There is myth and superstition ruling every community, sphere, and area of life. There are plenty of myths associated with every industry. No one is above it, nor has any been above it also. So cryptocurrency is no exception here. Some myths regarding it must be done away with.
List of Most Common Crypto Myths
Cryptocurrency Is Used For Criminal Activities
Even transactions in the conventional system of finance can have a lot of illegal activities going on with it. It is not a hidden fact. They are used for activities that are not fully open and clear. Bitcoin was also associated with this activity previously. But it is not the hub of shady activities related to the underworld. And whatever shady activities were related has gone down considerably to 1% in 2019.
Everybody knows that transactions with Bitcoins are anonymous, but everyone can see them in the block. Even governments can see through these transactions if they want to.
The Government Can Put A Stop To It
The government can indeed stop the functioning of Bitcoins, as has happened in some countries, but that does not mean the government is going to put a stop to it any time soon. They can tell institutions to stop trading with Bitcoins, but they will not do so. It is because they are just emails that are being sent across. But the good news is that many governments have accepted it and have let it go as it has been.
Digital Currencies Are Valueless
Value is how you perceive it and see it. You may put a value on something or someone that another may not, and vice versa is possible. So while you may value Bitcoins, another may not. Bitcoin, when it appeared first, was tremendously valued. Then again, in the middle, its value decreased. Today, with some global figures attaching importance to it, its value has again risen. So you cannot say that Bitcoins are valueless or extremely valuable.
So some investors who think valuable are stocking on Bitcoins like crazy. It all depends on person to person.
Cryptocurrencies Are Not Safe
It is wrong to say that cryptocurrencies are not safe. They use the technology of blockchains. Blockchains are a very secure database that uses encryption techniques that no one can break in. Every transaction that enters the system is recorded and encrypted to become very safe. In this way, the whole chain goes on getting built. But it is assured that no one beaks through those codes to steal the stored assets.
It is no doubt at times, Bitcoin trading stands the threat of being hacked by hackers, and they can even tamper with the codes. But if you store your cryptocurrencies in a cold wallet,, there is no worry about it. And you will never have to look back if you trade with Bitcoin Era app for safer currencies.
Cryptocurrencies May Take The Place Of Fiat Money
Next comes another myth is the time for cryptocurrency to take place of Fiat money. Based of certain important considerations, cryptocurrencies don’t have chance of replacing fiat money. For cryptocurrencies to be accepted by the masses, it would take some more time. It is not easy to change what has been part of people’s mindset for centuries now. Fiat currencies have been the norm for ages and are hard to do away with.
Cryptocurrencies Are A Wastage Of Energy
To mine one single Bitcoin or any cryptocurrency takes much energy. Because of this speculative theory, people have concluded that Bitcoins waste much energy. Many miners have moved to places where there is a renewable energy source, so ultimately that amounts to no wastage in energy and resources.
Conclusion
Bitcoin, or rather cryptocurrencies, have a lot of other myths that have been busted. So while you may hold on to some as true, others may be false. But it is very important to mention here that what may be a myth to others may be a reality for you and the other way around. So it is actually how you perceive it and think it to be. This is what ultimately matters.