Cryptocurrencies are the latest trend to hit the trading world and have caught everyone’s fancy. Even though they have been here for a while, they have only been popular in the last decade.
What makes cryptocurrencies so popular among people and makes them want to sign up for cryptocurrency courses? These digital currencies are decentralized and fall outside the purview of institutions controlling money such as banks and government bodies. Hence, they are largely immune to many socio-political events.
However, most cryptocurrencies are still in their infancy and there’s not a lot of information available about them. This has led to the rise of a large number of ridiculous myths and half-truths out there.
If you are interested in becoming a cryptocurrency trader, it is important to be aware of these myths and debunk them from time to time. In this article, we will debunk the top cryptocurrency myths in 2022.
Myth 1: Cryptocurrencies aren’t and can never betaxed
While it is true that cryptocurrencies are decentralized and fall out of the control of central authorities, it doesn’t mean that they can’t be taxed. At the end of the day, cryptocurrencies are financial assets, and legal and tax regulations governing different trading assets apply to them too.
Myth 2: Cryptocurrencies don’t have any monetary value attached to them
The monetary value of cryptocurrencies doesn’t originate from any physical assets backing them. Instead, they run on the belief and trust of markets and the common public. As long as people believe that a particular cryptocurrency has value, the actual monetary value of that currency will continue to rise steadily.
Myth 3: Trading in cryptocurrencies is illegal
This one is fast being debunked across all platforms. While certain countries like Bolivia still distrust cryptocurrencies and don’t allow their transactions on their soil, many countries have acknowledged and legalized cryptocurrencies.
Myth 4: Cryptocurrencies are mostly used for criminal transactions and purposes
Since cryptocurrencies can provide encryption support for your transactions, like many other assets, certain undesirable sections of society misuse them for forwarding their agenda. This does not take away the credibility of the entire asset class.
Myth 5: You can easily lose your cryptocurrency assets to hacking
On the contrary, cryptocurrencies are extremely secure since records of every transaction are stored in the blockchain. Cryptocurrency transactions are also often encrypted adding to their security.
An anonymous bitcoin wallet is the best way to protect your cryptocurrency from hackers and scammers. Instead of having a bank account, you’ll be able to use your own personal wallet. You can buy and sell cryptocurrencies without having any information about who you are or where you live. This means that if someone wants to steal your bitcoin, they won’t know where or how much money they have stolen until it’s too late!
How can a cryptocurrency course help you with market myths?
Debunking myths around cryptocurrencies is extremely important if you are to make suitable trading strategies for your crypto assets. A good cryptocurrency trading programme can help you separate facts from myths and understand the crypto market in depth.
Such a course will also allow you to hone your trading instincts and help you explore beyond the few popular cryptocurrencies trending in the market. Additionally, you will be able to obtain mentorship from experienced crypto traders and learn from their experiences.
Start looking for appropriate cryptocurrency coursesfrom reputed trading schools around you today!