Cryptocurrency: Every day we hear more about the use, management, and investment in cryptocurrencies. Read here Myths Vs.Realities Of Cryptocurrency trading. We’ll go here most of the popular myths and realities about this innovative currency.
The adoption of digital currencies is spreading around the world, and they are not only consolidating as a form of payment, but also as a means of investment. E-commerce is growing all the time and we are currently experiencing a shift away from cash, which is giving rise to new forms of payment. For this reason, it will be increasingly common and necessary to include Bitcoins and other cryptocurrencies among the payment options of online shops. However, there are many myths about this type of monetary technology that generate doubts among sellers and buyers. Today we’ll go over some of the most popular myths and realities about this innovative product.
They are designed for the tech-savvy
Some potential investors are frightened by their digital nature because cryptocurrencies generally operate outside the traditional stock exchanges. This fact may lead them to think that programming skills are necessary. However, this is not exactly true. Investors will need advice and financial knowledge, just as with any other type of investment.
Cryptocurrencies expose personal information
The truth is that payment with this type of currency is completely anonymous. Transactions are recorded at the address of each party, neither the sender nor the receiver need to know each other. Moreover, no bank interferes, and no third party can see the data involved.
They are illegal and used for money laundering
Cryptocurrencies can be unregulated in many countries, but they are legal.
They have no real value
They are useless because they are not tangible
The legend claims crypto is useless because they are not physical. However, this is false. If you think about it, what percentage of the money you use and receive is physical? Moreover, the purpose of this digital asset is not only to use in commerce. Just because they don’t exist in physical form it doesn’t mean they can’t be very useful for your pocket.
These currencies work with their own codes and, due to the very nature of the blockchain technology they use, it is almost impossible to duplicate a transaction or produce fake cryptocurrencies. Blockchain technology deals more effectively with issues of reciprocity and trust than central banks. It increases the security of the currency and therefore better avoids manipulation or attacks.
Governments will eventually ban it
Again, false.Therefore, we can say crypto has no expiry date.
Crypto is a Ponzi scheme
Definitely not. They are digital currencies and not a business model on their own. They are only virtual currencies, not business models.
Platforms for investing in cryptocurrencies steal from their users
It is VERY important to trade or invest safely on reputable platforms that guarantees good support and assurance.
Remember to research your options well and consider various investment strategies, whether for times of uncertainty or economic stability. Before starting to trade, it is necessary to get financial advice beforehand, and consider diversifying your portfolio with safe investments.
The term ‘cryptocurrency’ is currently the most fashionable financial term and at the same time one of the most complicated to understand. At least for many people who have little (or no) knowledge of finance and investment.
Cryptocurrencies are currently regulated in 15 countries, and 30 more are in the process of testing and moving forward towards regulation. However, cryptocurrencies have never been illegal in any country and have been in use for more than 12 years.