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If you are stepping in investing in cryptocurrency, there is so much that you need to learn and understand. While it is bringing everyone a range of profits, it is also propelling to understand that people have a lot of misconceptions about the same. The majority end up investing because that’s what is trendy right now. However, while you can claim your first deposit bonuses, you can’t go back from an investment loss, especially with something like Bitcoin.
So, make sure that you educate yourself about the same and the first step is to debunk the myths surrounding it.
It is used for illicit activities
Not just now but the moment digital currencies like Bitcoin came out, people’s first reaction was that it is being used for making illicit payments. This is far from the truth. Instead, digital currencies are now a primary source of investment among several individuals. However, you also need to understand that there have been reports of nefarious activities using bitcoin that have sparked people’s interests. With the growing popularity and usefulness of bitcoin, the rates of usage in black markets and illicit activities have gone down substantially.
It doesn’t have any value
This is far from the truth. Take people’s spiked interest in bitcoin now. With the sudden growth in Bitcoin’s market value, more and more investors are taking interest in the same. Not only can cryptocurrencies be exchanged for goods and services, but it is also being used for tax benefits by investors. However, with an over 200-billion-dollar market, Bitcoin is only going to prosper further, so you might as well educate yourself and start investing.
It isn’t secure
Is any investment though? When you are investing your money for higher returns, it isn’t surprising that it will come with a certain level of risk and lacking security. However, if you want higher returns, you need to be mindful of the investments you are making. There have been initial reports of scams and frauds using cryptocurrency, but the entire chain is further secure now, making it easier for individuals to avoid a single point of failure and get good returns for their investments.
It isn’t ideal for the environment
The mining process for the cryptocurrency is tedious and has contributed to a heated system or number of systems. However, resources are now being refined more and more, enabling you to reduce the risks of harm to the environment, ensuring a better sustainable approach to things. And, not just cryptocurrency, even your standard banking system in the world is reliant on electricity and other energy resources, so there’s nothing different happening.
It is a complete scam
Well, with over 200 billion dollars in valuation, Bitcoin is the farthest thing from a scam at this point. However, you need to ensure that you are investing with reliable and licensed platforms if you want tangible returns in the process.
Bitcoin has gained a lot of popularity in the last few years and is continuing to do so. If you are considering investing, these are some of the common myths that you should be aware of.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.