There are several common myths about Bitcoin Brokers that make it difficult for people to buy Bitcoins. It is very easy to lie, and Bitcoin does not offer anonymity. Although it is hard to tell the truth, the following are some of the most common myths about Bitcoin brokers.
– There is no price limit to how much a person can buy or sell of Bitcoin. However, there is a limit to how much a person can purchase and sell using traditional currency and it is called the “mint” limit. The mint limit is set to the maximum number of coins that can be produced in a year (currently 21 million) and is set by the members of the Bitcoin Foundation.
– Bitcoin is not legal tender. It is true that the US government has not recognized it as a currency yet, but it does not mean that it is not legal tender in the United States. Anytime that a person purchases a Bitcoin with dollars or other traditional currencies, the buyer is purchasing that Bitcoin as cash.
– The majority of the Bitcoin that are out there are already worth more than what was originally paid for them. There is no evidence that this is true. Many people are “mining” their Bitcoins to keep them from being worth less than the price that they paid for them. There is a very real difference between “mining” and buying Bitcoins for themselves.
– Most of the Bitcoins that are in circulation are being mined by a very small percentage of the general public. There is no evidence that this is true either. The fact is that more than 90% of all Bitcoins have been created so far.
– Not everyone that invests in Bitcoins is actually doing so for money. This is not true. Those who invest in Bitcoins often do so because they want to get into the Bitcoin ecosystem and see if it can work for them. It can work for anyone, but many people see this as the perfect way to try it before they try using traditional currency.
– The person who offers to buy Bitcoins for you will not require a deposit of any kind. Again, this is not true. While it may be possible to pay for the Bitcoins through a credit card, in most cases, the person who sells Bitcoins to you will require the actual Bitcoins first and that may include requiring the deposit.
Of course, if a person has purchased the actual Bitcoins that are needed to pay for the transaction, they should not require any form of deposit. Those who sell Bitcoins will typically ask for a payment of between one and ten percent of the amount of the transaction. The person selling Bitcoin may also have the option of paying in either cash or in traditional currency, although this may be the case more for buyers.