What Are The Myths Around Cryptocurrencies?

Since 2009, the world of Cryptocurrency has grown significantly, to say the least. However, it is still quite a mystery to many people throughout the world. 

And, do you know what ensues against something so mysterious?

Rumors and Myths

The same has happened in the case of Cryptocurrency as well. Hence, in this article, we’ll be talking about them a little and provide the truth against them too.

Keep reading, then!

Myths Surrounding Cryptocurrency

Let’s start right off the bat.

Many people, due to having limited know-how, think that a trading platform can only be used to trade and trade only. Nothing else. However, needless to say, that’s not true.

If you’re using a multipurpose trading platform like immediate edge, you can also keep all of your collected Crypto within it. There’s no need to worry about anything.

Let us tell you another one.

Myth – 1: It’s Only Used For Illegal Activities

Due to the sense of decentralization and anonymity, many people think that Cryptocurrency is generally used for illegal activities. However, that’s not entirely true. While people have used it with nefarious goals in mind, Crypto is primarily used as a secure form of payment.

And, honestly, the criminal works were being done even before Cryptocurrency was released. So, we can’t pin everything on them for something people have been doing since ages.

Myth – 2: Crypto Doesn’t Have Any Value

Honestly, value is quite a subjective concept. It’ll vary depending on a person, a society, or a community. However, if we’re talking about the traditional form of value, Cryptocurrency is much more valuable than most other assets in the world.

Let us give you an example.

Bitcoin, when it was released in 2009, had a value of thousandths of a cent. However, thanks to the massive rise in popularity, it reached the price of USD 69,000 in 2021.

Myth – 3: Not A Secure Method Of Payment

Now, that’s just blatantly wrong. Unlike traditional banking, a decentralized ecosystem is not easily breakable at all. Therefore, it becomes nearly impossible for anyone to hack into it and steal money from someone – as long as you’re using it securely.

Also, unlike conventional banking, you can keep track of the Crypto you’ve spent. Therefore, it will be easier for you to find any information that you might be missing for some reason.

Myth – 4: Cryptocurrency Can Affect The Environment

To some extent, it’s true. When you’re mining Crypto, you have to utilize a power-consuming rig to take care of the math problems. And, that might affect our environment a bit negatively.

But, this issue has been stabilized a little since the introduction of eco-friendly Crypto. As the name implies, it can be mined without using intensive power at all. Hence, if you are using it for your purpose, you won’t have to worry too much about the environment.

Myth – 5: Crypto Is Humongous Scam

Believe it or not, Cryptocurrency has become an accepted mean of payment in the USA. And, some countries in Europe are also considering taking the same to offer their services.

Apart from this, many people are accepting them to make a personal transaction. And, hence, the government is also trying to regulate it somehow to have a control on it.

Also, most of the Cryptocurrencies don’t have any kind of malicious code or programming. So, it won’t be able to take money from you, no matter what happens.

So, to answer your question, no – they’re not a scam or anything. However, we’ll still ask you to be careful about your choice while trading in Cryptocurrency.

Just to be safe, you know.

The Bottom Line

Honestly, Cryptocurrency is, indeed, the future of having a safe and secure financial system in your country. However, there’s no saying that it doesn’t have a flaw or anything at all. But, hopefully, all of them are going to be eliminated in the near future thanks to the development of technology. And, then, people will stop believing in these myths and try to find the truth.

So, now, we’ll be concluding this article. We hope you did get enough information from here to make a decision on your own. But, if you’re still confused about something, don’t forget to comment the same below. We’ll try to help you out in any way we can!

Jess Shaver
Jess Shaver
Online Entrepreneur. Successfully running and operating multiple eCommerce ventures, in between writing about it all.

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