The Cryptocurrency industry is full of uncertainties and people lack proper information on this market. Due to this, many investors have losses and cannot make it till the end. Also, investing in Cryptocurrencies seems to be a big deal for many people.
Although there are huge options in this market, you can find it overwhelming to choose one. But there are many myths and wrong information revolving around the Cryptocurrency industry. You need to bust these myths and adopt Crypto for the upcoming year. Let’s see what these myths are that need to be deflated in 2023! So, if you are planning to trade Bitcoin, you may use a reputable trading platform like https://thequantumai.app/
The Top Myths To Deflate This New Year
In this blog, you will find the top 10 list of all the myths that revolve around the Cryptocurrency industry. You may have heard this quite often if you are an investor or want to try out Crypto investments. Let’s see these misconceptions that need to be debunked!
Only Seasoned Investors Can Deal With Cryptocurrency:
This is by far one of the common misbeliefs that prevail in the market of digital currencies. Many people out there have a firm assumption that only seasoned investors can invest in these coins. People think that this market is designed majorly for such investors.
This belief has its roots in its decentralized nature. The Crypto industry is not under any regulation, people believe that it is not a good fit for everyone!
Zero-Taxes On Cryptocurrency Profits:
Another misconception is about taxes on earnings from Crypto. As it is not under any government regulations, people believe that investors do not need to pay taxes on Crypto gains. But, this is not true!
Crypto Means Illegal Activities:
Another misbelief that needs to be busted is that the Crypto industry is only for illegal activities. Though it is true that Illegal transactions and activities take place in this industry, we cannot deny the fact of legit transactions.
Many investors are investing in this market and getting good returns. And all these are done legitimately.
Crypto Is Immaterial:
This is another big and prominent myth about the Crypto industry. Non-investors or people outside this market assume that Crypto does not have backup by material assets.
But investors in this industry believe in the underlying value of this market and we cannot ignore this fact. As they are a believer in this value and understand the same, Crypto investors find it hard to believe in this myth.
Cryptocurrency Is A Bubble:
Another myth that you will find about this market is that digital currencies will soon fade away. People think that this is the latest trend in the market, which will soon exit!
But the reality is the opposite. Cryptocurrencies are entering every field and their contribution is increasing over time. And a huge fraction of people want to have full control over their investments and money.
Not A Secure Option:
You might have heard this countless times that digital currencies are not secure, unlike conventional assets. But, Cryptocurrency runs on Blockchain networks which are protected with strong encryption and technology. These are impossible to break in general. This reflects that Cryptos are safe and secure trading options.
Cryptos Are Clean:
Though you wish this to be the truth, it is not so in all cases. There are still Cryptos that operate on PoW protocol, which is high energy-consuming.
But many Cryptos are turning into PoS mechanisms, which is a safer option for the environment.
Crypto Is A Scam:
In every type of industry, you will find certain fraudulent agents trying to seek advantages in illicit ways. This goes with Cryptocurrencies as well. Though this entire industry is not a scam, some parties try to fraud investors and leave them with huge losses.
Cryptocurrencies Will Take Dollar’s Place:
Enthusiasts believe that over time, Crypto will take Dollar’s place. But, this entire industry does not have any backup or ruling authorities. And it runs on people’s faith. So this myth does not hold.
No One Can Trace Crypto Transactions:
Though no authorities regulate this market, it operates on Blockchain that records everything. Though the complete identity is hard to find, this system can find out information about users under special circumstances.
Conclusion
There are bunches of myths around the Crypto market and you need to be assured that these are nothing, but just misbeliefs.
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