2017 was the year of bitcoin!! It could be attributed to the media for the exposure and for the common man, who took a chance to go with it and gain huge returns, making them millionaires in a short notice.
Though there is support for it on one side, still there are few people who oppose it and feel that it’s going to let you down anytime. The fear of failing in the currency world stops many, and the fear of getting stolen is another that stops people from entering the markets. Along with these, there are many other myths that hide the facts and stop people from exploring the market. For further information about the bitcoins read on.
Wallets are not safe:
This is one of the biggest myth that many people believe. Your wallets are safe in the lockers. To steal a coin, one need the code, a legal code that is set as a password known only to the owner. Only a hacker can try stealing it, otherwise, your wallet is safe.
Now talking about hackers, when we work on supercomputers to mine these coins, it’s already under safe supervisions. Hackers are mostly kept at bay with encrypted code and a complex series of the blockchain technology updated. When the coin has been released the authorities do ensure about its safety and take serious measures to stop any theft or loss to the investors. There is a bail-in to the theft happened at any point in time, just like how we have insurance for bank lockers things, vehicles and others.
Banks are better bets ‘anytime’:
Well, this is another thought of many middle-aged men, who seek to stay in the comfort zone. We often feel that the banks are always best bets anytime because your money is safe. But, have you ever thought, if the bank goes bankrupt or gets a bad loan, your money that is saved there will be utilised to fill those bad loans. Your money is generally at stake here!! Well, though your research skills are good extremely great, you can never know the inside secrets of the bank.
On the other hand, if you invest the same money in bitcoins, your money would double up and even triple in the same one-year time, along with safety. After one incident of theft, the exchange has adapted high-security measures to the wallets and now the wallet is the possession of the owner alone, who has the password in an encrypted format.