Whenever we scroll through our social media profile, we find our one friend who is posting about the price rise or drop of bitcoin. With Crypto’s influence in today’s world, you should choose a platform to invest in cryptocurrency soon. And it makes you curious all the time why he is doing it and what are the benefits of investing or trading in crypto?
You go to google and start searching. Well and good! However, problems starts when you start discussing such an important matter or modern time with someone who has inexperienced knowledge. Trust me, all you need is some solid and genuine information and not some rotten myths. With bitcoin’s influence in today’s world, you should choose a platform to invest in cryptocurrency soon
Therefore, I have tried here to break some most common crypto myths. Not only that, most of hem are well backed by the truth as well. So, keep reading to get your ideas debunked.
Myth-1 Bitcoin transactions are completely illegal
It had to be the first point because it is the biggest of all the crypto myths. When people do not have much idea about something, they tend to think of something as illegal sometimes. Well, bitcoin is not illegal. In fact, it never was. It always has been legal since its inception days (since 2009).
If something is illegal, then how can a company like Tesla Inc. starts taking bitcoin payments? Moreover, do you think the CEO of the company would have tweeted about it multiple time if it were illegal? Hope there is nothing more to say.
Myth-2 Bitcoin is mainly used for illicit activities
Well, it cannot be said that bitcoin or other cryptos have never been used for illicit activities, but the instances are few. But here is a thing to understand. Fiat currency or crypto currency itself is not bad. Neither that crypto is illegal. So, you can understand there will always be dishonest people who will use money for dishonest purposes.
In ancient times, many activities happened in exchange of gold. Did that make gold the culprit? For all these years all illicit activities are happening with fiat currency. However, this factor didn’t hold enthusiast crypto users to use further cryptocurrency. This is because the money has no role in it. Everything is in the hand of the user. It will be used how we used it.
Myth-3 Bitcoin is not really secure
Bitcoin has backed by the technology called the blockchain. if you do not know what blockchain is – it is the open ledger that collects all the data about bitcoin transactions and it remains in the blockchain forever. The information is recorded in the block and each block gets bult on the previous one. Also, the transactions are needed to be verified by the miners. How can some activity that is happening in front of the world be unsecured? Therefore, spending one bitcoin is not possible at all.
Myth-4 Bitcoin is going to replace fiat currency
We can’t even remember since when fiat money is circulating. However, the cryptos are just 13 years old. How can possibly it take over fiat currency? To completely overshadow it, the mass will need to adopt it hugely. All the merchants may have to start showing the prices of goods and services in cryptos. Many other enormous changes are needed to replace fiat money.
On the other hand, the more feasible option is that both the fiat money and cryptos can co-exist. It sounds possible as well. Doesn’t it? In fact, there are many businesses now who are accepting crypto payments or bitcoin payments side by side the normal payments. Just like that, in the day-to-day life, fiat and crypto can go by holding hands.
Myth-5 Bitcoin is taking a toll in the environment
This fact cannot be denied entirely. It does take a enormous amount of energy for the mining processes. However, it is alterable as well. Shifting the power source from fossil fuel to sustainable energy can save the environment from excessive carbon dioxide release.
These are the common mistakes people make whenever they think about proceeding with crypto trading. These negative points hold them back mostly. Well now you know what is true.