The Bitcoin market is a place where theories, superstitions, and morals reign supreme. Many believe that those who put in the work, have patience, and buy Bitcoin will not only be able to help change the world but will also be able to obtain wealth beyond their dreams. The longer that you are in this market, the more you will learn that there are certain myths surrounding Bitcoin that maybe people are told and soon believe as facts.
For example, one of the most recent myths that proved to be false was that Bitcoin’s price would never fall below its previous all-time high. However, during the last bear market, we would see Bitcoin’s price fall below $20k, shattering one of the most sacred theories in Bitcoin.
In life, knowledge is power and it is crucial to your success in the Bitcoin market. It very well could be the difference from you having success in this market, or losing everything. With that idea in mind today we will be examining some of the most popular myths or ideas about Bitcoin that simply aren’t true, or guaranteed.
#### **You Will Become Rich Overnight with Bitcoin**
The first myth about Bitcoin is that you will become rich overnight by investing in it. For people trading with leverage, this is possible, however, for normal people, this is a surefire way to get liquidated and lose everything. In fact, we need to admit that we simply aren’t traders and need to make profits the old-fashioned way, by investing over the long-term. Many investors are hoping to get rich with Bitcoin in under a year. While it is still possible, the truth is that this will be a several-year process for most people.
#### **The Bitcoin Market is For Everyone**
One of the most common declarations you will hear Bitcoiners say is that Bitcoin is for everyone. In the future that will be true, however, that couldn’t be further from the truth currently. Bitcoin is one of the most volatile assets on earth. Going up hundreds or even thousands of percent during the bull run, only to drop by 70% during the bear cycle.
If that wasn’t enough, the daily FUD and threat of governments wanting to ban it will cause enough stress that most people cannot handle it. Eventually, this stress can begin to affect your sleep, health, relationships, and even happiness. Bitcoin will test you mentally as you have never been tested before.
#### **Nothing in your Life Will Change**
Not all Bitcoin myths are bad, in fact, I would argue this next one is fantastic. The truth is that once you have fallen down the Bitcoin rabbit hole, there is no turning back. You cannot look at the world in the same way as before. You see the government differently, your finances, investing, money, possessions, and budgets.
It is true that Bitcoin can change your life financially, but it also gives you the knowledge and skills to thrive even if Bitcoin fails. I have argued that even if Bitcoin went to zero, I would still be able to become successful with the financial and investing skills that Bitcoin has taught me.
#### **Bitcoin’s Success is Guaranteed**
Something that most people take for granted is that they believe Bitcoin’s success is guaranteed. That each Bitcoin halving will ignite the next bull market, causing the price of BTC to soar. We have heard predictions of Bitcoin someday soon reaching a price of $500k, and even over $1 million.
With these kinds of price estimates heavy volatility is necessary. With price volatility comes risk and assets that aren’t proven or guaranteed. I’m a firm believe that Bitcoin will someday reach a price of over $1 million per coin, but you must always remember that it could fail.
#### **That You Only Need Bitcoin**
The most passionate people about BTC are called Bitcoin Maximalists and believe that Bitcoin is the only legitimate asset in this entire market. They will tell you Bitcoin is pure, while the rest is just junk and a distraction preventing Bitcoin from reaching its true potential.
It is absolutely true that 99.99% of cryptocurrency projects are junk and a complete waste of time. But that doesn’t mean that there aren’t projects without merit. One could argue that projects such as Ethereum, Monero, and a few others not only are truly trying to innovate but are also very necessary in the world. As time goes on, people will begin to learn how to separate the trash from the treasure. However, until that time the cryptocurrency market remains a dangerous and risky place.
While these aren’t all of the Bitcoin myths or ideas that are out there. However, they are some of the most important that could help determine your success.
_**How about you? What myths about Bitcoin did I forget to mention?**_
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