Just how there are two sides of a coin, similarly, most of the times there are going to be two opinions or causes of any situation we deal with. It entire depends on us what we choose for ourselves and accept in accordance to our wisdom and knowledge. Same goes for myths and facts about any industry we are a part of. Surprisingly, bitcoins aren’t spared from the myths and fact game either.
There have been several speculations regarding the investment in cryptocurrencies and many potential investors have also been attracted towards it to clarify certain queries. In the last few years, the industry of digital currencies has seen an immense boost in popularity. Despite of this fact, several myths and rumours still keep hovering over it. This has been distracting those who are convinced to invest their hard earned money in bitcoins.
Today, let’s check out the top myths floating in the industry of bitcoins and find out the reality behind them in order to secure the potential investors of this highly favourable industry.
- Involvement in illegal acts: It is highly perceived that the cryptocurrencies are majorly used for conducting illegal activities. It’s true that dishonest people have used bitcoins in the past for their illegal goals at times, but this cannot be completely generalised. Not all traders or exchanges have indecent agendas. It is our duty to ensure that whichever exchange we deal with should have a good reputation in the industry and must have offered benefits to several investors in the past.
- Digital currencies don’t hold any value: Some users or potential investors believe that cryptocurrency doesn’t have any value and will gradually disappear completely from the market soon. The fact is that cryptocurrency has been created in a way that it doesn’t exist physically but has great prominence and existence digitally. The bitcoins can surely be exchanged for goods and services at certain places. In times to come, it will be a global phenomenon.
- Bitcoins are insecure: Following the popularity and dominance of bitcoins in the industry today, several scams and thefts have also surfaced in the market. There were times where the exchanges responsible for conducting the transactions were targeted and the personal wallets created online were hacked. Yes, these threats still exist but it becomes the responsibility of bitcoin owners to take smart actions to avoid these. Make sure you do not store your bitcoins online and rather keep them offline in a hard disk.
It is basically time for us to analyse what is true and what is merely a hoax. We need to take lessons from what we have experienced in the past and start accepting new ventures as they are proving out to be a boon for the finance industry as well as individuals.