After the arrival of the Bitcoin in the industry, cryptocurrency was considered as the invention of the century. Although this recognition was not easy to obtain since there were many criticising people that didn’t believe in the potential of the cryptocurrencies. Over the years, cryptocurrencies have always risen up to the occasion and proved to the critics that they always have something more to offer.
Even though these cryptocurrencies attracted a lot of fame, there have always been a lot of myths that revolved around cryptocurrencies over the years. Many of these myths have prevented many investors to invest in the cryptocurrencies that could have been their ticket to a fortune. These myths have also been around the mainstream media that has caused a lot more of distress to investors and have discouraged many new budding investors from investing in this versatile market.
These myths were mostly generated for a particular cryptocurrency by their competitors and some unsatisfied users. But as cryptocurrencies were mostly inspired by each other the myths started to comply for all cryptocurrencies. These myths are being debunked as cryptocurrencies are evolving in the terms of technology. Here are few more theories that would put some other myths to rest.
Cryptocurrency Is a Criminal Currency
The cryptocurrencies are often viewed as a tool for criminal activities because of the perks that it provides to the user such as the decentralized nature, total user anonymity, etc. While every transaction of the cryptocurrency is anonymous, each transaction can be traced back to its design. The governments have used many preventive measures that have ensured that people don’t use cryptocurrencies for criminal activities.
Trading Cryptocurrencies Can Put You Behind Bars
In many countries, cryptocurrencies are not supported, but it doesn’t mean that they are illegal. There are many countries that have adopted cryptocurrencies and have allowed it in the commercial market for general transactions. They have regulated many policies against the illegal use of cryptocurrencies. Therefore, the cryptocurrency can be accounted into a safe module of trading and transacting currency.
This is a silly myth that has been revolving around since the market drop of Bitcoin two months ago. As the first cryptocurrency around, Bitcoin has the most experience in the field and also have extensive knowledge in the technological capabilities of Blockchain. So Bitcoin has still a great chance to climb the market scale and succeed. Apart from Bitcoin, there are many other cryptocurrencies that are gaining a lot of ground in the cryptocurrency market that will also be profitable for the users.
Cryptocurrency transaction process is long and unsafe
The cryptocurrency transaction time varies from a cryptocurrency to cryptocurrency. This difference is seen in the transaction time because of the Blockchain that is employed in each cryptocurrency takes time to process the transaction. Although the process time is more in some cryptocurrencies, some cryptocurrencies have very less transaction and process time. The fact that the cryptocurrencies use Blockchain and smart contracts makes it extremely safe for the user to transact new funds.
Here are some of the common misconceptions that revolve around in the cryptocurrency industry. These common myths have many investors discouraged about investing their resources in crypto coin. There are many people who are willing to look past these myths and invest in cryptocurrencies by purchasing them from online cryptocurrency exchange platforms or directly from crypto miners. If you want to succeed in the cryptocurrency industry, you have to be much more optimistic about the potential of cryptocurrencies.