Bitcoin may be the most popular cryptocurrency on the market, but there are plenty of other coins out there with their own interesting stories.Cryptocurrency is on the rise and has never been more common. But that doesn’t mean all of the information out there about it is accurate. For instance, let’s talk about some cryptocurrency myths!
A lot of people may have heard the phrase “crypto currency” before, but they may not know what it actually is, or how it operates. The crypto market is a volatile one, and there’s no shortage of stories about people who have lost big because of that volatility.
It turns out that this type of thing isn’t all too uncommon in the crypto space and, as such, there are some popular misconceptions about how crypto works — especially to newcomers on the scene. There are some common stereotypes about crypto currency that many people have. In this blog post I am going to go over what the truth is and how you can spot these stereotypes if you find them in your own life.
When you hear someone talk about crypto currency, you may start to picture a person standing in line with a laptop and a headset on, trading their Bitcoin for Ether. This article will provide an overview of crypto currencies and debunk the five most common stereotypes about this monetary system. Some of these stories even contradict popular stereotypes that you might’ve heard about crypto currency in general. Fastest way to earn cryptokeys are you, to avoid being deceived. 5 Stereotypes About Crypto Currency That Aren’t Always True And Truth Behind Them :
1. Only nerds and criminals use crypts.
While it’s true that Bitcoin attracted the wrong kind of people in the beginning, more and more merchants are embracing cryptocurrency payments. In addition, the market is slowly opening up to new users. For example, Overstock now accepts cryptocurrency for a wide range of products on its website. These days, you can even buy an American Apple Watch with BTC at Overstock.com .
The number of people investing in it and using it as a payment option is growing every day. For beginners or newbies who want to join the crypto world but don’t know where to start you can check out our top 3 crypto trading platforms .
2. Bitcoin is illegal.
While some governments are cautious about crypto currency, it’s not necessarily illegal. National banks and regulators must still figure out how to deal with it. For example, the US Federal Reserve has no jurisdiction over Bitcoin because it’s decentralized and doesn’t require the services of a third party like a bank or government agency. In fact, the Fed considers Bitcoin as an electronic commodity and not a form of currency. However, some banks and governments around the world have banned or restricted its use in their countries as they see cryptocurrencies as too risky to invest in.
3. Cryptos are a bubble.
While it’s true that Bitcoin’s and other coins’ prices have soared in recent months to historic heights and could potentially collapse, it doesn’t mean every cryptocurrency is a bubble. In fact, many people see cryptocurrencies as the future of finance. On the other hand, most analysts think that Bitcoin and other cryptos will continue to grow in price at a steady pace even if they suffer sharp declines during times of market turbulence.
4. Our government will shut down the crypto world.
While some governments have already tried to regulate cryptocurrencies, they won’t succeed because there’s nothing tying them together like “money”. Even if one country does ban or restrict cryptocurrencies, it doesn’t mean that others will follow the same steps.
5. You can’t earn money with cryptos.
Investing in cryptocurrencies is risky, but you can actually earn income with them by lending them or “staking” them through cryptocurrency pools and exchanges . For example, with BTC loans you’re able to lend Bitcoin from a pool of other investors to people who need it in return for an interest payment. If a borrower defaults on their loan, you receive the Bitcoin back. On the other hand, staking requires you to lock up your cryptos over time in exchange for increased payouts when certain events occur within a blockchain network.
Conclusion :
If you’re new to crypto and need a crash course, check out our top 3 cryptocurrency exchanges and the best cryptocurrency trading platform for beginners . If you want to start mining cryptos, make sure you learn how to choose the right mining hardware which will improve your chances of success. If you’re interested in making a living with cryptocurrency, be aware that there’s no real guarantee that it will happen for you. However, there are several things you can do to lower your risk and increase your chance of making a profit on a regular basis.
