Cryptocurrencies are subjected to millions of distinct opinions and such opinions have taken a new form which is commonly being referred to as “Myths”. This article will walk you through some of the predominant myths that have influenced millions of people globally to refrain from investing in cryptocurrency. Click here; https://oil-profits.com/
Here are some common myths:
#1 Myth: Cryptocurrency is not legal and goes against the norm
One of the predominant myths that cryptocurrency has been subjected to is being illegal. It remained a center of attraction and concerned the governance and financial intermediaries alike as crypto was being viewed as a major force of disruption in the traditional financial ecosystem. With constant restrictions and stringent guidelines against cryptocurrency, people became aware of the benefits of cryptocurrency in just a short time.
Needless to say that cryptocurrency is not illegal and precisely conforms to the protocols that governments of world countries have put in place to prevent fraudulent activities & cybercrimes. Crypto is being hailed as a prominent medium of payment & investment and industries of all domains have already embraced it with open arms.
#2 Myth: Crypto: Haven for Cybercrimes
Millions of people succumbed to misleading information floating on the internet regarding cryptocurrency’s peer-to-peer mechanism. They misconstrued the concept and thought criminals can withdraw the money from their account at any given time. Moreover, the unregulated ecosystem provided by the crypto industry gave an impression that digital wallets are not as secure as the traditional means. This misinterpretation based on half knowledge stoked a fear frenzy among people who were not acquainted with the impenetrable blockchain technology.
The myths were however debunked for good when The Supreme court of India lifted the imposed ban on cryptocurrency transactions. The move inspired millions to try their hands out in the crypto industry for a better financial experience.
#3 Myth: Crypto trading is way too complex for an average individual
The advent of cryptocurrency and successive trading made people grab their heads wishing they never knew this highly intricate and complex crypto trading. However, the reality is the exact opposite of what people thought since crypto trading and carrying out crypto transactions are as seamless as purchasing a share on a trading platform.
Users are only supposed to open an account (It doesn’t have to be a traditional bank account) and can easily buy & sell through it. However, it is advisable to gain a fair amount of knowledge and the technical know-how to operate successfully on the crypto trading platforms.
#4 Myth: Bitcoin can be hacked easily
Bitcoiners have to debunk and fight against this myth almost on a daily basis which is yet another prevailing myth in the digital financial ecosystem. People were of the view that their account might be hacked anytime by the proactive hackers that perpetrate cybercrimes and demand hefty ransom. However, there is no record of any cyberattack or criminal activity around blockchain technology which indicates how advanced and impenetrable blockchain really is.
There hasn’t been any incident of money heist, thefts, infiltration, or such attacks in cryptocurrency scenarios so far as the possibility of such attacks is equivalent to nil. Blockchain technology is widely renowned for its impenetrable nature and is being incorporated in all types of industries lately.
#5 Myth: Cryptocurrencies promote money laundering
Cryptocurrencies are known to adhere to the government’s laws and protocols that have been specifically laid for them. More countries displaying their willingness to switch to cryptocurrency suggest that it is being carefully monitored and remains under the scrutiny of the governance system. However, the chances of money laundering and drug dealing are always higher but recent research has clearly postulated that the possibility of malpractices is considerably higher in the traditional banking system.
#6 Myth: I am too mediocre to own a cryptocurrency
This is yet again a prevalent myth that many people have taken it seriously. You can always own crypto through numerous trading platforms that enable users to purchase coins. All the crypto platforms come up with convincing plans & offers that attract investors. Furthermore, there is not just one cryptocurrency available as the industry has grown exponentially with a plethora of cryptocurrencies redefining the trends every day. However, it must be noted that cryptocurrency is certainly not a scheme of becoming rich in a short time. It is just a productive investment option and must be viewed as one.
