Cryptocurrency is a type of digital currency that can be used for buying goods and services. Many cryptocurrencies, like Bitcoin, have become highly relevant to the economic structure. They are considered payment and transaction methods as well. Furthermore, people have started to consider cryptocurrencies as an alternative to traditional currencies because of the anonymity provided by crypto. Also, cryptocurrency’s decentralization is a major force behind its increasing popularity.
There are more than 6700 different types of currencies. This, alone shows the level of popularity that it has achieved on a global scale over the last decade. There are several reasons behind it. Like, some of the supporters take cryptocurrencies as the future currency and the replacement of traditional currencies. Therefore, people make their way to purchasing it before it gets too valuable.
Myths about crypto
However, with such great popularity come the myths regarding these very cryptocurrencies. The cryptocurrency myths arise as a result of the misinformation that continues to exist regarding the famous digital currencies. People are not aware of what goes behind the operation of these cryptocurrencies. This makes them believe in the myths and many misconceptions that grow among them. We will go on to enlist the six most popular myths about cryptocurrency in this article.
1. Cryptocurrencies can be faked
There is a common misconception among the masses that cryptocurrencies can be counterfeited which is absolutely untrue. Each of the cryptocurrencies functions with a specific code, only applicable to that very currency. Blockchain technology ensures that none of the transactions that a person makes or the order in which they make the transactions are recorded. This means that the transactions cannot be duplicated. Thus, explains why cryptocurrencies cannot be faked.
2. The Government can ban them
The main feature of cryptocurrency is its decentralization. This is the reason behind the government being unable to ban them whatsoever. The technology that operates crypto i.e. blockchain is not managed by any government nor any sort of institution. They are never in the position to make any changes to the cryptocurrencies let alone forbid them. This is what makes them different from other forms of currency as well.
3. Only tech-savvy people can use them
As long as you have basic and authentic information about cryptocurrencies and you are aware of the basics of how to use them, you are good to go. They are designed for every sector and not just the technology sector. So, the myth that cryptocurrencies can be used by people who have sound knowledge regarding technology is of course anything but true.
4. No tracking of the action that one makes
The blockchain technology that basically operates the cryptocurrencies makes a record of every activity. For instance, if you have made any transaction, it will record the time and the location at which you have made the transaction. It tends to verify the transactions that are being made using cryptocurrencies. This is for the safety of the user. It also makes sure that there is no chance for any cryptocurrency criminal activity to take place.
5. Cryptocurrencies are most suitable for criminals
What needs to be admitted here is that the decentralization and the anonymous features become a reason behind cryptocurrency being used by criminals. However, what needs to be kept in mind here is that cryptocurrencies work particularly well for the citizens who are all up for abiding by the laws of the state. So, the two must not be confused. Cryptocurrency criminals are waiting for any opportunity to drain your e-wallet. You have to ensure that your passwords are protected.
6. Blockchain will change the conduction of business transactions
Blockchain has somehow managed to be associated with how businesses will record and manage their transactions. It is often left disregarded as how the process of blockchain is comparatively more detailed and time consuming to confirm the transactions than to the prevailing methods.
All of these myths have been in the minds of the people since the time cryptocurrencies were invented. However, what needs to be done here is that people should stop believing in false information. They should rather focus on the credibility of cryptocurrencies and the profitability offered by them. This can be done by making use of certain apps that not only guide you but also play their important role in providing authentic information.
Try 7b Crypto Broker App
If you are new to the world of crypto trading, you might be having trouble while choosing an appropriate platform that fits well with all your expectations. If so, then look no further because the 7b crypto broker app tends to be on the top of the list. It is a new trading broker app that aims at ensuring trade for its clients to be as hassle-free and secure as it could get. It is suitable for every trader, regardless of them being a beginner or an expert. It provides a very user-friendly interface that provides the user with the most appropriate information.
This platform serves to be an amazing opportunity for the crypto holders to make an investment and start earning through trading. The best feature of this app is the ease by which trading can be done. Compared to the online exchanges that mostly turn out to be a fraud, 7b, prioritizes the security of its client. It does so by the effective regulation of security. Considering how it is a broker app, it relieves you from the hassle of managing the documents and other official requirements. It manages everything on its own. Now at this point, most of you might want to get yourself registered at this app. What you have to do is, follow the given guidelines on the app. Firstly, by simply downloading the app on Google Playstore. Having done that, you just have to sign up and the beginning of your smoothest trading experience will begin!