Cryptocurrencies and blockchain technology are undoubtedly among the most popular and discussed global topics. Someone considers this a temporary trend, while others say that Bitcoin will soon replace the dollars and euros we are used to. One thing remains unchanged: more and more people are beginning to delve into this sphere. Here, we want to discuss the most popular crypto myths and determine if they are true.
Crypto Can Only Be Used for Fraudulent Activities
One of the most significant benefits of cryptocurrencies is that all transactions provide increased security and anonymity. In addition, it’s impossible to track information sent via blockchain technology. However, it’s not true. Crypto is used in numerous industries and makes the assets more protected so that fraudsters cannot steal them.
You Must Buy At Least One Coin to Own a Cryptocurrency
This factor often stops those who are just starting to delve into the topic. They often think, “I can’t afford to buy Bitcoin since it’s so expensive!” However, this theory is fundamentally wrong: blockchain technology allows the asset to divide into millions of small particles. Thus, you can buy a part of the coin by investing even a couple of dollars. Another issue is that you can hardly make money when the rate is raised. Although there were cases when users spent only a couple of dollars, and the price of the coin soared thousands of times, it’s a rather rare situation.
Crypto Cannot Be Used for Payments
This point is gradually becoming a thing of the past, as multiple spheres begin to accept such payments. It’s now possible to deposit in a casino to play pokies games, buy goods on Amazon, and even purchase real estate. You will be surprised to know that even restaurants and small coffee houses have already added the ability to pay bills with cryptocurrencies. Therefore, this myth certainly seems ridiculous. Another way round – many people are already seriously wondering whether such a system will replace fiat currencies.
Cryptocurrencies Are Illegal
Bitcoin, Ethereum, Solana, and many other coins are not regulated by any financial institution, but it doesn’t mean they are illegal. Numerous countries accept this payment system at the government level, which sometimes equals fiat currencies (for instance, in Salvador). Of course, crypto is still prohibited in many regions, but we think that the situation may change in the future.
You Can Earn a Fortune Just After Buying Crypto
This option was relevant a decade ago when the popular coins were skyrocketing. At that time, few people knew about the technology, and absolutely everyone considered crypto to be a temporary trend for geeks. Now, it is hardly possible to suddenly become a millionaire simply by buying such assets. Undoubtedly, prices for many coins are growing, but the market has not recorded rapid changes recently. Cryptocurrencies can create an excellent investment portfolio, which could bring profits in the future. On the other hand, purchasing such assets is always a risk that requires competent analysis and calculations.
Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect those of Geek Vibes Nation. This article is for educational purposes only.
Amanda Dudley is a lecturer and writer with a Ph.D. in History from Stanford University. After earning her doctorate in 2001, she decided to pursue a fulfilling career in the educational sector. So far, she has made giant strides by working as an essay writer for EssayUSA, where she delivers high-quality academic papers to students who need them.
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