Currency Trading

Three Common Misconceptions About Cryptocurrency

Are you one of the many people who are a little bit lost when it comes to the digital coins known as cryptocurrency? Don’t feel bad if you are, because there are many who are just like you. Like anything new that comes into the realm of the public consciousness and grabs a lot of attention, cryptocurrency is surrounded by a lot of misinformation. Some of that misinformation comes from people who don’t take the time to sit down and understand this relatively unchallenging concept. Others simply have an ulterior motive for seeing the downfall of cryptocurrency, which means that they spread these falsehoods knowingly.

Common Misconceptions About Cryptocurrency

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Cryptocurrency can’t be all the mess that its most audible detractors make it out to be. It wouldn’t have risen in value so dramatically if it didn’t have some redeeming characteristics. That isn’t to say that cryptocurrency is without its flaws and is foolproof as either as a useful tool or an investment vehicle. Some coins are better than others, which is why a trading program such as Ethereum Code, which is enhanced by artificial intelligence, is something that can come in handy for the wannabe investor. There is a long list of misinformation surrounding cryptocurrency. Here are just a few of the biggest misconceptions.

1. Cryptocurrency and Bitcoin Are One and The Same

Bitcoin is a form of cryptocurrency, the first one to gain public notoriety of any kind and still the most popular, but far from the only one. In its wake, many other cryptocurrencies have arisen. In addition, many fill different niches in society than Bitcoin, which is largely used as a form of currency. Investors could gain exposure to cryptocurrency without even buying a fragment of Bitcoin.

2. Cryptocurrency Is Illegal

This prevarication likely spread from the fact that many people used Bitcoin, especially in the early days of its existence, to mask criminal undertakings. The fact that they did this proves one of the biggest boons of cryptocurrency: its privacy. You can buy or sell Bitcoin and other coins without surrendering a scrap of personal information. And, while some banks and governments have imposed some barriers to people using cryptocurrency, there is no law against it. So, if you buy some online, you don’t have to worry about the police banging on your door in a few moments.

3. It’s Difficult to Use

All you generally need to get involved with either investing in Cryptocurrency or using it as currency is someplace to store it. A cryptocurrency wallet, which can be downloadable software or a piece of hardware, is one answer. An online coin exchange is another. Once you have someplace to hold the coins, you can spend them or accept them by simply entering a password. Or you can just hold on to the coins and watch them accrue in value, which is another good thing.

Again, cryptocurrency still has many areas which need shoring up. But if you are going to dismiss it, do it because of what it is instead of what it’s not.

About the author

Suhail Ajmal

Suhail is a father of three who loves nurturing them day and night. Profession wise he is a recruitment consultant with strong interposal skills. He likes to share his tough life experiences with the world and save people from those troubles he had to run into.

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