The first and most popular cryptocurrency, Bitcoin, has always been criticized and speculated about for various reasons. Though speculations and myths are far less now, and Bitcoin is accepted widely, some common misconceptions remain. Bitcoin’s anonymity and complex technical features may make it difficult for people to understand its capabilities, features, and applications. Bursting the myths and understanding the possibilities, benefits, and advantages of Bitcoin will help users make better use of Bitcoin.

Let’s explore the top 7 common myths about Bitcoin that need to be clarified.

Myths About Bitcoin Mining

1. You have to buy an entire Bitcoin

As a popular cryptocurrency, Bitcoin comes with a hefty price tag. As of Sep 19th, 2024, one Bitcoin costs around 62,008.30 USD. Of course, not everyone can afford to buy an entire Bitcoin. However, you need not buy a whole Bitcoin, as many think. One can buy a portion of Bitcoin or even a fraction of Bitcoin and reap the benefits of it.

Many users avoid buying Bitcoin, thinking that they should buy the entire coin and that they can’t afford it. Thus, they prefer altcoins rather than Bitcoin. For instance, buyers can buy Bitcoin in smaller increments, known as Satoshi. A Satoshi is the smallest unit of Bitcoin, which is 100 millionth of a Bitcoin.

Simply put, users can build their Bitcoin assets in small amounts steadily and consistently over the years. Also, buying in small quantities will help users minimize their losses while maximizing their profits by selling them at the right time.

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