Debunking the 3 biggest crypto myths
Ever since the emergence of digital currencies like Bitcoin and altcoins, several investors and financial analysts have presented speculations and doubts about this novel technology.
Cryptocurrency has challenged the conventional payment system in ways that the financial industry has never imagined before. Today, people can transact using intangible money that is not governed by banks and other financial institutions.
This, in turn, has created misinformation and myths concerning virtual currency. Despite being in the market for a decade or so, these harmful untruths and rumours on cryptocurrency have caused newcomers in the industry to mistrust the system and its uses.
Take a look at some of the biggest crypto myths that should be debunked:
Myth # 1: Cryptocurrency can be counterfeited
Cryptocurrency cannot be counterfeited. Digital currencies operate on unique codes that are secured by cryptography, making it impossible to counterfeit or duplicate. Moreover, cryptocurrency primarily depends on blockchain technology that prevents hackers and cybercriminals from operating fraudulent operations such as double-spending.
If a hacker attempts to double-spend a bitcoin, they would need the power of millions of supercomputers which is virtually impossible. In case an attack occurs, the network can easily detect any suspicious activity, resulting in a system crash.
Myth # 2: Digital currencies are a scam
One of the most prevalent crypto myths is that cryptocurrencies are a scam. This skepticism roots from investors’ concern of risking their funds in crypto’s volatile market.
However, you won’t become a victim of fraudulent activities if you approach digital currencies with extra precaution backed by an ample amount of research and facts. You should be mindful of where you invest your assets.
In the world of cryptocurrency, you should know the difference between a good and a bad investment. This is why you should only conduct transactions on the best and safest crypto platforms such as Coinbase, Binance Bitcoin Exchange and J2TX.
Myth # 3: Cryptocurrencies are only for the tech-savvy
Since the world of cryptocurrency is filled with complicated concepts and jargon, most people see it as a high-risk investment only for the tech-savvy. But, this is not entirely true. As long as a person grasps the basics of investing and cryptocurrency, anybody who wants to trade and use virtual currencies can do so.
Additionally, more and more companies are accepting cryptocurrencies as a payment method, allowing anyone to use them for the exchange of goods and services. What makes cryptocurrency even more convenient is that you won’t have to go through tedious bank transactions or verifications.
This shows that cryptocurrencies are created for the benefit of everyone, even if you’re just a new user of this promising technology. With these debunked myths, stay informed and be smart in delving into the crypto market!
Title : Debunking the 3 biggest crypto myths
Published Date : 17th August 2021
Author : James