Cryptocurrency has been making records ever since it was introduced in the digital financial market. The first cryptocurrency was introduced in the year 2009 by Satoshi Nakamoto. He is a Japanese mathematician who invented bitcoin and gave birth to cryptocurrency.
Do you know Satoshi Nakamoto is the first person who implemented blockchain technology? Yes, it is true, and with this implementation and invention, we have seen a significant rise in the digital financial market. There is no secret that blockchain technology and cryptocurrency have skyrocketed the digital financial market in the last few years.
Nonetheless, we have also observed some myths that are very popular among the masses regarding cryptocurrency. These myths create chaos and often mislead people who do not have much knowledge about cryptocurrency. Therefore, in this article, we will debunk all such myths and discuss the facts about these digital currencies that everyone should know.
The myths and facts about cryptocurrency
Myth 1. Cryptocurrency is illegal
We have often seen people claiming that cryptocurrency is illegal, but as a matter of fact, it is not unless they are not regulated. In some countries like the USA and Canada, trading in cryptocurrencies is legal. The US Government itself promotes cryptocurrencies, and you can even use these digital currencies in various ways.
Nevertheless, Russia, China, Bangladesh, Egypt, and a few more countries have banned cryptocurrency, and they stated that it could disrupt their financial system. Therefore, if you practice crypto trading in these countries, you will get penalized, but apart from that, no other countries have made cryptocurrency illegal.
Myth 2. Cryptocurrency is not safe
If you ever tell anyone you have started trading in cryptocurrency or even invested in them, then there are high chances that the majority of people will tell you not to do that, and the reason will be volatile in the crypto market, but you should know that it is safe. And how can we claim that? Well, the technology behind cryptocurrency is the blockchain. We all know that blockchain is a secured database and uses encryption technology, and this technology is very difficult to break,
If you still have a doubt, we recommend you a crypto exchange platform that uses the latest technology to keep all your private information safe and secure, the name of the platform is bitcoin code. With the security of blockchain and the safety of the latest programming technology, you can do your trading in bitcoin code without any worries.
Myth 3. Cryptocurrencies are used for criminal activity
There are many people who link cryptocurrency to criminal activity, but it is not true. Did you know that in 2020 the Supreme Court of India lifted the ban on crypto transactions? Yes, it is true, and this shows the legitimacy of cryptocurrency. After this, if anyone ever tells you this myth, then just tell them to get their facts correct.
The bottom line
The episode of such myths and facts will disrupt the general public as long as the digital financial market pokes into the traditional financial markets. And just for your information, cryptocurrency can become the future of the global financial system.