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Don’t Let These Bitcoin Misperceptions Fool You

Posted on March 9th, 2018 by EM Search Consulting

When it comes to buying Bitcoin in Los Angeles, there are plenty of misconceptions. While we’ve already addressed this on our blog, more and more Bitcoin myths are appearing as time goes on. Whether you’ve invested in a lot of Bitcoin or you’re just breaking into the market, there’s always a lot to learn about this cryptocurrency.

“Bitcoin Tokens are Worth Something”

You may have seen (or maybe you own) golden Bitcoin tokens with a giant “B” on them. But think of them as a souvenir; they’re symbolic and pretty worthless. They come in many forms including plastic. So, if someone tries to pay for something with one of these coins, don’t accept it.

“You Have to Buy a Whole Bitcoin”

They’re actually divisible to eight decimal places, meaning you can get 1/100 millionth of a Bitcoin. In fact, buying an entire Bitcoin wouldn’t be practical for currency use.

“Bitcoins Don’t Have Intrinsic Value”

Millions of people believe Bitcoin offers safe, fast and convenient ways to purchase goods. The supply is finite and because people have to own units to use it, it indeed has value.

“Bitcoin Can Be Shut Down”

Because Bitcoin is a cryptocurrency, it’s impossible to shut it down, because that would mean the entire Internet is shut down.

If you’re interested in buying Bitcoin in Los Angeles and have further questions about what it can do, RockItCoin can answer your questions. Contact us or visit one of our ATMs today!