounts can be hacked, but this is true of all forms of money and online accounts. Fortunately, there are plenty of ways to make it very difficult for hackers to steal your Bitcoin. By using savedroid, you’ll benefit from sophisticated security features that make it highly unlikely you will ever fall victim to theft.

Safety Myth #4: Governments Can Ban Bitcoin — BUSTED

Often there are media reports talking about governments around the world banning Bitcoin. Reports like these are extremely misleading as typically those countries are restricting financial institutions and businesses from trading Bitcoin. A government ban has no capacity to shut down Bitcoin itself, however, as Bitcoin runs on a decentralized network. This means that individuals will always be able to freely circulate Bitcoin.

Safety Myth #5: Bitcoin Consumes a Lot of Power — TRUE BUT MISUNDERSTOOD

You may have heard stories about Bitcoin users who were surprised by extremely high electricity bills after they began mining Bitcoin. These stories, however, only concern miners who are using power-hungry devices to generate new Bitcoin. If you are simply buying, selling, or spending Bitcoin, your computer or phone will not use any extra electricity. Don’t worry, you won’t notice a difference in your electricity bill or battery life!

The Takeaway

Bitcoin can be extremely secure so long as you take the same normal precautions you would, for example, online shopping etc. It is highly unlikely anything will go wrong. Bitcoin has fully discredited the myths that have been circulating about it for the past several years and today, is recognized as a safe cryptocurrency everyone can use. No need to be afraid of it!

You should test it yourself! Download savedroid and enter the world of cryptocurrencies today. Our App is as easy and safe as you can get, but most importantly, it offers a seamless and fun experience! So, what are you waiting for? Make your friends turn green with jealousy over your crypto earnings.

Thanks for reading! I’d love to hear your thoughts, so comment below!

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