Crypto-currency has an aura of mystery around it. Ever since the origin of cryptocurrency, there has been a lot of rumors and mystery around cryptocurrency. To be honest, it has been hard for people to accept a currency that was created out of thin air on the internet.
However, cryptocurrency has stood the test of time. In all these years cryptocurrency has also provoked many claims. It depends on you, what you want to believe and it is going to change your attitude towards digital currency forever.
One thing is for sure though; cryptocurrency is both a fast way of earning and losing the money. It depends on how skilled you are in trading cryptocurrency.
Moving ahead, let’s talk about some of some ridiculous myths surrounding cryptocurrency!
Myth: You can use cryptocurrency as you want!
Fact: No, it is not true. Cryptocurrency cannot be used in everyday life to pay for services because there is constant volatility and instability in it’s value. In order to make cryptocurrency a more payable source, it needs to be stable.
Apart from that, lack of closed-loop economy and higher transaction costs of Bitcoin due to increasing demand for Block space makes it impossible for cryptocurrency to be used as a mode of payment for everyday purchases.
Myth: Transactions of cryptocurrency are anonymous
Fact: This may come as a shocker as Cryptocurrency is always promoted for its anonymity, but sadly that is not the case. You will be amazed to know that the majority of the blockchain activity is rather traceable. You must have known that Blockchain is a public ledger that holds the record of how much transaction is made from one CFDs trader address to another.
Many of the government organizations have made agreement with famous exchanges to track the complete mapping address of the owner. So, there is no more anonymity in the transaction of cryptocurrency.
Myth: it is the best currency for criminals
Fact: Though it is true to a great extent that anonymity and decentralization of currency is the best features for criminals, but these features are also great for law-abiding citizens who are in a politically unstable environment.
If due to any circumstances, you are unable to trust your bank, then this is the best place to keep your money.
Myth: Cryptocurrency is for millennial and technology
Fact: Cryptocurrency is considered more of an experiment. Middle-class average people have no idea about Blockchain and cryptocurrency. They are a bit unsure about it. But now as famous companies like Square are using cryptocurrencies, people have slowly and gradually started to accept cryptocurrency as people trust square. With such famous companies starting to use these technologies, it is becoming easier for common mass to accept the digital currency.
Myth: it is a storage mechanism
Fact: it is very wrong for people to assume that Blockchain is just used as a ledger and stores all the transaction details, there is more to Blockchain technology. Its major advantage comes when it is used as an exchange. This process involves two persons: A sender and a receiver.
Myth: Blockchain and cryptocurrencies are not reliable
Fact: Many people relate the volatile nature of cryptocurrency with Blockchain and assume that blockchain is not reliable. You will be amazed to know that there are more applications to Blockchain apart from cryptocurrencies and trust me; it is going to be a gamer changer in the long-run.
So, these are some of the myths surrounding cryptocurrency, which I hope are busted now!
What do you think of these myths around cryptocurrency? Share your thoughts in the comment section.