A lot of buzzes is roaming in the financial and investment space. Cryptocurrency is suddenly stealing the attention of a lot of investors and even of common people.
All these are happening because the Crypto market has performed excellent in the last few years and is also booming right now. When a lot of investors are spreading the good vibes of investing in Cryptocurrency, a lot of myths are also diverting their interest.
Just like you, many people are also fearing investing in the Crypto space just because of the myths.
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Crypto Myths And Rumours Debunked
We know a lot of people are willing to make a Crypto investment, but just because of the myths they are hearing, they are stepping back. So, here we are to clarify some of the most common myths and rumors about the Crypto space.
Now, let’s have a look at all those rumors and myths, which you should not believe at any cost. In order to invest, you also need a lot of genuine information about Cryptocurrencies. Quantumai is a perfect place to gather a lot of information about Cryptos.
Myth 1: Cryptocurrencies Aren’t Secure
Whenever we think of Cryptocurrency, the first question that comes into our mind is about its safety and security, which is completely normal, which is not normal, stating that Cryptocurrency is not secure or safe.
Just the way, Fiat currency also poses the risk of theft and loss; the same goes for Cryptocurrencies as well, so you have to handle it with proper care.
Blockchain technology which is the base of Cryptocurrency is an encrypted digital ledger that is responsible for the safety and security of Crypto assets.
Myth 2: Cryptocurrencies Are Illegal
One of the most common myths you might be hearing a lot is, Cryptocurrency is illegal. Talking about illegal activities, criminals can even use fiat currencies for illegal activities. Yes, in some countries, trading with Cryptocurrency is banned.
At the same time, a huge part of the world has accepted Cryptocurrency as a type of currency. Several countries even allow Crypto users to buy things using Cryptos. So, when you are investing in Crypto, you need to check the legality status of Cryptocurrencies in your nation or state.
Myth 3: Cryptocurrencies Will Make You Rich Quickly
Everyone wants to be rich. But in case you want to be rich in just a few days, forget about Cryptocurrency. Although you might have heard Cryptocurrencies allow you to earn a lot of money in no time; actually, it is considered for long-term investment.
The cryptocurrency market is volatile; this is why the chances of getting a much higher return are possible. At the same time, it also comes with a lot of risks. The price fluctuations can make you afraid, and you might end up selling your coin at a loss price.
Myth 4: Crypto-Assets Are Invaluable
It has been really a long time since the governments of several countries have been thinking about taking Cryptocurrency profit under the taxable asset. If Cryptocurrency is not valuable, then why are the governments considering this income type as a taxable one?
It is because Cryptocurrency is actually real enough to invite tax deduction. Many countries have already implemented a tax on Crypto assets. Also, you can liquify any type of Cryptocoin at any point in time; you have that option 24/7.
Myth 5: Cryptocurrencies Will Replace Fiat Currencies
“Cryptocurrencies will replace the traditional fiat currencies in the near future.”
This might be the most hyped myth we hear about Cryptocurrencies. Cryptocurrency has a lot of potentials and is also getting more popular among a certain group of people, but still, fiat currency is more accessible.
At the same time, everyone does not have the availability of Crypto coins and also can not have the infrastructure to use them. In addition to that, Cryptocurrency is not government regulated, so you will solely be responsible for any damage to your Crypto money.
Final Talks
We believe after reading this article; you will now be able to identify the other myths and rumors buzzing around the Cryptocurrency market. Gather as much information as you can from all those reliable resources. This will help you make wiser investment decisions and fewer mistakes when you are investing in the Crypto space.
