Ever since its introduction in 2009 with the launch of Bitcoin, cryptocurrency has had its fair share of fame and shame. While the decentralized digital currency has witnessed massive growth and adoption worldwide, it often confuses beginners. As per crypto legend, DaCryptoGeneral, the dynamic world of cryptocurrency is fueled by rumors and misconceptions. Investors must do their own research before investing in cryptocurrencies and understand the nuances of how the decentralized market works. DaCryptoGeneral debunks the three biggest myths surrounding cryptocurrency and shares valuable insights as an insider.
Myth #1 Cryptocurrency is a Scam
The biggest misconception for anyone new to cryptocurrencies is that they are a scam. "Cryptocurrency itself is not a scam. In fact, it is one of the most legit forms of decentralized digital transactions," states DaCryptoGeneral. Governments around the world are working on finding ways to bring cryptocurrency into mainstream finance, while small businesses and large corporations alike accept transactions using cryptocurrency. "Like any other online exchange of money, people can be duped if they are not careful or aware of how cryptocurrency works," adds DaCryptoGeneral.
Myth #2 Cryptocurrency has no Real Value
While cryptocurrency is not real money, it does have real value. "The value of a cryptocurrency is evident from the fact that you can buy or sell items using it. Similar to trading, the values of various cryptocurrencies fluctuate following market sentiments, supply, demand, and economic growth," explains DaCryptoGeneral.
Myth #3 Cryptocurrency is not Environment Friendly
As per DaCryptoGeneral, this is debatable. Although operations like computations and Bitcoin mining do require large amounts of energy, it is a cause that finds its key in opting for sustainable energy sources in general. "You cannot say cryptocurrency is bad for the environment. It is the source of energy where we need to evolve and find sustainable ways to power the world," concludes DaCryptoGeneral.