You’ve probably heard of Bitcoin, it’s not something new; It has existed since 2009 when it was first made public by a group called “Satoshi Nakamoto”. However, this remains a mystery in the eyes of many people, leading to many myths such as:
● Dealing in Bitcoin illegal activities!
● This is a Ponzi scheme!
● If anyone can create Bitcoin then why invest!
However, the points mentioned above are just myths and not truth. That is why, to better shed light on Bitcoin in India, we have compiled a list of the misconceptions revolving around it and are trying to refute it one by one. Now you can do betting on the best kabaddi sites in India in Bitcoins.
Myth 1- Bitcoins are illegal!
In April 2018, the RBI banned all entities under its control from assisting individuals who buy and trade in cryptocurrencies. This made it clear that cryptocurrency is not a legal tender in India. This meant that banks had to stop making deposits and withdrawals into and out of Indian rupees in digital currencies. However, this ban did not mention that trading or investing in Bitcoin was illegal. Although this news is a thing of the past.
Last March, the Supreme Court ruled against the bank for cryptocurrency trading in India. This now means that banks and financial institutions can return and continue to provide services to individuals and legal entities that engage in crypto or want to trade.
Myth 2- Bitcoin is a big Ponzi scheme
Do you know what the Ponzi scheme is? It is an investment scheme where the returns of former investors are paid out through the funds of new investors rather than the profits made from the business.
Bitcoin is a decentralized digital currency where there is no organization that can run such a system. It is a peer-to-peer currency. Therefore, this is not a Ponzi scheme. Although traders need to be wary of companies that implement such schemes on behalf of Bitcoin, as well as a fraud on behalf of gold or stocks. If you are an online casino game lover you can earn bitcoins while playing your favorite game like teen Patti online, andar bahar, blackjack, etc.
Myth 3 – Bitcoin is extremely expensive!
No, they are not expensive because you can buy some of the Bitcoin that you can easily afford. Just how you own a stake in a company. Bitcoin has subunits – Satoshis, Millibitcoin, and Microbitcoin. Satoshi is the lowest unit, so you can buy Bitcoin Fractions for as much as you want to invest.
Myth 4 – Bitcoins are easy to crack!
The Bitcoin blockchain is regularly reviewed by the entire network, making attacks on it highly unlikely. Thousands of copies of Bitcoin’s general ledger are stored in computer nodes, scattered, and containing information about every transaction that has taken place so far.
Bitcoin has not been hacked since its inception as lots of says playing Andar Bahar for real cash is not safe. Although it cannot be hacked, it can be stolen like any other fiat currency. This can happen if you store it in an unsafe place.
Myth 5 – Bitcoins are not accepted as a method of payment!
People often see Bitcoin as an investment tool, but like the Indian rupee, it can be spent buying things or paying bills.
● In India, you can recharge your phone with Bitrefill, etc. using.
● You can shop online at sites like Overstock and Sapnaonine.
● Purchase games and applications from Xbox Stores and Windows.
● You can purchase Amazon, Myntra or Flipkart gift cards on platforms like Purse.
There are many online and offline businesses that accept Bit coins and other digital currencies for many of the goods and services they offer.
In summary, crypto currencies have not yet become commonplace, as it is still an unexplored market with a lot of potentials. Now that you know Bitcoin better, we leave it to you to decide if you want to invest and buy it or not.