Finance

Some common cryptocurrency myths busted and the reality exposed

Cryptocurrencies have become quite popular during the last few years, and a considerable part of the entire population is investing in them as well. Nevertheless, there has also been a development of myths regarding these digital currencies about which you will get sufficient information from this article.

1. BitQZ app and blockchain resemble each other in spite of having different names

It is essential to comprehend that Bitcoin and blockchain are not the same. Bitcoin is a digital currency which consists of blockchain technology in it. This highly constructive technology helps in keeping the Bitcoin transactions safe and transparent in front of the world.

Being a robust system, blockchain doesn’t accept any modification. On the contrary, Bitcoin holds an inherent value that can be exchanged for fiat currency. 

2. Cryptocurrencies are used by the underworld

Many people are of the notion that cryptocurrencies are used by the underworld and many illegal activities are based on them. However, this belief is completely wrong, and one must not assert anything without having comprehensive knowledge of the subject. 

It is a fact that some shady people have made use of cryptocurrencies for gaining ground. Digital currencies have been used by some criminal groups for carrying out their operations. But that does not mean that the invention of this digital currency was done for serving illegal purposes as there are numerous positive aspects as well.

3. Investment in cryptocurrency is not secure

You need to gain comprehensive knowledge about digital currencies at first which will provide you with the confidence to invest in them. You need to find out the appropriate exchanges to trade in and you also need to study the fundamental concepts of the present crypto market. It is likewise vital to go through the white papers published by digital currencies since it describes the security measures taken by those platforms. It is essential for any person to be extremely meticulous while trading and investing in digital currencies. 

Although it might not always be easy to trade in cryptocurrencies, one can rightly state that Bitcoin Revolution will enhance the chances to become a better crypto trader without any doubt whatsoever. 

4. Trading is complicated

Many people are of the notion that trading happens to be a difficult subject to understand. However, it is not a fact. Although the concept of trading in cryptocurrency might appear to be somewhat difficult initially, it will be possible for the consumers to adapt to it by properly understanding the fundamentals of trading. Apart from this, it will be possible to simplify the entire process by investing with appropriate exchanges out there.

5. Cryptocurrency is being accepted widely

The primary intention of launching well-known cryptocurrencies such as Ethereum and Bitcoin was to simplify the process of payment. They intended to control the usage of fiat or centralized currencies as well as debit cards and credit cards.

It will be imperative for the user to pay a transaction fee while using decentralized currencies which can be quite expensive in the long run. Moreover, it is also possible for the transaction speed to become extremely slow at times. The reason for this might be that the validation of each transaction demands substantial time.

6. Dealing with cryptocurrencies is not safe

It is a fact that cryptocurrencies are safe to deal with. Blockchain happens to be the primary concern in the functioning of cryptocurrencies, and blockchain is considered to be 100% safe. It will not be possible for you to hack by breaking into the system unless you happen to be an expert in this particular field.

7. Bitcoin does not have any value in reality

This is yet another cryptocurrency myth that has to be corrected immediately. People have made use of Bitcoin in the past and the present world is still using it right now for making payments for products or services to any company or individual. Moreover, Bitcoin is a decentralized currency which implies that there is no central control over it.

There has been an increment in the market price of this cryptocurrency at an unbelievable rate. Its value is increasing day by day since many large companies are investing in Bitcoin at present.

Even though many people think that digital currencies are illegal, they are not correct. As a matter of fact, this currency has been legalized by many countries at present. Many people are trading in cryptocurrencies very smoothly as well. Thus, now you have a complete knowledge on the knits and bits of the cryto realm.

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