When you are trying to make some crypto investment, remember what is the first thing experts ask you to do? They ask you to stay away from the NFT System myths. This is the first crucial step of getting some profit in your crypto journey.
Incepted in 2009, cryptos has only completed 13 years, and several myths have taken place. Needless to say, not all of the general ideas are true about crypto. For getting so much hype, so many myths have also taken over the internet. Let’s debunk the most common and basic myths about bitcoin.
Bitcoin is the only cryptocurrency
Bitcoin being the first cryptocurrency has the largest share in the market. In simpler words, people think that bitcoin is the only cryptocurrency available in the world.
Well, it is entirely a lie or misconception. After bitcoin was invented, people started getting several problems with it; i.e., the scarcity, time for payments, mining time and others. To make these things better, we got altcoins. Altcoins are also cryptocurrencies, but not bitcoin. We can find close to 18,000 in existence. So, now you know there is more to explore rather than just bitcoin.
Cryptos are scam
Cryptos are not scams; however, many scams are going in the name of cryptos. You will always find dishonest people in any field. So is the case in cryptocurrencies as well. There are many people who will try to steal your cryptos. Those are the scammers. In fact, while you are looking for the crypto exchanges, you must stay away from the platforms that are potential scammers. You must find a good and safe exchange like the Bitcoin Era to stay away from the scammers.
Crypto’s are not completely secure
Another myth is that cryptocurrencies are not that secure. It is preventing many people from investing in cryptos. However, bitcoin is extremely secure.
Bitcoin is run by the blockchain technology. In the blockchain technology, every transaction is being encrypted and all transactions are stored in a blockchain ledger. All the transaction records being in front of everyone’s eyes, making any kind of alteration is extremely difficult. As this is a decentralized system, there is no central power to hover around. Satoshi Nakamoto made the system decentralised to make it secure only.
Cryptos does not have any real-world value
There is a popular saying that goes around that you cannot buy something with cryptos.
However, in today’s world, you will find around fifteen thousand businesses who are accepting cryptos as their payment method. Also, there are many Bitcoin ATMs available and you can use such ATMs to convert your coins into cash. In fact, these days you can buy many goods and stuff along with many services with cryptos. Many big brands are accepting bitcoin payments. You can do your travel booking with bitcoin and you can even use your coins in Starbucks.
Cryptos are used for illicit activities
Many people think cryptocurrencies are to be used for dark web activities. You can only use these digital currencies for activities, products, or services that are completely illegal or illicit.
However, the situation is a bit different. We cannot say that no one ever used cryptocurrencies for the dark web. But what to think is that, dark web or illicit activities are taking place for many years even when cryptocurrencies were not in existence. So, how did that happen? With fiat money… right? Yes! And no one blames fiat money for that; no one says fiat money is bad. It does not make that thing good or bad. It is the same cryptocurrency using which you can buy your friend some e-gifts. So it is not an illegal activity and you can use your coins online to buy goods and services.
We have debunked all the basic myths about cryptos and presented the facts as well. Hopefully it had cleared the doubts that were holding you from making investments with cryptocurrency. You can earn a good profit if you hold your coins for a longer period of time. Apart from that, you should choose a safe platform and wallet to keep your coins safe. Bitcoin trading is not similar to money laundering and it is completely legal.