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7 Biggest Myths About Cryptocurrency
Cryptocurrency is a digital asset developed to be used as a method of exchange. Every transaction of cryptoassest is recorded as an online block and then sent for verification. The validated block then joined with the chain of blocks.
Blockchain platform permits the system to spread the data, but not permit it to be duplicated. This is what makes cryptocurrency transitions not risky.
Cryptoassets have been conflicting claims over the years. Here, in this blog we will discuss myths about cryptocurrency.
A Certified Bitcoin Expert is a professional who can design the fundamentals of crypto assets. Most of the industries do not have a deep understanding of how cryptocurrency operates. Cryptocurrency is still extensively misinterpreted and giving rise to several myths. This blog aims to highlight the facts behind these myths.
There’s a lot of misconception and confusion surrounding blockchain and cryptocurrency. Here are the seven biggest myths about cryptoassests.
Myth 1 Cryptos Are Illegal Forms Of Digital Currency
Cryptos are not an illegal form of digital currency. ...
... The reality is most of the people use cryptocurrency to buy clothes or food. Although it is easier to purchase illegal things with crypto as compared to other payment methods.
In India, blockchain solutions are used to explore secure digital transactions. Although the currency has been prohibited in some countries like Russia, Trinidad, Algeria and G7 nations. The crypto transactions are not prohibited in India and are still shining.
Myth 2 Crypto Is Not Taxed
The popular myth about crypto is that cryptocurrency is not taxed. Yes, there is no bank and central control involved in cryptocurrency. But this doesn't mean that the cryptocurrency avoids being taxed. Whenever you do any transaction in cryptocurrency you get taxed. In India, when you do any transaction in cryptocurrency then you have to pay 30% on the profit, if that profit is more than ten lakh rupees.
Myth 3 There Is Only One Big Blockchain
The other biggest myth is that there is only one big blockchain in place. The reality is there are many blockchains. Moreover, blockchain is an innovative technology that serves different issues. It is a distributed ledger technology behind cryptocurrency. They may be private or public models of blockchain. While one category of blockchain might support bitcoin and others might hold up another cryptos such as Ripple or Ethereum.
Myth 4 Cryptocurrency Is All About Bitcoin
The other myth is that crypto is all about bitcoin. The reality is that bitcoin is just one use case of cryptocurrency. Bitcoin is far more familiar than its root innovation, cryptocurrency. Bitcoin is the first mainstream of cryptocurrency, launched in 2009. After that several crypto assets have been launched. Other use cases of cryptos are such as Ethereum, Ripple and XRP, etc. All these crypto assets are developed for different goals.
Myth 5 Coins And Tokens Are Same
Coins only act as a store of value. However, tokens can reserve complicated stores of value such as income, property, fungibility and utility. Token can catch points of loyalty. Blockchain technology has Initial Coin Offerings (ICO) and tokens.
Myth 6 The Transactions Of Cryptocurrencies Are Anonymous
This is another wrong assumption that all the transactions of cryptos are anonymous. Most of the people misunderstood the level of anonymity provided by cryptos. All the cryptos are not the same. Bitcoin is the mother of all cryptos, rather than anonymous. The truth is just like any other technology, there is user anonymity, but it's not complete. Bitcoin is a well known public ledger technology that records each and every transaction.
Myth 7 Cryptocurrency Is Very Complex For Regular People
It's one of the biggest misconceptions that crypto assets are very complicated for regular people. In fact the truth is you only need to know about wallets and exchanges. You don't require to know the code behind the crypto. So where the complexity is? Crypto can be as easy as your key skills in operating with.
In the past couple of years, crypto assets have gained a lot of popularity. A small knowledge does not go a long way, only tends to create misconceptions and myths. There are much more crypto misconceptions floating around.
To get in-depth knowledge of blockchain council, you can check out the list of top blockchain certifications in cryptocurrency.
Blockchain Council is an authoritative group of subject experts and enthusiasts who are evangelizing the Blockchain Research and Development, Use Cases and Products and Knowledge for a better world. Blockchain technology is more than just a technology, which is emerging rapidly with a vast scope in the future. Blockchain acts as a financial network, software, distributed ledger, etc. Owing to this multitude of benefits and features, companies are now shifting their centralized and traditional working system to this trending and futuristic technology “Blockchain”. Blockchain council creates an environment and raises awareness among businesses, enterprises, developers, and society by educating them in the Blockchain space. We are a private de-facto organization working individually and proliferating Blockchain technology globally. Visit here for more details@https://www.blockchain-council.org/
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