Cryptocurrency has become a hot topic in the world today among individuals and businesses alike. But as it rises in fame, the cryptocurrency market has had to deal with rumors and myths being spread around concerning it. While some of these myths flow from emotional attachments to the traditional banking system, others are deliberately perpetrated to harm the crypto space.
These mythshave planted some false notions about cryptocurrency. To ensure traders are well-informed on the prospects of cryptocurrencies, there’s a need to debunk some of these myths.
Some myths individuals who want to invest in cryptocurrency will come across, and their truths include:
1. Cryptocurrency Is a Scam
That something is being misused does not make that thing a scam. Fraudulent practices with Bitcoin and others like it have been recorded, agreed. But that does not make it a scam. It would help if you didn’t buy USDT and other cryptocurrencies without first understanding the technology used by the cryptocurrency market.
Understand how the market works before you invest in cryptocurrency. When you do your research well, you will skilfully maximize your profits. Some losses may be recorded, but they will be pale in comparison to the gains.
2. Cryptocurrency Isn’t Secure.
Cryptocurrency is as secure as it gets, and many platforms continue to tighten their security. Unlike banks, records concerning cryptocurrencies like Ethereum, Bitcoin, and Tether are stored in blocks in a central ledger called ‘blockchain.’ It is nearly impossible to hack a Blockchain. Different exchange platforms access the Blockchain to guarantee security and transparency of transactions.
Fraudulent practices have been recorded on these platforms. But findings revealed that the hacks were due to vulnerabilities in the exchange websites, not in the cryptocurrency itself.
3. Cryptocurrency Is Illegal
Blockchain transactions are anonymous, and this has made them unacceptable in many regions. This fact is majorly responsible for the belief that cryptocurrency is illegal. However, that something is not acceptable doesn’t make it illegal. Lack of understanding of Bitcoin and Bitcoin price is why some regions are yet to accept it.
Fraudsters are attracted to Bitcoin and other cryptocurrencies more because of its anonymity. But anonymity does not mean they cannot be traced with their transaction data. Transactions made with Ethereum, Tether, and Bitcoin on exchange platforms usually include the user’s wallet address. They can be traced back to the real world with their wallet address.
4. Cryptocurrency is Invaluable
Before the invention of fiat money, there were representatives of money in the likes of silver, talents, and gold. Like them, cryptocurrencies are backed up by the cost of producing new units. For example, Ethereum is responsible for the creation of Ether. The same goes for Bitcoin, Tether, and other cryptocurrencies.
Governments have started to see the value in the cryptocurrency market; otherwise, they won’t see the need to tax it.
5. Cryptocurrency is a Get-Rich-Quick Scheme
If you want to invest in cryptocurrency so you can have quick money, you may be in for a big disappointment. Investing in cryptocurrencies requires a lot of hard work, including understanding the market, discovering different trading strategies, and having the patience to endure the different market patterns.
Cryptocurrencies like Bitcoin are extremely volatile. The values drop and rise every day. Don’t be fooled by adverts promising you finance gurus that can help you get rich quickly with cryptocurrency.
Don’t let a stranger handle your crypto assets like you won’t with your hard-earned cash. Not without doing your research on them, at least. Don’t buy Tether with the hopes of getting rich quickly; it does not work that way.
6. You Can’t Be Tracked.
Cryptocurrency may be a digital currency, but it can be traced. Millions of dollars are being invested into software designed to follow transactions associated with the cryptocurrency market. The essence of doing this is to limit the many activities of hackers and crackers in the cryptocurrency world. When you convert crypto to fiat money, there is a record. These transactions cannot be erased, and with due diligence, they can be traced.
7. Cryptocurrency Will Replace Fiat Money
This is probably one of the most common myths concerning cryptocurrency. But while acceptance and adoption of cryptocurrency are on the rise, Tether and other cryptocurrencies replacing real cash is still something that cannot happen soon. Real cash may become less important; it is less likely to lose its value.
No doubt, cryptocurrency is the future of money, but until everyone is technologically inclined on a global scale, that may not be possible.
Summarily, to invest in cryptocurrency is to invest in any other business out there. There are risks, there are losses, but there are also wins. With the right information, you can buy Tether and any other cryptocurrency you want and profit from them.