In the 12 years since its invention, cryptocurrency has swept the world by storm. With the number of investors exponentially rising daily, cryptocurrency is in the forefront of everyone’s mind. In fact, surveys have shown that people today are far more likely to invest in cryptocurrency than ever before, with younger generations, like millennials, and gen z are far more likely to invest in cryptocurrency, or cryptocurrency, than in anything else.
But, as with anything else, the popularity of cryptocurrency has led to many myths surrounding the cryptocurrency, with many uneducated, or uninformed people perpetuating those myths frequently. In this article, we will take a look at a few of the most frequently parroted myths surrounding cryptocurrency, and see if they hold any water.
Cryptocurrency is not Profitable
The most common, and frequently parroted myth is also the most plainly wrong one. Many people are convinced that Cryptocurrency is a passing fad, and any profits made through it are temporary. This is simply untrue, as many people over the short time of cryptocurrency’s existence have become millionaires overnight. There are also those who have made profits without becoming millionaires, but have doubled, tripled, and even quadrupled their profits.
Crypto trading sites are filled with people who make profits through cryptocurrency on a daily basis. There are many users on websites where you can buy XRP UK and other cryptocurrencies who vouch for the success and quality of the sites when it comes to making profits. The site provides investment tutorials, tips, and tricks that help its user base maximize profits.
There are numerous high profile cases of people making huge profits through Cryptocurrency. One of the most famous ones happens to involve rapped, actor, and producer Curtis Jackson, a.k.a. 50 Cent, who allowed cryptocurrency-based payment for his 2014 album. By 2018, the cryptocurrency assets he received in payment for that album had reached a price of $8 Million.
While it is true that the cryptocurrency market is very volatile, all it takes is a little diligence, perseverance, and research, and you can turn the market to your benefit. If you don’t believe us, perhaps you will put more faith in Arif Efendi, who recently explained the reason behind cryptocurrency’s leading role in the investment market.
Cryptocurrency is Illegal
The oldest, and to this day pervasive myths regarding Cryptocurrency, and cryptocurrency in general, is that it is not legal, or used for illegal activity. This is simply untrue, and it is sad that the myth has prevailed ten years. One of the reasons this myth may have endured, is the word “crypto” which is often associated with criminal activities, death, etc.
The name cryptocurrency comes from the technology used to encrypt cryptocurrency, and it is not related to any more nefarious underground activities.
Another reason for the prevalence of the myth may be that, back in 2009 when cryptocurrency first gained traction, cryptocurrency became quite popular in online black market purchases. But there are two things to consider. One, even though the transactions done with cryptocurrency on places like The Silk Road were illegal, cryptocurrency itself was, and still is, perfectly legal. And two, the Silk Road, and black markets, online, or land-based, have existed before cryptocurrency was ever even conceptualized. The use of cryptocurrency on the Silk Road, did not occur all that often, and in fact, it has been shown that most transactions on the Silk road were done with fiat currency.
Some Other Myths
Some other, lesser myths include cryptocurrency being a scam, cryptocurrency not being secure, and cryptocurrency having no real value. So in this final section, we would like to dedicate a bit of time to debunking all three of these myths and ensuring you that cryptocurrency itself is not scam, and it is quite safe to use online.
- Cryptocurrency is a scam?
The statement is not entirely true. There are quite a few scammers out there that are looking to take advantage of crypto users. The reason is simple. Cryptocurrency purchases are entirely untraceable. Meaning that if someone can get you to give them your crypto, you can never find out who they are. So, when looking to buy a product using cryptocurrency, make sure that you aren’t buying it from someone demanding upfront payment.
- Cryptocurrency is not secure?
As for security, cryptocurrency is just as secure, as its owner is careful. Cryptos are digital assets, meaning they don’t have physical form. They are stored on hard drives, so it is up to the owner to keep their hard drive safe. As we said before, these assets are entirely untraceable, meaning your anonymity is actually far better protected should you choose to deal in cryptocurrency than in FIAT money. And thanks to the encryption technology used to store crypto on a blockchain, your assets are quite safe from average hackers and other cyber criminals.
