To put it simply, bitcoin is an evolved form of digital currency that was formed in 2009. The person who created it remained anonymous and used the alias Satoshi Nakamoto. The main idea behind developing bitcoin was that it freed people from any third party involvement when it came to their money transactions in the digital space.
Choosing Bitcoin as your Digital Wallet
Some of the main benefits of using bitcoin are as follows:
- No Banks
- No transaction fees
- Anonymity so that your real identity is safe from intruders.
Now with bitcoin all your buying and purchasing problems are sorted out. You can buy a whole lot of merchandise and even continue your shopping sprees that too whilekeeping your real identity hidden from the real world.
- With bitcoin currency, the method to undergo all your international transactions will become cheap and convenient because it considers its users’ safety as a topmost priority.
- For all those entrepreneurs who are thinking to launch a small business, they need to know that there are no credit card fees so they can trust the system and can take some financial risks.
- You can consider bitcoin as a reliable future investment because chances are that the value of your digitalmoney might go higher with time.
Common Misconceptions about Bitcoin
In this article, we will thoroughly explain some of the misconceptions that surround Bitcoin currency.
Below are some misleading notions that have spread on the internet, which are nothing but exaggerated anecdotes.
The shape and orientation of Bitcoin
The bitcoin is nothing but a symbolic idea of keeping digital money and it is not worth the hype. Furthermore, its inscription has an increasing difficulty level and a block number.
Thiskind of thinking is the main hindrance as to why users won’tbuy bitcoin.
The condition of Buying the Entire Bitcoin
It is one of the famous myths that has to find a permanent place in the minds of some investors.
The fact is that bitcoin currency is divided into almost eight decimals (think of it as 1/100 millionth) of a single bitcoin The rise in the value of bitcoin is about $1000, so even if you think of acquiring an entire bitcoin it will not be possible in real time.
The Low Intrinsic Value of Bitcoin
Bitcoin is famous becauseit facilitates the investors with a protective and cheaptransaction platform. The fact is that its value is only increasing because its money supply is finite; therefore, people are required to own certain units of the currency so that the transaction network is fully utilized.
Bitcoin is best for Illegal ventures
It cannot be easily tracked and there is anonymity involved; therefore, it is specificallydesigned to undergo illicit activities. The truth is quite opposite as big conglomerates are now switching to this medium due to its top security measures.
Bitcoin is a fixed concept
The best part is the bitcoin technology is evolving at a rapid pace so users cannot claim that they have seen everything about this type of currency.
It will Shut down
Think of bitcoin as something similar to your informationthat is storedin the cloud. So, it is safe and it will not get deleted. Therefore, as long as your digital investment is on the internet, it is meant toremainin the bitcoin technology.
The Concept of Anonymity When Using Bitcoin
Possible Risks of Using Bitcoin
Our online information is vulnerable and can easily be reached by cyber intruders. That’s why building security walls are important for everyone. This is especially critical in case of financial transactions.
If you will use your home address for bitcoin activities your anonymity will be compromised. In this way, hackers will get to know what kind of operations you know as well as yourlocation history.
- What does your address reveal?
- How many bitcoins do you own?
- The time when you received the delivery of the bitcoin.
- The information of every party you are dealing with.
Why remaining anonymous is your only best bet
The blockchain technology provides the required cryptography that prevents the threats of counterfeiting and similar frauds.
Here are few tips that you should keep in mind while undergoing a bitcoin deal.
- Use a new address for your every transaction.
- Block cookies and enable HTTPs everywhere.
How to Buy Bitcoin
In order to safely buy the bitcoins, you should install a bitcoin VPN, while remaining anonymous. The best part is that this kind of procedure can be used to purchase almost every product. Among a sea of options to buy bitcoin, you should first consider the security options that are available in your country. If you install abitcoin VPN it will not reveal from which country you are making the purchase.
Some of the best options are as follows:
In various parts of the world, you can insert money into the ATM machine and buy a bitcoin. In order to ensure top-notch security, you should prefer the ATMs that do not ask for basic personal information.
Buying from CoinBase
This is one of the conventionalmethods to buy bitcoin and it is safe enough so there is no need to remain anonymous. The benefit of using this medium is that your bitcoinsare swapped for other bitcoin, and in this way,your real identity is not revealed.
Buy online from a seller
There are websites that let you buy make a one to one deal with the seller online. One of the trusted websites is localbitcoins.com
Here’s how it goes:
- You don’t register your real name.
- Your seller is private so the trace will be difficult than a conventional centralized exchange.
How to Use Bitcoin without Revealing Your Identity
For those of you who would like to maintain their privacy need to know about some important privacy hacks, some of which are listed below:
- Create a slightlyrecognizable pseudonym.
- Create Webmail accounts without providing sensitive information like age, name, social security number, and gender.
- Create security walls to prevent the tracing of your bitcoin.
- The VPN companies own thousands of IP addresses. Here, an important thing to note is that you should use a Bitcoin VPN that does not keep a record of your logging information.
Best Bitcoin VPN to Protect Your Identity and Privacy
To give you some idea, we have selected three top-notch bitcoin VPN that will help you in undergoing a business transaction.