Bitcoin is the first digital currency introduced by Satoshi Nakamoto on 3 rd January 2009. The blockchain technology and decentralized system to monitor and other applications in the field of finance made it extremely popular among investors around the world. Every cryptocurrency introduced after Bitcoin like Ethereum, Bitcash, Ripple gave alternatives to doing the transaction more securely and provide individuals around the globe to join the financial system which is more transparent, secure and not controlled by the government.
With so much success the Cryptocurrency also known as digital currency also came with a lot of skeptical views. While some termed it as a fake currency other thought that this is similar to the internet boom which ended up very bad for the investor around the world.
In this blog we have tried to debunk top myths about the digital currency to give the investor a clearer picture about its benefits and applications:
No real value:
The most common myth associated with cryptocurrency and blockchain technology is that these digital currencies don’t have any value in terms of money. The price chart of any cryptocurrency is sufficient enough for an investor to understand that these statements are false. Cryptocurrency is somewhat similar to Gold. Gold value is determined by the demand and supply the same is the case with the cryptocurrency. Only a particular number of bitcoins can be mined similar to the gold. The supply and demand of a particular digital currency determine its price. Hence, it is pointless to say that cryptocurrencies don’t have any real value.
Crypto transaction is untraceable:
This myth has hurt the image of the digital or cryptocurrencies more than any myth. As soon as Bitcoin was introduced by Satoshi Nakamoto the rumor that there is no method to trace the transaction which happens on this network. The myth that these transactions can be used for carrying illegal activities like these is untraceable resulted in many investors not showing their interest in this currency. But the reality is completely different from what is being said about these digital currencies. Any transaction which happens on this network is traceable and is stored in a digital ledger which tells us that these are a completely traceable and transparent way of making digital transactions. You can invest in bitcoins using online trading apps, visit d-addicts.com
Bitcoin investment is not safe:
When introduced many believed that the cryptocurrencies are not safe investments due to a lot of volatility involved around it but it is not completely true in today’s scenario. After being traded for more than a decade investor have understood the volatility involved with this crypto market and see it as an opportunity to get maximum reward with minimum risk to their investments.
Cryptocurrencies are different from Real money:
This myth that the cryptocurrencies are different than that of the traditional paper currencies is completely baseless. In today’s world Bitcoins or any other digital currency can be used to buy things as with any of the paper currency. Many stores like Etsy or Shopify have started accepting bitcoin which proves that these are not different from Real money.
In the end, just want to emphasize on the future these cryptocurrencies possess both to individuals and the investor around the world. There will always be new myths or rather say misinformation which is bound to discourage investors from investing. But to understand the truth you have to dig deep and to find the truth about whether the information is true or not.
Barry Lachey is a Professional Editor at Zobuz. Previously He has also worked for Moxly Sports and Network Resources “Joe Joe.” he is a graduate of the Kings College at the University of Thames Valley London. You can reach Barry via email or by phone.