5 Widely believed Myths about Cryptocurrency

Cryptocurrency has become the hottest topic of the 21st century. Most people have been successful in it, but there is the majority of people who still don’t know what cryptocurrency exactly means. Same as I was. When I started searching about it, I found various misguided facts and information about it.

Now after strenuous research for three months, I came to know what actual cryptocurrency is. In this article, I will tell you some myths about cryptocurrency, which you will find frequently, whenever you start searching about it. Especially if you are a newbie.

1- Only used for illicit activities

There are pros and cons to everything. The same is happening with cryptocurrency. Many people in the world get a huge benefit by investing in and earning their livelihood from it. But on the other hand, there are some people who are using it illegally. It has become a more secure route of investing money for criminals because of no checks and balances in this field so far. But you don’t need to worry. Before taking any step, you should have complete knowledge of the world of cryptocurrency. The more you know, the more you avoid scams.

2- Crypto is unregulated

Cryptocurrency is regulated by a state, which allows transactions in it. Like the US, cryptocurrency is regulated under the Bank Secrecy Act (BSA). Similarly, In India and Pakistan, cryptocurrency is currently unregulated as their government has banned it. If you are living in a state that allows crypto, then you will have fewer chances of interaction with scammers. Try to avoid any unregulated cryptocurrencies.

3- Cryptocurrency has no value

Cryptocurrencies have not backed by gold or any paper currency. Trust and support of the government is its real worth. If we talk about it in dollar terms, bitcoin, Ethereum, and Dogecoin have become expensive currencies in the world. The business of cryptocurrencies can make you rich and poor unexpectedly and at once.

4- Cryptocurrency is not secure

Same as I told you before, it depends on your government. How much effort your government has done to regulate cryptocurrencies? Proper regulation or checks and balances will increase the chance of its security. Don’t use online currencies blindly, And don’t trust anyone in this field.

5- Cryptocurrency is bad for the Environment

Whole crypto currencies-related work requires electricity. Mining operations need excessive energy. It will increase the temperature of the earth. In the 21st century, we could be the last generation who gets the chance to reverse climate change. And the world is becoming more technology-oriented. Growing interest and awareness about cryptocurrency will increase mining, which will affect the global temperature directly.

Final Words

Cryptocurrencies are the trended business in the contemporary world. Still, a lot of people are unaware of it and are caught by scammers. Be aware. Don’t jump into it without your complete research.