As much as a cryptocurrency is popular equally the myths around it are mostly spread. The cryptocurrencymarket has grown and expanded exponentially from 2009 to 2022. It now finds multiple applications but what is even more overwhelming is that despite the rise in its value and holding of cryptocurrency among people, there has been a constant rise in the apprehension surrounding it. The myths associated with cryptocurrencies have taken the world by storm. So, in this blog, we are going to bust some of the important myths that are haunting investors and deterring them from entering the crypto market. Being aware of these myths and knowing the actual truth is important for those interested in this topic. Check the link to learn Future of Bitcoin.
The popular myth associated with cryptocurrency is that it won’t last long. Well, the same was predicted in 2009 when this concept was first introduced. However, over some time, we have seen a growing number of investors taking an interest in cryptocurrencies. Around 105 million people globally are investing in cryptocurrency or are associated with the crypto domain in some form or the other. This highlights that cryptocurrency is not a bubble that will burst. Rather it is here to stay.
Another myth that you will often come across when dealing with the crypto market is that these are mostly used for illicit purposes. Dark web illegal activities are done with the help of many crypto networks. However, thefact is that the cryptocurrency market is not the only thing that’s connected with such activities. The world is already suffering from corruption issues, and people are using Fiat currencies for the same. Hence we cannot solely blame cryptocurrencies responsible for it. They are also used for legitimate purposes like online shopping, money transfer, cross-border transactions, and making payments for products and service purchases. Around 15,000 companies globally are accepting cryptocurrency. This highlights the growing significance of cryptocurrency and its wider application.
A common myth surrounding the cryptocurrency market is that it is too volatile. It is one of the most apprehensive areas of cryptocurrencies. If you are also into the crypto domain or planning to invest in this, you would come across this part. But, with the right kind of strategy, this can be overcome. You can invest in different cryptocurrencies rather than wasting your interest in just one. In addition, you can also explore stable coins to make your cryptocurrency profile less prone to volatility. Moreover, if You Are associating volatility with only cryptocurrency, then you should know that this aspect is also associated with the trading world. Any kind of investment, whether it is mutual funds or derivatives, or securities, is prone to s risk. Hence you cannot solely blame cryptocurrency for the same.
If you are planning to go ahead with crypto investment, you should know that these are not sad. Cryptocurrencyhas been there in the market for a long, and it will continue to stay here for a long. This was predicted when cryptocurrency was first introduced in 2009. Many said that it wouldn’t last for even a year but surpassing all the odds, cryptocurrency has managed to survive and become one of the most preferred investment choices for investors. Therefore, considering crypto as a fad is not correct.
This statement would have been true if it had been years back, but today most countries have jumped into the pool and are now planning to introduce regulations to make the cryptocurrency market more regulated. To avoid its use for illicit purposes and to keep track of transactions, most governments are now introducing regulation on cryptocurrencies and have put it under the commodity segment. Hence, it means that any cryptocurrencytransactions should be reported and will be taxable. Popular nations in the list include the US, Canada, the UK, India, and others.
Wrapping it up!
This was a brief overview on what are some of the popular myths associated with the crypto market and what the actual facts are. Now, that you are aware of these myths and facts investment in cryptos becomes clearer. Though the market is not outside of illicit activities happening online some platforms are really worth relying on. which you can trust for your investment purpose and now start your crypto trading journey wisely.
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