With the steady rise of popularity of cryptocurrency today, it is only wise to expect it to be the new digital system of the future. With the first cryptocurrency, bitcoin, launching in 2009 to the various kinds today in 2022, a lot has changed. The dynamics of this digital currency have only improved as time has passed.
This does not imply that cryptocurrencies have never faced any downs in value and profits. Indeed, the fluctuations in the field of crypto are quite unpredictable – but so is the case with every investment. It is all about how much risk and strategizing an investor can afford to yield profits.
However, many myths surround the field of cryptocurrency. While it is understandable to be hesitant while investing in this relatively new currency system, it is also crucial to debunk the myths around it. Here are a few of the most common myths around the field of cryptocurrency.
Myth Number 1: All Cryptocurrencies are Illegal
Any crypto investor must have come across at least one person who strongly claims it is an illegal trade mode. Such people try to convince a crowd that investing in cryptocurrency can actively land investors in legal trouble.
This all mainly because of the commonly believed myths related to Bitcoins. The truth is that cryptocurrencies are completely legal. There are absolutely no laws which state that cryptocurrencies are an invalid mode of payment or transactions. Trading with various cryptocurrencies is not banned in most countries; hence, investors can secure trading without any fears.
Myth Number 2: Trading with Cryptocurrency Requires Extensive Knowledge
Trading and investing within various cryptocurrencies do not require you to be a financial analyst by profession. It does not even require you to hold any diploma or degree in the field of investment studies.
Pretty much anyone can go about trading with cryptocurrencies. The amount of theoretical knowledge that one possesses has nothing to do with their performance while yielding profits. There have been numerous cases where the most knowledgeable ones have faced losses, and amateur traders have yielded profits while investing in cryptocurrencies. Hence, it is best to work on practical skills for investments in such fields.
Myth Number 3: Cryptocurrencies Lack Real-Life Implementations
Another concern raised by many critiques of this digital currency system is that it lacks real-life implementations. Many believe that no reputed organization accepts cryptocurrencies like bitcoin as a mode of payment which is a complete myth.
Many big companies like Starbucks and Burger King actively accept transactions carried out using bitcoins. With such reputed organizations accepting cryptocurrencies and accrediting them valid, it would be completely incorrect to conclude that they lack practicality.
Myth Number 4: There is No Scope for Profit while Trading Cryptocurrencies
The reason behind this claim revolves around its lack of physical presence. Since cryptocurrencies are not available in physical form, they find it hard to believe that yielding profits from such an investment is possible.
However, it is not true at all. The scope for profits while trading and investing within cryptocurrencies is far higher than investing in any other field. For instance, when people start investing in assets such as real estate – they face the issue of the minimum limit of investment.
However, while investing in cryptocurrencies, the minimum investments go quite low. Hence, even though one can attempt to gain profits – they would never be forced to face a significant loss in the future.
Choosing the perfect platform for cryptocurrency is another issue that most investors encounter with the rise of such myths. They find it hard to differentiate between legitimate sites and frauds. This is why it is best to go for reputed applications like this Auto-Robot, one of the most popular and trusted platforms for bitcoin trading.
Whenever something new comes up, myths around the subject are unavoidable. The best we can do is bust them as soon as we encounter them for a safe pathway. Similarly, people bust myths around trading and investing in cryptocurrencies to create a healthier environment for amateur investors.