Recently updated on October 25th, 2022 at 11:02 am
Cryptocurrencies are growing by the day and becoming a big thing in the market. Its growing stature and the relatively little knowledge that there is about it is making the whole thing remain shrouded in mystery. These myths need to be busted by the actual facts that are behind them. visit now let us get into them to know what the actual crypto world is about.
Myth 1 And the Fact
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Cryptocurrencies have been considered to be a den of illegal activities that are illicit. Some people feel that Cryptocurrency Wallets should be eliminated because of their shadiness. It is considered to be an activity that is the center of the world of criminals and one that is banned by the government. Actually, it is used by people from all walks of life and people who are recognized by society as clean.
Here you must note that the government is increasingly cracking down on illegal activities and making regulations to make it part of the lives of all who want to embrace it conveniently.
Myth 2 And the Fact
As cryptocurrencies are considered to be digital currencies due to their lack of a physical presence, they are considered to be valueless. Initially, it was thought of as a valueless commodity because its value stood at a thousandth of a cent. But since then, it began to rise meteorically and today it is another object that is much desired by everyone and thought of as a store of wealth.
Myth 3 And the Fact
It is thought of as a bubble because most people buy Bitcoins thinking of it as a form of investment that will give a high return. And in economics parlance, a bubble is that economic cycle that is thought of as an unsustainable rise in its market value. That bubble will some fine day pop when the investors realize their less weightage and value. The bubble has always been a permanent fixture and will never pop any day soon. But each time the price goes down and recovers in the real world. So, it is not a bubble of thought.
Myth 4 And the Fact Behind It
When you invest in Bitcoins you are said to be gambling. It is referred to as gambling because of the volatility of its nature. You invest thinking that you will get a certain return from it but end up losing money instead. This is called gambling. In reality, you cannot say investing in Bitcoins is gambling because its nature is volatile and that is actually not anyone’s fault.
But if you safely want to invest your hard-earned money you can use the Bitcoin Circuit which will help you to make wise decisions that will not turn you out to be a gambler in the eyes of non-investors of Bitcoin. Gradually, regulatory rules are coming up with the maturation of the market, and one fine day, you will find this myth getting diminished too.
Myth 5 And the Fact
Bitcoin is considered to be very harmful to nature because of the amount of power that it consumes in its mining. But can you say that fiat currencies do not require any power to be made? That is absolutely a wrong idea that is circulating in the market because every digital or normal economy does require power to be made. Then why should you pinpoint Bitcoin alone?
Myth 6 And the Fact
Cryptocurrencies are considered to be just a passing fad that will soon go away. It will soon die away with the market hype around it diminishing. The same was said of the internet when it first came into existence. But look how strongly it has established itself today? The same can be said about Bitcoins or cryptocurrencies also. So, it’s the myths in reality that Bitcoins are a passing phase in human history.
This is a small attempt at busting some of the crypto myths that have tried time and again to poison the minds of potential investors. But if you look at it deeply and analyze it thoroughly, you are bound to understand that these are some of the myths that need to be soon busted.