These days, most people think they have a pretty good handle on cryptocurrency and how it works. Over the last several years, cryptocurrency and Bitcoin have seen a massive boom in popularity, and its move into the mainstream has led to a greater understanding of the basics. However, there is still a huge amount of misinformation out there surrounding cryptocurrency. A lot of these myths have been put out there by people who either do not understand or do not want to understand, how it works so let’s break down some of the biggest.
Myth: Cryptocurrency Is A Fad
The myth that cryptocurrency is a flash in the pan has been around pretty much since it first came onto the scene back in 2009. The fact that we are still having to dispel it all these years later is proof that it is not remotely based in reality. If anything, cryptocurrency, and Bitcoin in particular have been gathering steam over the last few years rather than the other way around.
Myth: Cryptocurrency Is Unsafe
The reason for this myth is a little tricky to pin down, but there are several possible explanations. The first may be that cryptocurrency is decentralized, meaning that no one bank or national interest governs it. It may also be because there have been a lot of cybercrimes in general recently, but that is not specific to cryptocurrency. In fact, blockchain technology ensures that there is a log of every coin’s transaction that is easy to access and impossible to forge. When it comes to protecting your cryptocurrency, you should use a cryptocurrency wallet. This will allow you, and only you, to access your coins. You can learn more about the top Bitcoin wallets this year at Paxful, which puts your security first.
Myth: Cryptocurrency Is Hard To Get Into
There is some truth to this one, but only so far as there are a lot of different technical words that you will need to understand if you want to trade crypto. However, the flip side of this is that the mainstreaming of cryptocurrency has made it easier than ever to get your head around how it all works. There are plenty of excellent guides out there that break down the basics and which can introduce you to some of the more complicated elements if you want to get into it.
Myth: Cryptocurrency Can’t Be Used In The Real World
This one is demonstrably untrue. In fact, more and more businesses have started embracing crypto. It has come a long way since a Subway restaurant first accepted a Bitcoin payment for a sandwich, as chain stores and banks have offered crypto as a payment solution. One of the main reasons for the mainstreaming of cryptocurrency is that has also been great for small businesses, helping them to get rid of some unnecessary fees. As we look ahead at the months to come, it seems safe to say that more and more providers will be following the same path.