With so much misinformation floating around about cryptocurrencies, it’s time to debunk some of the most common myths in this blog post.
Myth #01: Cryptocurrencies are a scam
People often assume that they are scams because they don’t understand them. However, cryptocurrencies are not so – they are legitimate digital currencies with real-world value.
Myth #02: Cryptocurrencies are used to launder money
Another common myth about cryptocurrencies is that they are used to launder money. Not true – in fact, cryptocurrencies can be more challenging to use for laundering money than traditional currencies.
Myth #03: Cryptocurrencies are only used by criminals
Yet another common myth about cryptocurrencies is that people often think that only criminals use them. On the contrary, people of all ages and backgrounds use cryptocurrencies.
Myth #04: Cryptocurrencies are unstable
People often think that cryptocurrencies are unstable because their value can fluctuate. However, this is also true of traditional currencies. In fact, cryptocurrencies are more stable than many traditional currencies.
Myth #05: Cryptocurrencies are only used to buy drugs and other illegal items
As far as myths go, this is probably the most popular, although with no solid grounding. It is thought only to be a conduit for buying drugs and other illegal items. However, this is not entirely true – cryptocurrencies are just as commonly used for many legitimate transactions as well.