The modern decentralized digital currency without a centralized administration or a bank garnered substantial attention when the CEO and founder of SpaceX and Tesla, Elon Musk, said that he might buy a Tesla with it. Although this statement might be a bit exaggerated and quite overblown to bits, one thing is sure- the original cryptocurrency has been on a wild roller-coaster ride since its creation says Ian Mausner.
The Bitcoin topic has been a polarizing subject. On the one hand, its diehard fans claim that it will replace gold and centralized currency. While overthrowing the current banking system. On the other hand, critics badly mischaracterize this as a speculative tool, a mindless whim, or an environmental disaster.
The experts feel that there is a need to dismiss the top three misconceptions and misleading myths. You can consider taking advice and consultation from Ian Mausner, in this aspect.
It has got no value in the real world
While bitcoin isn’t a tangible currency backed by any physical asset like gold. It’s essential to realize that it is the same with the standardized US dollar or any other modern currency. Inflation and economic changes with the fiat currency occur due to its large manufacturing. And consumption, thus making it more volatile. On the contrary, bitcoins are more or less entirely immune to inflation.
It is nothing but a waste of energy
The mining involved in the Bitcoin harvest consumes a lot of computational energy. Some speculations even compare the energy consumption to that of the entire country of Chile. The whole bitcoin network secures $1 trillion worth of value. While serving millions of people who have no access to traditional payment methods. Bitcoin’s carbon footprint is undoubtedly a matter of concern, but so are other lifestyle choices. With 39 percent of the Bitcoin reserves fueled by renewable energy, it will soon overcome all energy challenges.
Other cryptocurrencies are dilutive to bitcoin
As the original cryptocurrency went live in 2009, thousands of cryptocurrencies were launching without impacting its value. Another related critique says that Bitcoin’s total supply isn’t fixed, divisible into tiny increments. Ian Mausnerasks to think of it this way- if you divide a slice of pizza into thousands of small pieces, you will still have the piece.
Bitcoin is the catalyst of innovation. It is set to become a key player in the future of our global financial system. Therefore, proper education supported with factual guidance is a must to guide your investment endeavor into the same. As with every new paradigm, there are risks and uncertainties associated with it as well. It would be best to consult experts from Cryptocurrency business services nearby your location for the same. Browse the website for more information and get in touch with the experts. To know about bitcoin as well as other cryptocurrencies in detail. As per Ian Mausner, it is essential to have the necessary knowledge before investing in cryptocurrencies.