Visual realities of Cryptocurrencies; Myths and Misconceptions

Living in a world where people believe more in myths than facts, listen to more rumors than truths, we all come across a den full of misconceptions regularly. Though people try to buzz them off, whenever we come across anything that is in contrast to our traditional and followed up ways, we end up misjudging it, and ultimately myths come into existence. Cryptocurrencies are a decade old now, but most of the masses are still not clear about the very idea of it. So, if you are currently on the way to buy cryptocurrency, don’t worry about the myths that you must have heard or read, let’s evolve out of it.

  • Is Cryptocurrency Anonymous? If you’re all set to buy cryptocurrency, you need to keep this in mind that during a transaction, crypto does not unleash the sender and receiver’s name, address, or any other personal information. Because of the anonymity, it provides it is called anonymous. Although it could be aptly named as ‘pseudonymity,’ as it only uses a random group of characters aka, crypto address. Almost every crypto transaction can be made public. Other works based on different platforms through softwares. Though it has a permanent feature not to unveil the details to fraud or any third party.
  • Used for illegal activities- Every other thing in this world is in use for good and evil, legal and illegal. To buy cryptocurrency, you have to let go of this myth. The sovereign currency is all over the black market, but if it weren’t true that illicit activities use only fiat currencies, it would be wrong.
  • Makes you all Richie- it will be correct to say that the older investors gained a massive success during the last quadrennial. But it is a two-way route; if you earn now, there is a chance to lose in the future, it does not always work on the same conditions.¬†

The only perfect way to ace this is to have a good knowledge of it before you are out to sell and buy cryptocurrencies.

  • It is an illusion- People think that cryptocurrencies are upto no good. We cannot buy anything from that. Though it is entirely wrong, many such sites consider cryptocurrencies and make it payable. Although the main point to ponder over is to have an idea of the actual value of crypto.
  • Cryptocurrency and Bitcoin are the same- Before a decade, Bitcoin came into existence as the mainstream crypto assets. After that, many such companies went into the recognition that serves as a crypto asset even today. We can get a million substitutes for a single thing in the market; the same goes for crypto assets. There are many assets in the market which work on different principles, aims, and ideas. Bitcoin is just one of them, but accessible.

To buy cryptocurrencies and to invest in one of the crypto assets, the most advisable thing to do is to get full knowledge of it, before keeping a foot into it.