When something gets popular at a certain stage there are many myths and misconceptions that come along with it. This might happen because of a lack of knowledge or due to unnecessarily painted pieces of information. Needless to talk about the cryptocurrency craze all thanks to bitcoin hype, right? Though crypto isn’t new or introduced at the time of bitcoin hype rather it has been in the market since 2008. Crypto is a form of virtual currency that is used to exchange transactions.
If you too get impressed with the cryptocurrency and thinking of investing in it then make sure to clear myths and misconceptions about the same here, we have brought to you some of the myths about crypto.
Blockchain only belongs to Bitcoin
Many of you have heard about blockchain technology, many of you have a misconception about blockchain that it only belongs to cryptocurrency and it is made only to serve crypto but that’s not true, blockchain basically a technology that records information in such a way that, information or data can’t be hacked or steal. Crypto uses this technology to make secure and solid transactions. Blockchain can be used in any field where secure data operations are needed such as the healthcare sector, IT industry, and so on.
Crypto is illegal
one of the biggest myths among the crypto is that crypto is illegal, although the reality is a cryptocurrency is a well valid form of investment. Many sectors have already adapted to crypto. There are many platforms and trading portals available to use crypto coins and to do trading the same. crypto is not illegal yet it is not availed as an authorized tender
Cryptocurrencies are unsafe
As discussed earlier with rising popularity there is a rise in the threats as well. Similar thing applicable to crypto, crypto has gained much more popularity in recent years, hence the robbers and criminals are taking advantage and finding loopholes to target the accounts. But thanks to technology like blockchain who has made it difficult to crack, steal and misuse such accounts. Blockchain is truly a safeguard and has prominent abilities to protect and host data.
A cryptocurrency is real money and can be used for payments.
Cryptos were introduced in 2008, and steadily it gaining popularity in the money market. People are realizing its virtues and investing in them. Many big companies such as Fiverr, Dell, and Microsoft have already accepted crypto. Although crypto is not illegal yet it is not acknowledged as an authorized tender.
A cryptocurrency is real money and can be used for payments.
Cryptocurrencies like bitcoin, Cardano, Binance Coin, and Ethereum are drafted in such a way that, one can do transactions by means of these currencies without even using any physical form of money like notes, debit, and credit cards or checks. This is a virtual form of currency that has set a revolution in the traditional money market. In crypto, transections are done electronically without third-party involvement, two willing parties can directly do transactions. Blockchain is the one who records such transections
