No one should be under the illusion that cryptocurrency is a scam, and the truth is, there are many myths about cryptocurrency that need to be debunked because they are false. This blog post will discuss five of the most common myths about cryptocurrency, which you must ignore at all cost.
Let’s take a look at these myths.
1. Bitcoin isn’t safe
The most commonly heard myth you must ignore about cryptocurrency is that it isn’t safe. While some cryptocurrencies have been hacked, the vast majority of them haven’t. Plus, this doesn’t mean they won’t be in the future – after all, no investment comes with a 100% guarantee. Thus, it would be best to use Crypto Genius for robust security and greater profitability.
2. Cryptocurrency is a bad investment
Cryptocurrency is a bad investment; this myth comes down to most people don’t understand how crypto works and what it can do. There are many good cryptocurrencies out there with value, and they’re only going up in price as time goes on. The key here is finding the right ones before everyone else does.
These cryptos have been around for a while now, so if you invest early enough – your money will double or triple within a matter of months instead of years like traditional investments take to help you grow your wealth faster than ever imagined possible.
3. Bitcoin is fading
Bitcoin is not fading. It is only getting stronger. The value of Bitcoin has been on the rise for several years now, and there is no indication that this will change anytime soon. There is no guarantee that cryptocurrency will grow in popularity and power. However, there are many indications that this is exactly what we can expect from technology like bitcoin going forward.
For several years now, people who invested early on had their money multiply exponentially as newer investors came along with greater interest in cryptocurrency.
4. Cryptocurrency isn’t regulated
Cryptocurrencies are federally protected by law in the USA. They can never be eliminated or outlawed because they have a monetary system, which cannot exist without them. Additionally, some laws have been put into place for cryptocurrencies specifically regarding criminal activities such as money laundering or investment fraud schemes involving Bitcoin through Initial Coin Offerings (ICOs).
5. Cryptocurrencies can reduce your wealth
The second myth to ignore about cryptocurrency is that it will cause you to lose money rather than gain it. Cryptocurrency doesn’t work like any other type of currency; if anything, crypto tends to move up and down more quickly than national fiat currencies do over time (and sometimes even quicker).
This means that when using bitcoin or another altcoin as an investment tool instead of simply for transactions purposes, you should be ready to see your investment lose or gain value rather quickly.
The Bottom Line
Cryptocurrency is a great investment opportunity. You can make money by investing in cryptocurrency, but you have to learn about the market and how it works before taking the plunge. With this, you must also ignore all the myths mentioned above when you’re just getting started with crypto trading.