In the present context, if we talk about making the right investment decision, you would certainly have invested in cryptocurrency as one of them. Despite the growth and acclamation that it has got from the investors remains certain apprehensions that surround cryptocurrencies. The lack of trust and the newness of cryptocurrencies make it a debatable concept. Despite all the odds, we cannot undermine the fact that it has paved a strong path and penetrated the mainstream economy. With more than 15,000 organizations globally accepting cryptocurrency and 500+ crypto exchanges offering youaneasy-to-use platform for transactions, it makes cryptocurrency the next best thing to invest in. However, before dipping your toe into the crypto world, it is important to acquaint yourself with some of the facts associated with cryptocurrencies. The maids should not deter you from your investment, and so we are going to unfold the facts behind the myths surrounding bitcoin and other cryptocurrencies.

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Unveiling The Truth

Myth 1: Cryptocurrency Is Completely Anonymous And Untraceable

If you are new to the concept of cryptocurrency, then one of the major facts that you would have heard about it is that all cryptocurrency transactions are completely anonymous, and one cannot trace it. While this is not entirely certain true segment of it holds significance. It is true that cryptocurrency transactions are not linked to any person’s real-world identity, but they are still traceable. Since every transaction is recorded on Blockchain, which is a public ledger, it is easy to access the same. Thereby one can get to know the specific wallet address from which the transaction has been made but not the identity of the owner.

Myth 2: Cryptocurrency Is Only Used For Illegal Activities

While it is true that fiat currencies have also been used in illegal activities such as smuggling, it is important to note that cryptocurrencies are now being increasingly used for legitimate purposes as well. In addition to online shopping and international money transfers, cryptocurrencies are also being used for a variety of other purposes, such as purchasing goods and services, investing, and even charitable donations. The fast, secure, and decentralized nature of cryptocurrency transactions makes them attractive for these types of activities. As a result, the popularity of cryptocurrencies has grown in recent years as more people and businesses discover the benefits they offer. While there may still be some negative perceptions surrounding the use of cryptocurrencies, it is important to recognize their growing role in the legitimate economy as well.

Myth 3: Cryptocurrency Is Not Regulated

Most people believe that crypto curb currency transactions are completely free of regulations. But this is not true. It is true that the regulation of cryptocurrency may vary from one country to another, but many nations have now started applying regulations on crypto transactions. This is to bring who is under control. These nations include the United States, Australia, Canada, India and others. In the United States of America, the journal revenue service has issued guidelines for a cryptocurrency transaction to be under taxation. In countries like Australia, cryptocurrencies are considered a commodity and hence fall under the taxation category. In India as well, the government has imposed taxation on cryptocurrency transactions. This is to regularize the cryptocurrency market and make it more legitimate. 

Myth 4: Cryptocurrency Is Not Secure

Many people believe that cryptocurrency is not secure because it is based on technology that is vulnerable to hacking. While it is true that there have been instances of cryptocurrency exchanges being hacked and funds being stolen, it is important to note that these instances are relatively rare. In fact, the blockchain technology that underlies most cryptocurrencies is designed to be highly secure and resistant to tampering.

Parting Thoughts

These are some of the common myths surrounding cryptocurrencies. Although there is no end to the apprehension if you really wish to be a part of the crypto domain, it is important to break the ceiling and get into the practice of investing in cryptocurrencies. This will be more beneficial. Make sure that you also register yourself on a reputed trading platform like          Bitcoin Era Official Site. With basic knowledge and vigilance on how the crypto market is performing, you will be able to crack a profitable investment deal in the crypto world.