Cryptocurrency is a hot topic right now, You might be shocked to learn that some of the things you think are true are actually myths.
So if you’re curious about crypto but don’t want to be taken for a ride by scammers and snake oil salesmen, then keep reading because we’re going to set the record straight.
1. Cryptocurrency will make you rich
You’ll likely find some people who got lucky returns, but you’ll also find plenty more who made huge losses trading in crypto.
2. There is a way to predict trading profits
There simply is no logical way to predict trading profits, and anyone advising you on investment is probably relying on speculation.
3. Cryptocurrency’s energy consumption
According to a study by Cambridge University, 75% of miners use some renewable energy, making up 39% of the total energy used.
4. Cryptocurrency encourages criminal activity
Crypto industry only reported 0.62% in 2022, and 0.15% crime in 2021, whereas Fiat is 800 times more frequently than cryptocurrency.
5. Cryptocurrency is private
All your transactions are visible to anyone on the blockchain through your public key. So, there really isn’t a way to make transactions private.
6. Cryptocurrency investments are safe
As long as anyone on the blockchain can see how much you have, and you’re transacting online, your investments are not safe from hackers.
7. Cryptocurrency is a Ponzi scheme
The first few investors seem to make the most profit. But also there never is a constant climb in crypto that would suggest a Ponzi scheme.
Friends we can't Explain everything about these myths here due to the google web stories word limit. So we made a dedicated article on this topic, please check that article below.